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Economy / Featured News / Mongolia News / November 17, 2014

NSO reports on social and economic conditions for first ten months of 2014

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The National Statistical Office (NSO) of Mongolia released its Social and Economic Report for the first ten months of 2014 on November 11.
According to a report from the Bank of Mongolia, money supply at the end of October 2014 reached 10 trillion MNT, down by 90.2 billion MNT (0.9 percent) from the previous month, while it increased by 1.3 trillion MNT (14.5 percent) compared with the same period from the previous year.

In the first ten months of 2014, total equilibrated revenue and grants of the General Government Budget amounted to 4,850.2 billion MNT, and total expenditure and net lending of the budget reached 5,128.6 billion MNT, representing a deficit of 278.5 billion MNT in the equilibrated balance of the General Government Budget compared to the same period of the previous year.
Compared to the same period of the previous year, tax revenue increased by 212.8 billion MNT, or 5.4 percent. This increase was mainly due to increases of 112.3 billion MNT (21.2 percent) in other taxes, of 103.2 billion MNT (15.2 percent) in social security contributions, and 19.5 billion MNT (1.3 percent) in taxes on goods and services, although income taxes decreased by 23.3 billion MNT (2.7 percent), of which 45.1 billion MNT (8.8 percent) came from corporate income tax.
In the first ten months of 2014, total expenditure and net lending of the General Government Budget reached 5,128.6 billion MNT and increased by 486.8 billion MNT, or 10.5 percent, compared with the same period of the previous year. This increase was mainly due to the increases of 190.3 billion MNT (10.3 percent) in expenditure on goods and service, 209.7 billion MNT (13.7 percent) in subsidies and transfers expenditure, and 183.7 billion MNT (a 2.2 times increase) in lending minus repayments, although there was decrease of 100.3 billion MNT in other lending minus repayments.
The national consumer price index in October 2014 rose by 0.8 percent from the previous month and 12.1 percent over the same period of the previous year. The 0.8 percent rise in the national index was mainly due to increases of 5.3 percent in costs for housing, water, electricity and fuels, and a one percent increase in costs for clothing, footwear and material goods.
The mining of products such as molybdenum with concentrate, gold, iron ore, copper concentrate, fluorspar concentrate, and crude oil increased five to 63.1 percent in the mining and quarrying sectors.
At the end of October 2014, currency issued in circulation reached 809.6 billion MNT, falling by 15.1 billion MNT (1.8 percent) over the same period of the previous year.
Loans outstanding at the end of October 2014 amounted to 12.8 trillion MNT, increased by 222 billion MNT (1.8 percent) from the previous month and 2.3 trillion MNT (22.4 percent) from the same period of the previous year.
Principles in arrears at the end of October 2014 reached 450.6 billion MNT, up by 281.1 billion MNT (a 2.7 times increase), from the same period of the previous year.
At the end of October 2014, non-performing loans over the bank system reached 606.3 billion MNT, up by 15.9 billion MNT (2.7 percent) from the previous month and up by 45.8 billion MNT.
In the first ten months of 2014, 41.7 million shares were traded, valued at 139 billion MNT, in the stock market. The securities trading were decreased by 107.7 billion MNT (43.7 percent) and shares decreased by 17.9 million shares (30 percent) compared to same period of the previous year.
In the first ten months of 2014, Mongolia traded with 131 countries from all over the world and total external trade turnover reached 9,080 million USD, of which 4,605.7 million USD was made up by exports and 4,474.3 million USD by imports.
External trade balance showed a deficit of 1.9 billion USD in the first ten months of 2013, while it was in a surplus of 131.4 million USD in the first ten months of 2014.
The industrial production index in the first ten months of 2014 increased 14.4 percent from the end of the last year, up by 8.5 percent from the previous month.

SOURCE: Ub Post




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