Page 63 - RusRPTAug22

strong growth in things like raw material extraction, but other sectors such as automotive have collapsed due to the lack of imported inputs. Taken together, the S&P Global Composite PMI Output Index was also pushed back into the black, posting 50.4 in June, up from a contraction with 48.2 in May.
4.3.2 Corporate profits dynamics
Russian business is dying at the rate of a thousand companies a day since the war started. 113,500 commercial enterprises closed in the country from March to June, when the most severe Western sanctions were imposed on the economy, analysts of the FinExpertiza audit and consulting network calculated based on data from the Federal Tax Service.
The rate of business extinction - an average of 930 companies a day - accelerated by 17.5% y/y and came close to the record set during the pandemic (137,900 companies in four months).
The number of liquidated companies in the country as a whole turned out to be one third more than the newly created ones (79,400), and in some regions this difference became a multiple. In the Vladimir region, 1,100 enterprises closed, and only 302 opened; in Bashkortostan, 3,400 companies ceased their activities, and 1,350 entered the market.
63 RUSSIA Country Report October 2020 www.intellinews.com