Page 36 - RusRPTMar20

4.4​ Fixed investment
Russia -Fixed capital investment 2012 2013 2014 2015 2016 2017 Mar-2018
Investment (% of GDP)
24.3 22.9 22.0 21.4 22.5 23.5 15.3
GDP: Gross fixed investment capital formation (USD mn)
471,337 496,982 428,573 276,240 280,350 342,294 58,303
source: CEIC
A key theme for 2020 will be the level of fixed investment ​as money goes into the national projects but here too things are going slowly.
Fixed investment was up just 1.4 % in 2019,but that was still an improvement from zero growth in 2018.
Fixed investment to GDP was just 20.5% in 2018 and slightly over 21% in 2019, but needs to climb to the government target of 25% if it is to make a real impact on growth in 2020.
The Ministry of Finance has changed the criteria for investing money from the National Welfare Fund (NWF) in domestic projects. ​Whereas previously the share of NWF financing in a project could not exceed 20%, now it may account for up to 40%. MinFin added an extra stipulation, however: NWF money cannot exceed 20% of all non-budgetary or state-guaranteed financing in a project.
The ministry also scrapped the widely-criticized demand that to receive NWF financing, an investor must put up 20% of the project costs himself. Nevertheless, experts still note that the emphasis on projects that already have access to significant financing remains.
36​ RUSSIA Country Report​ March 2020 ​ ​www.intellinews.com