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Specific features of the investment process in 2007 were defined by the change in the proportions of federal budget funds and budgets of subjects of the Russian Federation. In 2007 the increase of 0.5 p.p. in budgetary investments share in GDP was observed. At the expense of budget funds RUR 1042.4 bln of investments in fixed assets was financed, which comprised 21.2% of the total volume of investments in the fixed assets on the whole throughout the economy, of which federal budget funds 8.4%.

Quality changes in the mechanism of investment development in 2003-2007 can be illustrated by shift of investments in fixed assets financing at the expense of own enterprises and organizations funds to expan sion of loan funds participation. As a result of 2007 the share of loan funds was 58.5% of the total volume of investments in the fixed assets.

Development of this process is accounted for by the increase in banking sector activity, increase in populations investments in housing construction and intensive inflow of the foreign capital. Low real value of credit resources and quite high level of profitability accounted for expansion of enterprises-borrowers.

Among the factors that positively influence the credits dynamics, growth of the organizational forms of populations savings can be highlighted. The share of funds directed to share participation in construction of the total amount of investments in fixed assets was 3.3%, of which populations means 1.0%.

In the structure of investment resources share of banks in investments crediting was 9.4%, which corresponds to the level of the previous year. Special characteristics of foreign banks participation in investment activity financing should be noted. In 2007 investments in fixed assets from abroad were 4.6% of the total amount of investments, reducing by 2.3 p.p. as compared to the previous year. It was increase in the share (up to 27.4% against 7.0% in 2006) of securities purchase and bank credits and loans repayment against that held leading positions in the structure of use of the funds from abroad in the form of foreign investments.

The share of investments in the fixed assets meanwhile decreased by 10 p.p. down to 13.1%. Formation of these proportions proceeded in the environment of the increase in the volumes of net capital inflow up to USD 82.3 bln as compared with USD 41.3 bln in 2006.

Table Structure of Investments in Fixed Assets by Sources of Financing, as percentage to the total 2000 2001 2002 2003 2004 2005 2006* 2007* Investments in fixed assets- total 100 100 100 100 100 100 100 of which by sources of financing:

Own funds 47.5 49.4 45.0 45.2 45.4 44.5 42.1 41. of which:

Profit 23.4 24.0 19.1 17.8 19.2 20.3 19.9 19.Loan funds 52.5 50.6 55.0 54.8 54.6 55.5 57.9 58. of which:

Bank credits 2.9 4.4 5.9 6.4 7.9 8.1 9.6 9. of which granted by foreign banks 0.6 0.9 0.9 1.2 1.1 1.0 1.6 1. Loan funds of other organizations 7.2 4.9 6.5 6.8 7.3 5.9 6.0 6. Budget funds: 22.0 20.4 19.9 19.6 17.9 20.4 20.2 21. of the federal budget 6.0 5.8 6.1 6.7 5.3 7.0 7.0 8. of budgets of subjects of the Russian Federation and local budgets 14.3 12.5 12.2 12.1 11.6 12.3 11.8 11.Foreign investments of the total amount of investments in fixed assets 4.7 4.5 4.1 4.7 5.0 4.8 6.9 4.* Subjects of small business and informal activities parameters not included Source: Federal State Statistics Service Table Structure of Investments in Fixed Assets by Kinds of Economy Activities 2005 2006 2006* 2007* 100 Total 100 of which by kinds of economic activities:

Agriculture, hunting and forestry 3,9 4,9 4,0 4,Industry 37,1 37,2 40,7 41,Minerals extraction 13,9 15,3 17,0 17,of which fossil fuels extraction 12,4 13,9 15,5 15,Processing industries 16,4 15,8 16,1 15,Electricity, gas and water production and distribution 6,8 6,1 7,6 8,Construction 3,6 3,5 3,6 2,Wholesale and retail trade, motor vehicles and motorcycles servicing, household appliances and item of private use repair 3,6 3,4 3,1 2,Transport 19,1 18,8 20,2 20,Communication 5,4 4,7 5,3 5,Financial activity 1,4 1,2 1,1 1,Operations with real estate, rent and service rendering 16,8 16,4 12,0 12,Education 1,6 1,6 2,2 2, Government administration and military safety security, compulsory social support 1,9 2,2 2,1 2,Health care and social services rendering 2,6 2,7 2,7 2,Rendering of other social and personal services, utilities 2,5 2,9 2,8 2,* Subjects of small business and parameters of informal activity not included Source: Federal State Statistics Service Change in the structure of investments by kinds of economic activities in 2007 was defined by the trends that formed during the last year. In 20062007 the trend for growth of investments in fixed assets in transport and trade sustained, the same is true for activities that focus on social services rendering education, health care.

Structure of investments in goods production in 2006-2007 was determined by anticipating growth of investments in agriculture and minerals extraction.

Peculiar feature of structural shifts in production in 2006-2007 was overcoming of the trend for the decrease in investments share in minerals extraction, which was observed from 2002. In 2007 increase in investments in minerals extraction was 19.1%, including fossils fuels extraction 19.0%, while investments in processing industries increased by 10.8%. Electricity, gas and water production and distribution was characterized in 2007 by increase in investments of 30.0%, which was due to the increase in investment activity in electricity production and transmittance by 1.51 times.

Share of processing industries in the structure of investments throughout the economy on the whole was equal to 15.7% in 2007. Traditionally high concentration of revenues in raw materials productions focused on export sustaining, low share of investments in machine-building was characteristic for the Russian economy. Under existing age, technological and reproduction structure of fixed assets low investment rates into machine-building complex were the factors that restrict development of finished and intermediate goods production. Under existing structure of domestic investment goods production import remains one of the main sources for renovation of fixed assets, production modernization and reconstruction.

In 2008 the trend for anticipating growth of investments as compared with the dynamics of goods and services output by the main kinds of economic activities sustained. Over January-February 2008 increase in investments in fixed assets was 20.2%. Investments growth was accompanied y the increase in workload in construction by 30.2% against 19.9% in January-February 2007.

It was the growing investment demand in transport complex, extracting industries, power and social complex that had the biggest influence on the investments dynamics. In January-February 2008 the total square of housing put into commission was 5.8 mln of sq. m. as compared with 5.5 mln. of sq. m. over the corresponding period of 2007.

Under existing dynamics of the main macroindices, expected investment growth rates by the end of the year will be in the range of 119.4-120.0%.

Foreign Investments E. Ilukhina 2007 was characterized by considerable growth of foreign investments in the Russian economy, which more than doubled as compared with 2006, due to increase in all components. The biggest increase in absolute terms was observed in the segment of other investment. Significant growth of foreign investments was accompanied by substantial expansion in volumes of withdrawn capital. On the whole over 2007 48.3% of the volume of the foreign investment received was withdrawn. In the structure of foreign investments accumulated by the end of December 2007, it is other investments that prevail, their share being 50.2%. the similar figure for direct foreign investments was equal to 46.7%.

In 2007 USD 120.9 bln of foreign investments flowed into the Russian economy, which is by 2.2 times bigger than in 2006.

The total volume of investments made into the Russian economy in 2007 expanded due to the growth of all the components. At the same time the biggest growth in absolute terms was observed in the segment of other investments that have increased up to USD 88.95 bln. The share of trade credits in the structure of other investments decreased from 24.2% in 2006 to 15.8% in 2007.

In 2007 the volume of direct investments in the Russian economy increased as compared with 2006, mainly due to the increase in such components as installments in the charter capital and credits, received from foreign co-owners of a company. The former increased up to USD 14.8 bln over 2007, the figure exceeding by 68.7% the similar one for 2006. The latter, growing as compared with the previous year by three times, reached the level of USD 11.7 bln. Thus, the share of credits, received from the foreign co-owners of companies, in the structure of foreign investments in the Russian Federation went up from 28.5% in 2006 to 42.0% in 2007.

Considerable growth of foreign investments in the Russian economy was accompanied by significant increase in the volume of withdrawn capital.

Table Structure of Foreign Investments in Russian Economy in 2003-As USD mln As percentage to the previous year Total Direct Portfolio Others Total Direct Portfolio Others 2003 29 699 6 781 401 22 517 150.1 169.4 84.9 147.2004 40 509 9 420 333 30 756 136.4 138.9 83.0 136.2005 53 651 13 072 453 40 126 132.4 138.8 136.3 130.2006 55 109 13 678 3 182 38 249 102.7 104.6 700.0 95.2007 120 941 27 797 4 194 88 950 219.5 203.2 131.8 232.Source: Federal State Statistics Service Fig. Outflow of Foreign Capital from Russian Economy in 2004-20000 120% 100% 80% 10000 60% 40% 20% 0 0% Ratio of the volume of the foreign investments withdrawn to those received Volume of foreign investments withdrawal, as USD mln Source: Federal State Statistics Service Fig. Structure of Foreign Investments in the Russian Economy in 1996-90% 7% 80% 6% 70% 5% 60% 4% 50% 40% 3% 30% 2% 20% 1% 10% 0% 0% Direct investments Other investments Portfolio investments Source: Federal State Statistics Service 75,0% 72,4% 54,8% 52,4% ..

75,4% 96,1% 76,7% 56,4% 47,6% 43,6% 49,6% 53,0% 36,3% 58,7% 37,0% I quarter I quarter I quarter I quarter II quarter II quarter II quarter II quarter III quarter 84,1% IV quarter III quarter IV quarter III quarter IV quarter III quarter IV quarter portfolio investments In 2007 USD 58.4 bln was withdrawn in the form of foreign investors profit, as well as interests payments for use of credits and credits repayment, which sum exceeds by 54.3% the figure of 2006. The biggest outflow of capital was observed in 4 quarter 2007, when 56.4% of the volume of the foreign investments made in that period was withdrawn. On the whole over 2007 48.3% of the amount of the foreign investments made was withdrawn (68.7% in 2006).

On the whole, in 2007 the structure of foreign investments in the Russian economy was not subjected to considerable changes.

In 2007 foreign investments were concentrated in industry and trade sphere, in which the highest foreign investments growth rates were observed (over the year investments in these spheres went up by 2.0 and 3.times, correspondingly). Distribution of foreign investments by main kinds of Russian economy is represented in Table 2.

Table Structure of Foreign Investments in the Russian Economy in 2005-2007 by Its Branches Change as percentage to the As USD mln As percentage to the total previous year 2005 2006 2007 2005 2006 2007 2005 2006 Industry 24 318 24 607 50 163 120.6 101.2 203.9 45.3 44.7 41.Transport and communication 3 840 5 297 6 703 188.9 137.9 126.5 7.2 9.6 5.Wholesale and retail trade; motor vehicles and motorcycles servicing;

20 461 13 089 47 310 156.9 64.0 361.4 38.1 23.8 39.repair of household appliances and items of private use Operations with real estate, rent 2 602 5 998 8 414 101.2 230.1 140.3 4.8 10.9 7.and service rendering Financial activity 1 813 4 698 4 450 181.1 259.1 94.7 3.4 8.5 3.Other branches of industry 617 1 420 3 901 36.4 231.8 274.7 1.2 2.5 3.Source: Federal State Statistics Service The biggest growth of foreign investments in industry (by 2.1 times as compared with 2006) was observed in processing industry, while in 2006 decrease by 15.8% was observed. Foreign investments in processing industry in 2007 went up by 1.9 times, while in 2006 the growth was 52.5%. In processing industries investments in metallurgy increased by 410%, in foodstuffs industry by 210%, in chemistry industry by 4.3%, reaching the level of USD 15.2 bln, USD 12.9 bln and USD 1.6 bln, correspondingly.

Fig. Structure of Foreign Investments in Industry in 2007 by Branches (data for 2006 are given in parentheses) Other branches of industry 25.8% (35.6%) Minerals extraction 34.7% (37.2%) Foodstuffs industry;

Chemistry production 5.8% (5.7%) Metallurgy; 30.4% 3.3% (6.4%) (15.1%) Source: Federal State Statistics Service Quarter-by-quarter statistics of foreign investments in minerals extraction and processing industry demonstrates considerable increase in attractiveness of the latter over the last four years.

The share of direct investments in industry has increased from 29.2% in 2006 to 36.3% in 2007, the share of other investments reducing over the period from 66.7% to 57.3%.

In the structure of foreign investments by kinds of economic activities in industry changes have also been observed. In the field of minerals extraction the share of direct investments, having increased since 2006 by 3.1 times, went up to 80.1% (49.4% in 2006). The share of other investments in extraction, whose decrease is estimated to be 25.8% in 2007, decreased down to 19.8% (50.6% in 2006).

In processing industry, in contrast, in 2007 it was other investments that prevailed, having increased by 2.2 times as compared with 2006, reaching in the resulting figures for processing industry 78.7% (76.8% in 2006). Direct foreign investments in processing industries have increased by 57.6%. The share of direct investments in processing industry has decreased down to 12.8% (17.2% in 2006). The biggest growth rates of foreign investments in processing industry were observed in the sector of portfolio investments (by 3.0 times as compared with 2006), which led to the increase of their proportion up to 8.5% (6.0% in 2006).

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