SERGEY TSUKHLO: “THE SHARE OF COMPANIES CONSIDERING WEAKENING RUBLE A HINDRANCE HAS NOW DOUBLED.”

”Nezavisimaya gazeta” published comments by Sergey Tsukhlo, Head of Business Surveys Department of the Gaidar Institute, on the results of studies recording a sharp surge in the share of companies feeling a problem associated with the ruble weakening.

According to the Gaidar Institute surveys, “weakening of the ruble exchange rate and appreciation of imported equipment and raw materials" ranked among the top 5 current constraints to industrial growth in 2022, ranking 4th after the lack of qualified personnel, challenges related to domestic solvent demand, uncertainty of the current economic situation and its prospects. The lack of investment is in the 5th place.

According to studies, the negative factor of the weakening ruble showed the largest increase in references during the quarter: "After 15% in October, the weak ruble is now considered a hindrance by 35% of enterprises.”

"Such growth of the negative impact of the weak ruble in early 2022 is caused by the lack of capacity in the Russian industry, the increase in prices for imported equipment and raw materials, as well as by minor success of import substitution," Sergey Tsukhlo explained.

According to estimates of the Gaidar Institute, the largest number of enterprises noting the negative impact of the weak ruble on the dynamics of output, is reported in the construction industry (47%), timber industry (41%), machine-building (36%) and ferrous metallurgy (34%).

The opinions of representatives of light and food industries are in contrast with these indices: 18 and 17% of enterprises respectively spoke about negative effects of the weak ruble.