Moscow: According to RBK, a business news website, data from the Federal Tax Service show that Russian companies' revenues nearly doubled in 2022 and for the first time ever exceeded a quadrillion rubles (one followed by 15 zeroes).
Over $15 trillion worth of revenue was reported by Russian businesses, nearly double the amount from 2021.
The sharp rise is primarily attributed to the expansion of export earnings, particularly in the oil and gas sector. A recovery in consumer demand for goods and services also contributed to the increase.
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Despite a twofold increase in revenue, corporate profits in the nation only slightly increased, from $350 billion in 2021 to $370 billion in 2019, a 5.9% increase. Profits actually decreased when average inflation of 13.8% from 2022 was taken into account.
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A spike in expenses brought on by sanctions the West imposed on Russia as a result of Moscow's military operation in Ukraine was blamed for the muted profits.
In Russian statistics, the ruble figure with 15 zeros is unusual. The Bank of Russia estimates that in 2022, non-cash transactions by Russian credit institutions will total close to 1.6 quadrillion rubles ($19 trillion).
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The nation's nominal GDP totaled $1.8 trillion last year. Thus, according to tax reporting, the declared revenue of Russian businesses was close to eight times the GDP of the country.