According to the preliminary results in the first two months of 2021, the total revenue of the general government budget was MNT 1.7 trillion. The equilibrated revenue of the general government budget was MNT 1.6 trillion and 94.6% of the total revenue of general government budget.

On the other hand, the total expenditure and net lending was MNT 1.7 trillion in the first two months of 2021, resulting in deficit of MNT 112.8 billion decreased by USD 7.2 billion or 6.0% compared to the same period of the previous year.

In February 2021, the total equilibrated revenue and grants of general government budget was MNT 961.5 billion, increased by MNT 295.5 billion or 44.4% compared to the previous month. The total expenditure and net lending was MNT 955.8 billion, increased by MNT 171.3 billion or 21.8% compared to previous month. In February 2021, the equilibrated balance of the general government budget was in surplus of 5.7 billion.

The General government budget revenue was comprised of 85.8% from tax revenue, 8.8% from non-tax revenue, 2.5% from the future heritage fund and 2.9% from the stabilization fund. In the first two months of 2021, tax revenue reached MNT 1.5 trillion, increased by MNT 221.7 billion or 17.7% compared to the same period of previous year. This increase was mainly due to MNT 172.0 billion or 84.9% increase in value added tax revenue and MNT 65.4 billion or 16.2% increase in income tax revenue, while MNT 25.1 billion or 8.4% decrease in social security revenue, MNT 8.6 billion or 6.6% decrease in excise tax revenue and MNT 6.4 billion or 5.9% decrease in other taxes revenue.

In the first two months of 2021, total tax revenue was accumulated from 31.8% of the income tax, 25.3% from value added tax, 18.6% from social security contributions, 8.0% from other taxes, 8.3% from excise taxes and 8.0% from foreign activities. In the first 2 months of 2021, value added tax revenue increased by 9.2 percentage points, foreign activity revenues increased by 0.5 percentage points, while social security contributions revenue decreased by 5.3 percentage points and excise taxes revenue decreased by 2.1 percentage points, other taxes revenue decreased by 1.9 percentage points and income taxes revenue decreased by 0.4 percentage points compared to the same period of previous year.

In the first two months of 2021, general government budget expenditure and net lending was MNT 1.7 trillion, increased by MNT 251.1 billion or 16.9% compared to the same period of previous year. This increase was primarily affected by MNT 196.8 billion or 14.8% increase in current expenditure and MNT 39.8 billion or 23.2% increase in capital expenditure compared to the same period of previous year.

Source: National Statistics Office