NSOM releases 2013 socio-economic update for Mongolia

The National Statistical Office of Mongolia (NSOM) has released its monthly update on social and economic indicators for the last month of 2013.

Inflation reaches 12.5 percent in 2013

According to NSOM, the national consumer price index – or inflation – in December 2013 increased by 1.3 percent compared to the previous month and by 12.5 percent compared to the previous year. The annual average inflation rate was 10.5 percent.

The increase was mainly due to a 2.1 percent increase in food and non-alcoholic beverage prices, a 2.2 percent increase in clothing, footwear and cloth, and a 2.1 percent increase in alcoholic beverage and tobacco prices.

Money supply increases 24 percent

According to a report from the Central Bank of Mongolia, money supply (broad money or M2) at the end of December 2013, reached 9.45 trillion MNT, reflecting an increase of 342.3 billion MNT, or 3.8 percent, compared to the previous month and 1.83 trillion MNT, or 24.1 percent, compared to the previous year.

At the end of 2013, issued currency in circulation reached 841.1 billion MNT. This is an increase of 37.2 billion MNT, or 4.6 percent, compared to the previous month and 12.7 billion MNT, or 1.5 percent, compared to 2012.

Loans reach 10.76 trillion MNT

Mongolia’s loans outstanding at the end of 2013 amounted to 10.76 trillion MNT, which is a drop of 53.1 billion MNT, or 0.5 percent, compared to the previous month and increased by 3.77 trillion MNT, or 54.1 percent, compared to 2012, said NSOM.

Principals in arrears at the end of December 2013 reached 118.2 billion MNT, which is a decrease of 42.9 billion MNT, or 26.6 percent, compared to November and increased by 7.6 billion MNT, or 6.9 percent, compared to the previous year.

At the end of 2013, the non-performing loans over the bank system reached 566 billion MNT, showing a decrease of 6.5 billion MNT, or 1.1 percent, compared to the previous month and an increase of 270.9 billion MNT, or 91.8 percent, compared to 2012.

In securities trading, 66.1 trillion shares valued at 399.1 billion MNT were traded. Securities trading increased by 254.1 billion MNT, or 2.8 times, and shares decreased by 67.7 million, or 50.6 percent, compared to the previous year.

Government equilibrated balance shows deficit of 297 billion MNT

In the preliminary results of 2013, total equilibrated revenue and grants of the government budget amounted to 5.88 trillion MNT, and total expenditure and net lending amounted to 6.17 trillion MNT, representing a deficit of 297.3 billion MNT in the equilibrated balance of the government budget, said NSOM.

In the preliminary results of 2013, current revenue of the government budget amounted to 5.87 trillion MNT and current expenditure reached 4.55 trillion MNT. The budget equilibrated current balance was in a surplus of 1.31 billion MNT.

Tax revenue increases 21 percent

Compared to the previous year, tax revenue increased by 878 billion MNT, or 21 percent. The increase was mainly due to increases of 276.2 billion MNT (16.8 percent) in taxes on goods and services, 236.8 billion MNT (27.2 percent) in income tax, and 210.7 billion MNT (32.4 percent) in social security contributions, according to NSOM.

Since 2012, non-tax revenue has increased by 173 billion MNT, or 26.7 percent. The increase was mainly due to the increases of 106.3 billion MNT (2.3 percent) in interest and fines, 79.3 billion MNT (73.1 percent) in revenues from oil petroleum, 43 billion MNT (23.4 percent) in revenues from budget entities, and 24.7 billion MNT (64 percent) in navigation fees. NSOM noted that there were decreases of 67.6 billion MNT, or 43.5 percent, in revenues from dividends, and 9.6 billion MNT, or 12.7 percent, in revenues from others.

Government expenditure and lending reaches 6.17 trillion MNT

In the preliminary results of 2013, total expenditure and net lending of the government increased by 184.2 billion MNT, or 3.1 percent, to 6.17 trillion MNT compared to the previous year.

The increase was mainly due to increases of 341.2 billion MNT (16.6 percent) in expenditure of goods and services, 144.6 billion MNT (2.1 fold increase) in interest payments, and 107 billion MNT (2.7 fold increase) in lending minus repayments, offset by decreases of 330.5 billion MNT (14.8 percent) in subsidies and transfers, and 78 billion MNT (5.1 percent) in capital expenditure, said NSOM.

External trade reaches over 10 billion USD

In the preliminary results of 2013, Mongolia traded with 135 countries. Total external trade turnover reached 10.62 billion USD, of which exports made up 4.27 billion MNT and imports made up 6.35 billion MNT. Total external trade turnover decreased by 495.7 million MNT, or 4.5 percent. Exports dropped by 112 million MNT, or 2.6 percent, and imports dropped by 383.7 million MNT, or 5.7 percent, compared to 2012.

Mineral products, textiles, gemstones, precious metal, jewelry, coins, raw and processed hides, skins, fur and articles, and animal origin products accounted for 96.5 percent of the total export value amount, said the NSOM.

Industrial output increases 14.8 percent

In 2013, total industrial output increased by 336.2 billion MNT, or 14.8 percent, to 2.60 trillion MNT (at 2005 constant prices) compared to the previous year, according to NSOM.

The increase in the industrial output was mainly due to increases in mining and quarrying products such as crude oil, gold, copper concentrate, and increases in core industrial products of manufacturing sectors.

1.45 trillion MNT spent on construction

NSOM said that in 2013, a total of 1.45 trillion MNT worth of construction and installation projects were carried out nationwide. From this, 1.32 billion MNT (91.3 percent) of the work was executed by domestic entities and 125.9 billion MNT (8.7 percent) by foreign entities.

The 640.9 billion MNT (79 percent) increase in construction and installation work compared to the previous year was mainly due to the 578.2 billion MNT (77.3 percent) increase in work executed by domestic entities.



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