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Economy / Featured News / Mongolia News / August 15, 2014

NSO Reports on Social, Economic Conditions for 2014

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The National Statistical Office of Mongolia released its Social and Economic Report for the first seven months of 2014.

According to its macroeconomic indicators, GDP by production reached 9,856.9 billion MNT at current price and 6,634.8 billion MNT at 2010 constant price in the first half of 2014, up 14.6 percent at current price and 5.3 percent at constant price compared with the same period of the previous year. GDP by expenditure reached 9,429.7 billion MNT at current price and 6,730.7 billion MNT at 2010 constant price in the first half of 2014, up 11.1 percent at current price and 5.1 percent at constant price compared with the same period of the previous year.
According to a report from the Bank of Mongolia, money supply at the end of July 2014 reached 10,081 billion MNT, down by 26 billion MNT or 0.3 percent from the previous month, up 1,992.3 billion MNT, or 24.6 percent, compared with the same period of the previous year.
In the first seven months of 2014, total equilibrated revenue and grants of the General Government Budget amounted to 3,305.2 billion MNT, and total expenditure and net lending of the budget reached 3,466.1 billion MNT, representing a deficit of 160.9 billion MNT in the equilibrated balance of the General Government Budget.
Compared with the same period of the previous year, tax revenue increased 184.3 billion MNT, or 7.0 percent. This increase was mainly due to increases of 59.8 billion MNT (12.8 percent) in social security contributions, of 37.3 billion MNT (3.6 percent) in taxes on goods and services, and 19.5 billion MNT (10.1 percent) in revenue from taxes on foreign trade, although there were decreases of 10.3 billion MNT (1.7 percent) in income taxes, of which 25.9 billion MNT (7.3 percent) came from corporate income tax.
In the first seven months of 2014, total expenditure and net lending of the state budget reached 3,466.1 billion MNT and increased by 280.4 billion MNT, or 8.8 percent, compared with the same period in 2013. This increase was mainly due to increases of 140.3 billion MNT, or 10.9 percent, in expenditure on goods and service, 139.1 billion MNT (12.5 percent) in subsidies and transfers expenditure, and 111.2 billion MNT (89.9 percent) in interest payments, although there were decreases of 61.3 billion MNT (89 percent) in net lending and 48.8 billion MNT (8.3 percent) in capital expenditure.
The national consumer price index in July 2014 rose 0.4 percent from the previous month, 7.2 percent compared with the beginning of the year, and 14.9 percent over the same period of the previous year. The 0.4 percent rise in the national index was mainly due to increases of 2.5 percent in costs for housing, water, electricity and fuels, a 2.0 percent increase in transport, and a 0.4 percent in clothing, footwear and cloth.
The mining of products such as 47 percent molybdenum concentrate, iron ore, 35 percent copper concentrate, fluorspar concentrate, and crude oil increased 2.7 to 53.9 percent in the mining and quarrying sectors.
At the end of July 2014, currency issued in circulation reached 859.6 billion MNT, down by 0.5 billion MNT (0.1 percent) from the previous month and up 27.4 billion MNT (3.3 percent) over the same period of the previous year.
Loans outstanding at the end of July 2014 amounted to 12,225.4 billion MNT, up 76.6 billion MNT (0.6 percent) from the previous month and 3,107.7 billion MNT (34.1 percent) from the same period of the previous year.
Principals in arrears at the end of July 2014 reached 550.1 billion MNT, up 111.9 billion MNT, or 25.5 percent, from the previous month and 388.8 billion MNT, or 3.4 times, from the same period of the previous year.
At the end of July 2014, the non-performing loans over the bank system reached 599.7 billion MNT, up 32.7 billion MNT, or 5.8 percent, from the previous month and 146.8 billion MNT, or 32.4 percent, from the same period of the previous year.
In the first seven months of 2014, 32.9 million shares were traded, valued at 134.7 billion MNT in the stock market.
In the first seven months of 2014, Mongolia traded with 122 countries from all over the world and total external trade turnover reached 6,088.6 million USD, of which 2940.5 million USD was made up by exports and 3,148.1 million USD by imports.
Imports were down by 536.9 million USD, or 14.6 percent, and exports were up 586.8 million USD, or 24.9 percent, compared with the same period of the previous year.
External trade balance showed a deficit of 1.3 billion USD in the first seven months of 2013, while it was in a deficit of 207.6 million USD in the first seven months of 2014, were down by 1.1 billion USD from the same period of the previous year.
The industrial production index in the first seven months of 2014 increased 16.9 percent from the end of the last year, 3.7 percent over the previous month, and decreased 4.1 percent compared with the same period of the previous year.

SOURCE: Ub Post




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