“If we look at the dynamics of revenue by month, in April, the non-oil and gas sector managed to turn positive for the first time in almost a year: the turnover of non-primary companies increased by 7.4%. The increase is partly due to the base effect: in April 2022, revenues decreased due to the decline in exporters’ ruble revenues against the background of the strengthening of the ruble after the March peaks,” FinExpertiza said in a publication. .
According to the president of FinExpertiza, Elena Trubnikova, throughout the year the share of businesses not related to oil and gas in total revenue has increased: if in January-April 2022 it was 67%, now it rises to 73 %. In the future, these actions can still fluctuate: the situation in the industries is now largely determined by the external situation on world markets, she specified.
“However, over time, a situational phenomenon can develop into a long-term trend towards an increase in the role of the non-oil and gas sector. Now, to restore GDP growth, it is extremely important to develop the non-primary sector” . industries, mainly in the manufacturing industry,” Trubnikova said.
The information from FinExpertiza on the increase in income of companies without resources indicates a gradual increase in the capacities of the national economy within the framework of the Keynesian model of regulation that is being implemented, said the associate professor of the Department of Corporate Governance and Innovation from the Russian University. of Economy. GV Plekhanov Anatoly Kolesnikov. The Keynesian model, whose objective is to increase investment in the domestic sector and stimulate effective domestic demand, has historically proven its worth and has contributed to the economic growth of many countries.
“There is no surprise in the growth of the transportation, electricity, and construction sectors, since the Keynesian model implies the injection of resources in the industries that have the greatest multiplier effect,” he said.
He added that “out of the FinExpertiza report” was the economic growth associated with the activities of the defense industry. The expert believes that it also demonstrates a significant increase, and this fact also acts as an element of the ongoing policy to stimulate domestic production.
In the medium term, we should expect higher growth in the economic indicators of the industries that, within the framework of intersectoral cooperation, are associated with the aforementioned construction, logistics and electric power industries. Obviously, such a scenario is being implemented on the basis of the current import substitution policy, which itself is a response to the sanctions imposed against Russia.
“The development of non-commodity companies is quite natural, as a result of the introduction of sanctions against Russia, the Russian economy has received a significant increase in relative competitiveness,” said Maxim Chirkov, associate professor at the Department of Economic Policy. and Economic Policy. Measurements at the Institute of Economics and Finance of the State University of Administration, he explained.
According to the expert, our main competitors, European companies, now consume much more expensive resources and energy than Russian ones. In addition, we must not forget, he believes, that our Western competitors voluntarily abandoned their traditional markets in Russia. There is a clear tendency to lose these markets in countries friendly to Russia, but “other companies, in most cases Russian, are taking their place,” the expert concluded.
