Moscow’s working enterprises rise to 54% after gradual reopening

Moscow's working enterprises reach 54% after COVID-19-related restrictions were lifted
2 years ago
2 mins read

On June 9, reports emerged stating that the number of working enterprises in Moscow surged to 54%. The increase in business activity happened after some of the COVID-19 restrictive measures were lifted.

In the first week of June, Moscow became the primary driver of the small and mid-sized business growth, according to data of Evotor online cash registers acquired by TASS. Evotor used at least 650,000 of its devices spread all across Russia.

The Restart

Notably, the non-food trade was among the drivers of the resurging economy after it was allowed in the Russian capital starting June 1. These non-food operations restarted at the second stage of easing restrictions.

Also, the services sector, including banks, partially resumed work. The research explained:

“As a result, Moscow’s small business started to revive. The number of working enterprises rose to 54% from the beginning of March. It added 20 percentage points in a week.”

The research further stated that Moscow’s trade turnover also rose to 58% from the amount recorded in early March. That gain also includes an increase of 22 percentage points in the first week of June.

The share of active enterprises in the Moscow Region grew to 64% from the pre-crisis level. That growth includes a 15 percentage point increase in a week. On the other hand, trade turnover gained 20% to reach 82.3% compared to the first week of March, according to the research.

As more sectors of the economy continue to reopen, analysts expect more gains and growth to be recorded in the coming months.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.