MONTHLY MACROECONOMIC OVERVIEW
2025/04
Economic Policy and Competitiveness Research Center
Indicators Measurement 2025.IV 2024.IV 2025.III MoM Q/Q YTD YoY
trillion MNT,
GDP, 2025 Q1 19.0 - - - - - 2.4%
current price
2.4%
Inflation percent 8.6 6.4 9.1 0.3% - 3.2% as a percentage of
units
Unemployment 5.3% 3.9% 6.1% 0.8% 1.4%
percent - as a percentage of - as a percentage of
rate 2024 QУ4 2024 Q4 2024 Q3 units units
billion MNT,
Budget deficit -58 2,134 -353 295 - - -2,192
cumulative
USD/MNT
MNT 3,541.60 3,376.53 3,475.38 66.22 - - 165.07
exchange rate
External trade million USD,
683 1,511 465.1 218 - - -828
balance cumulative
million tonn,
Coal exports 22.8 24.4 15.8 1.4 - - -1.6
cumulative
thous.tonn,
Copper exports 648.7 499..4 456.2 17.4 - - 149.3
cumulative
Policy interest
percent 12% 12% 12% - - 2% 0%
rate
International
billion USD 5.13 4.98 4.99 2.79% - - 3.01%
reserves
Percentage of
non- -0.06% -1.61
percent 5.21 6.26 5.27 as a percentage - - as a percentage of
performing of units units
loan
KEY STATISTICS:
GDP (calculated by the production method at current prices based on
preliminary results) in the first quarter of 2025 amounted to 19.0
The GDP grew by 2.4 percent in trillion MNT, an increase of 2.5 (15.2%) trillion MNT compared to the
the first quarter of 2025. first quarter of the previous year, driven by an increase in the value
added in the mining and quarrying sector by 1.1 (18.6%) trillion MNT
and in the services sector by 1.0 (15.1%) trillion MNT.
HIGHLIGHTS OF MACROECONOMIC DECISIONS:
Decisions Date Objectives and results
A proposal from 100,000 citizens
Citizen R. Shinegerel submitted a public petition to initiate a
to reduce personal income tax
bill on the issue of reducing the income tax rate specified in
to 1 percent has been 2025/04/15
Article 6.3 of the Personal Income Tax Law to 1 percent,
forwarded to the Budget
which affects public interest, and received 100,187 votes.
Standing Committee.
www.facebook.mn/ecrcmn www.twitter.com/ursulduhchadvar www.instagram.com/ecrc.mn www.ecrc.mn 976-11- 321927
MONTHLY MACROECONOMIC OVERVIEW
2025/04
Economic Policy and Competitiveness Research Center
MACROECONOMIC INDICATORS
Charts influencing factors
In April 2025, the consumer price index at the national level
Inflation 04'24 04'25 increased by 8.6% from the same period of the previous year and
increased by 0.3% from the previous month. The price of imported
8.6 goods, excluding fuel and gasoline, contributed 2.6 percentage
6.4 points (29.8%) to National inflation, while the price of domestic
3.3 3.2
goods, excluding meat and solid fuel, contributed 5.0 percent
0.8 0.3 (58.1%). In April 2025, the consumer price index in Ulaanbaatar
Monthly YTD YOY increased by 0.3% from the previous month, by 9.8% increase from
the same period of the previous year.
The exchange rate of the American dollar reached 3,541.60 MNT in
Exchange Rate April 2025, which was 165.07 weaker than the same period of the
3,475.38 3,541.60
3,376.53 previous year, by 66.22 MNT compared to the previous month. The
total official reserves of foreign currency increased by 2.79% from
the previous month and by 3.01% from the same period last year,
04'24 03'25 04'25 reaching 5.13 billion US dollars.
According to the preliminary results in the first 4 months of 2025,
Budget 04'24 04'25 the total revenue of the general government budget was MNT 9.0
9,920
8,488 7,786
8,546 trillion, which decreased by MNT 1.3 (12.7%) trillion compared to
Тэрбум ₮
the same period of the previous year. The equilibrated revenue and
2,134 (58.0) grants of the general government budget was MNT 8.5 trillion,
which decreased by MNT 1.4 (14.4%) trillion compared to the same
Revenue Expenditure Balance period of the previous year. In the first 4 months of 2025, the total
expenditure and net lending was MNT 8.5 trillion, resulting in an
equilibrated balance of MNT 57.9 billion in deficit.
In the first 4 months of 2025, Mongolia traded with 135 countries
Foreign Trade and the total trade turnover reached USD 7.8 billion, of which
04'24
exports were USD 4.2 billion and imports were USD 3.6 billion, and
Сая $
04'25 the foreign trade balance was in surplus of USD 683.2 million. The
3,559.0
3,426.0
total foreign trade turnover decreased by USD 562.0 million (6.7%),
1,510.9 where exports decreased by USD 695.0 million (14.1%) and imports
683.0 increased by USD 132.9 million (3.9%), and foreign trade balance
decreased by USD 827.9 million (54.8%) compared to the same
Export Import Balance period of the previous year
In the global economy • The IMF cuts global GDP growth forecast to 2.8 percent
from 3.3 percent due to tariffs
https://bloombergtv.mn/news/m9t8hv
Sources:
1. Monthly Bulletin of Statistics, April 2025, National Statistics Office
2. www.1212.mn, www.mongolbank.mn
www.facebook.mn/ecrcmn www.twitter.com/ursulduhchadvar www.instagram.com/ecrc.mn www.ecrc.mn 976-11- 321927
