Nonresidents injected 17.3 billion rubles in Russia’s economy in the first quarter.
Photo: Svetlana Nefedova
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Nonresidents Cut Investments by 1/3
Nonresidents injected 17.3 billion rubles in Russia’s economy in the first quarter, i.e. nearly 30 percent less than the amount funneled a year earlier, Interfax reported with reference to Russian statistics authority Rosstat.
Direct investments of nonresidents didn’t exceed $5.6 billion, which is 43 percent less than in the first three months of 2007. Portfolio investments stood at $123 million.
At the same time, the amount of trade credits granted to Russia’s companies stepped up by 31.1 percent to $2.76 billion.
The better part of investments went to wholesale, retail and machinery maintenance ($5.47 billion). Mining operations received $2.23 billion. On aggregate, some $221 billion of foreign money was accumulated by the end of March, which is 45.9 percent more than a year earlier.
The abrupt decline in investments of nonresidents could be blamed on the loan mortgage crisis in the United States and Western Europe.
www.kommersant.com
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