Business confidence in Russia has grown to a level not seen since June 2013, the Markit Economics research organization said Monday citing results of its survey.

“According to data from the latest IHS Markit Russia Business Outlook survey, private sector firms are the most optimistic regarding future business activity in over four years, reflecting the prospect of larger client bases and new product development. The net balance of firms expecting a rise in business activity has increased from +25% in June to +29% in October,” the Markit Economics said in its press release.

The results of the survey indicated that the Russian businesses were also optimistic about the growing employment.

“October survey data indicates that firms’ expectations towards job creation are the highest in five years. This signals the first significant staff hiring expectations since the recent recession,” the report said.

The survey also showed that the Russian companies were expecting a growth of capital expenditure within the next year.

“Amid strengthened optimism surrounding future business activity, firms expect capital expenditure to rise solidly in the next year. Moreover, the degree of optimism on this front is the joint-highest in four years with firms set to modernize their machinery and diversify their product bases,” the press release said.

Russia’s economy suffered a downturn in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis. In 2017, the Russian economy began its recovery.