OREANDA-NEWS. In July, the economy showed unsettled dynamics. On the one hand, agricultural production increased and high-tech production showed growth. On the other hand, a slack demand along with the seasonal factor dragged industrial production somewhat down, notes the August issue of the information and analytical comment ‘Economy: Facts, Estimates, and Comments’.

Amid a decline in industrial production, positive shifts in the structure of manufacturing industries were emerging. In July, high-tech production (household appliances, machines, medical equipment) held on the upward path of the recent months. However, new growth areas are still unable to ensure a sustainable positive dynamics of industrial production due to the low weight in total output.

Investment activity indicators improved their performance in July. Production of investment goods and construction showed a considerably slower reduction.

According to the Bank of Russia’s estimates, reduction of fixed capital investment will slow by the year-end, but moderately tight terms of lending to corporate borrowers and companies’ pursuit of conservative investment policy will check investment activity.