CPI up 6.4 percent below BoM’s 8 percent target in 2017 www.gogo.mn
National Statistics Office released the preliminary results of social and economic situations of 2017. According to the report, trade surplus reached a record high of USD 1.9 billion (MNT 4.6 trillion) and trade turnover resulted at USD 10.5 billion. Foreign trade turnover grew by USD 1.3 billion, to USD 6.2 billion.
Minerals export revenue stands at approximately USD 4.9 billion (MNT 12 trillion), of which coal exports made up USD 2.2 billion (MNT 5.3 billion). The coal exports revenue grew by USD 1.3 billion (MNT 3 trillion) and formed 36 percent of total export revenue alone.
Budget deficit reduced drastically thanks to the increase in trade revenue. Cut by MNT 1.9 trillion, the deficit stands at MNT 1.7 trillion. Another key factor to the decline was tax revenue. Specifically income tax, VAT, foreign operation and social insurance revenues contributed significantly; however, budget deficit still resulted higher compared to the same period of the previous year.
Furthermore, national consumer price index for goods and services jumped by 6.4 percent compared to the end of 2016. The growth was mainly due to changes in prices of main consumer goods, namely food products, beverages, potatoes, vegetables and transportation. However, petroleum industry is showing a negative sign.
Money supply reached MNT 15.8 trillion at the end of 2017 displaying MNT 3.6 trillion yoy. The currency issued in circulation totalled MNT 906.4 billion in 2017, a 10 percent increase. Additionally, MNT picked up against USD. The official USD/MNT rate of the Bank of Mongolia rose by 2 percent last month, while CNY/MNT weakened by 10.26 units.
As of the end of 2017, over 7000 private entities reportedly stopped operations. Presently, only around 50.7 percent of 155.1 thousand registered entities are actively operating. From 76.5 thousand inactive companies, 44.7 percent are on a temporary standstill and the remaining 49 percent are inactive.
Tugsbilig.B
Published Date:2018-01-19