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Moldova Economy Profile 2017

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Economy - overviewDespite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and productive farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco. Moldova also depends on annual remittances of about $1.12 billion from the roughly one million Moldovans working in Europe, Russia, and other former Soviet Bloc countries.

With few natural energy resources, Moldova imports almost all of its energy supplies from Russia and Ukraine. Moldova's dependence on Russian energy is underscored by a more than $5 billion debt to Russian natural gas supplier Gazprom, largely the result of unreimbursed natural gas consumption in the breakaway region of Transnistria. Moldova and Romania inaugurated the Ungheni-Iasi natural gas interconnector project in August 2014. The 43-kilometer pipeline between Moldova and Romania, allows for both the import and export of natural gas. Several technical and regulatory delays kept gas from flowing into Moldova until March 2015. Romanian gas exports to Moldova are largely symbolic. Moldova hopes to build a pipeline connecting Ungheni to Chisinau, bringing the gas to Moldovan population centers.

The government's stated goal of EU integration has resulted in some market-oriented progress. Moldova experienced better than expected economic growth in 2014 due to increased agriculture production, to economic policies adopted by the Moldovan government since 2009, and to the receipt of EU trade preferences. Moldova signed an Association Agreement and a Deep and Comprehensive Free Trade Agreement with the EU during fall 2014, connecting Moldovan products to the world’s largest market. Still, a $1 billion asset-stripping heist of Moldovan banks in late 2014 delivered a significant shock to the economy in 2015; a subsequent bank bailout increased inflationary pressures and contributed to the depreciation of the leu. Moldova’s growth has also been hampered by endemic corruption and a Russian import ban on Moldova’s agricultural products. The government’s push to restor stability and implement meaningful reform lead to the approval of a $179 million three-year IMF program focused on improving the banking and fiscal environments.

Over the longer term, Moldova's economy remains vulnerable to corruption, political uncertainty, weak administrative capacity, vested bureaucratic interests, higher fuel prices, Russian political and economic pressure, and unresolved separatism in Moldova's Transnistria region.
GDP (purchasing power parity)$18.54 billion (2016 est.)
$18.18 billion (2015 est.)
$18.26 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$6.65 billion (2016 est.)
GDP - real growth rate2% (2016 est.)
-0.5% (2015 est.)
4.8% (2014 est.)
GDP - per capita (PPP)$5,200 (2016 est.)
$5,100 (2015 est.)
$5,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving18.2% of GDP (2016 est.)
18% of GDP (2015 est.)
22.3% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 86.7%
government consumption: 19%
investment in fixed capital: 22.3%
investment in inventories: 0.1%
exports of goods and services: 43.6%
imports of goods and services: -71.7% (2016 est.)
GDP - composition by sectoragriculture: 14.1%
industry: 21.2%
services: 64.7% (2016 est.)
Population below poverty line20.8% (2013 est.)
Labor force1.22 million (2016 est.)
Labor force - by occupationagriculture: 33.7%
industry: 12.1%
services: 54.2% (2016 est.)
Unemployment rate4.2% (2016 est.)
4.9% (2015 est.)
Unemployment, youth ages 15-24total: 9.8%
male: 9.6%
female: 10.2% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 4.2%
highest 10%: 22.1% (2014 est.)
Distribution of family income - Gini index26.8 (2015 est.)
26.8 (2014 est.)
Budgetrevenues: $2.306 billion
expenditures: $2.431 billion
note: National Public Budget (2016 est.)
Taxes and other revenues34.7% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-1.9% of GDP (2016 est.)
Public debt51.9% of GDP (2016 est.)
41.5% of GDP (2015 est.)
Inflation rate (consumer prices)6.4% (2016 est.)
9.7% (2015 est.)
Central bank discount rate9% (31 December 2016)
19.5% (31 December 2015)
note: this is the basic rate on short-term operations
Commercial bank prime lending rate12% (31 December 2016 est.)
22.5% (31 December 2015 est.)
Stock of narrow money$1.41 billion (31 December 2016 est.)
$1.188 billion (31 December 2015 est.)
Stock of broad money$3.539 billion (31 December 2016 est.)
$4.685 billion (31 December 2014 est.)
Stock of domestic credit$1.745 billion (31 December 2016 est.)
$1.927 billion (31 December 2015 est.)
Market value of publicly traded shares$9.723 million (31 December 2015 est.)
$50.47 million (31 December 2014 est.)
$65.29 million (31 December 2013 est.)
Agriculture - productsvegetables, fruits, grapes, grain, sugar beets, sunflower seeds, tobacco; beef, milk; wine
Industriessugar, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles
Industrial production growth rate0.9% (2016 est.)
Current Account Balance-$231 million (2016 est.)
-$322 million (2015 est.)
Exports$2.045 billion (2016 est.)
$1.967 billion (2015 est.)
Exports - commoditiesfoodstuffs, textiles, machinery
Exports - partnersRomania 23%, Italy 10.2%, Turkey 9.4%, Russia 8%, Germany 6.6%, Belarus 6.4% (2015)
Imports$4.02 billion (2016 est.)
$3.987 billion (2015 est.)
Imports - commoditiesmineral products and fuel, machinery and equipment, chemicals, textiles
Imports - partnersRussia 22.8%, Romania 18.1%, Ukraine 11.5%, Germany 7%, Italy 4.8%, Turkey 4.4% (2015)
Reserves of foreign exchange and gold$2.206 billion (31 December 2016 est.)
$1.757 billion (31 December 2015 est.)
Debt - external$6.595 billion (31 December 2016 est.)
$6.381 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$3.581 billion (31 December 2016 est.)
$3.466 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$NA (31 December 2016)
$197.1 million (31 December 2015)
Exchange ratesMoldovan lei (MDL) per US dollar -
20.4 (2016 est.)
19.83 (2015 est.)
19.83 (2014 est.)
14.036 (2013 est.)
12.11 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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