Russia’s external debt fell below 15% of GDP for the first time – Kommersant

The level of Russian external debt to GDP in the second quarter fell below 15% for the first time in history. The per capita figure dropped to $2.3 thousand—this is the lowest level since 2006.

At the end of the second quarter, external debt amounted to $343.4 billion (about 29.9 trillion rubles) or 14.96% of the Russian Federation’s GDP, reports “RIA News”. The agency provides calculations based on Central Bank data for the second quarter, but already knownthat in the third quarter, external debt decreased by another 4%, to $329.5 billion. Since the beginning of the year, the figure has fallen by 14.1%.

The Central Bank last time explained the reduction in external debt “by a decrease in the dollar equivalent of liabilities due to the weakening of the national currency against the US dollar, as well as a decrease in the volume of Russian sovereign securities at the disposal of non-residents, including as a result of their planned repayment.”

Russian external debt has been declining over the past few years. So, in 2020 it amounted to 31% of GDP, in 2021 – 26.2% of GDP, in 2022 – 16.6% of GDP.

Leonid Uvarchev