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Mongolia monthly brief (July 2009) (English)

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.

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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