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Studying the high profitability phenomenon in Russian fisheries

Kuzin V.I. Kaliningrad State Technical University, Kaliningrad, Russian Federation ( )

Kharin A.G. Kaliningrad State Technical University, Kaliningrad, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #4, 2018

Importance Over recent yeas, Russian fisheries have demonstrated extremely high financial performance. The study focuses on the mechanism of profitability of sales in the industry.
Objectives The purpose is to identify drivers of unusually high profitability of fisheries in 2014–2016 and evaluate the effects associated with the phenomenon.
Methods The study draws on the statistical analysis method. We also employ elements of comparative analysis and graphical interpretation of statistical data.
Results The analysis shows that the main driver of profitability growth is price hikes for fish and fish products due to administrative restrictions. Under the specific legal mechanism of natural resource utilization, these restrictions triggered abnormal growth of fishing rent and its unregulated appropriation by fishing enterprises.
Conclusions In 2015–2016, Russian fisheries, with the support of public authorities, managed to derive maximum benefit from the fishing rent. However, this basis of growth is rather unstable in the medium-to-long term. It puts in question the prospects for further development of Russian fisheries, especially the implementation of large-scale and costly program for fishing fleet modernization. The findings may be useful for specialists in the fishing industry and other branches of the Russian economy.

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