Russian fixed investment continue reasonable recovery, with further weight on oil and gas

The volume of fixed investment in the first quarter, which rose by 3.6 % from the same period last year, was still about 5 % below the level of 1Q12. After falling severely for three years, investment last year revived and rose by 4.4 %.

Fixed investment of large and medium-sized firms as well as government sector fell about 1 % y-o-y in the first quarter. It implies that Rosstat found other investment rose very rapidly. The multi-year growth in investment in oil & gas production continued. Investment in manufacturing also returned to growth after a three-year decline.