FinExpertiza: Russian business revenue lagged behind inflation
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59% of the total cash growth of Russian business from March to June 2022 was provided by commodity enterprises, according to a report by the FinExpertiza consulting network (Kommersant has it). Excluding the oil industry, the growth in business revenue amounted to only 10.6%, which is lower than the annual inflation rate.
According to Rosstat, the revenue of large and medium-sized businesses for the mentioned period reached 77.8 trillion rubles, which is 12.4 trillion rubles. more than in the same period in 2021 (+19%). The oil and gas sector of the economy accounted for 7.3 trillion rubles.
Average monthly consumer inflation from March to June of this year amounted to 16.9%, industrial – 22.3%. Taking into account the fact that the dynamics of non-commodity business revenue was at the rate of 10.6%, it was completely leveled by inflation. At the same time, nominal growth in revenue was recorded in almost all sectors, in particular, in wholesale and retail trade (+21.3%), agriculture (+19.6%) and education (+14.2%).
“The share and role of the oil and gas sector in the Russian economy in 2022 has increased significantly. It is thanks to oil and gas revenues that the economic situation in Russia remains relatively stable, despite the harsh sanctions pressure from Western countries,” commented Elena Trubnikova, President of FinExpertiza.
During yesterday’s government meeting to discuss the new budget for 2023-2025, Prime Minister Mikhail Mishustin declared on a smooth decline in inflation and a revival of domestic consumer demand. At the same time, the Central Bank fixes the growth of inflationary expectations of the population to 12.5% in September (compared to 12% in August).
On trends in the Russian economy – in material “b”.
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