Moldova

Moldova Economy

Moldova's economy in numbers:

Nominal GDP of USD 14.5 billion in 2022.

GDP per capita of USD 5,688 compared to the global average of USD 10,589.

Average real GDP growth of 2.6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 69% of overall GDP, manufacturing 9%, other industrial activity 12%, and agriculture 10%. Looking at GDP by expenditure, private consumption accounted for 82% of GDP in 2021, government consumption 17%, fixed investment 29%, and net exports -28%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 40% of total merchandise exports, mineral fuels 0%, food 56%, ores and metals 4% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 69% of total merchandise imports, mineral fuels 13%, food 13%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 2% of the total. Total exports were worth USD 4 billion in 2022, while total imports were USD 9 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.6% in the decade to 2022. To read more about GDP growth in Moldova, go to our dedicated page.

Fiscal policy:

Moldova's fiscal deficit averaged 2.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.2% in the decade to 2022. For more information on Moldova's unemployment click here.

Inflation:

Inflation averaged 7.5% in the decade to 2022. Go to our Moldova inflation page for extra insight.

Monetary Policy:

Moldova's monetary policy rate ended 2022 at 20.00%, up from 4.50% a decade earlier. See our Moldova monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the leu weakened by 36.6% vs the U.S. dollar. For more info on the leu, click here.
As expected, the economy started 2024 on a strong footing: GDP rose by 1.9% year on year in Q1 (Q4 2023: +0.2% yoy). Growth in private spending and investment hit the quickest paces since 2021, and the drop in public spending softened. Meanwhile, exports expanded notably less than in Q4 2023, and imports fell at a sharper pace. In Q2, the economy likely grew robustly. In April–May, inflation eased further, hitting a near three-year low in May, supporting purchasing power. Lower interest rates yoy should also be fueling domestic demand. Additionally, industrial output growth accelerated in April from Q1’s average, and goods exports shrank less than in the prior quarter. In other news, the EU opened accession negotiations with Moldova on 25 June. Notwithstanding some domestic opposition, this bodes well for policy reform and investment.
Projections out to 2033.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Moldova in the coming years? FocusEconomics collects projections out to 2033 on 44 economic indicators for Moldova from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Moldova economy. To download a sample report on the Moldova's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Moldova Economic Data

2018 2019 2020 2021 2022
Population (million) 2.7 2.7 2.6 2.6 2.5
GDP (USD bn) 11.3 12.0 11.6 13.7 14.5
GDP per capita (USD) 4,147 4,475 4,407 5,302 5,688
GDP (EUR bn) 9.6 10.7 10.2 11.6 13.7
GDP per capita (EUR) 3,512 3,998 3,862 4,482 5,405
GDP (MDL bn) 190 210 200 242 273
Economic Growth (Nominal GDP, ann. var. %) 26.4 10.6 -4.9 21.1 12.7
Economic Growth (GDP, ann. var. %) 4.1 3.6 -8.3 13.9 -4.6
Industrial Production (ann. var. %) 4.3 2.3 -5.6 13.3 -4.1
Unemployment (% of active population, aop) 3.0 5.1 3.8 3.3 3.1
Fiscal Balance (% of GDP) -0.9 -1.5 -5.3 -2.6 -3.2
Public Debt (% of GDP) 31.8 28.8 36.6 33.6 34.9
Inflation (CPI, ann. var. %, aop) 3.0 4.8 3.8 5.1 28.7
Base Rate (%, eop) 6.50 5.50 2.65 6.50 20.00
Exchange Rate (MDL per USD, eop) 17.03 17.14 17.11 17.75 19.11
Exchange Rate (MDL per USD, aop) 16.79 17.50 17.21 17.63 18.86
Exchange Rate (MDL per EUR, eop) 19.47 19.23 20.93 20.19 20.39
Exchange Rate (MDL per EUR, aop) 19.82 19.59 19.64 20.86 19.85
Current Account Balance (USD bn) -1.2 -1.1 -0.9 -1.7 -2.5
Current Account Balance (% of GDP) -10.7 -9.2 -7.6 -12.4 -17.2
Merchandise Trade Balance (USD bn) -3.3 -3.3 -3.1 -4.2 -5.2
Merchandise Exports (USD bn) 2.0 2.1 1.9 2.6 3.7
Merchandise Imports (USD bn) 5.3 5.4 5.0 6.8 8.9
Merchandise Exports (ann. var. %) 5.8 7.2 -8.2 31.8 44.5
Merchandise Imports (ann. var. %) 19.1 3.0 -7.2 34.0 31.7
Foreign Direct Investment (USD bn) 0.3 0.5 0.1 0.4 0.6
International Reserves (USD bn) 3.0 3.1 3.8 3.9 4.5
International Reserves (months of imports) 6.8 6.8 9.0 6.9 6.0
External Debt (USD bn) 7.2 7.2 8.1 8.7 9.6
External Debt (% of GDP) 63.3 59.8 69.7 63.7 66.4

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