Macro: Short note CEE: Russian C/A surplus in January lower than estimated
According to the preliminary estimate of the balance of payments made by the Central Bank of the Russian Federation (CBR), the surplus on the current account balance in January amounted to USD 9.5 bn, which is slightly lower than the calculations of our model of USD 10.7 bn. It is possible that the lower estimate of CBR is caused by:1) a decrease (by nearly 10% of the yoy) of gas export pumping (after a surge in Q4);
2) the balance of services (so that by the end of 2019, its balance decreased by 16.4%, or by USD 4.9 bn, while the export of services decreased by 1.5%, and imports, on the contrary, grew by 3.9%, significantly ahead of the growth of imports of goods, +2.5%).
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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