Forecast for growth of investments in fixed assets in Russia could be raised after positive Q1 results - Reshetnikov

ST. PETERSBURG. June 6 (Interfax) - Data on the growth of investment in fixed assets in Russia in Q1 2024 make it possible to increase the forecast for investment growth for 2024, Russian Minister of Economic Development Maxim Reshetnikov said at the Russian Economy: How to Ensure the Achievement of National Goals session during the St, Petersburg International Economic Forum (SPIEF).

"We have a forecast of 2%, or slightly higher [for investment growth for 2024]. Data from the first quarter allow us to revise this forecast [upwards]," the minister said.

Investments in fixed capital in the Russia rose 14.5% in annual terms in the first quarter of 2024, Rosstat reported on Wednesday. As reported, in the fourth quarter of 2024, investment growth was 8.6% year-on-year, 14.5% in the third quarter of 2023, 13.3% in the second quarter, and 1.0% in the first quarter. In general, growth of investments in fixed assets reached 9.8% in 2023 after an increase of 6.7% in 2022, Rosstat said.

The Ministry of Economic Development expects (based on the April forecast) an increase in investment of 2.3% in 2024. The early May analyst consensus forecast on investment dynamics for 2024 suggests growth of 3.7%.