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. Last Updated: 07/27/2016

Russia's Capital Investment Down

Russia's capital investment fell 15.5 percent year on year in January, the Industry and Trade Ministry said Wednesday, ahead of the release of the official statistical data.

The ministry, which started collection and publication of its own industry and trade data this year, said retail trade rose 2.4 percent in year on year in January.

Capital investment and retail trade, which expanded at double-digit percentage rates throughout most of 2008, have been the main drivers of economic growth.

Domestic demand had performed better at the end of last year, prompting some analysts originally to issue optimistic growth forecasts for 2009.

The government now expects the economy to shrink 2.2 percent in 2009, provided that the price for oil averages $41 during the year.

The ministry said the utilization of industrial capacity fell to 51 percent in January from 56 percent in December.