FinExpertiza: in the spring of 2020, the profit of Russian business decreased by 67%, this is the strongest fall in 16 years

In March-May 2020, the total profit of Russian businesses (excluding small businesses) decreased by 67% compared to the same period last year. This is the worst drop in profit for the spring months in at least 16 years, writes RBC with reference to the report of the analytical service of the international audit and consulting network FinExpertiza.

According to FinExpertiza, the total profit of Russian business in the spring of 2020 amounted to 1.4 trillion rubles: more than a third of companies received a loss of 1.65 trillion, the rest – a profit of 3.05 trillion.

In 16 regions of Russia, business in the spring of 2020 received a net loss. In terms of the volume of losses, the leader was Moscow (85 billion rubles of loss), in terms of the dynamics of growth in losses – Ingushetia (an increase in loss by 3260% compared to the spring of 2019).

Among the sectors of the economy, the largest loss – 231 billion rubles – was shown by the wholesale trade in natural gas. The industry lost revenues due to falling gas prices and lower demand from Europe, according to the FinExpertiza report.

Summing up the results of the study, FinExpertiza President Elena Trubnikova warned that the Russian economy, business and population will overcome the consequences of the COVID-19 pandemic for a long time. According to her, the hopes that were pinned on the rapid or V-shaped growth of the economy after the lifting of quarantine restrictions did not materialize.RBK

Russian business has faced losses due to border closures and quarantines in connection with the coronavirus. In April-June 2020, Russia’s GDP fell by 8.5% compared to the same period last year.

The total amount of state support for the Russian economy amounted to about 3 trillion rubles.

(C)MEDUZA 2020

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