In 2023, the revenue of small and medium-sized enterprises (SMEs) in Russia reached a record level, totaling 25.8 trillion rubles over the last five years. This figure marks a substantial rise of about 40 percent compared with 2019, reflecting a sustained expansion in the domestic business environment despite broader economic headwinds. The growth trend is derived from data tracked through cash register equipment and related reporting systems, underscoring a broadening scale of commercial activity across multiple sectors and firm sizes within the SME segment.
Over the five-year period from 2019 to 2023, the trajectory of domestic enterprise revenue demonstrates a robust performance. The reported 40 percent increase illustrates how SMEs have adapted to evolving market conditions, leveraging evolving consumer demand, productivity improvements, and improved access to domestic markets. This growth is anchored in a diverse base of industries, with financial data highlighting incremental gains in several key categories and areas of business activity that collectively contribute to the overall rise in reported income.
By early March 2024, ahead of International Women’s Day, indicators showed a notable uptick in consumer demand across several lifestyle and retail categories. Demand surged in items such as flowers, confectionery, jewelry, perfumes, cosmetics, and beauty devices. In electronics, certain segments experienced a particularly strong resurgence, with some product groups showing tripling demand relative to earlier periods. This pattern reflects a combination of seasonal celebrations, discretionary spending, and shifting consumer preferences that influence revenue trajectories for SMEs in the short term.
Earlier assessments of the Russian economy highlighted mixed results across sectors. While estimates suggested that overall SME income would increase by a double-digit percentage in 2023 compared with 2022, the non-resource sectors appeared to contribute a sizeable portion of the total, with revenue rising to approximately 184.9 trillion rubles. In contrast, the oil and gas sector faced a contraction, with revenue dipping by a modest percentage, underscoring the diversified dynamics across the economy. These figures are drawn from comprehensive surveys and administrative data used to reflect the performance of the business community and the contributions of SMEs to macroeconomic activity.