The turnover of the service sector in the capital grew by 7.4% in the first half of the year

The turnover of the service sector in the capital from January to June 2024 increased by 7.4% — up to 1.9 trillion rubles in comparable prices. This was reported by Maria Bagreeva, Deputy Mayor of Moscow, Head of the Department of Economic Policy and Development of the city.

“Moscow's service sector is developing dynamically thanks to the active introduction of new digital formats and high demand in the tourism sector and related industries: transportation, culture, hospitality. The greatest growth was shown by electronic services — online-cinemas, subscriptions to game platforms, music websites, which are developing under the influence of the growing demand of citizens for online content. Their turnover increased by 24% within six months compared to the same period last year and amounted to 164.4 billion rubles,” - said Maria Bagreeva.

The opening of the "Bolshaya Koltsevaya" Subway Line, the third and fourth Moscow Central Diameters and the development of river electric transport allowed to increase the turnover of transport services. In the first half of 2024 it grew by 14% — up to 638.5 billion rubles.

Cultural institutions and sports organizations increased their revenue by 11.3%, earning 43.2 and 24.5 billion rubles, respectively. The turnover of consumer services organizations (hairdressers, beauty salons, laundries and others) increased by 6.7% to 117 billion rubles. Hotels and travel agencies earned almost 72 billion rubles in the first half of the year, which is 5.4% more than a year earlier.

Over five years — from 2018 to 2023 — the turnover of Moscow's service sector grew by 35.4%. The high consumer demand and a wide range of city support measures help entrepreneurs to enter a new market, develop their business and explore new areas.