Assessment of the correlation level between the gross regional product and the volume of fixed investments by Russian regions

The problem of establishing the existence and assessing the closeness of the relationship be-tween the indicators of the gross regional product and the volume of fixed investments in Russian regions is viewed. It allows to understand the nature of the formation of GRP, but also to outline options for management decisions that stimulate economic activity in the region through the growth of investment activity of economic entities. The authors substantiate the relevance of the research in order to find objective patterns that have not been reflected. Using the methods of constructing and evaluating the significance of linear regression models, the existence of a close relationship between the indicators of GRP and regions investments is proved on the basis of statistical data for all subjects of the Russian Federation. The absence of a significant relationship between the share of investments in the volume of GRP in the region and the volume of gross regional product, as well as the presence of a weak relationship between the average share of investments in GRP and the average GRP growth rates for the same period are shown. The result of the study is the identification of the absence of a significant relationship between the average growth rates of investments and the average growth rates of GRP in the regions of Russia for 2010–2018. Based on the results of the study, the authors proposed a set of recommendations for federal authorities on adjusting the criteria for supporting regions and improving control mechanisms in terms of financing and execution of regional investment programs, depending on the level of effectiveness of regional investment policy.