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Moldova Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Moldova Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
Moldova remains one of the poorest countries in Europe despite recent progress from its small economic base. With its moderate climate and good farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco. 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 an estimated $4.3 billion debt to Russian natural gas supplier Gazprom due largely to unreimbursed natural gas consumption in the separatist Transnistria region. Previous Russian decisions to ban Moldovan wine and agricultural products, coupled with their decision to double the price Moldova paid for Russian natural gas and the large debt continue to hamper economic growth. Moldova also depends heavily on the annual $1 billion in remittances from the estimated one million Moldovans working in Europe and former Soviet Bloc countries. During the global financial crisis in 2009, Moldova experienced a 6% contraction of its GDP, a shrinkage due to increased unemployment and decrease in remittances. To stabilize the country, the IMF allocated $186 million to Moldova to cover its immediate budgetary needs in the fall of 2009, and the Moldovan Government agreeing with the IMF to a new program worth $574 million. In 2010, an upturn in the world economy boosted GDP growth to about 7% and inflation to more than 7%. 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 has encouraged 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 had modest growth in 2011, expanding by 6.8%. However, in 2012, with the Euro crisis and a devastating drought, Moldova's GDP stalled at an estimated 0.3% growth over 2011. Moldova's economic future remains vulnerable to political uncertainty, weak administrative capacity, vested bureaucratic interests, higher fuel prices and the concerns of foreign investors as well as the presence of an illegal separatist regime in Moldova's Transnistria region.

GDP (purchasing power parity):
$12.03 billion (2012 est.)
country comparison to the world: 150

$12.12 billion (2011 est.)
$11.35 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.154 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.8% (2012 est.)
country comparison to the world: 193

6.8% (2011 est.)
7.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,400 (2012 est.)
country comparison to the world: 171

$3,400 (2011 est.)
$3,200 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
16.1% of GDP (2012 est.)
country comparison to the world: 97

11.8% of GDP (2011 est.)
16.1% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 97.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 22.3%
investment in fixed capital: 21.8%
investment in inventories: 1.5%
exports of goods and services: 45.2%
imports of goods and services: -88%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 13.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.8%
services: 67.1% (2012 est.)

Agriculture - products:
vegetables, fruits, grapes, grain, sugar beets, sunflower seed, tobacco; beef, milk; wine

Industries:
sugar, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles

Industrial production growth rate:
-3% (2012 est.)
country comparison to the world: 166
[see also: Industrial production growth rate country ranks ]

Labor force:
1.215 million (2012 est.)
country comparison to the world: 140
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 27.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 13.1%
services: 59.4% (2011 est.)

Unemployment rate:
5.6% (2012 est.)
country comparison to the world: 55

6.7% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.9% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26% (2010 est.)

Distribution of family income - Gini index:
38 (2008)
country comparison to the world: 72

33.2 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.749 billion
[see also: Budget revenues country ranks ]
expenditures: $2.9 billion (2012 est.)

Taxes and other revenues:
38.4% of GDP (2012 est.)
country comparison to the world: 55
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2012 est.)
country comparison to the world: 88
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
17.8% of GDP (2012 est.)
country comparison to the world: 133

18.9% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.5% (2012 est.)
country comparison to the world: 134

7.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
13.4% (31 December 2012 est.)
country comparison to the world: 51

14.44% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.708 billion (31 December 2012 est.)
country comparison to the world: 131

$1.484 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.498 billion (31 December 2011 est.)
country comparison to the world: 140

$3.049 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.908 billion (31 December 2012 est.)
country comparison to the world: 125

$2.772 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$20.7 million (31 December 2010 est.)
country comparison to the world: 118

$22 million (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-510.9 million (2012 est.)
country comparison to the world: 105

$-790.4 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$2.228 billion (2012 est.)
country comparison to the world: 139

$2.277 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
foodstuffs, textiles, machinery

Exports - partners:
Russia 20.8%, Romania 19.8%, Italy 11.5%, Turkey 5.9%, Ukraine 5.4%, Germany 4.7% (2012)

Imports:
$5.152 billion (2012 est.)
country comparison to the world: 128

$5.147 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Ukraine 17.6%, Romania 16.6%, Germany 9.7%, Russia 8.2%, Italy 5.8%, Belarus 5.4%, Turkey 4.8%, Poland 4.6% (2012)

Reserves of foreign exchange and gold:
$2.515 billion (31 December 2012 est.)
country comparison to the world: 116

$1.965 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.888 billion (31 December 2012 est.)
country comparison to the world: 114

$5.452 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$3.224 billion (30 September 2012 est.)
country comparison to the world: 92

$3.17 billion (30 September 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$88.42 million (1 January 2012)
country comparison to the world: 90

$67.85 million (1 January 2010)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Moldovan lei (MDL) per US dollar -

12.194 (2012 est.)
11.792 (2011 est.)
12.369 (2010 est.)
11.11 (2009)
10.326 (2008)


NOTE: 1) The information regarding Moldova on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Moldova Economy 2014 information contained here. All suggestions for corrections of any errors about Moldova Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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