Moldavian Economy
Economy - overview: 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 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, 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): $17.72 billion (2014 est.)
GDP (official exchange rate): $7.944 billion (2014 est.)
GDP - real growth rate: 4.6% (2014 est.)
GDP - per capita (PPP): $5,000 (2014 est.)
GDP - composition by sector: agriculture: 15.7%
industry: 20%
services: 64.3% (2014 est.)
Labor force: 1.23 million (2014 est.)
Labor force - by occupation: agriculture: 26.4%
industry: 13.2%
services: 60.4% (2012 est.)
Unemployment rate: 4% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 3.3%
highest 10%: 26% (2010 est.)
Investment (gross fixed): 24.5% of GDP (2009 est.)
Budget: revenues: $2.922 billion
expenditures: $3.15 billion
note: National Public Budget (2014 est.)
Public debt: 18.9% of GDP (2014 est.)
Inflation rate (consumer prices): 5.1% (2014 est.)
Central bank discount rate: 3.5% (31 December 2013)
Commercial bank prime lending rate: 12% (31 December 2014 est.)
Agriculture - products: vegetables, fruits, wine, grain, sugar beets, sunflower seed, tobacco; beef, milk
Industries: sugar, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles
Industrial production growth rate: 4% (2014 est.)
Electricity - production: 5.467 billion kWh (2012 est.)
Electricity - consumption: 5.056 billion kWh (2012 est.)
Electricity - exports: 0 kWh (2013 est.)
Electricity - imports: 846 million kWh (2012 est.)
Oil - production: 0 bbl/day (2014 est.)
Oil - consumption: 17,000 bbl/day (2008 est.)
Oil - exports: 0 bbl/day (2012 est.)
Oil - imports: 0 bbl/day (2012 est.)
Oil - proved reserves: 0 bbl (1 January 2015 est.)
Natural gas - production: 0 cu m (2013 est.)
Natural gas - consumption: 3.28 billion cu m (2013 est.)
Natural gas - exports: 0 cu m (2013 est.)
Natural gas - imports: 3.28 billion cu m
Natural gas - proved reserves: 0 cu m (1 January 2014 est.)
Current account balance: -$435 million (2014 est.)
Exports: $2.63 billion (2014 est.)
Exports - commodities: foodstuffs, textiles, machinery
Exports - partners: Romania 18.9%, Russia 18.4%, Italy 10.6%, Germany 6%, Belarus 5.9%, Ukraine 4.7%, UK 4.7%, Turkey 4.5% (2014)
Imports: $5.57 billion (2014 est.)
Imports - commodities: mineral products and fuel, machinery and equipment, chemicals, textiles
Imports - partners: Romania 15.2%, Russia 13.5%, Ukraine 10.3%, China 9.1%, Germany 8.1%, Italy 6.7%, Turkey 5.7% (2014)
Reserves of foreign exchange and gold: $2.7 billion (31 December 2014 est.)
Debt - external: $6.495 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $3.448 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad: $108.2 million (31 December 2012)
Exchange rates: Moldovan lei (MDL) per US dollar - 13.97 (2014 est.), 12.587 (2013 est.), 12.11 (2012 est.), 11.738 (2011 est.), 12.369 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team