NOVO-OGAREVO, March 12 (Itar-Tass) —— The Ministry of Economic Development may downgrade its forecast for the growth of investments in fixed capital, Minister of Economic Development Elvira Nabiullina said.
“We set 7.3 percent in our forecast for 2012. Now, we will most likely have to revise it a little bit since the base in 2011 turned out to be very high,” Nabiullina said at a meeting with Prime Minister Vladimir Putin on Monday, March 12.
According to the minister, statistics for 2001 are “quite good”. “We hope that post-crisis growth will largely be geared to investment growth,” she added.
Nabiullina cited updated statistics showing that investments in fixed capital in 2011 had increased by 8.3 percent to 10.8 trillion roubles.
“Initially, we expected a slightly smaller growth – our forecasts set it at 6 percent because the growth rate in the first half of the year was not high, but it sped up in the second half. What is encouraging is that investments have been growing for the second consecutive year faster than the economy, which points to the investment orientation,” she said.
The minister provided a breakdown by the industry: 60 percent of companies say that they invest in modernisation and 30 percent in expansion of production. Some 42 percent are motivated to invest by energy saving and 39 percent by new technologies.