Mongolia’s GDP slumps by 6.1 percent in Q1
1 долоо хоног, 6 өдөр өмнө
- Monthly average household income increased by 19.7 percent year over year
- Measure on the six-month exemption of social insurance contributions for the private entities covers more than 38,000 employers, which total around MNT 800 billion in the financing. It was reported that the decision applies to around 45,000 entities
Mongolia’s gross domestic product dropped by 6.1 percent in the first quarter compared to the same period last year, the National Statistics Office (NSO) reported on Wednesday. According to the NSO, the economy amounted to MNT 7.2 trillion in the first three months of this year.
The report also showed that the monthly average household income stood at MNT 1.5 million, increased by 19.7 percent from the previous year, and rose by MNT 133,600 from the previous quarter. During the reporting period, the monthly average household expenditure was MNT 1.6 million, increased by 17.1 percent year on year, and up by 8.3 percent from the previous quarter. This was mainly due to the Government’s package measures that had come into action from April, in an effort to ease the economic impact of the COVID-19 pandemic. The Government had instituted a six-month exemption of monthly social insurance contributions paid by employees and employers, who retain their employees on payrolls despite revenue drops. It was reported that the decision applies to around 45,000 entities. The measure on the six-month exemption of social insurance contributions for the private entities covers more than 38,000 employers, which total around MNT 800 billion in the financing, according to Minister of Labor and Social Protection Chinzorig Sodnom. According to the Bank of Mongolia, the preliminary results of the report regarding Mongolia’s grey list inclusion will be released on June 28, and the official response of the FATF is scheduled on June 24-25.