The essentials:
According to the Bank of Russia’s preliminary estimate, the current account surplus of the balance of payments of the Russian Federation in January—November 2022 continued to expand and amounted to $225.7 billion, having increased by more than 2 times compared to the corresponding period of 2021.
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Billions of US dollars |
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Aggregates |
QI 2022 |
QII 2022 |
QIII 2022 (estimate) |
January—November 2022 (estimate) |
January—November 2021 |
|
Current account |
69.8 | 76.7 | 51.2 | 225.7 | 108.6 |
|
Balance on goods and services |
79.3 | 90.3 | 68.2 | 269.8 | 145.5 |
|
Balance on primary and secondary income |
-9.5 | -13.6 | -17.1 | -44.2 | -36.9 |
The estimates for the 3rd quarter and October 2022 have been revised due to the receipt of reporting data on a number of balance of payments items as of December 9, 2022.
Key Aggregates in details:
- a decisive role in the current account expansion was played by a record increase in the surplus of the balance on goods and services as a result of the growth in the value of exports of goods due to favorable price conditions with a decline in the imports of goods in January—November 2022 compared to the previous year indicator;
- a sharp reduction in the imports of goods in 2nd quarter 2022 was replaced by their gradual recovery in the following months of the current year;
- growth in total deficit in primary and secondary income was mainly related to the decrease in personal transfers from abroad as well as the decline in investment income received by the private sector from investments abroad;
- the financial account surplus of the balance of payments was formed by both the reduction in liabilities to non-residents and the growth in foreign financial assets.
Department responsible for publication: Statistics Department
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Last updated on: 09.12.2022