Investments in the Real Sector of the Russian Economy
Investments in fixed assets over the period of January through August 2011 amounted to Rb 5320 bn, having risen by 4.1 % on the corresponding period of the previous year.
The emerging growth trajectory was created by the increasing volume of investment in fixed assets in Q2 2011 (by 5 % on the corresponding period of the previous year), which obviates the negative effect of the drop of 0.8 % demonstrated by investments in fixed assets in Q1 2011. In the second half of last year the situation was further sustained by other positively directed processes. In July 2011 the volume of investment in fixed assets rose by 7.9 %, and in August by 6.5 % on the corresponding months of the previous year.
The dynamics of investments in fixed assets varied rather significantly between big and small-sized companies. Thus, as seen by the results of the first half year, the volume of this type of investments in the segment represented by big and medium-sized companies increased by 12.3 %, while in the 'small-sized' segment that index dropped by 15.8 % on the corresponding months of the previous year.
The unstable dynamics of investments in fixed assets over the first half year of 2011 was one of the causes of the strong fluctuations in the production volume in construction and the volume of new housing put in operation, although the results of January - August 2011 observed in that sector are not at all bad: growth on the corresponding period of 2010 was 6.2 %.
A typical feature of the period of 2009 - 2011 is the downward trend displayed by the volume of new housing put in operation (total area) coupled with an exceptionally low rate of revival of investments in housing construction. In the overall structure of investments in the first half year of 2011, investments in housing construction dropped by 1.2 pp. on the first half year of 2010. When analyzing the trends displayed by the volume of investment in housing construction in absolute terms over the period of 2010 - 2011, one should pay attention to the structural specificity of the sources of financing, because both the volume and share of the population's savings in shared housing construction projects was increasing, while that of organizations was declining. In the first half year of 2011 the funding for shared housing construction projects remained approximately at the same level as last year, while the share of the population's savings rose by Rb 6 bn on the corresponding period of the previous year, which compensated for the drop, in absolute terms, of the share of organizations' investments.
According to the scenario-based forecasts of Russia's socio-economic development in 2012 - 2014, the growth in investments expected in 2011 is estimated to be 6 %, and that of GDP to be 4.1 %.
O. I. Izriadnova - Head of the Structural Policy Department
The dynamics of investments in fixed assets varied rather significantly between big and small-sized companies. Thus, as seen by the results of the first half year, the volume of this type of investments in the segment represented by big and medium-sized companies increased by 12.3 %, while in the 'small-sized' segment that index dropped by 15.8 % on the corresponding months of the previous year.
The unstable dynamics of investments in fixed assets over the first half year of 2011 was one of the causes of the strong fluctuations in the production volume in construction and the volume of new housing put in operation, although the results of January - August 2011 observed in that sector are not at all bad: growth on the corresponding period of 2010 was 6.2 %.
A typical feature of the period of 2009 - 2011 is the downward trend displayed by the volume of new housing put in operation (total area) coupled with an exceptionally low rate of revival of investments in housing construction. In the overall structure of investments in the first half year of 2011, investments in housing construction dropped by 1.2 pp. on the first half year of 2010. When analyzing the trends displayed by the volume of investment in housing construction in absolute terms over the period of 2010 - 2011, one should pay attention to the structural specificity of the sources of financing, because both the volume and share of the population's savings in shared housing construction projects was increasing, while that of organizations was declining. In the first half year of 2011 the funding for shared housing construction projects remained approximately at the same level as last year, while the share of the population's savings rose by Rb 6 bn on the corresponding period of the previous year, which compensated for the drop, in absolute terms, of the share of organizations' investments.
According to the scenario-based forecasts of Russia's socio-economic development in 2012 - 2014, the growth in investments expected in 2011 is estimated to be 6 %, and that of GDP to be 4.1 %.
O. I. Izriadnova - Head of the Structural Policy Department