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Agriculture, hunting and forestry 3.1 3.1 3.9 4.Industry 37.1 37.2 43.6 43.Minerals extraction 18.4 16.5 19.1 19.of which fossil fuels extraction 12.4 13.9 17.4 17.Processing industries 16.9 14.6 17.5 16.Electricity, gas and water production and distribution 8.3 8.2 7.0 7.Construction 3.6 3.5 3.6 2.Wholesale and retail trade, repair of motor vehicles, motor cycles, household appliances and objects of private use 3.1 3.8 2.8 3.Transportation 17.9 20.3 22.0 20.Communication 6.9 5.1 4.0 3.Financial activity 1.4 1.3 1.1 1.Operations with real estate, renting and service rendering 16.8 16.4 10.8 11.Education 1.6 1.8 2.2 2.Government management and guaranteeing of national security, compulsory social provision 1.5 1.3 1.5 1.Health care and social services rendering 2.0 1.9 2.3 2.Rendering of other public utilities, social and personal services 2.3 2.5 2.3 2.* Not including small business enterprises and parameters of informal activities Source: Federal State Statistics Service Foreign Investments E. Ilukhina By the state of affaires by the end of September 2007 foreign capital accumulated in Russia exceeds the corresponding figure for 1 January 2007 by 38.4%. In 2007 the concentration of foreign investments in industry and trade sphere sustained. As a result of January-September 2007 it is Cyprus, the Netherlands, Luxemburg, the Great Britain and Germany that still hold the leading positions in the total volume of accumulated foreign investments. Against the background of dramatic increase of investments in Russian economy the volume of capital withdrawal in the form of foreign investors profits transferred abroad as well as interest payment for use of credits and repayment of credits in January-September 2007 increased by 36.1% as compared with the corresponding period of 2006.

According to the state of affairs by the end of September 2007 foreign capital accumulated in Russia (not taking into account of monetary and credits regulation bodies, commercial and saving banks), including investments in form of rubles, recalculated in US dollars, was equal to approximately USD 197.7 bln. This exceeds the figure of 1 January 2007 by 38.4%, and the figure of 1 October 2006 by 52.2%.

The total volume of foreign investments received by the Russian economy in 2007 increased due to the growth of all its components. Highest and steady growth was observed in the segment of other investments.

Table Structure of Foreign Investments in Russian economy in January-September 2003-As USD million As percentage to the previous year Total Direct Portfolio Other Total Direct Portfolio Other 2003 20 899 4 665 81 16 153 161.9 177.3 36.2 160.2004 29 135 5 590 227 23 318 139.4 119.8 280.2 144.2005 26 829 6 602 365 19862 92.1 118.1 160.5 85.2006 35 323 10 268 665 24 390 131.7 155.5 182.3 22.2007 87 936 19 644 1 547 66 745 248.9 191.3 232.6 273.Source: Federal State Statistics Service Dynamics of Foreign Investments Inflow in the Russian Federation by Quarters in 2003-Direct investments Portfolio investments Other investments Source: Federal State Statistics Service Other investments in the Russian economy increased by 3.1 times in 1 quarter, by 2.4 and 2.9 times, correspondingly, in 2 and 3 quarters. In the segment of direct placements by foreign investors the growth was observed only in the first half of the current year (by 2.5 times in 1 quarter and by 2.3 times in 2 quarter). In 3 quarter 2007 the level of direct investments nearly corresponded to the level of the similar period of (-0.4% against 3 quarter 2006). In 1 quarter 2006 decrease in portfolio investments by 14.3% as compared with the corresponding period of the previous year was observed. In 2 and 3 quarter 2007 they increased by 3.4 and 2.7 times, correspondingly.

Different dynamics of various directions of foreign investments demonstrate the following changes in structure of foreign investments by quarters.

In 2007 the concentration of foreign investments in industry and in the sphere of trade sustained, 84.4% of the total volume of foreign investments in the Russian Federation in January-September being directed in these areas. Considerable growth of investments in trade (by 5 times) has led to the increase of its share in the industrial structure by nearly 2 times as compared with January-September 2006.

as USD mln.

I quarter I quarter I quarter I quarter I quarter II quarter II quarter II quarter II quarter II quarter III quarter IV quarter III quarter IV quarter III quarter IV quarter III quarter IV quarter III quarter Structure of Foreign Investments in Russian Economy in 2000-90% 14% 80% 12% 70% 10% 60% 8% 50% 40% 6% 30% 4% 20% 2% 10% 0% 0% Direct investments Other investments Portfolio investments Source: Federal State Statistics Service Table Structure of Foreign Investments in Russian Economy by Industries in January-September 2005- Change as percentage to the As USD mln As percentage to the total previous year 2005 2006 2007 2005 2006 2007 2005 2006 Industry 12 410 17 465 37 008 86.9 140.7 211.8 46.1 49.4 42.Transport and communication 2253 4 381 5 725 151.3 194.5 130.7 8.4 12.4 6.Wholesale and retail trade 8586 7 381 37 207 89.8 86.0 504.1 32.0 20.9 42.Operations with real estate, renting 1823 3151 4 236 160.9 172.8 134.4 6.8 8.9 4.and services rendering Finances, credit, insurance, pen1376 2060 2 152 199.1 149.7 104.5 5.1 5.8 2.sions provision Other industries 381 885 1 608 19.2 232.3 182.5 1.4 2.5 1.Source: Federal State Statistics Service The highest growth of foreign investments in industry (238.0% to the level of January-September 2006) was observed in processing industries. Foreign investments in fuel industry increased by 1.9 times over months of 2007. In processing industries investments in metallurgy increased by 4.3 times, in foodstuffs production by 2 times, in chemistry production by 12.8%, reaching the figures of USD 11.4 bln, USD 1.bln and USD 1.1 bln, correspondingly.

Analysis of dynamics of foreign investments in industry by quarters in the current year testifies higher growth rates as compared with the corresponding periods of 2006.

The highest growth of foreign investments in metallurgy over 9 months of 2007 was fixed in 2 quarter (by 8.3 times as compared with 2 quarter 2006), in 1 and 3 quarters the growth was equal to 41.4% and 330%, correspondingly. Interest of foreign investors in fuel industry in 1 quarter 2007 increased by 3.1 times, later, in 2 and 3 quarters, their growth was estimated as 41.9% and 11.9%. in 2 quarter 2007 the decrease of foreign investments in chemistry production was observed that was equal to 0.8% as compared with the corresponding period of 2006 (in1 and 3 quarters their growth was equal to 38.5% and 7.5%).

Differences in the dynamics by branches of industry were reflected in the change of branch structure of foreign investments in industry by quarters in 2007.

portfolio investments I quarter I quarter I quarter I quarter I quarter I quarter I quarter I quarter II quarter II quarter II quarter II quarter II quarter II quarter II quarter II quarter IV quarter IV quarter IV quarter IV quarter IV quarter IV quarter IV quarter III quarter III quarter III quarter III quarter III quarter III quarter III quarter III quarter Foreign Investments in the Industry in 2005-2007, increase as percentage to the corresponding period of the previous year 160% 134,5% 128,2% 140% 120% 99,3% 100% 75,3% 80% 55,8% 60% 39,4% 31,5% 40% 15,4% 8,7% 20% 0% -20% -40% -36,5% -40,1% -60% Source: Federal State Statistics Service Structure of Foreign Investments in Industry by Branches in 2007 (data for the corresponding periods of 2006 are given in parentheses) 2,9% (5,4%) 9 months of 2007. 38,0% (40,8%) 30,9% (15,2%) 28,2% (38,6%) 3,2% (5,2%) III quarter 2007 18,2% (28,5%) 35,6% (19,0%) 43,0% (47,2%) 2,5% (6,0%) II quarter 2007 27,2% (45,0%) 46,1% (13,0%) 24,1% (36,0%) 3,0% (5,0%) 8,3% I quarter 2007 69,0% (50,2%) 19,7% (31,5%) (13,4%) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fuel industry Metallurgy Chemistry Other Source: Federal State Statistics Service Structure of the ForeignInvestments in the Industry in 2003-90% 10,0% 9,0% 80% 8,0% 70% 7,0% 60% 6,0% 50% 5,0% 40% 4,0% 30% 3,0% 20% 2,0% 10% 1,0% 0% 0,0% Direct investments Other investments Portfolio investments Source: Federal State Statistics Service III quarter III quarter III quarter IV quarter IV quarter I quart er I quart er I quart er II quart er II quart er II quart er portfolio investments I quarter I quarter I quarter I quarter I quarter II quarter II quarter II quarter II quarter II quarter IV quarter IV quarter IV quarter IV quarter III quarter III quarter III quarter III quarter III quarter The share of direct investments in industry increased from 36.7% in January-September 2006 to 40.7% in January-September 2007, the share of other investments over that period decreased from 61.9% to 57.5%.

The dynamics by quarters demonstrates considerable differences in the structure of foreign investments in industry in the current year. For instance, the share of the direct investments reduced from 70.6% in 1 quarter 2007 (56.2% in 1 quarter 2006) to 19.8% in 3 quarter (29.1% in 3 quarter 2006). The share of other investments, vice versa, increased from 28.9% to 80.1% (40.3% in 1 quarter 2006, 69.7% in 3 quarter 2006).

In the structure of foreign investments by branches of industry there were also changes noted. In the field of minerals extraction in January-September 2007 the share of direct investments having increased by 2.times as compared with the corresponding period of 2006 went up to 83.1%. The share other investments in extraction, whose decrease is estimated at 31.4%, has decreased to 16.8%.

In the processing industry, vice versa, the main part of investments in January-September 2007 was accounted for by other investments, which went up by 2.7 times as compared with the corresponding period of 2006 and reached in resulting figures of investments in the processing industries the level of 86.4%. Direct foreign investments in processing industries grew up not that dramatically only by 27.1%. thus, the share of direct investments in processing industries decreased down to 11.0%.

The same as in the previous years it is the Great Britain that holds the leading position in the geographical structure of foreign investments receiver by the Russian economy during nine months of 2007, its share being 23.6% of the total amount of investments received by the Russian economy over the period (15.5% in January-September 2006), the second place is held by the Netherlands, figure being 19.6% of the total volume (14.7% in January-September 2006).

The most remarkable growth of investments was observed for Luxembourg in January-September of the current year they increased by 5.2 times as compared with the corresponding period of 2006, being USD 8.bln. At the same time about 50% of the investments from Luxembourg directed to the Russian Federation over 9 months of 2007 were made in 1 quarter.

Investments from the Great Britain over 9 months of 2007 increased as compared with the corresponding figure of 2006 by 3.8 times up to USD 20.7 bln (57.4% investments from the Great Britain was received in quarter), from France by 3.6 times up to USD 4.4 bln (the biggest part of French investments also being made in 2 quarter), from the Netherlands by 3.3 times up to USD 17.3 bln, from Germany by 73.9% up to USD 3.4 bln.

Table Inflow of Foreign Investments in the Russian Federation by Main Investing Countries in Change as percentage to the Received as USD mln As percentage to the total corresponding period of I quar- II quar- II quar- III quar- I quar- II quar- III quarIII quarter I quarter ter ter ter ter ter ter ter USA 364 761 864 111.3 173.0 190.7 1.5 2.1 3.Germany 666 1340 1441 79.7 270.7 221.4 2.7 3.8 5.Great Britain 3124 11907 5698 407.8 367.5 386.8 12.7 33.3 20.Cyprus 2820 5205 3856 208.9 466.8 141.7 11.5 14.6 14.Netherlands 7760 4039 5471 701.0 148.5 399.3 31.5 11.3 19.Luxembourg 4048 2691 1384 808.0 320.0 607.0 16.4 7.5 5.Other countries 5842 9776 8879 149.7 169.2 177.2 23.7 27.4 32.Source: Federal State Statistics Service Differences in the dynamics of investments have led to the change in the geographical structure of foreign investments in the Russian economy. The share of Luxembourg increased from 5.6% as a result of 9 months of 2006 to 9.2% in January-September 2007, of Germany decreased from 5.6% to 3.9%. At the same time the share of the USA and France in the geographical structure of foreign investments in the Russian Federation did not change considerably, remaining at the level of 2.3% and 5.0%, correspondingly.

As a result of 9 months of 2007 Ireland became one of the biggest 10 countries making investments in the Russian economy, placing USD 4.4 bln in the Russian Federation or 5.0% from the total volume of the foreign investments. Main interest of the investors from Ireland is concentrated in the field of transportation and communication, where 62.9% of Irish investments was directed.

Entrepreneurs from the Great Britain continued investing in trade, placing 5.9 times more in this field in January-September 2007 than in the corresponding period of 2006. As a result of nine months of 77.7% of the total investments in the Russian Federation from the Great Britain accounted for trade (in January-September 2006 the figure was 50.0%).The share of processing industries in the investments of the Great Britain decreased from 21.1% in January-September 2006 to 18.0% in January-September 2007.

In the structure of the investments to the Russian Federation from the Netherlands the increase in the share of fossil fuels extraction was observed from 50.7% in January-September 2006 to 68.0%in JanuarySeptember 2007.

For the investors from Cyprus the most attractive spheres were trade, operations with real estate and constructions, where they invested 50.7%, 17.0% and 6.2% of the total investment from Cyprus to the Russian Federation in January-September 2007. As a result of nine months of 2006 the main direction of capital placement from Cyprus in the Russian economy was processing industries (23.9% of the total investments from the Cyprus).

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