Page 38 - RusRPTJuly18

5.2.2 Current account dynamics
Russia’s current account surplus demonstrated two-fold increase y/y to reach $49.9bn for 5M18, according to the CBR’s preliminary estimate.
The positive dynamics was driven by higher oil and gas prices as well as by larger demand for non-commodities export.
At the same time, bankers estimate that in May alone the C/A surplus unexpectedly declined m/m from $12.2bn to $8.9bn ignoring an improvement of oil prices (+7.4% m/m).
“Apart from a possible adjustment of the previous data series by the CBR it could be a result of a sudden acceleration of import growth or some deterioration of non-O&G exports. At the same time, the net capital outflow
RUSSIA Country Report July 2018 www.intellinews.com