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Table Sectoral structure of foreign investment in the Russias economy in 2003 through Changes in comparison with US $ mil. % of the total the preceding year, % 2003 2004 2005 2003 2004 2005 2003 2004 Industry 12 330 20 170 24 318 68.2 63.6 20.6 41.5 49.8 45.Transport and communica1 083 2 033 3 840 77.5 87.7 88.9 3.6 5.0 7.tions Wholesale,and retail trade;

repair of motor vehicles, motorcycles, household 10 516 13 037 20 461 19.5 24.0 56.9 35.4 32.2 38.goods and personal demand items Real property, lease and 2.provision of servicess 3 403 2 572 2 602 - 24.4 1.2 11.5 6.3 4.times.

operations 4.Financial activities 640 1 001 1 813 56.4 81.1 2.2 2.5 3.times Other industries 1 727 1 697 617 11.2 - 1.7 - 63.6 5.8 4.2 1.Source: Rosstat.

In 2005, there were registered significant changes in the structure of foreign investment in the industry. The most significant decline in foreign investment was registered in metallurgy (-33 per cent as compared to 2004), the investment in fuel industry decline by 31.5 per cent. By contrast, compared with the previous year, in 2005, the foreign investment in chemical industry grew by 88.2 per cent. On the whole, summarizing the results of 2005, one can observe changes in the interests of foreign investors towards the investment in the manufacturing sector. In comparison with 2004, the investment in this sphere grew in 2005 by 75.7 per cent, as well as mining operations decreased by 39.6 per cent.

2005 ( 2004 .) ; 24,7% (43,7%) ;

; 5,9% 55,3% (27,4%) (3,8%) ; 14,1% (25,3%) Source: Rosstat.

Difference in the growth rates of the direct and other investment in industry (direct investment grew by 45.7 per cent, other by 5.9 per cent) caused changes in the structure of foreign investment in the Russias industry in 2005: the specific weight of direct investment made 41.9 per cent (2004 34.7 per cent), the share of other investment is estimated at 56.8 per cent (2004 64.7 per cent).

Moscow holds the leading position in the regional structure of foreign investment in the RF. Following the results of 2005, the foreign companies investment in the economy of Moscow is estimated at US $ 25.2 billion (+64.4 per cent as compared to 2004), in St.-Petersburg US $ 1.42 billion (+43.9 per cent as compared to 2004). In 2005, the foreign investment in Omsk oblast increased almost 5 times, up to US $ 5.15 billion, 1.8 times (up to US $ 74.5 million) in Karelia. In 2005, because of decline in foreign investment in the production of minerals the foreign investment in Tyumen oblast decreased by 41 per cent (up to US $ 3.4 billion). Considerable decline in foreign investment was registered in Khanty-Mansy and Yamal-Nenetsky autonomous okrugs at the background of almost three-fold growth of investment in the manufacturing productions located to the South of Tyumen oblast.

In 2005, the greatest investment in the Russias economy was made by Luxemburg entrepreneurs who invested US $ 13.8 billion, which are by 64.2 per cent greater than the respective figure registered in 2004. The second and third places in the geographical structure of foreign investment in the RF are occupied by the Netherlands US $ 8.9 billion (+74.2 per cent as compared to 2004) and Great Britain US $ 8.6 billion (+22.9 per cent as compared to 2004).

2005 ( 2004 .) ; 11,7% ; 25,8% (21,0%) (12,6%) ; 25,8% (20,8%) ; 2,9% (4,6%) ; 9,5% (13,5%) ; 2,7% (5,8%) ;

; 5,6% 16,0% (17,3%) (4,3%) Source: Rosstat.

Following the results of 2005, the investors from France decreased their investment in the Russias economy up to US $ 1.4 billion (-38.8 per cent as compared to the level of 2004), the largest amount of French investment was directed to metallurgy (27.9 per cent of aggregated investment from France to RF over 2005).

In 2005, the investment from the U.S. decreased by 16.0 per cent (up to US $ 1.6 billion). It should be noted that last year 39.3 per cent of all the investment from the U.S. to the RF fell on the production of minerals.

The investors from Germany increased their investment in the RF by 73.7 per cent (up to US $ 3 billion), Switzerland by 29.3 per cent (up to US $ 2 billion), giving preference to manufacturing sector industries.

In 2005, in comparison with 2004, the investors from Luxemburg decreased 9.2 times (up to US $ 413 million) their investment in the production of mineral resources on the territory of the RF. Thus, in the structure of investment from Luxemburg the share of primary sector was decreased from 45.2 to 3 per cent. At the background of decreasing investment in extraction, the investment from Luxemburg in the sphere of trade grew from 35.4 to 86.8 per cent of the aggregate investment from this country.

In 2005, the entrepreneurs from Great Britain decreased investment in the sphere of trade up to US $ 3.billion (from US $ 3.7 billion in 2004) and metallurgy up to US $ 650 million. (US $ 1.39 billion). In 2005, in the structure of investment from great Britain the sphere of trade accounted for 38.per cent (2004 53.4 per cent), metallurgy 7.6 per cent (2004 19.8 per cent).

The investors from the Netherlands directed the fixed assets (42.7 per cent) to the production of fuel and energy mineral resources (following the results of 2004, the specific weight of this industry made 64.5 per cent), to metallurgy (5.1 per cent), and communications - (4.2 per cent).

2005 .

31,1% 68,9% 58,7% 9,0% 16,2% 16,1% 12,8% 31,6% 29,6% 26,0% 2,2% 1,9% 23,2% 17,7% 8,5% 46,5% 63,3% 6,9% 10,2% 19,7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: Rosstat.

As of the end of December of 2005, the accumulated foreign capital in the non-financial sector of the Russias economy, without account of the monetary and credit regulating authorities, commercial and savings banks, including Ruble-denominated investment in US $ equivalent made roughly US $ 111.84 billion, which by 36.4 per cent exceeds the indicator for January 1, 2005.

As of the end of 2005, by total amount of accumulated foreign investment, such counties as Luxemburg, Cyprus, the Netherlands, Great Britain and Germany (which share makes 73 per cent (2004 67.9 per cent)) hold the leading positions. 70 per cent of direct investment (2004 64.5 per cent), 57.per cent of portfolio (2003 48.9 per cent) and 75.3 per cent of other investment (2004 71.3 per cent) fall on the first five investing countries.

Table 3.

The accumulated foreign investment as broken down by major investing countries Accumulated as of 01.01.2006, US $ mil. Change in comparison with 01.01.2005, % Total Direct Portfolio. Other Total Direct Portfolio Other USA 6844 4361 404 2079 3.3 1.2 -3.3 9.Germany 9726 2714 29 6983 4.3 6.4 3.6 times 3.France 3918 905 0 3013 1.1 109.0 -100.0 -12.Great Britain 12752 2044 144 10564 47.0 27.6 1.4 52.Cyprus 19279 13915 883 4481 39.8 37.9 50.9 44.The Netherlands 18909 16125 31 2753 57.6 83.1 -27.9 -12.Luxemburg 20984 451 1 20532 76.6 71.5 0.0 76.Other countries 19423 9236 411 9776 22.7 14.2 3.8 33.Total 111835 49751 1903 60181 36.4 37.6 19.5 36.Source: Rosstat.

In the structure of foreign investment, accumulated as of the end of December 2005 one can observe the prevalence of other investment, for which 53.8 per cent (as of January 1, 2005. the respective indicator was estimated at 54.0 per cent) fall. The analogous indicator for direct foreign investment makes 44.5 per cent (January 1, 2004 44.1 per cent).

In July of 2005, the RF President enacted a law on creation of special economic zones (SEZ). In the second half of 2005, a contest was conducted for the right to creating a special economic zone. Summarizing the results of the contest 6 projects were selected of 71 applications from 41 regions. Thus, technico-introduction zones (in Zelenograd, Dubna, St.-Petersburg and Tomsk) and 2 industrial production zones (in Lipetsk oblast and Elabuga) were recommended to the government. Each of the technico-introduction and production zones is created for a period of 20 years. It is assumed that till the end of 2006 the first stage in the development of technico-introduction zones will be started in Tomsk, Moscow and St.-Petersburg. In the first half of 2006 the second round of the contest is planned to be conducted, at which it is suggested to select 7 more projects. As per the law on SEZ, the aggregate amount of investment of residents of the industrial-production zones should made no less than EUR 10 million, with account of EUR 1 million investment for the first year of work.

Implementation of the law on SEZ will enable to lower the costs of the residents of such zones on average by 23-29 per cent, stimulate the development of regions and will make it possible to attract extra investment in the Russias economy.

E.M.Ilykhina The Real Sector of the Economy: Major Factors and Trends In the exceptionally favorable business situation existing on the world markets of mineral and raw materials markets, the outpacing rates of growth in external demand in comparison with the dynamics observed on the domestic market had the predominant influence on the structure of economic growth.

While exports increased by 39.7 per cent, in January and February of 2006 the index of industrial production made 102.7 per cent, whereas for agricultural produce this indicator was registered to be at 101.2 per cent and for the volume of construction works 94.6 per cent.

The deceleration of the rates of development of the domestic market was accompanied by shifts in the proportions of investment and consumer demand. While the retail trade turnover grew by 10.8 per cent in comparison with the figures registered in January and February of 2005, the increase in investment in fixed assets made 1.6 per cent and was by 5.6 p. p. below the levels observed in the preceding year.

In contradistinction to the situation observed over several last years, the share of expenditures for purchase of goods and payments for services in the structure of household cash expenditures has sharply increased. While consumer prices have grown by 4.1 per cent since the beginning of the year, the index of prices of food products made 105.0 per cent, the same indicator for nonfood goods made 100.9 per cent, and 107.2 per cent for paid services.

In the beginning of the year, the macroeconomic situation was forming under the impact of the trends existing in 2005. In the exceptionally favorable business situation existing on the world markets of mineral and raw materials markets, the dynamic growth in external demand had the predominant influence on the structure of economic growth. While exports increased by 39.7 per cent, in January and February of 2006 the index of industrial production made 102.7 per cent, whereas for agricultural produce this indicator was registered to be at 101.2 per cent and for the volume of construction works 94.6 per cent.

The deceleration of the rates of development of the domestic market was accompanied by shifts in the proportions of investment and consumer demand. While the retail trade turnover grew by 10.8 per cent in comparison with the figures registered in January and February of 2005, the increase in investment in fixed assets made 1.6 per cent and was by 5.6 p. p. below the levels observed in the preceding year.

I Q II Q III Q IV Q I Q II Q III Q IV Q January February -2004. 2005. Industrial production Volume of construction w orks Retail trade turnover Output of products and services as broken dow n by the types of economic activities Figure 1. Changes in the rates of growth in production as broken down by the types of economic activities in 2004 through 2006, in per cent of the figures registered in the respective period of the preceding year.

It should be noted that in the beginning of the year the growth in the retail trade turnover occurred at the increase in real household incomes by 9.5 per cent in comparison with the figures observed in January and February of 2005. At the same time, in contradistinction to the situation observed over several last years, the share of expenditures for purchase of goods and payments for services in the structure of household cash expenditures has sharply increased. The surge of consumer activity was supported by a decline of cash readily available for households and the share of savings in the household incomes. In comparison with the figures registered in January of 2005, the expenditures for purchase of goods increased by 1.4 p. p., whereas the payments associated with payments for services grew by 1.5 p. p., and the share of savings declined by 1.3 p. p. There is no doubt that these structure of household impacts formed under the impact of calendar specifics; however, there should not be excluded the factor of inflationary expectations of households growing at the backdrop of accelerating dynamics and significant transformation of price proportions. While consumer prices have grown by 4.1 per cent since the beginning of the year, the index of prices of food products made 105.0 per cent, the same indicator for nonfood goods made 100.9 per cent, and 107.2 per cent for paid services. The faster growth in the index of prices of food products was initiated by the increasing prices of fruit and vegetables by 25.5 per cent since the beginning of the year, whereas the price of white sugar grew by 44.2 per cent. As concerns the monitored services, this year the prices and tariffs in the housing and public utilities sector, as well as in the sphere of transport, grew at the most rapid rates. In January through February of 2005, the index of tariffs on housing and public utilities services made 115.0 per cent, whereas this indicator for transport services was registered to be at 104.4 per cent.

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