The manufacturing sector, which was hardest hit by the ban on the import of key components, still gained 44%, while transport and storage revenues increased by 168%.
The profits of Russian companies in the second quarter increased by 25%, despite the sanctions. Bloomberg reported this.
Revenue is reported to have risen to 9.5 trillion rubles ($144 billion equivalent at the average exchange rate). At the same time, year-on-year growth exceeded consumer price growth by 17% during this period.
“The results of the second quarter are very good, showing the stability of the Russian economy. The strong growth in profits gives hope for the revival of corporate investment,” wrote Russian analysts.
The manufacturing sector, which was hardest hit by the ban on the import of key components, still gained 44%, while transport and storage revenues increased by 168%.
Increased income in real estate, construction, hotel and catering. This is explained by the fact that the Russians stayed at home due to the restriction of international air traffic.
But wholesale and retail trade suffered from falling sales – their profits fell by 13%. Production income fell by 51%, in the technology sector, where Western companies left en masse – by 48%.
It was previously reported that the export of coal from Russia by sea has actually stopped due to European Union sanctions.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.