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Russia’s Small Business Share Hits Record Low

Mount Equity Group Tokyo Japan > News > Business > Russia’s Small Business Share Hits Record Low

Russia’s small businesses are claiming their lowest share of corporate turnover since at least 2008, as the coronavirus pandemic and lack of government support continue to hit hard.

The country’s smallest enterprises raked in 13.7 trillion rubles ($189 billion) in combined revenue during the first six months of 2021, according to government statistics analyzed by the Vedomosti news site. That equates to just 11.5% of Russia’s combined corporate revenue, the lowest reading since such statistics were first published in 2008.

Small business owners have long complained about a lack of sufficient support from the Russian government throughout the pandemic. The Institute for Comprehensive Strategic Studies says 47% fewer small businesses received government support in August 2021 compared with the same month in 2019, despite the impact of the pandemic.

But their share of corporate turnover had been declining long…

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