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0.9

Central and EasternEurope

2.0

7.8

5.9

5.5

7.5

5.6

Balticstates

1.1

4.0

4.2

0.9

1.7

0.97

Cuba

0.1

...

...

3.6

2.1

4.6

China

...

...

...

1.8

2.4

3.3

CIS

5.1

6.1

10.0

6.4

8.6

17.5

Other

78.0

61.2

57.4

67.6

57.7

42.8

*) insignificant

Source: RF Foreign Trade CustomsStatistics. 1994, 1995, 1996.

2.4. Investment Processes in RealSector of Economy

General characteristic. The investment sphere reacted on the unstable political situationand the aggravation of the budgetary crisis of 1996 by the sharp recession ofthe business activities. The total volume of the new investments in the fixedcapital amounted to Rbl.370trln., or 16.4% of the GDP. In 1996, theproduction sector used Rbl.220trln. for the reconstruction andreequipment.

Table 2.27

Dynamics of new investments in fixedcapital,
% of the relevant quarter of precedingyear

1995

I quarter

II quarter

III quarter

IV quarter

1996 .

New investments in fixed capital

90

90

84

78

80

82

incl. by projects







production purpose

89

86

83

77

81

82

non-production purpose

91

95

86

81

77

82

Dwelling houses put into service

105

103

101

76

77

84

Source: Russian Goscomstat

Fig. 2.17

Investments in fixedcapital,
% of the relevant quarter of precedingyear

Table 2.28.

Structure of investments in fixedcapital by financing sources,
% ofresult


1994

1995

1996

Total

100

100

100

incl. from:




Federal Budget

13.4

11.5

9.2

Federation subjects budgets

10.6

10.3

9.6

Own finances of enterprises andorganizations

64.2

62.2

64.9

Individual developers

2.3

3.0

3.7

Budgetary fund for governmental support ofpriority sectors, centralized out-budget investment funds, and othersources

7.8

10.2

8.3

Foreign investments and jointventures

1.7

2.8

4.3

Source: Russian Goscomstat

One of the particularities of 1996, was thereduction of the share of the investments in the social and civil constructionfrom the 41.1% of 1995 to the 40.5% in 1996. The volume of investments in thecivil sphere amounted to Rbl.150trln. for the twelve months.

The aggravation of the recession in thecapital construction was initiated by the remaining trend to the acceleratedgrowth of prices for the investment resources in 1996: the prices indexes of1996, compared with December 1995, amounted to 137.6% for the capitalconstruction, 134.4% for the construction materials, 141.4% for theconstruction and erection works, and 137.5% for the dwellingconstruction.

Financing of capitalinvestments. About 80% of the investments in the fixedcapital were financed by the out-budget money. The worsening of the payment andbudget crises has limited the investment capacities of the real sector: the ownassets of the enterprises amount to about 65% of the total volume of theinvestments in the fixed capital, remaining the major source offinancing.

The re-estimation of the fixed assets of1January1996 led to the growth of the depreciation fund of enterprises assource of capital investments; its share in the out-budget financing grew in1996. However, due to the continuing recession of production and aggravation ofthe financial situation in 1996, the share of profit of the real sectorenterprises in the financing sources reduced. The decrease of the productionprofitability conditioned the reduction of the profit share in the investmentsfinancing sources from 20.9% in 1995 to 17% in 1996.

The reduction of the investment activity ofenterprises was also conditioned by the displacement of a significant share ofthe investment resources to the financial market. The decrease of theprofitability on the governmental securities (second half of 1996) was a factorwhich slowed down the shift of the resources from the real sector.

The borrowed assets for financing of theinvestments in the fixed capital could not be actively used due to the lowsolvency of enterprises, though the Central Bank decreased its refinancing ratefrom 160% in January 1996 to 48% in December 1996.

With the slowing down prices growth of theindustrial end products, the real efficient interest rate decreased to 37% asof the end of December 1996; however, even this rate exceeds significantly theaverage production profitability in the real sector.

The extremely low solvency of the borrowers,the high risk on the long-term crediting transactions; the limitation of thedeposits mobilized by commercial banks; the necessity to observe the liquiditynorms; the high profitability of the transactions with governmental securities,especially in the first half of 1996; and the stricter reserve requirements forcommercial banks from June1996 were the factors slowing down the crediting ofthe long-term investments.

Table 2.29

Dynamics of refinancing rate and share oflong-term resources in economy


1 9 95

1 9 96



1 qu.

2 quarter qu.

3 quarter qu.

4 quarter qu.

1 quarter qu.

2 quarter qu.

3 quarter

4 quarter

RF Central Bank refinancing rate

% annual

200

197

180

167

133

120

98

60

Industrial end product prices index








(last month of the quarter-year tolast

month of preceding quarter-year)

157.2

132.6

120.5

109.6

108.7

105.2

105.1

104.5

Real efficient interest rate

% annual *

35.6

66.9

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