Gross investment at current prices increased from 1.4 billion leva in 1961 to 3.6 billion leva in 1971; investment was officially estimated at 3.9 billion leva in 1972 and was scheduled to reach 4.3 billion leva in 1973. The bulk of investment has been channeled into the material production sector (including trade). The annual investment share of this sector increased from about 74 percent in 1960 to 79 percent in 1969 and declined to 76 percent in 1971. The proportion of investment devoted to housing and services declined correspondingly in the 1960-69 period from 26 to 21 percent and rose in the subsequent two years to 24 percent. The shift in the investment trend foreshadowed the formal directive issued by the Tenth Party Congress in April 1971 for the development of a program to raise the population's standard of living. Industry has been the main beneficiary of investment funds; its share rose to almost 50 percent in 1969 but declined slightly thereafter. Agriculture received only about 15 percent of investment in the years 1969 through 1971, compared to 28 percent in 1960 and 19 percent in 1965. Residential investment declined from 14 percent in 1960 to an average of not quite 10 percent in the 1969-71 period. Building construction and installation work absorbed the largest, though declining, share of investment--60 percent in 1960 and 46.4 percent in 1971. The share of investment spent on machinery and equipment rose by 50 percent in the 1960-69 period from 26 to 39 percent, but declined to 34 percent in 1970 and 37 percent in 1971. Imported machinery, mostly from the Soviet Union, constituted a major though declining proportion of investment in machinery--from two-thirds to one-half of the total in the 1965-71 period. Other investment expenses, including geological surveys, absorbed from 12 to 17 percent of annual investment. New investment has been increasingly concentrated in state enterprises. In the 1960-71 period the proportion of investment absorbed by state enterprises increased from 68 to 83 percent, while the share of investment devoted to collective farms declined from 18 to 8.5 percent. Annual investment in artisans' collectives rose from 1.2 percent of total investment in 1960 to 2.7 percent in 1968 and declined to 1.1 percent in 1971. This trend paralleled the government's policy of initial encouragement and subsequent restriction of private artisan activities; it suggests that the government's restrictive policy may not have been limited to private artisans alone (see Organization, this ch.).