Total expenditure and net lending amounted to MNT 1.5 trillion, resulting in a deficit of MNT 120.0 billion in the equilibrated balance.

In February 2020, the general government budget revenue amounted to MNT 697.0 billion, decreased by MNT 92.6 billion or 11.7%, and total expenditure and net lending amounted to MNT 848.0 billion increased by MNT 253.9 billion or 42.7%, compared to the same period of the previous year.

The General Government budget revenue was composed of tax revenue (85.7%), non-tax revenue (7.8%), future heritage fund (6.2%), and the stabilization fund (0.3%).

In the first two months 2020, tax revenue reached MNT 1.3 trillion, decreased by MNT 76.2 billion or 5.7% compared to the same period of the previous year. This growth was mainly due to decreases of MNT 70.3 billion or 25.8% in value-added taxes, MNT 33.5 billion or 23.6% in other taxes’ revenue and MNT 19.1 billion or 12.8% in the income of particular purposes, while there was an increase by MNT 36.7 billion or 14.0% social security revenue and MNT 0.2 billion or 1.2% in property tax.

In the first two months 2020, 32.2% of the total tax revenue was accumulated from income tax, 23.8% from social security contributions, 16.0% from value-added tax, 10.4% from excise taxes, 9.8% from other taxes and 7.5% from foreign activity revenues.

In the first two months of 2020, general government budget expenditure and net lending increased by MNT337.0 billion or 29.2% compared to the same period of the previous year, totaling up to MNT1.5 trillion by preliminary results. It was primarily affected by an increase of MNT225.1 billion or 20.4% in current expenditure and MNT115.0 billion or 3 times in capital expenditure.

The general government budget expenditure was composed of current expenditure (88.5%) and capital expenditure (11.5%).

Source: National Statistics Office of Mongolia