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    Foreign investment in Russia down 14.2% in 2008 to $103.8 bln

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    Foreign direct investment in Russia dropped by 14.2% to $103.8 billion in 2008, the Russian state statistics service said on Wednesday.

    MOSCOW, February 25 (RIA Novosti) - Foreign direct investment in Russia dropped by 14.2% to $103.8 billion in 2008, the Russian state statistics service said on Wednesday.

    "Foreign investment stood at $17.3 billion in the first quarter of 2008, 29.9% down against the same period last year, $29.3 billion in the second quarter [down 18% year-on-year], $29.2 billion in the third quarter [up 6.1% year-on-year] and $28 billion in the fourth quarter [down 15.2% year-on-year]," the service said in a press release.

    Loans accounted for 72.6% of all foreign investment last year. Foreign direct investment totaled $27 billion, or 26% of all investment, and portfolio investment reached $1.4 billion, or 1.4% of all investment.

    Portfolio investment in Russia dropped the most, by 66.3%, the amount of loans fell by 15.3% and foreign direct investment declined by 14.2%.

    Foreign capital accumulated in the Russian economy amounted to $264.6 billion in 2008, up 19.9% against 2007.

    The largest investors in Russia in 2008 were Cyprus ($56.9 bln), the Netherlands ($43.35 bln), Luxemburg ($34.4 bln), Britain ($30.8 bln), Germany ($17.4 bln) and France ($9.5 bln). The countries accounted for 77% of accumulated foreign investment and 79.4% of accumulated foreign direct investment.

    The bulk of foreign capital ($33.9 bln) was invested in Russia's processing industries, and the least ($20 million) went into healthcare and social services.

    Russia invested $114.3 billion in foreign countries last year, up 53% against 2007.

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