In Russia, most industries have recently recorded a decline in output. The output of 129 of the most important types of products is in the red compared to last year, and the further, the higher their share. In January-April, they were 66%, and after seven months, they are already 73%.

This is reported by The Moscow Times.

According to Rosstat, production in January-July was 0.8% higher than a year earlier. The balance is supported by growth in a small number of large sectors (such as energy extraction, power engineering, shipbuilding and aircraft construction).

According to the results of seven months, the production of food and beverages, leather and textile products, clothing and footwear, vehicles and tires, furniture and building materials, refrigerators and washing machines, metallurgy, and other industries was in the red .

By the third quarter, Russian industry was on the verge of recession as the structural restructuring of the Russian economy exposed problems with the dynamics of the development of civilian sectors that are highly dependent on market conditions. Output in civilian manufacturing sectors (excluding oil refining) has fallen for all seven months of the year.

Monitoring of enterprises conducted by the Central Bank of Russia shows that the situation for most has been deteriorating for a year, and in August their ratings dropped to their lowest since October 2022. 

It was previously reported that more and more Russian companies are beginning to feel the deterioration of the Russian economy . Thus, according to the results of January-June of this year, the share of loss-making organizations increased by 2.3 percentage points and reached 30.4% – the highest since 2020, when 35% of Russian enterprises were operating in the red due to the pandemic.

It has become known that the growth of the Russian economy is slowing down faster than the Russian government had predicted , and this is hitting the budget, whose deficit this year will exceed the plan. Initially, the Russian Ministry of Economic Development and Trade had forecast GDP growth of 2.5% this year, but now the Russian authorities expect only 1.2%. This is 3.5 times less than a year earlier, and even lower than the figure of 1.5% growth.

Previously, the Central Bank of the Russian Federation stated that the Russian economy could slow its growth rate to zero by the end of this year .

Before this, the head of the Russian Ministry of Industry and Trade, Anton Alikhanov, stated that the growing problems in the civilian part of the Russian economy require the Russian authorities to support an increasing number of industries , but the budget, overloaded with military spending, will not be enough for this.

Author:  Halyna Yalivets Джерело: https://censor.net/n3573654

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