Mongolia: New businesses registered (number)

Key figures

What the numbers say

In 2024, Mongolia's new businesses registered (number) rose 17.6% on 2023 (from 15,509 to 18,238).

Across the 17 yearly changes before that (2007 to 2023), the average change was +1.9% and a typical year strayed about 13.9% from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 23.3% in 2017 and the biggest yearly fall was 23.2% in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 762.19 a year. A straight line explains 82% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Mongolia had the 54th highest value of the 127 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Mongolia in the 2024 ranking

• Slovak Republic — 51st of 127: 20,239
• Côte d'Ivoire — 52nd of 127: 20,143
• Ecuador — 53rd of 127: 19,317
• Zambia — 55th of 127: 18,109
• Georgia — 56th of 127: 17,783
• Israel — 57th of 127: 17,470

What this measures

New businesses registered are the number of new limited liability corporations (or its equivalent) registered in the calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

All 19 values

New businesses registered (number) in nearby economies

• Australia — 316,561 (2024)
• Brunei Darussalam — 157 (2024)
• Cambodia — 5,138 (2024)
• China — 286,640 (2024)
• Fiji — 1,665 (2024)
• Hong Kong SAR, China — 145,053 (2024)
• Indonesia — 182,200 (2024)
• Japan — 41,946 (2024)
• Kiribati — 2 (2018)
• Korea, Rep. — 128,455 (2023)
• Lao PDR — 7,941 (2024)

More private sector & trade data for Mongolia

• Merchandise trade (% of GDP) — 106.72% (2025)
• Merchandise imports (current US$) — US$11.31 billion (2025)
• Merchandise exports (current US$) — US$15.76 billion (2025)
• Computer, communications and other services (% of commercial service imports) — 31.61% (2025)
• Commercial service imports (current US$) — US$4.77 billion (2025)
• Transport services (% of commercial service imports) — 25.59% (2025)
• Commercial service exports (current US$) — US$1.92 billion (2025)
• Travel services (% of commercial service imports) — 36.25% (2025)
• Computer, communications and other services (% of commercial service exports)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Mongolia's new businesses registered (number)?

18,238 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is up 38.18% from 13,199 in 2006 (1.81% a year on average, compounded). The highest value was 18,238 in 2024 and the lowest 8,111 in 2009.

How does Mongolia rank?

54th highest of 127 economies with data for 2024.

Is the latest change in new businesses registered (number) unusual for Mongolia?

In 2024, Mongolia's new businesses registered (number) rose 17.6% on 2023 (from 15,509 to 18,238). Across the 17 yearly changes before that (2007 to 2023), the average change was +1.9% and a typical year strayed about 13.9% from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator IC.BUS.NREG, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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