By the end of 2023, the incomes of entrepreneurs from Russia witnessed a significant surge, reaching an impressive 6 trillion rubles. This surge represents a remarkable increase of almost 25 percent, considering inflation. These figures, reported by RBC citing calculations by Svetlana Misikhina, Deputy Director of the HSE Development Centre, and Rosstat data, underscore a thriving entrepreneurial landscape in Russia.
In nominal terms, the annual increase in entrepreneurial incomes stood at an impressive 32 percent. The share of income from entrepreneurial activities by the close of 2023 accounted for 6.8 percent of the total monetary income of the population. This marks the highest level since 2014, surpassing the previous 7 percent recorded in that year.
For context, in both 2021 and 2022, the share of business income stood at 5.7 percent, indicating a notable uptick of 1.1 percentage points over the course of the year. Rosstat experts attribute this increase to various sources, including cash receipts from property rentals, self-employed profits, individual entrepreneurs’ earnings, royalties, and board of directors’ incentives.
Mid-January statistics from the Izvestia newspaper, citing Federal Tax Service data, further highlight the robust entrepreneurial growth in Russia. The number of entrepreneurs in the country surged by 378 thousand people by the end of 2023, marking a record increase over the past 17 years. This surge represents an impressive growth rate of nearly 10 percent compared to 2022.
These statistics paint a promising picture of entrepreneurship in Russia, indicating a flourishing ecosystem that continues to expand and thrive.
