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Moldova Economy 2010
http://www.workmall.com/wfb2010/moldova/moldova_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
Moldova remains one of the poorest countries in Europe despite recent progress from its small economic base. It enjoys a favorable climate and good farmland but has no major mineral deposits. As a result, the economy depends heavily on agriculture, featuring fruits, vegetables, wine, and tobacco. Moldova must import almost all of its energy supplies. Moldova's dependence on Russian energy was underscored at the end of 2005, when a Russian-owned electrical station in Moldova's separatist Transnistria region cut off power to Moldova and Russia's Gazprom cut off natural gas in disputes over pricing, and again in January 2009, during a similar dispute. Russia's decision to ban Moldovan wine and agricultural products, coupled with its decision to double the price Moldova paid for Russian natural gas, slowed GDP growth in 2006-07. However, in 2008 growth exceeded 7%, boosted by Russia's partial removal of the bans, solid fixed capital investment, and strong domestic demand driven by remittances from abroad. The country reversed course again in 2009, due to the onset of the global financial crisis and poor economic conditions in Moldova's main foreign markets, which dramatically decreased remittances. GDP fell about 9%. Unemployment almost doubled, and deflation has become a concern. Economic reforms have been slow because of corruption and strong political forces backing government controls. Nevertheless, the government's primary goal of EU integration has resulted in some market-oriented progress. The granting of EU trade preferences and increased exports to Russia will encourage higher growth rates, but the agreements are unlikely to serve as a panacea, given the extent to which export success depends on higher quality standards and other factors. The economy is likely to have a modest recovery in 2010, but remains vulnerable to political uncertainty, weak administrative capacity, vested bureaucratic interests, higher fuel prices, poor agricultural weather, and the skepticism of foreign investors as well as the presence of an illegal separatist regime in Moldova's Transnistria region.

GDP (purchasing power parity):
$10.21 billion (2009 est.)

$10.93 billion (2008 est.)
$10.19 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$5.328 billion (2009 est.)

GDP - real growth rate:
-6.6% (2009 est.)

7.2% (2008 est.)
4% (2007 est.)

GDP - per capita (PPP):
$2,400 (2009 est.)

$2,500 (2008 est.)
$2,400 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 21.8%
industry: 17.6%
services: 60.6% (2009 est.)

Labor force:
1.336 million (2009 est.)

Labor force - by occupation:
agriculture: 40.6%
industry: 16%
services: 43.3% (2005)

Unemployment rate:
2.6% (2009 est.)

1.5% (2008 est.)

Population below poverty line:
29.5% (2005)

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 28.2% (2004)

Distribution of family income - Gini index:
33.2 (2003)

40.6 (1997)

Investment (gross fixed):
24.5% of GDP (2009 est.)

Budget:
revenues: $1.751 billion
expenditures: $2.112 billion (2009 est.)

Public debt:
31.3% of GDP (2009 est.)

22.3% of GDP (2008 est.)

Inflation rate (consumer prices):
0% (2009 est.)

12.8% (2008 est.)

Commercial bank prime lending rate:
21.06% (31 December 2008)

18.83% (31 December 2007)

Stock of money:
$1.116 billion (31 December 2008)

$965 million (31 December 2007)

Stock of quasi money:
$1.928 billion (31 December 2008)

$1.449 billion (31 December 2007)

Stock of domestic credit:
$2.406 billion (31 December 2008)

$1.896 billion (31 December 2007)

Market value of publicly traded shares:
$NA (2004)

$573.9 million (2004)

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:
-20% (2009 est.)

Electricity - production:
3.617 billion kWh (2007 est.)

Electricity - consumption:
4.37 billion kWh (2007 est.)

Electricity - exports:
240 million kWh (2007 est.)

Electricity - imports:
2.931 billion kWh (2007 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
17,000 bbl/day (2008 est.)

Oil - exports:
36 bbl/day (2007 est.)

Oil - imports:
14,230 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
50 million cu m (2007 est.)

Natural gas - consumption:
2.52 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
2.52 billion cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-611 million (2009 est.)

$-1.015 billion (2008 est.)

Exports:
$1.24 billion (2009 est.)

$1.641 billion (2008 est.)

Exports - commodities:
foodstuffs, textiles, machinery

Exports - partners:
Morocco 48.3%, Russia 15.2%, Romania 8.1%, Italy 5% (2008)

Imports:
$3.14 billion (2009 est.)

$4.87 billion (2008 est.)

Imports - commodities:
mineral products and fuel, machinery and equipment, chemicals, textiles

Imports - partners:
Ukraine 20.6%, Russia 19.5%, Romania 14.6%, Germany 8.1%, Italy 5.1%, Belarus 4.3% (2008)

Reserves of foreign exchange and gold:
$1.2 billion (31 December 2009 est.)

$1.672 billion (31 December 2008 est.)

Debt - external:
$3.97 billion (31 December 2009 est.)

$4.125 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)

$1.813 billion (2008)

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
Moldovan lei (MDL) per US dollar - 11.105 (2009), 10.326 (2008), 12.177 (2007), 13.131 (2006), 12.6 (2005)


NOTE: The information regarding Moldova on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Moldova Economy 2010 information contained here. All suggestions for corrections of any errors about Moldova Economy 2010 should be addressed to the CIA.



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