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Featured News / Mongolia News / August 13, 2014

Gross Domestic Product approached MNT 9856.9 billion

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During the first half of 2014, GDP by production approached MNT 9856.9 billion, which is up 14.6 percent at current price. GDP by expenditure experienced a similar trend as it reached a level of MNT 9429.7 billion. This is an increase of 11.1 percent at current price compared to the same period the previous year.

The Bank of Mongolia’s statistics show that money supply by the end of last month amounted to MNT 10081.0 billion, showing a decrease of MNT 26.0 billion, or 0.3 percent from the previous month. Compared to the previous year, money supply has increase by 24.6 percent, or MNT 1992.3 billion. Currency issued in circulation shows a similar trend as well. By the end of July 2014, it reached MNT 859.6 billion, a 0.1 percent decrease from the previous month. Compared to the previous year, currency in circulation has increased by 3.3 percent, or MNT 27.4 billion.

In addition, during the first seven months of the year, 32.9 million shares were traded. This totaled to a value of MNT 134.7 billion in the stock market. Total equilibrated revenue and grants of the General Government Budget equals MNT 3305.2 billion and net lending of this budget reached MNT 3466.1 billion. This shows a deficit of MNT 160.9 billion.

At the end of last month, tax revenue increased by MNT 184.3 billion, or 7.0 percent. This is due to increases on social security contributions, taxes on goods and services and revenue from taxes on foreign trade. This increase happened despite downfalls in income taxes and revenues from corporate income tax.

Mongolia has traded with 122 countries during the first seven months of 2014. In turn, total external trade turnover reached USD 6088.6 million. Of this amount, USD 2940.5 was made up from exports. The rest, USD 3148.1 million, was made up by imports. Total external trade turnover increased by 0.8 percent, yet external trade balance had a deficit of USD 1.3 billion in 2013.

Another increasing trend is the national consumer price index. As of July 2014, it rose by 0.4 percent compared to the previous month and 14.9 percent compared to the previous year. This increase was caused by increasing in housing, water, electricity and fuels, transportation, clothing, footwear and cloth.

SOURCE: Mongolian Economy

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