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27 Aug, 2023 12:35

Russian business activity soaring

The RSBI index was well above the 50-point threshold in July, a new study shows
Russian business activity soaring

The activity of small- and medium-sized businesses in Russia hit a record high in July, with the RSBI (Russian Small Business Index) reaching 57.1 points, according to the latest study by Promsvyazbank (PSB). The figure is well above the 50-point threshold which indicates that business activity is growing.

“The current dynamics of business activity of small- and medium-sized businesses indicates an acceleration in its growth rates in all key components,” the bank’s statement reads.

“For the first time in two years, the sales of entrepreneurs have entered the upswing zone, indicating there are opportunities for the segment to grow at a faster pace than the economy. The high availability of financial instruments in July stimulated entrepreneurial activity, providing companies with more opportunities, which is especially important during their development,” said PSB’s vice president Kirill Tikhonov.

At the same time, he pointed to negative factors, such as a shortage of personnel, which were holding back hiring when businesses were ready to recruit staff. Tikhonov indicated that entrepreneurs had high expectations about growth in the near future.

A recent report by business news website RBK, citing data from the Federal Tax Service, showed that revenues of Russian businesses almost doubled in 2022 for the first time ever.

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