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Only 18% of SME representatives confident in their business expansion, says survey

The share of upbeat entrepreneurs has dropped, according to the study

MOSCOW, May 20. /TASS/. Around 20% of representatives of small and medium-sized enterprises (SMEs) in Russia are confident in further expansion of their business within the next six months, according to a survey by Otkritie Bank obtained by TASS.

"The share of upbeat entrepreneurs has fallen sharply as business expects a long survival period amid the challenging economic environment and is focused on reducing costs and retaining its clients," Otkritie said. "The majority of respondents, 39%, cannot estimate the prospects for the next six months, hoping though that they will continue working as before. As many as 18% of respondents are confident in developing and expanding their business, while 7% plan to scale back operations," according to the survey.

The poll involved clients of leading Russian banks — individual entrepreneurs and heads and owners of SMEs with revenue of up to 3 bln rubles ($42 mln) per year — in all, more than 1,000 representatives of small and medium-sized enterprises.