Page last updated on February 5, 2013
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. In January 2009, gas supplies were cut during a dispute between Russia and Ukraine. Previous Russian decisions to ban Moldovan wine and agricultural products, coupled with its decision to double the price Moldova paid for Russian natural gas, have hurt economic growth in the past. The onset of the global financial crisis and poor economic conditions in Moldova's main foreign markets caused GDP to fall 6% in 2009. Unemployment almost doubled and inflation dropped to -0.1%, a record low. Moldova's IMF agreement expired in May 2009. In fall 2009, the IMF allocated $186 million to Moldova to cover its immediate budgetary needs, and the government signed a new agreement with the IMF in January 2010 for a program worth $574 million. In 2010, an upturn in the world economy boosted GDP growth to about 7% per year 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 should 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 has made a modest recovery, growing by 6.4% in 2011 and 3% in 2012, but 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):
$12.56 billion (2012 est.)
country comparison to the world: 148
$12.19 billion (2011 est.)
$11.46 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$7.589 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
3% (2012 est.)
country comparison to the world: 106
6.4% (2011 est.)
7.1% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$3,500 (2012 est.)
country comparison to the world: 167
$3,400 (2011 est.)
$3,200 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 16.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
20%
services:
63.9% (2012 est.)
Labor force:
1.247 million (2012 est.)
country comparison to the world: 138
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 27.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
12.7%
services:
59.8% (2005 est.)
Unemployment rate:
6.9% (2012 est.)
country comparison to the world: 76
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: 71
33.2 (2003)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
21.6% of GDP (2012 est.)
country comparison to the world: 77
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $2.687 billion
[see also: Budget revenues country ranks ]
expenditures:
$2.909 billion (2012 est.)
Taxes and other revenues:
35.4% of GDP (2012 est.)
country comparison to the world: 69
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-2.9% of GDP (2012 est.)
country comparison to the world: 101
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
18.1% of GDP (2012 est.)
country comparison to the world: 131
18.6% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
4.5% (2012 est.)
country comparison to the world: 124
7.6% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
12.5% (31 December 2012 est.)
country comparison to the world: 53
14.44% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$1.481 billion (31 December 2012 est.)
country comparison to the world: 136
$1.475 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: 139
$3.049 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$2.766 billion (31 December 2012 est.)
country comparison to the world: 132
$2.755 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$22 million (2010)
[see also: Market value of publicly traded shares country ranks ]
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:
7.1% (2011 est.)
country comparison to the world: 39
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$837.3 million (2012 est.)
country comparison to the world: 107
-$806.6 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$2.56 billion (2012 est.)
country comparison to the world: 137
$2.277 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
foodstuffs, textiles, machinery
Exports - partners:
Russia 20.5%, Romania 14.9%, Italy 13.9%, Turkey 10.8%, Germany 6.1%, Ukraine 4.8% (2011)
Imports:
$5.39 billion (2012 est.)
country comparison to the world: 124
$5.147 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
mineral products and fuel, machinery and equipment, chemicals, textiles
Imports - partners:
Romania 17.9%, Ukraine 15.3%, Germany 10.5%, Russia 9.1%, Italy 6.5%, Belarus 5.5%, Turkey 4.8%, Poland 4.3% (2011)
Reserves of foreign exchange and gold:
$2.2 billion (31 December 2012 est.)
country comparison to the world: 119