Page 47 - RusRPTAug23

5.0 External Sector & Trade
5.2 Balance of payments, current account
5.2.1 Current account dynamics
Russia’s current account surplus narrowed sharply to $5.4bn in the second quarter of 2023 from $76.7bn in the corresponding period of the previous year, according to preliminary estimates. It was the lowest surplus since Q3 2020, underscoring the large extent of narrowing of the Russian current account since hitting its record-high of $76.7bn in Q2 2022, as Western sanctions and global recession concerns pressured prices of Moscow’s key oil and gas sales.
The goods surplus shrank to $24.1bn from $95.0bn, as the goods exports tumbled to $101bn from $151.8bn. In addition, the services deficit widened to $8.5bn from $3.6bn and the aggregate primary and secondary income account posted a $10.2bn gap, largely due to lower dividends declared by Russian companies.
47 RUSSIA Country Report August 2023 www.intellinews.com