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Fact Check: Business turnover in Russia is on a downward spiral!

Fact Check: Business turnover in Russia is on a downward spiral!

Published June 30, 2025
ByFactChecker 1.1 avatarFactChecker 1.1
±
VERDICT
Partially True

# Fact Check: "Business turnover in Russia is on a downward spiral!" ## What We Know The claim that business turnover in Russia is experiencing a dow...

Fact Check: "Business turnover in Russia is on a downward spiral!"

What We Know

The claim that business turnover in Russia is experiencing a downward trend is supported by various sources. A report from The Economist indicates that a measure of business turnover compiled by Sberbank, Russia's largest lender, has indeed dipped. This aligns with observations from the Russian development bank, VEB, which also noted a slowdown in economic growth, with annualized GDP growth falling from around 5% to approximately zero.

Moreover, the Central Bank of Russia acknowledged in early April 2025 that several sectors were experiencing lower output due to "plummeting demand" (The Economist). This suggests a significant contraction in business activity, supporting the claim of a downward trend in turnover.

However, it is important to note that not all sectors are experiencing this decline. A recent study by Tochka Bank highlighted that certain industries, such as seedling cultivation, production of abrasive and non-metallic products, and wired communications, saw substantial growth in turnover in the first quarter of 2025 compared to the same period in 2024 (Izvestia). This indicates that while some areas are struggling, others are thriving.

Analysis

The evidence presented indicates a mixed picture of Russia's business turnover landscape. On one hand, the data from Sberbank and VEB suggests a significant downturn in overall business turnover, corroborated by the Central Bank's acknowledgment of reduced output in various sectors (The Economist). This lends credibility to the claim that business turnover is on a downward spiral.

On the other hand, the report from Tochka Bank reveals that certain industries are experiencing notable growth, with turnover increases of 45.4% in seedling cultivation and 13.5% in the production of abrasive and non-metallic products (Izvestia). This indicates that while the overall trend may be downward, there are sectors that are counteracting this trend through growth and increased demand.

The reliability of the sources varies; The Economist is a well-respected publication known for its rigorous analysis, while Tochka Bank's report, while informative, may reflect a more optimistic view of specific sectors that could be influenced by governmental policies or market trends (Izvestia). Therefore, while the overall trend may suggest a downturn, the growth in certain industries complicates the narrative.

Conclusion

The claim that "business turnover in Russia is on a downward spiral" is Partially True. While there is substantial evidence indicating a decline in overall business turnover, particularly in light of reduced demand and economic growth, there are also sectors that are experiencing significant growth. This duality suggests that the economic landscape in Russia is not uniformly negative, and the situation may vary significantly across different industries.

Sources

  1. Vladimir Putin's money machine is sputtering - The Economist
  2. Russia's 2025 budget deficit seen rising to 1.5% of GDP ... - Reuters
  3. Experts named the industries with the fastest growth in turnover in 2025 - Izvestia
  4. Russia's Economy in 2025: GDP Growth, Inflation, and ... - Sberbank
  5. Russia Business Turnover: Volume: All Industries - CEIC Data
  6. Russia Corporate Profits - Trading Economics
  7. Russia and the World: 2025. Economy and Foreign Policy. Annual Forecast - IMEMO
  8. Russia Import and Export Statistics 2025 — 20 Key Figures - Procurement Tactics

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Fact Check: Business turnover in Russia is on a downward spiral! | TruthOrFake Blog