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- Main article: Economy of Moldova
Chronicle
2024: Up 0.1% to $19.4 billion
According to the results of 2024, the gross domestic product of the Republic of Moldova reached 323.8 billion lei (about $19.4 billion), showing an increase of 0.1% compared to 2023. ICT development accounted for 7% of GDP.
According to the National Bureau of Statistics, a number of sectors contributed to the growth of gross domestic product on an annualized basis. A positive contribution, among other things, was provided by the field of information and communications, which added 0.4% to the total indicator with a 5.5% increase in value added. The construction industry and financial sector each added 0.2%, increasing value added by 3.4% and 6.7%, respectively.
Lower productivity in key industries had a negative impact on economic development. Agriculture, forestry and fisheries reduced the overall GDP by 1.3%. Transport logistics and the storage sector reduced GDP by 0.2% and the education system by 0.1%.
According to the publication Fisc.md, an analysis of the use of gross domestic product shows that the main increase was provided by internal factors. Final household consumption, forming 85% of GDP, rose 2.4% and added 2% to overall growth. Gross fixed capital accumulation increased 3.3% and consumption of non-profit organizations serving households rose 21.5%.
Foreign trade operations had a restraining effect: a negative balance of exports and services reduced GDP by 4.8% against the background of a decrease in exports by 5% and an increase in imports by 5.2%.
The actual economic growth rate, according to the Fisc.md, was significantly lower than the forecast values formed in 2024. The Ministry of Economic Development and Digitalization expected a 2.5% increase in GDP after adjusting the initial forecast of 3.5%. The International Monetary Fund predicted growth of 2.6%, the World Bank - by 2.8%. The EBRD forecast turned out to be the closest to the actual indicator - 0.5%.[1]
2023
GDP growth by 0.7% to 300.4 billion lei
In 2023 GDP Moldova , it reached 300.4 billion lei in market prices (approximately $16.97 billion at the exchange rate as of March 20, 2024). This is 0.7% more than in the previous year. Such data were released by the National Bureau of Statistics of the Republic of Moldova on March 15, 2024.
The report says that in 2023, agriculture, forestry and fishing ensured GDP growth by 2.6%, and the total contribution of these industries to the economy of Moldova amounted to approximately 7.6%. In the field of health and social assistance, an increase was recorded compared to 2022 by 0.7%, and the share in the formation of GDP is 6%. In addition, positive dynamics was noted in the segment of information and communication technologies - plus 0.5% on an annualized basis with a share of 6.7% in the formation of GDP.
At the same time, a drop was noted in a number of industries. Thus, in the processing industry in 2023, a decline of 1.1% was registered in relation to 2022, and the share of this sector in the GDP structure was at the level of 8.2%. In construction, the fall was 1%, the share - 6.2%. In the areas of wholesale and retail trade, as well as maintenance and repair of vehicles, a decrease of 0.6% was recorded, while the contribution of these segments to GDP reaches 16.5%. In the field of transport and warehousing, the decline is 0.4% with a share of 4.8%.
The report of the National Bureau of Statistics says that in 2023, the total VAT in the economy, which has a weight of 86.1% in the formation of GDP, increased in real terms by 1.6% compared to 2022. This had a positive impact on GDP dynamics by 1.3%. The dynamics was also positively affected by the growth of net exports by 5.8%, which was the result of an increase in the volume of exports of goods and services by 5.1% while reducing imports.[2]
21 years of GDP contraction since 1971
GDP contraction in the first half of the year by 2.3% amid conflict with Russia
Moldova's GDP in the first half of 2023 decreased by 2.3%.
2022: 5.9% reduction in GDP due to the outbreak of conflict in Ukraine
In 2022, the decline in GDP in Moldova amounted to 5.9%.
2021: Agriculture's share of GDP - 10.4%
2020: Trade with Russia accounts for 7.1% of Moldova's GDP
Notes
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