WWW.DISSERS.RU


...
    !

Pages:     | 1 |   ...   | 48 | 49 || 51 | 52 |   ...   | 117 |

Fig. 40. Funds channeled to construction under shared ownership terms in 20072011, Rb bn Purchasing foreign equipment is more profitable for a number of reasons: its relative price, high quality and post-sale maintenance support. Purchasing foreign equipment became the major type of innovation activities of industrial enterprises.

Section The Real Sector of the Economy Table Capital investment by types of fixed assets in 20082011 (without small businesses and informal activities), % to the outcome Rb bn % to the outcome 2008 2009 2010 2011 2008 2009 2010 Capital investment, total 6272.1 5769.8 6413.7 7701.2 100 100 100 Including:

housing 467.2 343.5 372.3 361.8 7.5 6.6 5.7 4.buildings (without residential) 3286.8 3221.2 3495.8 4172.5 52.4 53.8 53.6 54.and facilities machines, equipment, transportation 2071.3 1798.2 2109.6 2644.3 33.0 32.2 33.4 34.vehicles other 446.8 406.9 436.0 522.6 7.1 7.4 7.3 6.Source: Federal Statistics Service.

The major portion of capital investment during 20102011 was channeled to purchasing new machines and equipment. According to Federal Statistics Service, 3246% of companies/organizations invested into improving the efficiency of production (automation or mechanization of the existing processes, introduction of new technology, reduction of production costs, energy savings); 32% of companies/organizations were seeking increase of production capacity without changing the product slate, and 29% of companies/organizations were striving for increasing production capacity with simultaneous expansion of the product slate.

Changes in the capital investment profile by types of business over the last two years allow for identifying the most characteristic features of investment demand transformation. In 20092011 an immaterial increase of the industry share in the total capital investment was observed (without small businesses). At the same time quite significant differentiation of capital investment rate by types of business was observed. The post-crisis recovery was determined by both higher growth rates in mineral resources extraction sector and higher growth dynamics of demand for investment in this sector. It also needs to be taken into account that capital investment sagging in mineral resources extraction sector, in generation and distribution of energy, gas and heat was not as deep as in processing. In 2011 capital investment in mineral extraction sector grew by 13.8% versus the preceding year, in generation and distribution of energy, gas and heat by 8.1% and in processing sector by 6.3%. Capital investment in mineral extraction sector exceeded 2008 level by 9.4% and in generation and distribution of energy, gas and heat by almost one third.

In 2011 capital investment growth in processing was observed in the majority of areas, however, the crisis manifestations persisted. Total capital investment in processing made 81.0% versus 2008 (Fig. 41).

The most prominent growth of investment among processing industries was registered in timber processing and timber items production (148.4% of 2010), in chemical production (123.4%), coke and petroleum production (115.5%). Stable high level of investment activity in textile manufacturing and leather production during the preceding three years needs to be highlighted. The key driver here is the change in customs regulations with regard to importing equipment and raw materials.

Slow recovery of demand for capital goods and structural materials determined the volume of investment in metallurgy and commercial metal goods production, which remained at level. At the same time investment into commercial metal goods production declined by 22% versus the preceding year.

RUSSIAN ECONOMY IN trends and outlooks 150,100,50,0,-50,-100,-150,Source: Federal Statistics Service.

Fig. 41. Capital investment by sectors of industry in 2011, % of Investment activity in mechanical engineering is recovering a lot slower than in other businesses. In 2011 the share of capital investment in mechanical engineering constituted 2.3% of total investment into economy and 13.5% of investment into processing. Investment into machines and equipment manufacturing increased by 13/0% in 2011, while in transportation vehicles and equipment manufacturing the investment went down by 3.8% versus the preceding year.

The share of investment into transportation development in 2011 went up to 25.3% of total capital investment into the economy. Investment into transportation and communication grew 1.3 times versus 2008, which is connected with intensive implementation of pipeline transportation investment programs during 20092011 (Table 13).

Investment into social sphere development is still below the pre-crisis level.

Growth of investment into research and development was registered during the last three years. Between 2009 and 2011 investment into R&D grew 1.7 times and in 2011 made 1.0% of total capital investment into economy.

The conditions of material resources and facilities remain the key factor of successful functioning of R&D sector. Despite positive quantitative characteristics of GDP dynamics, capital investment, labor market and state budget, Russian economy is still lagging behind many developed economies judging by many qualitative parameters. Labor productivity makes only 2/3 of the level of EU countries, and capital investment share in GDP is still insufficient to modernize the economy and intensive progress of scientific research and development.

coke production leather, leather goods and shoeware manufacturing energy generation and distribution extration of other types of mineral resources oil refining and petroleum products manufacturing processing chemical production mechanical engineering metallurgic industry food products sector transportation vehicles and equipment manufacturing pulp and paper manufacturing textiles and clothing manufacturing non-metals minerals production timber processing and timber goods manufacturing electrical equipment, electronics amd optics manufacturing rubber and plastic goods production Section The Real Sector of the Economy Table Amount and dynamics of capital investment in 2008-2011 by types of business (without smaller businesses and informal activities parameters) Rb bn % to the preceding year 2008 2009 2010 2011 2008 2009 2010 Total 6272.1 5769.8 6413.7 7701.2 105.6 82.5 105.1 110. including: 243.0 192.6 190.9 251.3 95.7 75.2 88.9 110. agriculture, hunting and forestry mineral resources extraction 1040.9 967.8 1109.8 1312.2 103.9 88.3 108.9 113. including: 950 893.5 1021.5 1187.5 104.8 89.1 108.7 112. production of fuel and energy reserves processing industry 1034.0 881.9 993.7 1172.3 107.8 78.2 103.3 106. generation and distribution of energy, gas 558.2 585.6 786.3 918.5 111.3 99.8 124.1 108.and water construction 91.7 162.7 194.1 165.1 91.7 66.1 117.3 89. wholesale and retail 168.7 138.4 158.4 171.7 95.6 75.7 108.9 88. transportation and communications 1628.0 1624.6 1696.1 2223.7 112.4 99.1 109.0 120.including communications 257.4 180.6 207.3 274.7 95.1 66.6 108.6 113. financial activity 74.7 74.6 77.2 124.3 95.6 99.4 107.1 142. transactions with real property, leasing and 733.8 558.2 658.3 607.1 100.9 70.8 92.8 94.provision of services including R&D 31.9 48.9 62.8 74.1 101.9 131.9 114.4 112. government administration and defense; 128.2 133.0 120.5 131.5 109.7 89.5 87.0 108.mandatory social insurance 162.9 117.4 142.9 170.2 96.9 78.7 113.7 111.healthcare and social services 188.0 145.7 161.3 175.9 116.0 82.1 105.6 104. other communal, social and personal ser- 128.8 168.6 185.8 239.9 127.9 85.1 102.8 117.vices Source: Federal Statistics Service.

4.3.2. Foreign Investments In 2011, the inflow of foreign investment into the RF increased by 66.1% on 2010 - to $ 190.6bn, thus rising 57.6% over the historic high registered in 2007 (Table 14).

At the same time, foreign investors continued to leave the Russian market. As seen by the results of the year 2011, the outflow volume amounted to $ 165.2bn, or to 86.6% of the foreign investment inflow observed over that same period. Investment outflow took the form of foreign investors incomes transferred abroad, as well as the payment of interest on credits and credit redemption. As compared to the 2010 level, capital outflow increased by 36.7%.

Besides, in 2011 the volume Russias overseas investment rose to $ 151.7bn, or by 57.6% on 2010, thus amounting to 79.6% of the volume of investment in the Russian economy (in 2010 83.9%).

On the whole, the inflow of foreign investment in the Russian economy increased from 7.8% of GDP in 2010 to 10.3% of GDP in 2011 (Fig. 42).

In 2011, the highest investment growth (by $ 71.6bn) was noted in the other investments segment. Direct investment increased by $ 4.6bn. This growth was contributed to by all categories of direct investment. The bulk of direct investment was constituted by contributions to charter capital and credits obtained from foreign stakeholders in organizations. The former, as seen by the results of the year 2011, rose by 17.9% to $ 9.1bn. The volume of credits received from foreign stakeholders rose by 62.6% to $ 7.5bn. Thus, the share of credits issued by foreign stakeholders in the structure of foreign direct investment (FDI) in the RF increased from 33.4% in 2010 to 40.7% in 2011, while the share of contributions to charter capital dropped from 55.8% to 49.3%.

RUSSIAN ECONOMY IN trends and outlooks Source: Rosstat.

Fig. 42. Foreign Investment Inflow in the Russian economy in 20042011 (as % of GDP) In 2011, the major rating agencies estimated the RF rating credit to be at the same level as in 2010.

Table Structure of Foreign Investment in the Russian EconomyIn m USD As % of previous year Total Direct Portfolio Other Total Direct Portfolio Other 2007 120,941 27,797 4,194 88,950 219.5 203.2 131.8 232.2008 103,769 27,027 1,415 75,327 85.8 97.2 33.7 84.2009 81,927 15,906 882 65,139 79.0 58.9 62.3 86.2010 114,746 13,810 1,076 99,860 140.1 86.8 121.9 153.2011 190,643 18,415 805 171,423 166.1 133.3 74.9 171.Source: Rosstat.

According to the UNCTADs World Investment Report published in July 2011, in the RF was the 7th most successful country in terms of the volume of attracted foreign direct investment (in 2009 the 6th; in 2008 the 5th; in 2007 the 9th; in 2006 the 10th; in 2005 the 15th). As in the previous year, as far as the large developing economies were concerned, Russia came second after China in terms of the FDI volume. As stated in the Report, in Russia received 3.3% of the world foreign direct investment volume (in 2009 3.5%; in 2008 4.1%), and 7.1% of the volume of foreign direct investment inflow into developing countries (in 2009 8.2%; in 2008 11.9%) (Fig. 43).

Direct investments are investments in real assets, acquisition of a controlling stake or a stake with the right of participation in management; portfolio investments are investments in securities solely for deriving income;

other investments are returnable investments (credits issued by international financial organizations, commercial credits, etc.).

Section The Real Sector of the Economy 50% 39,7% 35,4% 40% 30% 22,0% 20% 12,3% 11,5% 10% 5,0% 0% -0,2% -10% -20% -15,7% -30% -29,5% -22,3% -40% -32,1% -37,5% -50% 2007 2008 2009 Developed countries Developing countries World, total Source: UNCTAD, World Investment Report 2011, 26.07.2011.

Fig. 43. Movement of Foreign Direct Investment Inflow in 2007In accordance with the UNCTADs report, the worlds aggregate foreign direct investment volume in 2010 rose slightly above its 2009 level (Fig. 44) According to preliminary estimates, in 2011 that index returned to its pre-crisis value, amounting to $ 1.41.6 trillion; in 2012 it will increase to $ 1.7 trillion; in 2013 the historic high of 2007 at the level of 1.9 trillion will be reached.

Source: UNCTAD, World Investment Report 2011, 26.07.2011.

Fig. 44. Worlds Foreign Direct Investment Inflow, bn USD The implementation of that scenario can be possible in absence of any serious problems in the world economy. According to the pessimistic scenario, in 20112013 the aggregate foreign direct investment volume will remain at the level of 2010.

The segment of portfolio investments in the Russian economy in 2011 demonstrated a decline by 25.1% on 2010. Their structure displayed growth of investments in stock capital by 67.6%, with the resulting increase in their share from 32.0% in 2010 to 71.7% in 2011 (in 2007 95.5% of portfolio investment volume; in 2008 79.6%l un 2009 42.9%).

Other investments rose in 2011 by 71.7% on 2010 by $ 71.4bn. The share of commercial credits within the other investments structure dropped from 17.6% (by the results of the year 2010) to 16.2% in 2011 (in 2008 21.5%; in 2009 21.4%). In terms of loan period, the share of credits issued for periods over 6 months declined to 28.3% against 38.0% in 2010. (in RUSSIAN ECONOMY IN trends and outlooks 2008 68.1%; in 2009 67.9%). The share of credits issued for periods less than 6 months rose to 53.4% (in 2010 10.1%; in 2009 10.1%; in 2008 8.8%).

Thus, in 2011 the structure of foreign investment in the Russian economy remained practically the same as in the previous year (Table 15).

Table Structure of Foreign Investment in the Russian Economy in 19962011, % Direct investment Portfolio investment Other investments 2000 40.4 1.3 58.2001 27.9 3.2 68.2002 20.2 2.4 77.2003 22.8 1.4 75.2004 23.3 0.8 75.2005 24.4 0.8 74.2006 24.8 5.8 69.2007 23.0 3.5 73.2008 26.0 1.4 72.2009 19.4 1.1 79.2010 12.0 1.0 87.2011 9.7 0.4 89.Source: Rosstat.

In 2011, as before, foreign investment was directed in the main towards the financial sphere, industry and trade. These sectors of the Russian economy accounted for 90.5% of the aggregate foreign investment volume (in 2010 86%). Investor interest in investing in transport and communications became less pronounced.

The lower rate of growth of foreign investment in industry and real estate transactions alongside increasing aggregate foreign investment indices and substantial growth of investments in trade and financial activity resulted in certain changes in the structure of foreign investment by comparison with the previous year. The distribution of foreign investment across the main sectors of the Russian economy is shown in Table 16.

Pages:     | 1 |   ...   | 48 | 49 || 51 | 52 |   ...   | 117 |



2011 www.dissers.ru -

, .
, , , , 1-2 .