Ulaanbaatar/MONTSAME/. According to the preliminary results in the first eight months of 2020, the total revenue of the general government budget was MNT 6.1 trillion. The equilibrated revenue of the general government budget was MNT 5.7 trillion and 93.7% of the total revenue of the general government budget. On the other hand, the total expenditure and net lending was MNT 8.3 trillion in the first eight months of 2020, resulting in a deficit of MNT 2.7 trillion in the equilibrated balance.

In August 2020, the total equilibrated revenue and grants of the general government budget were MNT 799.1 billion, decreased by MNT 0.8 billion or 0.8%, the total expenditure, and net lending was MNT 990.1 billion, decreased by MNT 77.5 billion or 7.3% compared to the previous month.

In August 2020, the equilibrated balance of the general government budget was in deficit of 190.9 billion, decreased by MNT 76.7 billion or 28.7% compared to the previous month.

The General government budget revenue was comprised of 84.8% of tax revenue, 8.9% of non-tax revenue, 6.0% of the future heritage fund, and 0.3% of the stabilization fund.

In the first eight months of 2020, tax revenue reached MNT 5.2 trillion, decreased by MNT 1.1 trillion or 17.4% compared to the same period of the previous year. This decrease was mainly due to MNT 375.5 billion or 22.7% decrease in income tax revenue, MNT 245.2 billion or 19.5% decrease in social security revenue, MNT 173.0 billion or 28.9% decrease in other taxes revenue MNT 165.8 billion or 10.9% decrease in value-added tax revenue, MNT 80.6 billion or 13.8% decrease in excise tax revenue and MNT 38.9 billion or 7.6% decrease in foreign activity revenue.

In the first eight months of 2020, 24.7% of the total tax revenue was accumulated from income tax, 19.7% from social security contributions, 26.3% from value-added tax, 9.8% from excise taxes, 9.2% from foreign activities and 10.3% from other taxes.

In the first eight months of 2020, value-added tax revenue from by increased 1.9 percentage points, foreign activity revenues increased by 1.0 percentage points and excise taxes revenue increased by 0.4 percentage points, while other taxes revenue decreased by 1.1 percentage points, income taxes revenue decreased by 1.7 percentage points and social security revenue decreased by 0.5 percentage points compared to the same period of the previous year.

In the first eight months of 2020, general government budget expenditure and net lending was MNT 8.4 trillion, increased by MNT 2.0 trillion or 32.1% compared to the same period of the previous year. This increase was primarily affected MNT 1.5 trillion or 30.1% increase in current expenditure and MNT 629.6 billion or 55.9% increase in capital expenditure, though net lending decreased by MNT 124.8 billion or 92.9%, compared to the same period of the previous year.

In the current expenditure, 42.5% was expenditure on goods and services, 46.4% was current transfers, 7.3% was interest payment and 3.8% was subsidies. In the first eight months of 2020, the capital expenditure amounted to MNT 1.8 trillion, increased by MNT 629.6 billion or 55.9% compared to the same period of the previous year.

The increase in the capital expenditure was mainly resulted from MNT 274.0 billion or 33.2% increase in construction expenditure, MNT 165.2 billion or 93.4% increase in other capital expenditure, MNT 183.3 billion or 4.5 times increase in equipment expenses and MNT 3.6 billion or 5.9% increase in capital repairs expenditure compared to the same period of the previous year. 

Source: National Statistics Office