Russian 9-Month Foreign Direct Investment Grows to $12.3 Billion
Russian foreign direct investment grew 4.6 percent in the first nine months from a year earlier to $12.3 billion, with manufacturers and the financial industry receiving the most capital.
Total foreign investment, including loans and flows into securities markets, shrank 14.4 percent to $114.5 billion, the Federal Statistics Service in Moscow said today in an e-mailed statement.
The world’s biggest energy exporter is struggling to reverse capital outflows that have reached $61 billion in the January to October period. President Vladimir Putin returned to the Kremlin in May pledging to improve the business climate and lure foreign capital to boost investment to 25 percent of economic output by 2015 from 21 percent last year.
The financial industry received the largest amount of investments in the first nine months, followed by manufacturing and wholesale and retail companies, according to the statistics service. Cyprus was the largest foreign investor in the period, followed by the Netherlands, Luxembourg, China, the U.K. and Germany.
The central bank may increase its forecast for net capital outflow this year, Bank Rossii First Deputy Chairman Alexey Ulyukayev said today. This month the central bank raised this year’s projection to $67 billion, from an earlier estimate for $65 billion.
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