In the first quarter of 2024, the turnover of the capital's manufacturing enterprises grew 1.5 times

In the first quarter of 2024, the turnover of Moscow's manufacturing industry, excluding the oil and gas sector, amounted to 1.7 trillion rubles. This is 48 percent higher in comparable prices than in January-March 2023, said Maria Bagreeva, Deputy Mayor of Moscow, Head of the Moscow Department of Economic Policy and Development.

“The manufacturing industry is one of the fastest growing sectors of the capital's economy due to the active development of production facilities and increasing import substitution. In the first quarter of 2024, the turnover of the industry 1.5 times exceeded the figure of the same period last year. Almost a quarter of the volume, or 420 billion rubles, was provided by manufacturers of high-tech products: computers, electronic and optical products", - said Maria Bagreeva

A significant share in the turnover of manufacturing companies is occupied by the food industry. Its enterprises earned 186.8 billion rubles, which is 11 percent of the total volume. The turnover of pharmaceutical industry enterprises amounted to 106 billion rubles, or 6.2 percent, and machinery and equipment manufacturers - 67.7 billion rubles (four percent of the total volume).

In total, Moscow accounts for almost 11 percent of the country's manufacturing industry turnover, excluding the oil and gas sector.

Most sectors of the capital's manufacturing industry showed turnover growth in the first quarter of 2024. Furniture manufacturers increased their sales 9.5 times - up to 41.5 billion rubles, enterprises producing high-tech products - almost five times. Manufacturers of rubber and plastic products increased turnover by 50 percent - up to Br48.5 billion. Similar growth was demonstrated by the paper industry, which earned almost 14 billion rubles in January-March.

Small enterprises achieved high growth of turnover. In the first quarter of 2024, they earned about 626 billion rubles, which is 2.5 times higher than last year's figure. Over the year, their share in the total turnover of Moscow increased from 21.3% to 36.7%.

“On the instructions of Sergey Sobyanin, we continue to create favorable conditions for the capital's industrialists. In January - March 2024, the output of the city's manufacturing industry grew by 17.9 percent. The leaders are high-tech and knowledge-intensive industries, which are in great demand today. These include the production of computers, electronics, microelectronics, pharmaceuticals, machinery and equipment, among others. In addition, a significant contribution was made by enterprises manufacturing essential goods, including food, clothing, soap and detergents,” said Maxim Liksutov, Deputy Mayor of Moscow for Transportation. 

The city is implementing a set of measures aimed at increasing the investment attractiveness of the capital for domestic industrialists and the development of production. Moscow industrial enterprises can take advantage of a wide range of support measures: preferential loans, reduced rent at the rate of one ruble per year for investment projects, as well as tools of the national project “Labor Productivity”. It allows to increase work efficiency and improve economic performance by optimizing production processes. Today more than 170 manufacturing enterprises of Moscow take part in the national project. About 100 of them have completed the first stage of its implementation. The economic effect from participation in the national project amounted to 3.6 billion rubles. You can learn more about this and other national projects being implemented in the capital here.