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Main Aggregates of External Sector Statistics in the 1st Quarter of 2022

The essentials:

The current account surplus of the balance of payments of the Russian Federation in January — March 2022 amounted to $68.4 billion, exceeding 3 times the indicator of corresponding period of 2021. Growth in exports of goods played a decisive role.

The external debt of the Russian Federation decreased significantly during January — March 2022 and totaled $451.4 billion as of March 31, 2022 against $482.1 billion at the beginning of the year.

The net international investment position of the Russian Federation at the end of the 1st quarter of 2022 rose from $484.9 billion to $612.5 billion.

Key aggregates in detail:

— strengthening of surplus in the trade of goods and services to $77.7 billion from $25.7 billion in the 1st quarter of 2021 resulted from advanced growth in exports compared to an increase in imports in part due to a favorable price environment;

— expansion of total deficit of primary and secondary income recorded in the current account took place against the background of improving financial performance of Russian companies;

— foreign assets of Russian economy grew by $38.9 billion mainly as a result of other sectors’ transactions;

— decrease in liabilities to non-residents was observed in all sectors of the economy and totaled $25.7 billion, while a drop in debt in the form of direct and portfolio investment played a key role;

— reduction of the external debt of the Russian Federation occurred mainly owing to other sectors’ debt liabilities to direct investors and to direct investment enterprises, as well as sovereign debt securities denominated in both Russian rubles and foreign currency;

— the positive dynamics of net international investment position of the Russian Federation was due to a more significant decline in external liabilities compared to foreign assets.

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Last updated on: 30.06.2022