Table Structure of the Investments by kinds of Economic Activity in I quarter, as percentage to the total 2004 2005 2006 Industry 48.1 52.4 48.0 46.including Minerals extraction 24.1 25.5 20.5 23. of which: 24 22.1 18.9 21.Fossil fuels extraction Processing industries 17.5 19.9 17.21.Electricity, water and gas production and distribution 6.5 7 6.1 5.Agriculture 2.8 2.3 2.9 3.Transportation 15.7 17.9 20.5 20.Communication 6.7 4.0 5.2 4.Construction 3.1 3.7 3.4 2.Trade 2.2 2.1 2.3 2.Source: Federal State Statistics Service In 1 quarter 2007 the characteristic feature for investment process in the transportation was a dynamic growth of the investments in railway transportation development (145.4% in 1 quarter 2007 against 85.7% in I quarter 2006) the investments in pipeline transportation rates being reserved (110.4% and 151.6%, correspondingly). It should be noted that in I quarter 2007 the volume of the investments in communication de velopment decreased by 5.4%, which is rather unusual for this dynamically developing kind of economic activity.
In 1 quarter 2007 the trend for anticipating growth of the investments into extraction kinds of activities and first of all in fossil fuels extraction, which outlined in 2006, sustained. Intensive growth of the investments in the fossil fuels extraction is oriented towards overcoming of the consequences of sharp decrease in the investment activity over 2004-2005. As a result of 1 quarter 2007 it is the extraction industries which had the prevailing part of the investments in the industry (49.4%). Investments in the fixed assets increase on the whole in the economy by 20.1% in 1quarter 2007, the increase of this indicator in minerals extraction was equal to 31.3%, including in fossils fuel extraction – by 29.8%, in processing industries – by 4.0%, in electricity, gas and water production and distribution – by 12.1%.
In 1 quarter 2007 the share of the investments in the processing industries was equal to 38.4% of the total volume of the investments in the industry and decreased by 6.1 p.p. as compared with the corresponding period of the previous year. The structure changes of the investments for processing industries were determined by interaction of internal and external demand factors. Investment activity in foodstuffs production (growth of 115.6%), textile and clothing goods (168.2%), leather goods and footwear production (151.2%) was initiated by the expansion of the domestic market.
The highest investment rates were observed in rubber and plastic goods production (200.0%), in finished metal goods production (183.5%), in publishing and printing (142.6%). The drop in the investments in quarter 2007 as compared with the corresponding period of the previous year was observed in coke production (50.9%), metallurgy (86.2%) and chemistry industry (93.6%). Investment activity in machinery and equipment production is characterized with extremely unsettled indices: the drop of the investments in quarter 2007 was equal to 47.0% against the growth by 2.6 times over the corresponding period of the previous year. The difficulties in the chose of the development strategy and targeted support of some individual production lead to misbalance of investment goods market. It should be noted that in 1 quarter 2007 weak dynamics of the investments in means of transport production, which was observed over the last two years has given way to dynamic growth (152.2%) which is mainly due to intensive development of the enterprises for motor vehicles industrial assemblage.
productino and distribution transport equipment and vehicles production electric equipment production machinery and equipment production metallurgy production rubber and plastic goods production chemistry industry coje and oil products production pulp and paper production;
woodworking and leather goods and footwear production textile and clothing production foodstuffs production processing industries except fossil fuels extraction 2006 fossil fuels extracion minerals extraction -100 -50 0 50 100 150 T Fig. 1. The change of the Investments in the Fixed Assets Growth Rates in the Industry in 1 quarter 2006 and 2007 as compared with the corresponding quarter of the previous year, as percentage T In 1 quarter 2007 in the structure of the investments by kinds of fixed assets the share of machinery and equipment decreased by 1.4 p.p. and was equal to 35.1%. Domestic machine-building does not meet growing investment demand either in volumes or in the structure of investment goods supply. Investments in foreign equipment purchase in 1 quarter 2007 were equal to 17.6% of the total volume of the investments into machinery, equipment and means of transport. Under existing structure of domestic production of investment goods import remains one of the major sources for fixed assets renewal, production modernization and reconstruction.
О. Izryadnova Foreign Investments in Russian Economy In 2007 the interest of the foreign investors towards investments into the Russian economy has increased considerably. The volume of the foreign investments, supplied to non-financial sector of the Russian economy not taking into the account monetary and credit regulation institutions, commercial and saving banks, including ruble investments, evaluated in the US dollars was equal to USD 24.5 bln in 1 quarter 2007, which exceeds by 2.8 times the figure of 1 quarter 2006.
200000 100000 0 1999 2000 2001 2002 2003 2004 2005 2006 Accumulated by 1 April Supplied over the quarter Source: Federal State Statistics Service Fig. 1 Foreign Investments into Russian Economy in 1 quarter 1999-2007, as USD mln 1999 2000 2001 2002 2003 2004 2005 2006 Invested into the RF Invested from the RF Source: Federal State Statistics Service Fig. 2. Foreign Investments in the Russian Federation and Investments of the Russian Federation abroad in 1 quarter 1999- supplied accumuulated USD mln The favorable factor is that the volume of the foreign investments exceeded the Russian investments abroad by more than two times is favorable.
In 1 quarter 2007 it was in the segment of other investments where the biggest growth in relative and absolute terms was observed – they increased by 3.1 times (up to USD 14.67 bln) as compared with 1 quarter 2006. Direct investments over the considered period increased by 2.5 times and reached USD 9.76 bln. Portfolio investments decreased by 14.2% down to USD 197 mln.
Since the direct investments growth rates in 1 quarter of the current year turned out to be lower than the growth rates of general index, their share in the structure of aggregate investments into Russian economy decreased.
Table The Structure of the Foreign Investments, supplied to the Russian Federation in 1 quarter 2003-2003 2004 2005 2006 Direct investments 16.5% 23.9% 31.9% 43.7% 39.5% Portfolio investments 0.3% 1.4% 1.3% 2.6% 0.8% Other investments 83.2% 74.6% 66.8% 53.6% 59.6% Source: Federal State Statistics Service Speaking about direct investments, it should be noted that the share of credits, received from the foreign joint owners of the organizations, increased in their structure up to 76.5% (in I quarter 2006 – 13.1%). Inpayments to statutory capital of the enterprises, situated in the territory of the Russian Federation, in the structure of direct investments were equal to 20.6% as a result of 1 quarter 2007 (in 1 quarter 2006 – 46.0%).
Table Direct Foreign Investments, Supplied to the Russian Federation in 1 quarter 2004- Change as % to the corresponding period As USD mln of the previous year 2004 2005 2006 2007 2004 2005 2006 Direct foreign invest- by 2 by 2.1 476 1 919 3 845 9 756 142.8 130.ment, total times times Including:
by 3.- inpayments into the 1 058 1 564 1 768 2 006 147.8 113.0 113.times statutory capital - credits from the en- by 14.321 324 504 7 463 76.3 101.0 155.terprises’ joint owners times - other direct invest- by 97 31 1 573 287 32.0 32.0 18.ments times.
Source: Federal State Statistics Service In 2007 the growth rates of the foreign investments into construction, trade, transportation and communication considerably exceeded the corresponding figures for other sectors, which had the effect of the increase of their proportion in the sectors structure. As before the biggest amount of the foreign investments was directed to the industry, their proportion in sectors structure having though decreased. The second place in accordance with the attraction of foreign investments is held by trade and catering.
As a result of 1 quarter 2007 in connection with the sustention of high prices for oil among production industies the production of fossil fuels remain still the most popular, investments in it increasing by 3.1 times up to USD 8.2 bln. Investments in Russian processing sector increased by 1.5 times as compared with quarter 2006 and were equal to USD 3.4 bln. The biggest amount of the investments among the processing industries was directed to metallurgy (USD 987 mln or 29.3 of the total amount of the foreign investments supplied to processing industries), foodstuffs production (USD 621 mln or 18.5%) and chemistry industry (USD 360 mln or 10.7%).
Table Sector Structure of the Foreign Investments into the Russian Economy in 1 quarter 2005- Change as % to the corresponding As USD mln As percentage to the total period of the previous year 2005 2006 2007 2005 2006 2007 2005 2006 by 2.Industry 3 346 5 214 11 899 55.6 59.3 48.3 115.4 155.times by 10.Construction 20 25 272 0.3 0.3 1.1 36.4 125.times Transport and commu- by 3.781 701 2 740 13.0 8.0 11.1 в 4.8 р. 89.nication times by 4.Trade and catering 1094 1635 7 895 18.2 18.6 32.1 56.6 149.times Commercial activity by 2.461 434 891 7.7 4.9 3.6 85.2 94.on market service times Finance, credits, insurby 2.ance, pensions provi- 261 689 821 4.3 7.8 3.3 110.6 119.times sion by 13.Other sectors 58 792 106 1.0 9.0 0.4 17.0 13.times Source: Federal State Statistics Service Other industries; 19.7% (31.5%) Chemistry industry;
3.0% (5.0%) Fossil fuels extraction;
69.0% (50.2%) Metallurgy; 8,3% (13,4%) Source: Federal State Statistics Service Fig. 3. Branches Structure of the Foreign Investments in the Industry in 1 quarter 2007 (data for 1 quarter 2006 are given in parentheses) Structure of foreign investments directed to the industry in 1 quarter 2007 differs from the corresponding structure of the aggregated foreign investments in Russian economy by higher proportion of direct investments. Direct investments in industry increased by 2.9 times as compared with 1 quarter 2006, while other investments in the increased by 62.7%.
Foreign Investments in Industry in 1 quarter 2003-2003 2004 2005 2006 Direct investments 27.0% 35.5% 43.2% 56.2% 70.3% Portfolio investments 0.8% 0.3% 2.2% 3.5% 1.0% Other investments 72.2% 64.2% 54.5% 40.3% 28.7% Source: Federal State Statistics Service In 1 quarter 2007 direct investments to the industry were equal to 85.8% of the total direct investments into Russian economy (in 1 quarter 2006 – 76.2%). The proportion of portfolio and other investments in the corresponding total figures is estimated to be 58.9% and 23.3% (in 1 quarter 2006 – 79.6% and 55.0%, correspondingly).
In 1 quarter 2007 the changes occurred in geographic structure of the foreign investments supplied to the Russian economy over this period. Ireland became the member of five leading investor countries, whose investments are estimated to be USD 1.7 bln. About 80% of the investments from Ireland were directed to the sphere of transportation and communication.
As in 1 quarter 2005 the Netherlands held leading position in the list of main investor countries to the Russian Federation (as a result of1 quarter 2006 the Netherlands were in the third place). In 1 quarter their investments increased by 7 times as compared with the corresponding period of the previous year and were equal to USD 7.76 bln. From this sum USD 7.44 bln (95.9%) accounted for fossil fuels production, which is equal to 88.2% of the total foreign investments into this industry.
Germany; 2.7% (9.5%) USA; 1.5% (3.7%) Cyprus; 11.5% Other countries;
(15.4%) 21.8% (43.3%) France; 1.9% Great Britain; 12.7% (1.1%) (8.7%) Luxemburg; 16.4% Netherlands; 31.5% (5.7%) (12.6%) Source: Federal State Statistics Service Fig. 4 Geographic Structure of the Foreign Investments, supplied to the Russian Federation in 1 quarter (the data for 1 quarter 2006 are given in parentheses) In 1 quarter 2007 the biggest investment growth was observed for the investments from Luxemburg (by 8.1 times up to USD 4.05 bln). The main proportion of the total investments from Luxemburg to the Russian Federation was directed to the trade and catering – USD 2.36 bln (58.3% of the total investments to the Russian Federation from Luxemburg) and communication – USD 1.13 bln (28.0%). The proportion of Luxemburg in the sphere of communication was equal to 84.0% of total foreign investments into this branch, in the sphere of trade – 30%. In I quarter 2006 priority sectors for the investors from Luxemburg were financial activity (39.9% of the total investments from Luxemburg to the Russian Federation) and fossil fuels production (39.1%). In current year only 4.7% (USD 192 mln) from Luxemburg were directed to fossil fuels production.
Investors from the Great Britain increased their investments into Russian economy in 1 quarter 2007 by 4.1 times giving preference to the sphere of trade and catering, investments in this field being USD 2.67 bln or 85.5% of the investments from the Great Britain to the Russian Federation over 1 quarter 2007. The proportion of the Great Britain in the total investments in the sphere of trade and catering was equal to 33.8%.
The only country among the leading investor countries into the Russian economy, which reduced its investments at the beginning of the current year, was Germany. In 1 quarter 2007 German investments decreased by 20.3% as compared with the corresponding period of 2006 and were equal to USD 666 mln.
On the whole according to the situation by the end of March 2007 the volume of accumulated foreign investments in the economy of Russia was estimated to be USD 151.5 bln, which exceeds the figure of the end of March 2007 by 33.1%. The biggest growth of the foreign investments is observed from Netherlands, which increased by 51.7% as compared to the end of March 2007.
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