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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 2022 amounted to $227.4 billion, having increased almost 2 times compared to 2021.

Key Aggregates in details:

  • increase of the current account was related to a significant expansion of the surplus of balance on goods and services as a result of growth in the value of supplies due to a rise in world prices for the main goods of Russian exports;
  • in general, in  2022, the value of imports of goods and services reduced, nevertheless, decline in the imports observed in the first half of 2022 compared to last year’s indicator was replaced by their gradual recovery;
  • growth in total deficit in primary and secondary income was mainly related to dynamics of personal transfers, including compensation of employees: receipts from non-residents reduced, while payments abroad rose;
  • significant expansion of financial account surplus of the balance of payments was formed by both the reduction in liabilities to non-residents and commensurate growth in foreign financial assets.

Current account components in 2017–2022, billions of US dollars

Department responsible for publication: Statistics Department
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Last updated on: 17.01.2023