GGB has deficitEconomy
Ulaanbaatar /MONTSAME/ In the first nine months of this year, a total revenue and grants of the General Government Budget (GGB) amounted to MNT 4,045.9 bln, a total expenditure and net lending amounted to MNT 4,913.2 bln, representing a deficit of MNT 867.3 bln in the balance.
In the period, GGB’s total balanced revenue and grants amounted to MNT 469.2 bln, showing a 8.1% increase against the previous month. Total lending and net lending amounted to MNT 567.3 bln, increasing MNT 2.1 bln or 0.4% against the previous month. But GGB’s balance amounted to a deficit of MNT 98.2 bln, showing a decrease of 33.2 bln or 25.3% from previous month.
Tax revenue decreased by MNT 165.9 bln or 4.5% against the previous year due to decreases of MNT 252.3 bln or 24.9% in value added and MNT 34.1 bln or 12.4% in taxes on international trade and transactions, MNT 23.7 billion or 4.2% in other taxes, although social contribution increased MNT 66.2 bln or 9.5% and excise taxes--by MNT 65.0 bln or 18.8%.
In the first nine months of this year, GGB’s total expenditure and net lending reached MNT 4,913.2 bln, showing an increase by MNT 409.1 bln or 9.1% against the previous year. This increase happened due to increases of MNT 146.2 bln or 8.0% in expenditure on goods and services, MNT 137.0 bln or 52.6% in interest payments and MNT 122.5 bln or 8.5% in current transfers although subsides decreased by MNT 21.7 bln or 17.4% against the previous year.