The surplus of Russia’s balance of payments approached $200 bln in the first nine months of this year, which is 2.6 times more than a year earlier. The surplus of the country’s trading account is $238 bln (2.2 times more than last year), according to a preliminary assessment by the Central Bank.
The fast growth in revenues from net exports is the main reason experts have improved medium-term forecasts for the depth of the recession in Russia.
Net exports equal a nation’s total exports minus the value of all the goods and services it imports, explains economist Sergei Khestanov, Associate Professor at RANEPA.
“It’s funny, but the Western sanctions against Russian imports are actually slowing down the decline in Russia’s GDP,” the expert stressed.