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Small Business Returned to Stagnation after a Period of Activity
25.08.2020 17:16
Small Business Returned to Stagnation after a Period of Activity

Business activity of small and medium-sized businesses in Russia returned to stagnation after a short burst of optimism in June, RBC reports, citing a survey by Promsvyazbank, Opora Russia and Magram Market Research. Business activity index (RSBI) in July fell from 45 to 44.2 points.

      The revival of business was facilitated by the weakening of quarantine and the introduction of state support measures, but the consequences of the crisis still limit the growth of business activity. "The positive effect from the abolition of  restrictions has passed, entrepreneurs are more pragmatic in assessing the prospects for doing business in a pandemic,"  Kirill Tikhonov, the Vice President, Head of the Directorate of Products and Technologies for Small and Medium Business at Promsvyazbank concludes.

      75% of companies still manage to keep their staff, only 18% went to layoffs. Over the month, the number of companies using loans decreased from 11% to 17%. The revenue growth is still insignificant: 8%  compared to 5% in June.

Author: Anna Dorozhkina

Tags: Russian business coronavirus Russian companies   

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