Economy of Moldova

Main article: Moldova

GDP

Main article: GDP of Moldova

Financial system

National debt

2025: Moldovan State Debt up 56.2% to LE52 billion ($3.1 billion )

From 2021 to 2025, Moldova's domestic public debt grew by 18.7 billion lei ($1.1 billion), or 56.2%, and reached a maximum of 52 billion lei ($3.1 billion). These data were cited by economist, ex-chairman of the parliamentary commission on economics, budget and finance of Moldova Vladimir Golovatyuk in his Telegram channel on January 8, 2026.

A month earlier, on December 8, 2025, the Ministry of Finance of the republic reported that domestic debt in January-November 2025 reached 49.6 billion lei ($2.68 billion). For the specified 11 months, the increase amounted to 5.6 billion lei ($302 million).

Moldovan public debt rises to maximum from 2021

Vladimir Golovatyuk notes that in December 2025 alone, the national debt of Moldova increased by 2.5 billion lei ($1.5 billion). This is the largest increase since 2021, the economist states. In general, in 2025, the state debt grew by 18%, amounting to 8 billion lei ($479 million).

The diagram presented by Golovatyuk allows you to judge the dynamics of this indicator. In 2022, the domestic public debt grew by 1.2 billion lei (about $72 million), in 2023 - by 5.2 billion lei ($311 million), in 2024 - by 4.3 billion lei (more than $257 million).

Considering that the state budget of Moldova for 2026 provides for a net issue of state securities (GS) in the amount of 10 billion lei, theoretically, the implementation of this plan is possible, Golovatyuk believes. However, the implementation depends on two key factors: the liquidity of commercial banks and the level of profitability of GS.

The liquidity of the banking system is declining. For the third quarter of 2025, liquidity decreased by 33% compared to the second quarter of 2025 and halved compared to the third quarter of 2024. The profitability of GS, at least, does not show growth.

Taking into account these circumstances, the placement of GS for the planned 10 billion lei seems unlikely. This calls into question the implementation of the revenue side of the state budget for 2026, the economist concludes.

According to the publication "RIA Novosti," in 2022 inflation in Moldova reached a peak of 30.2%. By December 2024, the authorities reduced annual inflation to 7%. However, in 2025, the rise in price of energy resources again provoked crisis phenomena in the economy.^[1]

2022: Debt to the IMF $1 billion

In 2022, for the first time in history, Moldova's debt to the IMF exceeded $1 billion.

The National Bank published a report according to which at the end of 2022 the IMF became the main creditor of the state (31%): over the year, Chisinau's debts increased by $100 million, reaching an all-time high.

In particular, the Moldovan government took loans from the EBRD to provide the population with gas after trying to abandon Russian fuel, which aggravated the country's already severe socio-economic crisis.

At the same time, the EU allocated Moldova another 40 million euros in the form of loans and another 10 million as a grant under macro-financial assistance for a total amount of 150 million euros.

The decision on the next tranche in the European Commission was made after the Sandu government fulfilled "the conditions agreed with Brussels."

2017

Budget

2026: Approval of the state budget with a deficit of €1 billion

The Moldovan parliament approved the state budget for 2026 with a deficit of 20.9 billion lei (€1 billion), which is planned to be covered by loans. This was announced in December 2025 by the press service of the legislative body. The revenue part will increase in comparison with 2025 by 3.8 billion lei (€196 million) - up to 79.6 billion lei ($4 billion), expenses will grow by 6.5 billion lei (€329 million) - up to 100.5 billion lei ($5.1 billion). The main sources of its financing will be both loans in the domestic market and external sources.^[2]

2025: Budget deficit rises to 5.1% of GDP from EU loans

In April 2025, the Moldovan parliament adopted amendments to the law on the state budget for 2025, which provide for an increase in the deficit of the country's state budget by 28.9%, to 17 billion 906.35 million lei (5.1% of GDP), the press service of the parliament said.

In accordance with the amendments to the budget law, its revenue part in 2025 was increased by 3 billion 730.9 million lei (by 5.2%) - to 75 billion 284.8 million lei, the expenditure part - by 7 billion 743.2 million lei (by 9.1%) - to 93 billion 191.1 million lei.

As a result, the state budget deficit in 2025 will amount to 17 billion 906.3 million lei instead of the previously planned 13 billion 894 million lei, and will increase by 4 billion 012.3 million lei, or 28.9%.

"The state budget for 2025 will allocate additional financial resources for investment, energy sustainability and economic growth," it said.

The publication explains that the amendments to the 2025 budget include financial resources provided by the European Union to subsidize energy tariffs, as well as an advance and the first tranche of a package of financial support from the EU to support Moldova's economic growth plan.

As part of the expanded budget expenditures, measures will be implemented "to improve energy sustainability" in the amount of 3.66 billion lei, including 2.11 billion lei will be allocated to the fund for "reducing energy vulnerability" to subsidize energy tariffs.

Funds in the amount of 3.8 billion lei were directed to measures of the economic reform program. Including 1.6 billion lei will be allocated for the repair of local roads, 200 million lei will be allocated to support the agro-industrial complex and small businesses, 100 million lei will go to the National Ecological Fund.

On April 3, Moldovan Prime Minister Dorin Rechan reported that the Moldovan government would send 400 million euros from the reform and growth fund created by the European Union for the country in the amount of 1.9 billion euros to implement infrastructure projects and subsidize energy tariffs for the population.

The fund is the financial basis of Moldova's growth plan, presented in October 2024. The plan involves supporting the country from 2025 to 2027, providing up to 385 million euros in grants and 1.5 billion euros in loans with a long maturity and low interest rates. Payments will be made subject to strict conditions related to the implementation of reforms, the implementation of which can accelerate the annual growth of Moldova's GDP by 2028 to 5.3%.

2024: 4.9% budget deficit plan and public debt growth

According to plans for September 2023, Moldova's budget revenues in 2024 will amount to 100.4 billion lei, in 2025 - 113.2 billion lei, in 2026 - 122.4 billion lei, and their share in GDP will decrease from 32.6% in 2023 to 29.3% in 2026.

Expenses in 2024 are projected at 121.9 billion lei, in 2025 - 127.5 billion lei, in 2026 - 136.5 billion lei. In relation to GDP, the share of spending will also decrease from 38.6% in 2023 to 32.7%.

The budget deficit is expected to decrease from 18.5 billion lei (6% of GDP) in 2023 to 16.5 billion lei in 2024 (4.9%), and in the next 2 years - 14.3 billion lei and, accordingly, 14.1 billion lei (3.8% and 3.4% of GDP).

It is planned that the size of the national debt of Moldova will grow from 127 billion lei in 2024 to 136.9 billion lei in 2026.

Taxes and fees will account for about 65% of budget revenues and in the medium term, the share of this income group will grow by 7.8% annually. The share of social and compulsory health insurance contributions will increase from 29.6% to 30.9% due to an average 10% increase in the wage fund. In 2024-2026. a decrease in the share of grants in the structure of budget revenues is predicted - from 1.3% to 0.9%.

Almost 40% of budget expenditures should be directed to social protection. In 2024, in absolute terms, the amount of social expenses will not change, and in 2025-2026. it is planned that such expenses will grow annually by 6.3%. Spending on the economic sphere should grow by 22% in 2026 compared to 2023, on health care - by 20.8%.

The amount of expenses financed from external sources should grow from 4.4 billion lei in 2023 to 5.03 billion lei in 2026. About 40% of funds should be used to implement projects in the transport sector, 10% - in the housing and communal services sector, 9.3% - in agriculture, 8% - in healthcare.

Inflation

2022

Annual inflation of 30.2% is the worst result in Europe

Inflation in Moldova in 2022 amounted to 30.2%, this is the worst result in Europe.

Inflation in November - 34.6%

Inflation in July - 33.5%

Key rate

Banks

• MAIB (Moldova Agroindbank)
• Banca de Economii
• Victoriabank
• Unibank
• BC Moldindconbank S.A.
• Banca Sociala

Gas Imports and power

• Moldovagaz is a gas import company
• Vestmoldtransgaz - the company managing the gas transmission system

Since 2023, against the background of the conflict in Ukraine, Moldova has illegally confiscated the assets of the Russian Gazprom and transferred them to the management of the Romanian Transgaz.

2025

The Moldovan authorities revoked the license for the supply of gas from Moldovagaz. Gas supply tasks handed over to Energocom

In August 2025, the Moldovan authorities revoked the gas supply license from Moldovagaz, which is half owned by Gazprom. Deliveries to end consumers from September 1 are taken over by the state-owned company Energocom. For more details see Moldovagaz.

$85 million cancellation of USAID funding to purchase battery system to balance power system

By the end of February 2025, it became known that after the shutdown of funding USAID Moldova , 85 million dollars foreign assistance from the United States was deprived. It was designed for "energy security," which implied a break in relations Russia with the sphere. power engineering specialists

This became known from the statement of the Ministry of Energy of Moldova: these funds were supposed to purchase a battery energy storage system for Chisinau to balance the power system with a capacity of 75 MW and other necessary equipment.

The allocation of this aid package was announced by former US Secretary of State Anthony Blinken during his visit to Chisinau in May 2024. Then Moldova was promised $135 million to fight "Russian interference," and Blinken's visit was part of the election campaign of Maya Sandu.

Just 85 out of $135 million were allocated for "energy security." Then Blinken said that the United States was helping Moldova to break off relations with the Russian Federation in the energy sector: the official noted that the Americans were investing in increasing the capacity of Moldovan power lines to connect the republic with Romania and the EU.

Moldova said they were looking for other sources of funding.

EU subsidizes Moldova's purchase of expensive gas in Romania for 250 million euros

In February 2025, the European Commission announced the allocation of 250 million euros for Moldova in 2025 for the "energy independence strategy."

The strategy has two tasks: to separate Moldova "from unreliable supplies of Russian energy" and fully integrate it into the EU energy market.

At the expense of this money, the European Commission simply helps to cover the inflated costs of Moldova for the purchase of gas and electricity in the European market, primarily in Romania.

2024: First U.S. LNG purchase

In January 2024, Moldova for the first time purchases liquefied natural gas from the United States, which arrived in the Greek port of Alexandroupolis.

Power Minister Viktor Parlikov refused to name the exact cost of the deal, but mentioned the approximate price of American LNG - about 300 euros per thousand cubic meters.

2023

Collapse of gas consumption by 22% due to refusal of direct supplies from Russia

In 2023, the volume of gas consumption in Moldova decreased by a record 22%, overtaking even the Baltic countries in fall. The reason is high prices in the domestic market due to the refusal of supplies from Russia.

Agreement with Pridnestrovie on the purchase of electricity produced from Gazprom's gas

Arriving from Gazprom"" 5.7 million cubic meters of gas Moldovagaz"" transfers Transnistria to "" Tiraspoltransgazu for the generation of electricity on (Moldavian State District Power Plant owned by Inter RAO""). The agreement with Transnistria made it possible to sign a new contract for the transmission of electricity from the unrecognized republic, which will satisfy most of Moldova's needs and significantly reduce the need for the purchase of expensive electricity in. Romania According to the new agreement, the price of 1 MW of energy from Transnistria €73.

Energocom buys Russian gas from Greek company on loan from EBRD

The company purchased 3.5 million cubic meters of gas from Enegrocom, which comes from Romania and from southern Europe from the Trans-Balkan gas pipeline. This gas is supplied to consumers of the right bank of the Dniester River.

The Greek state-owned company DEPA Commercial in September 2023 won a new tender for the supply of 100 million cubic meters of gas for Moldovan Energocom in the first quarter of 2024.

The cost of the purchased gas is not indicated, but the next EBRD loan for these needs amounted to 100 million euros.

At the same time, DEPA Commercial signed a contract with Gazprom"" for gas supplies until 2026: the Russian company supplies Greece about 2 billion cubic meters per year through Turkish stream"."

Greece also receives gas through the Trans-Adriatic gas pipeline from Azerbaijan, but, according to the Greek authorities, it provides only 20% of the country's gas needs.

Earlier, the chairman of the board of Moldovagaz, Vadim Cheban, said that Russian gas, purchased at exorbitant prices through European companies, was entering the country.

It was the soaring gas tariffs that provoked the socio-economic crisis and protests of citizens in the fall and winter of 2022.

The first gas supply to Moldova along the Trans-Balkan route is significant for all countries along the gas pipeline, which until 2020 was used to export Russian gas from north to south through Ukraine, Moldova and Romania to Bulgaria, Greece, the countries of the Western Balkans and Turkey. The launch of the reverse required a number of agreements between all entities and transit countries, as well as additional political adjustments. In particular, it was important that the principles of EU law were respected not only by Ukraine, but also by Moldova.

According to Moldovan officials, the country does not buy gas from Gazprom, but the Russian company remains an important player in the country's energy sector. A significant part of electricity in Moldova is produced by the Kuchurgan Power Plant (IES), which is located in Transnistria and operates on Gazprom's gas. Gazprom's gas, which Moldova no longer imports, is redirected to Transnistria, and then delivered back to the republic in the form of electricity.

2022: Gas purchase from Gazprom directly and through Enegrocom

From December 4, 2022, Moldovagaz purchases natural gas from two sources - from Gazprom and Enegrocom. Russian gas is purchased through both sources.

2020: Very low energy consumption per capita

and

Mining

Oil and gas production

According to the Moldovan Academy of Sciences, presented at a government meeting in March 2012, in 1945-1972 more than 700 wells up to three kilometers deep were drilled in the republic, which made it possible to detect the presence of oil and gas. In early 2007, it became known that significant oil reserves were discovered in the south of the country at a depth of 1.2-2.4 kilometers, but they were not more accurately estimated.

In March 2012, it became known that Moldova intends to organize an international competition for the right to explore and develop the country's oil and gas fields. This was stated by Deputy Prime Minister, Minister of Economy of Moldova Valery Lazer. The format and conditions of the competition have not yet been determined.

According to Lazar, in the 1950s, gas production in Moldova was unprofitable amid the discovery of significant fuel reserves in Siberia. However, as the minister added, in modern conditions, when Moldova has to import all energy resources, the republic is extremely interested in its own hydrocarbon production.

As Lazer added, in addition to natural gas produced in the south of Moldova, shale gas discovered by Ukraine on the border with Moldova and Romania may become another source of hydrocarbons for the republic. It is expected that in the territory of Moldova, deposits of shale gas may be discovered^[3] will^[3].

Oil products

2018: Petrol price

Agriculture

2021:21% of workers are employed in agriculture

2019: Average use of pesticides in agriculture

Foreign trade

Giurgiulesti Port

Main article: Jurjulesti (port)

2024: 12.2% reduction in goods exports to $3.55 billion

At the end of 2024, the volume of exports of goods from Moldova decreased by 12.2% and amounted to $3.55 billion. The decline affected both supplies European Union states CIS to countries and in. At the same time, imports to the country rose 4.5%. This is evidenced by data from the National Bureau of Statistics, published on February 18, 2025.

The share of domestic goods in the total export volume reached 76.2%, which is equivalent to $2.71 billion. This figure decreased by 5.6% compared to 2023. As a result, the total value of exported products decreased by 4%.

Buyucan, Chisinau

In 2024, Moldova sent goods worth $2.39 billion to the EU countries, which is 9.6% less than in 2023. Their share in total exports amounted to 67.3%. The volume of supplies to the CIS decreased by 19.9%, reaching $241.6 million, which corresponds to 6.8% of the total.

The main countries to which Moldovan goods were sent were:

• Romania - 32.6%;
• Ukraine - 9.3%;
• Italy - 6.7%;
• Czech Republic - 6.1%;
• Turkey - 6.0%;
• Germany - 4.8%;
• Poland - 4.3%;
• Russia - 3.3%;
• Bulgaria - 3.2%;
• USA - 2.5%;
• Belarus - 2.2%;
• Greece - 1.9%;
• Netherlands - 1.4%;
• Egypt - 1.1%;
• France - 1.0%.

These countries together accounted for 86.4% of all Moldovan exports.

The decrease in export volumes was recorded in the following countries:

• Ukraine - by 44.7%;
• Romania - by 18.4%;
• Germany - by 22.8%;
• Spain - by 56.0%;
• Russia - by 18.3%;
• Kazakhstan - by 55.4%;
• Italy - by 8.2%;
• Hungary - by 28.0%;
• Switzerland - by 32.3%;
• UK - by 25.8%;
• Cyprus - by 30.2%;
• Lebanon - by 24.4%;
• Indonesia - by 65.8%;
• Belarus - by 6.5%;
• Malaysia - by 62.9%;
• France - by 11.4%;
• Uzbekistan - by 48.7%.

Despite the general decline in export volumes, some countries have increased purchases of products from Moldova:

• Turkey - by 49.5%;
• Czech Republic - by 35.4%;
• USA - by 46.4%;
• Bulgaria - by 31.3%;
• Greece - 1.7 times;
• Poland - by 14.9%;
• Egypt - 1.9 times (the increase is due to the supply of sunflower oil and wheat);
• Georgia - 1.8 times;
• Jordan - 5.7 times (due to an increase in the export of live livestock, sunflower oil and wheat);
• Vietnam - 2.3 times (growth due to the supply of pharmaceutical products and clothing);
• The Netherlands - by 8.2%.

The National Bureau of Statistics clarified that the data presented do not include information on Transnistria and the municipality of Bender.^[4]

2023:10% decline in commodity exports in the first 7 months

Moldova's commodity exports in January-July 2023 decreased significantly, amounting to $2.3 billion, which is 10.8% less compared to the same period last year.

2022: EU exports increase from 1.8 billion to 2.6 billion euros

Moldova's exports to the EU increased from 1.8 billion euros in 2021 to 2.6 billion euros in 2022. The European Commission intends to extend for another year the suspension of duties and import quotas for Moldovan exports to the EU - this trade regime is valid from July 2022.

2018: Clothing exports - $309 million

Communication

• Communication (Moldavian market)

Information Technology

Moldovan IT Market

• Moldovan IT Market

Information security

Main article: Information security in Moldova

Social media

R&D

2020: R&D expenses - $66 million

Tourism

2019: International tourism revenues - 14.5% of total exports of goods and services

2018: 100k foreign tourists per year: lowest in Europe

Salaries

2024: Maximum personal income tax rate - 12%

2023: Minimum wage - $180

2017: Average monthly salary

Unemployment

2020: Unemployment rate - 8%

Consumption

2023: Pork is the most consumed type of meat

2020: More cats than dogs

2019

Wine consumption - 30 liters per person

Pork is the most consumed type of meat

Beer consumption in liters per year per person

Low coffee consumption - 0.6 kg per year per person

2018

Milk consumption in liters per year per person

The minimum age to purchase alcoholic beverages is 18 years

Transport

2021: Driving penalty with phone in hand €22

2018:164 cars per 1000 people

Notes