The National Statistical Office (NSO) reported on social and economic conditions in August 2015, highlighting the nation’s growing budget deficit.
In particular, the state’s balanced income was 3.5 billion MNT, influencing a deficit of 769.2 billion MNT. The NSO explained that the sudden increase was due to economic growth and tax cuts. Value-added tax income, which makes up the majority of collected taxes, decreased by 216 billion MNT, greatly contributing to the budget deficit.
The NSO also reported that the average monthly salary of Mongolians now equals 850,000 MNT. The research was conducted based on social insurance fee payment by employees from 35,400 entities operating in Mongolia.
The NSO’s data showed that men earn an average of 904,000 MNT per month, while women earn 804,000 MNT on average. In comparison with the report from June of this year, the average monthly salary of men has decreased by 16,000 MNT, while the average salary of women went up by 24,000 MNT.
The report also highlighted that unemployment has decreased by 7.5 percent compared to the same period in 2014.
The nation’s inflation was up by only 0.1 percent in comparison with the previous month. Tuition and flour price increases influenced the growth of inflation in August.
In the 2015 to 2016 academic year, tuitions increased by 23 percent. Crops were negatively influenced by drought, influencing the increased price of flour. The NSO noted that prices of consumer goods have been relatively stable since May of this year.
The NSO also reported that the amount of non-performing loans has increased. The balance of non-performing loans at commercial banks reached 865 billion MNT. The figure went up by five percent in comparison with last month.