According to a recent study conducted by Promsvyazbank (PSB), small- and medium-sized businesses in Russia recorded a record high level of activity in July. The Russian Small Business Index (RSBI) reached 57.1 points, well above the 50-point threshold that signifies growing business activity. PSB’s statement highlights the acceleration in growth rates across all key components of business activity in this sector.
An important finding from the study is that the sales of entrepreneurs have entered the upswing zone for the first time in two years. This indicates that there are opportunities for the segment to grow at a faster pace than the overall economy. PSB’s vice president, Kirill Tikhonov, attributed this positive development to the high availability of financial instruments in July, which stimulated entrepreneurial activity and provided companies with more opportunities. This is particularly crucial for their development.
Despite this positive outlook, Tikhonov acknowledged the challenges faced by entrepreneurs, such as a shortage of personnel, which is hindering their ability to expand their workforce. However, he expressed optimism that the current growth momentum would continue and lead to further positive outcomes in the near future.
In line with the study’s findings, a recent report by business news website RBK highlighted the significant increase in revenues of Russian businesses in 2022. This marks the first time ever that revenues have nearly doubled. This further supports the notion that small- and medium-sized businesses in Russia are experiencing strong growth and contributing to the overall economic development of the country.
The growth in business activity among small- and medium-sized businesses is a positive sign for the Russian economy. It demonstrates the resilience and innovation of entrepreneurs, and their ability to adapt to changing market conditions. The availability of financial instruments and support from banks like PSB is crucial in enabling these businesses to thrive and seize opportunities for expansion.
Looking ahead, it is important for policymakers and stakeholders to continue supporting the growth of small- and medium-sized businesses in Russia. Addressing challenges such as the shortage of personnel through targeted initiatives and policies can further enhance the growth prospects of these businesses.
In conclusion, the latest study by Promsvyazbank indicates that small- and medium-sized businesses in Russia have reached a record high level of activity in July. This positive development is attributed to the accelerated growth rates observed across all key components of business activity. While challenges such as a shortage of personnel exist, the overall outlook for the sector remains favorable. The significant increase in revenues of Russian businesses further reinforces this positive trend. Continued support and strategic measures are essential to sustain and further enhance the growth of small- and medium-sized businesses in Russia.
Source link
