The business climate is a monthly analytical indicator developed by the Center for Economic Research and Reforms, which is based on the results of surveys of enterprises.
In August 2024, more than a thousand entrepreneurs participated in the study, which ensures a high degree of representativeness of the sample and allows us to form informed conclusions about the current state of the economy.
According to the results of the August survey, an improvement in the business climate was noted. The consolidated business climate indicator increased by 6 points compared to last month and amounted to 53 points, respectively.
The share of respondents who rate the current economic situation as "good" increased by 4 percentage points (pp) compared to the previous month, reaching 41%.
39% of entrepreneurs noted that over the past three months, demand for their products/services has increased, which is 4 percentage points higher than in July.
At the same time, 29% expect prices to rise in the next 3 months, which is 9% higher than the level of the previous month. At the same time, the share of entrepreneurs predicting price reductions remained unchanged at 8%.
In August, an improvement in the consolidated business climate indicator was observed in all sectors of the economy.
In particular, in agriculture, the business climate increased by 10 points and amounted to 56; in industry, an increase of 7 points to 50 was noted; in construction, activity increased by 11 points to 56, while in the service sector, the smallest growth was recorded by 1 point to 52.
The indicator of the current state of the business climate increased by 9 points compared to last month and amounted to 39. In agriculture, there was an increase of 12 points to 47; in industry – by 18 to 38 points, and in construction – by 17 to 45 points, respectively. In the service sector, estimates of the current state of the business increased by only 2 points to 36.
Especially noticeable improvements in agriculture, industry and construction indicate an increase in production activity and demand.
The indicator of business climate expectations increased by 1 point and amounted to 67 points. In agriculture, the index increased by 8 values to 67, in construction – by 5 to 67; in industry, expectations regarding the prospects for development in the next 3 months fell by 6 points to 63, and in the service sector, the optimism of entrepreneurs remained unchanged at a fairly high level of 69 points.
The improvement in sentiment in agriculture and construction indicates a positive mood and confidence of entrepreneurs in these industries. At the same time, a decline in industry may indicate the emergence of problems or uncertainty.
In the course of the study, the most pressing problems that entrepreneurs most often face were highlighted. In particular, there was a decrease in financing problems by 3% and high tax rates by 2%, respectively.
At the same time, the level of concern about tax administration remains stable at the level of 5%.
At the same time, there is a decrease in the share of entrepreneurs who consider financing to be the main obstacle. This share decreased from 17% in January to 10% in August.
There has been a decrease in problems with financing and electricity in the industry, although high tax rates are still relevant.
In agriculture, the proportion of entrepreneurs facing difficulties in obtaining land plots and licenses has increased, despite a decrease in other problems.
Difficulties with electricity and taxes have increased in construction.
In the service sector, there is a decrease in problems with financing, land plots, low demand and provision of electricity.
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