In 2023, the total revenue of Russian companies has decreased by 36% to 814 trillion rubles, according to data from the analytical portal of the Federal Tax Service of Russia (FTS). This information was reported by the Russian newspaper «Izvestia» on July 2nd.
The sharp decline in revenue is a cause for concern for the Russian economy, as it reflects the overall slowdown in business activity and the impact of external factors such as the global pandemic and economic sanctions. However, it is important to note that this decrease in revenue is not unexpected, given the current economic climate.
The FTS data shows that the decline in revenue was mainly driven by the energy and mining sectors, which saw a decrease of 40% and 38%, respectively. This can be attributed to the decrease in global demand for oil and other natural resources, as well as the decrease in prices due to oversupply.
The manufacturing sector also saw a significant decrease in revenue, with a decline of 35%. This can be attributed to the disruption of global supply chains and the decrease in consumer demand for non-essential goods.
The service sector, which includes industries such as tourism, hospitality, and retail, also experienced a decline in revenue of 30%. This can be attributed to the restrictions on travel and business operations imposed by the government to contain the spread of COVID-19.
Despite the overall decrease in revenue, there were some industries that showed resilience and even growth. The agriculture sector, for example, saw an increase in revenue of 5%, as the demand for food products remained stable during the pandemic.
The government has taken measures to support businesses during this challenging time, such as providing financial assistance and tax breaks. However, it is clear that more needs to be done to stimulate economic growth and support businesses in the long term.
Experts believe that the decrease in revenue is temporary and that the Russian economy will recover in the coming years. The FTS data also shows that the decrease in revenue has not affected the profitability of companies, as their profits have remained stable.
In conclusion, the decrease in revenue of Russian companies in 2023 is a reflection of the challenging economic conditions and external factors. However, it is important to remain optimistic and continue to support businesses in order to ensure a strong and sustainable recovery of the Russian economy.