Moldova: Moldova Economy Profile

Despite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and good farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco. Moldova also depends on annual remittances of about $1.6 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 growing $5 billion debt to Russian natural gas supplier Gazprom, largely the result of unreimbursed natural gas consumption in the separatist Transnistria region. In August 2013, work began on a new pipeline between Moldova and Romania that may eventually break Russia's monopoly on Moldova's gas supplies.

The government's goal of EU integration has resulted in some market-oriented progress. Moldova experienced better than expected economic growth in 2013 due to increased agriculture production, to economic policies adopted by the Moldovan government since 2009, and to the receipt of EU trade preferences. Moldova is poised to sign 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, growth has been hampered by high prices for Russian natural gas, a Russian import ban on Moldovan wine, increased foreign scrutiny of Moldovan agricultural products, and by Moldova’s large external debt.

Over the longer term, Moldova's economy remains vulnerable to political uncertainty, weak administrative capacity, vested bureaucratic interests, corruption, higher fuel prices, Russian pressure, and the illegal separatist regime in Moldova's Transnistria region.GDP (purchasing power parity)$13.25 billion (2013 est.)

$12.16 billion (2012 est.)

$12.26 billion (2011 est.)

note: data are in 2013 US dollarsGDP (official exchange rate)$7.932 billion (2013 est.)GDP - real growth rate8.9% (2013 est.)

-0.7% (2012 est.)

6.8% (2011 est.)GDP - per capita (PPP)$3,800 (2013 est.)

$3,500 (2012 est.)

$3,500 (2011 est.)

note: data are in 2013 US dollarsGross national saving16.9% of GDP (2013 est.)

16.1% of GDP (2012 est.)

11.8% of GDP (2011 est.)GDP - composition, by end usehousehold consumption: 92.9%

government consumption: 20.6%

investment in fixed capital: 22.6%

investment in inventories: 1.7%

exports of goods and services: 44.1%

imports of goods and services: -81.9%

(2013 est.)GDP - composition by sectoragriculture: 13.8%

industry: 19.9%

services: 66.2% (2013 est.)Population below poverty line21.9% (2010 est.)Labor force1.206 million (2013 est.)Labor force - by occupationagriculture: 26.4%

industry: 13.2%

services: 60.4% (2012 est.)Unemployment rate5.8% (2013 est.)

5.6% (2012 est.)Unemployment, youth ages 15-24total: 13.1%

male: 12.8%

female: 13.4% (2012)Household income or consumption by percentage sharelowest 10%: 3.3%

highest 10%: 26% (2010 est.)Distribution of family income - Gini index33 (2010)

33.2 (2003)Budgetrevenues: $2.931 billion

expenditures: $3.071 billion

note: National Public Budget (2013 est.)Taxes and other revenues37% of GDP (2013 est.)Budget surplus (+) or deficit (-)-1.8% of GDP (2013 est.)Public debt16.6% of GDP (2013 est.)

17.8% of GDP (2012 est.)Inflation rate (consumer prices)4.6% (2013 est.)

4.6% (2012 est.)Central bank discount rate3.5% (31 December 2013)

4.5% (31 December 2012)

note: this is the basic rate on short-term operationsCommercial bank prime lending rate12.26% (31 December 2013 est.)

13.34% (31 December 2012 est.)Stock of narrow money$2.154 billion (31 December 2013 est.)

$1.701 billion (31 December 2012 est.)Stock of broad money$4.974 billion (31 December 2013 est.)

$4.088 billion (31 December 2012 est.)Stock of domestic credit$2.978 billion (31 December 2013 est.)

$2.908 billion (31 December 2012 est.)Market value of publicly traded shares$65.28 million (31 December 2012 est.)

$51.46 million (31 December 2012)

$20.71 millionAgriculture - productsvegetables, fruits, grapes, grain, sugar beets, sunflower seeds, tobacco; beef, milk; wineIndustriessugar, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textilesIndustrial production growth rate6.8% (2013 est.)Current Account Balance-$507.7 million (2013 est.)

-$495.3 million (2012 est.)Exports$2.399 billion (2013 est.)

$2.162 billion (2012 est.)Exports - commoditiesfoodstuffs, textiles, machineryExports - partnersRussia 26.3%, Romania 17.2%, Italy 7.7%, Ukraine 5.9%, Turkey 5.3%, Germany 4.7%, GB 4.4% (2012 est.)Imports$5.493 billion (2013 est.)

$5.213 billion (2012 est.)Imports - commoditiesmineral products and fuel, machinery and equipment, chemicals, textilesImports - partnersRussia 14.3%, Romania 13.1%, Ukraine 12%, China 8.7%, Germany 7.2%, Turkey 6.9%, Italy 6.3% (2012 est.)Reserves of foreign exchange and gold$2.814 billion (31 December 2013 est.)

$2.513 billion (31 December 2012 est.)Debt - external$6.218 billion (30 September, 2013 est.)

$5.984 billion (31 December 2012 est.)Stock of direct foreign investment - at home$3.448 billion (31 December 2012 est.)

$3.262 billion (31 December 2011 est.)Stock of direct foreign investment - abroad$108.2 million (31 December 2012)

$88.42 million (31 December 2011)Exchange ratesMoldovan lei (MDL) per US dollar -

12.592 (2013 est.)

12.112 (2012 est.)

12.369 (2010 est.)

11.11 (2009)