The economic slowdown continues to adversely affect the financial and the real sectors. The negative impact is felt across all major sectors in the real economy. And while some financial indicators were stable, risks exist in the banking sector going forward. The fiscal situation continues to look grim in the first half of 2009. Revenues have fallen by nearly a third in real terms (29.2 percent) compared with the first half of 2008. Total expenditure was relatively stable, except for an increase in net lending by the government to the private sector. The resulting 12-month rolling fiscal deficit deteriorated to 9.0 percent of GDP in June, from 8.1 percent in May. In June, Parliament amended the 2009 annual budget. Expenditure was increased by MNT 104.6 billion. The 12-month rolling trade deficit is narrowing, because imports continue to fall faster than exports, pointing to a continued slowdown of the economy. Exports dropped by 40.2 percent compared with the first half of 2008 due to lower commodity prices.
Details
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Document Date
2009/07/01
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Document Type
Brief
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Report Number
114975
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2017/06/20
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Disclosure Status
Disclosed
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Doc Name
Mongolia monthly brief (July 2009)
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Keywords
outstanding loan;net lending;fiscal deficit;fiscal balance;economic slowdown;commercial bank;international reserve;loans to individual;industrial production growth;large mining;employment condition;informal worker;annual budget;registered unemployment;budget support;fiscal gap;trade deficit;real sector;financial indicator;banking sector;fiscal situation;domestic investment;exchange rate;commodity price;core inflation;Exchange Rates;
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Citation
Mongolia monthly brief (July 2009) (English). Mongolia monthly brief Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/770961497979286292/Mongolia-monthly-brief-July-2009