columnar arrangement of abstract and geometric representation for fire, sun,
moon, earth, water, and the yin-yang symbol)

*Mongolia, Economy

Overview:
Mongolia's severe climate, scattered population, and wide expanses of
unproductive land have constrained economic development. Economic activity
traditionally has been based on agriculture and the breeding of livestock -
Mongolia has the highest number of livestock per person in the world. In
recent years extensive mineral resources have been developed with Soviet
support. The mining and processing of coal, copper, molybdenum, tin,
tungsten, and gold account for a large part of industrial production. Timber
and fishing are also important sectors. In 1992 the Mongolian leadership
continued its struggle with severe economic dislocations, mainly
attributable to the crumbling of the USSR, by far Mongolia's leading trade
and development partner. Moscow cut almost all aid in 1991, and little was
provided in 1992. Industry in 1992 was hit hard by energy shortages, mainly
due to disruptions in coal production and shortfalls in petroleum imports.
By the end of the year, the country was perilously close to a complete
shutdown of its centralized energy supply system, due to critical coal
shortages. The government is moving away from the Soviet-style, centrally
planned economy through privatization and price reform.
National product:
GDP - exchange rate conversion - $1.8 billion (1992 est.)
National product real growth rate:
-15% (1992 est.)
National product per capita:
$800 (1992 est.)
Inflation rate (consumer prices):
325% (1992 est.)
Unemployment rate:
15% (1991 est.)
Budget:
deficit of $67 million (1991)
Exports:
$347 million (f.o.b., 1991 est.)
commodities:
copper, livestock, animal products, cashmere, wool, hides, fluorspar, other
nonferrous metals
partners:
USSR 75%, China 10%, Japan 4%
Imports:
$501 million (f.o.b., 1991 est.)
commodities:
machinery and equipment, fuels, food products, industrial consumer goods,
chemicals, building materials, sugar, tea
partners:
USSR 75%, Austria 5%, China 5%
External debt:
$16.8 billion (yearend 1990); 98.6% with USSR
Industrial production:
growth rate -15% (1992 est.)
Electricity:
1,248,000 kW capacity; 3,740 million kWh produced, 1,622 kWh per capita
(1992)
Industries:
copper, processing of animal products, building materials, food and