Macro Economy Mongolia – August 2009, Part II

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Total tax revenue was decreased by 317.5 billion MNT or 25.7%. Fall in revenue of tax on price increase of some products (226.8 billion MNT/-78.4%), corporate tax (55.3 billion MNT/-32.0%) and VAT (4.1 billion MNT/-1.9%) have affected the total tax revenue to fall. Non-tax revenue was increased by 39.7 billion MNT or 23.8% in comparison to the same period of the previous year. Increased amount of stock revenue (63.6 billion MNT) and Navigation revenue (12.8 billion MNT) contributed to this increase.

Total state budget cost and loans to repay were calculated at 1472.4 billion MNT. It was increased by 70.9 billion MNT or 5.1% if compared to the same period of last year. 37.4 billion MNT or 11.1% increase on wages of state workers and 32.7 billion MNT or 7.0% increase on state subsidies have mainly affected the rise. 215.4 billion MNT was spent on stock costs for the first 8 months of the year which was decreased by 18.7 billion MNT or 8.0% compared to last year.

Mongolia has traded with 108 countries for the first 8 months of the year. 2351.8 million USD was circulated in foreign trade which the 1082.7 million USD was export and 1269.1 million USD was import. Export was decreased by 590.0 million USD or 35.3% whereas import was decreased by 838.8 million USD or 39.8% compared to last year.

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