Capital investments in Russia decreased by 0.8 percent in the first eleven months of 2013, as compared to the preceding year, and amounted to 10.88 trillion roubles (USD 1 = RUB 33.16), the Russian Economic Development Ministry says in its monthly survey.

According to the ministry, the dynamics of investments in the second and third quarters of the year made a downward contribution to the indicator. “Herewith, large and mid-sized organizations continued cutting capital investments at priority rates and keeping a downward trend for the fourth quarter in a row,” the ministry says in the document.

Earlier, Deputy Economic Development Minister Andrei Klepach stated that November’s capital investments (seasonal factor excluded) decreased by 0.2 percent. In his words, no break in the investment demand occurred in November. “The situation was negative in November after a certain jump in October. Under our estimate, capital investments in November [seasonal and calendar factors excluded] decreased by 0.2 percent,” Klepach said back then, adding that he did not rule out that the indicators would be updated in the end of 2013 when the investment picture became more clear.

Early in December, the Economic Development Ministry cut the forecasts for the 2013 capital investment growth in Russia by more than 12 times to 0.2 percent versus the initial indicator of 2.5 percent. Herewith, the forecasts for 2014-2016 remained unchanged at 3.9 percent, 5.6 percent and 6.0 percent respectively.