Page 24 - RusRPTJul20

A similar pattern has been seen in Russia’s “other” capital, St Petersburg, the second-largest city in the country, although its residents have been much more cautious and remained at home (bottom chart). Foot traffic there remained down c.70% for most of the lockdown period and only recovered slightly into the 60s three weeks ago.
However, in the last week the foot traffic increased to the point where it was down by 30%-35% in Moscow, measuring 30.5% on Monday, June 15. On the same day the foot traffic decrease in St Petersburg broke below 60 for the first time to reach a 58.2% decline y/y.
2.18 ​Russian business and consumer confidence
In 1Q20, the net income of corporates was RUB1.57tn, down ​58.5% y/y, with 64% of organisations having been profitable, with corporate profits within manufacturing, coal mining, wholesale & retail sales, real estate activities and railway freight transportation hit hardest during the same period
The government support measures fail to cover almost 48% of small and medium enterprises, ​according to a survey conducted jointly by the All-Russian Popular Front and the Opora Rossii organization, ​TASS​ reports. Opora Rossii​ is an organization bringing together Russian small- and medium-sized enterprises (SMEs). Entrepreneurs working in the areas, which were not regarded as the most affected sectors of the economy name subsidies, tax write-offs, and opportunities to obtain loans on favourable terms as the most necessary support measures. The most popular measures of state support were grants for the payment of wages in the amount of the minimum wage of RUB12,130 ($169) per employee. About 78% of those small businesses that are eligible for support measures applied for it or see it as a need and 54% of them managed to receive the funding. Another 24% of respondents were not able to receive a grant since the list of affected
24​ RUSSIA Country Report​ July 2020 ​ ​www.intellinews.com