Russian foreign debt to GDP hits record low

The country’s liabilities decreased to less than 15%, according to central bank data

Russia’s external debt continued to shrink in the second quarter of 2023, dropping below 15% for the first time, RIA Novosti reported on Tuesday, citing data from the country’s central bank.

According to the report, the figure has steadily declined over the past few years. It fell to 31% in 2020 and to 26.2% at the end of 2021. Last year saw a significant decrease in Russia’s foreign debt-to-GDP ratio to 16.6%, while in the first quarter of 2023, the figure was even lower at 15.45%.

“In the second quarter of 2023, debt obligations continued to decline, reaching a total of 14.96%,” RIA wrote.

As of the end of June 2023, gross external financial debt, both government and corporate, was estimated at approximately 29.9 trillion rubles ($318 billion).

The Bank of Russia also published data on external debt per capita based on the results of the second quarter of 2023, showing that the figure decreased by 4% to $2,300. Statistics show that this is the best level since 2006 when this indicator was at $2,200.

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