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In contradistinction to the situation of 2004, in the structure of investment resources there was observed a 2.2 p. p. growth in the share of budgetary funds in the financing of investment expenditures initiated by the increase in investments at the expense of the federal budgetary funds. In 2005, the share of banks in the crediting of investments made 6.5 per cent decreasing by 1.4 p. p. in comparison with the figures registered in the preceding year. At the background of moderate behavior of the banking sector, there persisted the trend towards increasing participation of insurance and investment companies, industrial and trade enterprises, as well as foreign capital in the financing of investment activities.

Among the factors positively affecting the dynamics of credits and attraction of borrowings from other organizations there may be specifically mentioned the dedollarization of household savings. The decline in the amounts of foreign exchange denominated cash on hand disposed of by households and the scale of conversion of this cash in rubles was accompanied by the increasing amounts of deposits with banking structures. Given the average level of profitability existing in the economy, the low real costs of credit resources determined the growth in the number of enterprises making borrowings in the sectors of the economy oriented towards the domestic markets.

Table Structure of investments in fixed assets as broken down by the sources of financing, in per cent of the total 2000 2001 2002 2003 2004 Investments in fixed assets, total 100 100 100 100 100 Including investments as broken down by the sources of financing::

Own funds 47,7 49,4 48,0 46,2 46,8 47,of which:

profits 23,4 24,0 20,5 17,2 18,3 22,Borrowed funds 52,5 50,6 52,0 53,8 52,6 52,of which:

Bank credits 2,9 4,4 4,8 5,2 7,3 6, Including credits extended by foreign banks 0,6 0,9 0,5 0,8 1,3 1, Borrowings from other organizations 7,2 4,9 6,0 8,6 7,3 7, Budgetary resources: 22,0 20,4 19,6 18,8 17,4 20,from the federal budget 6,0 5,8 6,0 6,5 5,1 6, from budgets of RF subjects and local budgets 16,0 14,6 13,6 11,5 11,3 12,Foreign investments in the total amount of in- vestments in fixed assets 4,7 4,5 4,1 4,7 5,0 4,Source: Rosstat.

In spite of the observed deceleration of the rates of economic development, foreign investors are still interested in the Russian market. By the end of 2005, the amount of accumulated foreign capital made US $ 111.8 billion, whereas the share of foreign investments in the total amount of investments made in the national economy remained at about the average level registered in 2003 and 2004. No doubt that the lack of confidence in the Russian institutions introduced to protect property rights results in higher risks associated with provision of borrowings for foreign banks. However, the stable growth of proceeds derived from the export of oil and natural gas, as well as the assignment of the investment grade rating to Russia completely justifies the retention of high rates of investment in Russia for the international banking business from the viewpoint of the geographical diversification of activities. Although the dynamics of foreign investments made in the Russias economy in 2005 were at about the level registered in the preceding year, foreign direct investments increased by 38.8 per cent and their share in the total amount of foreign investments grew from 23.3 per cent to 24.4 per cent. The trend towards the growth in the amount of foreign direct investments reflects the reaction of foreign investors to the improvement of the components of the investment climate existing in Russia and the implementation of reforms. As concerns foreign investors, since recently they have preferred to invest in industry. Trade and public catering alongside with the general commercial activities relating to market servicing remain the next most attractive objects for investments.

In the period from 2000 till 2005, investments in the sector of services increased from 54.7 per cent to 56.8 per cent of the total amount of investments in the national economy, whereas the specific weight of the sector of goods declined from 45.3 per cent to 43.2 per cent over the same time. Redistribution of investment flows in the sector of services was accompanied by an increase in the share of infrastructure branches.

In 2005, the dynamics of investment demand were determined by the aggregate impact of factors of changes in the sectoral, technological, and reproduction structures of the national economy. The redistribution of investment flows was accompanied by the increase in the share of the service sector. The share of investments in transport and communications in the total amount of investments in fixed assets made in 2005 made 28.8 per cent growing by 3.8 p. p. in comparison with the figures registered in the respective period of the preceding year. The structure of investments in transport was determined by the outpacing rates of growth in investments in railroad transport (119.8 per cent) in comparison with the respective figures characterizing investments in pipeline transport (106.4 per cent). It should be mentioned that in 2005 at the backdrop of steadily increasing demand for services provided by trade there was observed the enhancement of investment activity in this sector of activities up to 113.per cent as compared with 108.1 registered in 2004. The enhancing investment activity in infrastructure branches and the growing demand for services of these branches are indicators of the economic potential of growth, moreover taking into account the fact that the investment policies pursued in this sector are mainly oriented towards the settlement of problems expected to be encountered in the future.

Financial operations Communications Transport Wholesale and retail trade Manufacturing industries Construction Extraction of mineral resources Fishery and fish farming Agriculture Investments, total -20 -10 0 Source: Rosstat.

Fig. 1 Changes in the rates of growth in investments in fixed assets as broken down by the types of economic activities in 2005, in per cent of the figures registered in the preceding year In 2005, the share of investments in fixed assets in the industries manufacturing goods persisted at about the same level, as registered in the preceding year. This fact was determined by the rather moderate growth of investments made in industry. It should be noted that in comparison with the figures observed in 2004, there was registered a decline in the rates of enhancement of investment activity in the export oriented extractive sector, whereas the share of manufacturing industries oriented towards the domestic market grew. In 2005, the share of manufacturing industries in the structure of investments in fixed assets in the sphere of industry made 43.3 per cent, whereas these indicators characterizing investments in extractive industries and production and redistribution of electrical power, natural gas, and water were registered to be at 37.4 per cent and 19.27 per cent respectively. The increment in investments in manufacturing industries made 10.9 per cent in 2005, whereas the rates of investments in production and distribution of electrical power, natural gas, and water declined by 0.4 per cent.

The increase in the share of investments made in manufacturing industries observed in 2005 was caused by higher rates of growth in investments in the metallurgical production and output of finished products by 19.1 per cent in comparison with the figures registered in 2004, whereas investments in the production of coke, chemicals, pulp and paper products, as well as food products grew by 94.8 per cent, 37.5 per cent, 13.5 per cent, and 7.5 per cent respectively.

While the investment activity in production of foods was determined by the growing demand on the domestic market, in metallurgy the main factor affecting production remained the increasing demand for metallurgy products and metal articles on foreign markets. It should be noted that in metallurgy there was observed the simultaneous growth in investment in both extractive and processing industries. As concerned fuel and energy industries, one of the most urgent problems remained the more pronounced trend towards a decline in investments in oil processing. It should be noted that at the backdrop of high world prices of hydrocarbons, the low rates of transformation and diversification of growing proceeds derived from exports into investments in reconstruction and modernization of facilities involved in the extraction and processing had a negative impact on the indicators characterizing economic growth. The increase in the rates of growth in investments in production of coke and oil turned out to be insufficient as concerned the change in the role played by these types of production in the structure of Russian industry.

In 2005, the share of industries manufacturing capital goods accounted for about 60 per cent of the total amount of investments in industry. In the framework of the given age, technological, and reproduction structure of fixed assets, a factor decelerating the general rates of economic growth was the low rates of investments in these industries. The decline in the amounts of investments in production of transport vehicles, machinery, and equipment had a negative impact on the nature of economic growth in 2005. The lack of a definite strategy of development of mechanical engineering branches and targeted support of individual productions resulted in imbalances on the market of investment goods and deteriorating competitive power. In the framework of the given structure of domestic production of investment goods, imports retained their role as one of the major sources of renewal of fixed capital, reconstruction, and modernization of production.

3,2,1,0,-1,-2,-3,Source: Rosstat.

The effective growth of the Russian economy significantly depended on the intensity of changes in the structure of investments in favor of the industries oriented towards the domestic market. The implementation of such shifts envisages coordination of decisions taken in the spheres of budgetary, tax, tariff, customs, and monetary policies. The processes of transformation of the structure of the economy and enhancement of investment attractiveness of manufacturing branches of industry in particular depend on the equalization of conditions of efficiency of the utilization of investment resources at the expense of redistribution of fiscal burden between the raw materials and the non-raw materials sectors of the economy. In the case the traditionally high concentration of proceeds within the export oriented oil and raw materials sectors persists and taking into account the lack of mechanisms of inter-sectoral flow of capitals, it may be hardly expected that the rates of investment would increase and radical changes would occur in the nature of the reproduction of fixed capital.

O. I. Izryadnova Foreign investment In 2005, the total amount of foreign investment in the non-financial sector of the Russias economy, without account of the bodies of monetary and credit regulation, commercial and savings banks, including the dollar-denominated investment, made US $ 53.65 billion. Increasing the Russias credit Production of foods resources Production of chemicals articles Manufacturing industries Pulp and paper production equipment Extraction of mineral resources Production of transport vehicles power, natural gas, and water Production of coke and oil products Production of metallurgical products Extraction of fuel and energy mineral Production and distribution of electrical Production of other non-metal products Extraction of mineral resources without Production of machinery and equipment Woodworking and production of wooden Production of electrical, electronic, and optical ranking exerted a favorable influence on its investment activity: following the Fitch ranking agency that increased in August of 2005 the Russias credit ranking by one degree higher than the minimum investment level, the Moody's and Standard & Poors agencies also announced in October of 2005 and January of 2006 on increasing the Russias credit ranking to the investment level.

Table The structure of foreign investment in the Russias economy Changes in comparison with the % of the total US $ mil.

preceding year, % Portfo- Portfo- PortfoTotal Direct Other Total Direct Other Direct Other lio lio lio 2001 14 258 3 980 451 9 827 30.1 - 10.1 >3.1. 53.27.9 3.2 68.2002 19 780 4 002 472 15 306 38.7 0.6 4.7 55.20.2 2.4 77.2003 29 699 6 781 401 22 517 50.1 69.4 -15.1 47.22.8 1.4 75.2004 40 509 9 420 333 30 756 36.4 38.9 - 17.0 36.23.3 0.8 75.2005 53 651 13 072 453 40 126 32.4 38.8 36.0 30.24.4 0.8 74.Source: Rosstat.

In 2005, the total amount of foreign investment in the Russias economy, compared with the previous year, grew due to an increase of other investment carried out on the repayable basis (US $ 9.37 billion). The growth rates of direct foreign investment exceeded the analogous indicators of other investment, amounting 38.8 per cent compared to 2004.

The third year in succession the trend is observed towards an excess of foreign investment in the Russias economy over the exported capital. In 2005, the amount of investment in the Russias economy exceeded by US $ 22.5 billion the exported capital (in 2004, this indicator was US $ 6.74 billion).

1999-2005 .

1,0,1999 2000 2001 2002 2003 2004 , ..

, ..

Source: Rosstat.

According to the results of 2005, compared with 2004, no considerable changes occurred in the structure of foreign investment in the Russias economy.

As before, the sphere of main interests of foreign investors in the RF remains industry and trade. In 2005, the amounts of investment in these spheres of Russias economy was estimated at US $ 24.3 and US $ 20.5 billion, respectfully, which is by 20.6 and 56.9 per cent above the respective figures registered in 2004. At the background of less significant absolute indicators of foreign investment in the sphere of finance, transport and communications, their growth rates exceeded the level registered in 2004 by 80 per cent.

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