To the question of the state of gross accumulation in the economies of the regions of the European North of Russia

• N.M. Rumyantsev

  N.M. Rumyantsev. Vologda Research Center of RAS Vologda. Russia

The aim of the study was to analyze the process of formation of gross capital formation in the context of the participation of three major economic agents. The information base was compiled by the data of the Federal State Statistics Service and its regional bodies. The analysis relied on general scientific and economic-statistical methods. The objects of the study were the regions of the European North of Russia due to their economic comparability, some facts are illustrated on the materials of the Vologda Oblast. In the course of the analysis, such indica-
tors as the degree of depreciation of fixed assets, the growth index of investments in fixed assets, the rate of  accumulation, and a number of indicators  of the  formation of  sources of gross capital formation were studied. According to the results of the analysis, problems such
as  low  growth  rates  of  household  incomes  and  their  insufficient  investment  activity  were identified, the main factor of which can be called a lack of financial literacy. The problems of the state as an investor are noted in the light of high budget deficits or the reluctance to use
them for investment. Based on the analysis of the activity of enterprises in the field of investment, a lack of equity was noted, as well as barriers to investment lending. These problems do not allow enterprises to upgrade fixed assets due to the need for permanent repair of existing production facilities. A high level of capital outflow to offshore was also noted. It is proposed to tighten currency and tax control, intensify investment lending by the banking system, as well as the formation of regional investment funds. The scientific novelty of the ar-
ticle lies in identifying the key problems of the process of formation of gross capital formation in the regional economy.
Keywords: gross capital formation, investments, European North of Russia, fixed assets, capital
investments.