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Compared to the preliminary estimate of Balance of Payments (BOP) released on the 7th of March, the changes in annual BOP were increase in current account deficit by US$ 98.0 million and decrease in capital and financial account surplus by US$ 32.5 million. As a result, net errors and omissions have increased by US$ 65.6 million.

These changes were due to i) additional quarterly surveys from enterprises, which were not reported in the preliminary estimate, ii) revision of quarterly enterprises’ surveys, iii) revision of surveys in accordance with state and private enterprises’ annual balance sheet, and iv) updated estimations on surveys, which are conducted throughout the year, and v) revision was made based on the newly realized information and new circumstances.

Main indicators            

Current account deficit stands at US$ 469.1 million, which is decrease of US$ 935.9 million or 67 percent compared to the previous year. The change is mainly attributable to (i) increase of trade in goods by 19 percent reaching to surplus of US$ 993.9 million and (ii) decrease of trade in services deficit by 45 percent reaching to US$ 856.9 million. 

Deficit in services was decreased by US$ 696.3 million due to (i) decline in goods import reduced the transportation cost, (ii) the number of tourists increased the income and decreased the cost, and (iii) expenditure on professional and management consulting services was declined.

Capital and financial accounts showed surplus of US$ 381.8 million decreasing by 64 percent or US$ 680.2 million compared to the previous year. This change was mainly due to 60 percent or US$ 165.8 million decline in foreign direct investment, and 129 percent or US$ 526.4 million decline in other investment compared to the previous year.

The above substantial decline in other investment was due to (i) drawing of foreign loans for the Development Bank of Mongolia was decreased and (ii) enterprises repaid their trade debt in 2015.

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