On November 14, the National Statistics Office (NSO) reported on the social and economic performance of the country for the first 10 months of 2016.

The NSO highlighted that budget expenditure and debt incurred surpassed 2016 budget revenue, resulting in a budget deficit of 2.32 trillion MNT. The total expenditure and debt incurred by the government reached 6.81 trillion MNT, a 1.40 trillion MNT increase compared to 2015.

According to NSO analysts, the reason for the increase in debt is mostly attributed to a 758 billion MNT increase in operational expenditure, a 138 billion MNT increase in capital expenditure, and a 442 billion MNT hike in loans issued compared to 2015. Since the NSO published a report on the economy in September, budget deficit has increased by 268.7 billion MNT.

The NSO reported that average household income was 853,300 MNT, a 84,400 MNT decrease compared to 2015.Analysts highlighted that average salary earnings have declined by 28,000 MNT and agricultural income fell by 37,700 MNT, citing these declines as the two main reasons for the decrease in average household income. NSO analysts also reported that average household expenditure has reached 962,000 MNT, a 10,400 MNT decline compared to last year.

According to the NSO’s Q3’16 labor study, the eligible workforce of the country has reached 1.26 million people, with 681,400 men and 581,800 women. The number of registered unemployed has reached 118,800, with men accounting for 72,700 and women 46,100. The unemployment rate in Q3 reached 9.4 percent, which is a 3.1 percentage point increase compared to last year, and a one percentage point decrease compared to Q2’16.