• Evidence Based Policy - Macroeconomic Research Center

It was succeeded to leave recession in the first  quarter mainly due to delay of rates of decrease in gross accumulation in GDP. At the same time, the the state budget  funds   were the locomotive of growth among sources of financing of investments. They replaced the loans of banks, whose share as a source of financing  fell to a historic low. However this  substitution can be unstable in overcoming depressiveness of investment process. In conditions when  the enterprises  have bad balances, banks in some cases agree to issue the credits instead of debt securities republican and regional authorities. As a result often the bank credits which are actually issued to the enterprises in statistics are displayed as the investments financed by the state.

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