Economy - overview:
Despite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and productive farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, wheat, and tobacco. Moldova also depends on annual remittances of about $1.2 billion - almost 15% of GDP - from the roughly one million Moldovans working in Europe, Israel, Russia, and elsewhere.
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 more than $6 billion debt to Russian natural gas supplier Gazprom, largely the result of unreimbursed natural gas consumption in the breakaway region of Transnistria. Moldova and Romania inaugurated the Ungheni-Iasi natural gas interconnector project in August 2014. The 43-kilometer pipeline between Moldova and Romania, allows for both the import and export of natural gas. Several technical and regulatory delays kept gas from flowing into Moldova until March 2015. Romanian gas exports to Moldova are largely symbolic. In 2018, Moldova awarded a tender to Romanian Transgaz to construct a pipeline connecting Ungheni to Chisinau, bringing the gas to Moldovan population centers. Moldova also seeks to connect with the European power grid by 2022.
The government's stated goal of EU integration has resulted in some market-oriented progress. Moldova experienced better than expected economic growth in 2017, largely driven by increased consumption, increased revenue from agricultural exports, and improved tax collection. During fall 2014, Moldova signed an Association Agreement and a Deep and Comprehensive Free Trade Agreement with the EU (AA/DCFTA), connecting Moldovan products to the world’s largest market. The EU AA/DCFTA has contributed to significant growth in Moldova’s exports to the EU. In 2017, the EU purchased over 65% of Moldova’s exports, a major change from 20 years previously when the Commonwealth of Independent States (CIS) received over 69% of Moldova’s exports. A $1 billion asset-stripping heist of Moldovan banks in late 2014 delivered a significant shock to the economy in 2015; the subsequent bank bailout increased inflationary pressures and contributed to the depreciation of the leu and a minor recession. Moldova’s growth has also been hampered by endemic corruption, which limits business growth and deters foreign investment, and Russian restrictions on imports of Moldova’s agricultural products. The government’s push to restore stability and implement meaningful reform led to the approval in 2016 of a $179 million three-year IMF program focused on improving the banking and fiscal environments, along with additional assistance programs from the EU, World Bank, and Romania. Moldova received two IMF tranches in 2017, totaling over $42.5 million.
Over the longer term, Moldova's economy remains vulnerable to corruption, political uncertainty, weak administrative capacity, vested bureaucratic interests, energy import dependence, Russian political and economic pressure, heavy dependence on agricultural exports, and unresolved separatism in Moldova's Transnistria region.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$23.72 billion
(2017 est.)
$22.69 billion
(2016 est.)
$21.75 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
143
[see also: GDP country ranks ]
$9.556 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
4.5%
(2017 est.)
4.3%
(2016 est.)
-0.4%
(2015 est.)
country comparison to the world:
65
[see also: GDP - real growth rate country ranks ]
$6,700
(2017 est.)
$6,400
(2016 est.)
$6,100
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
162
[see also: GDP - per capita country ranks ]
13.5% of GDP
(2017 est.)
15.9% of GDP
(2016 est.)
14.5% of GDP
(2015 est.)
country comparison to the world:
143
[see also: Gross national saving country ranks ]
household consumption: 85.8%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.9%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.4%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 42.5%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -70.7%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 17.7%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.3%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
vegetables, fruits, grapes, grain, sugar beets, sunflower seeds, tobacco; beef, milk; wine
sugar processing, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles
3%
(2017 est.)
country comparison to the world:
104
[see also: Industrial production growth rate country ranks ]
1.295 million
(2017 est.)
country comparison to the world:
136
[see also: Labor force country ranks ]
agriculture: 32.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12%
[see also: Labor force - by occupation - industry country ranks ]
services: 55.7%
(2017 est.)
[see also: Labor force - by occupation - services country ranks ]
4.1%
(2017 est.)
4.2%
(2016 est.)
country comparison to the world:
53
[see also: Unemployment rate country ranks ]
9.6%
(2015 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 4.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.1%
(2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
26.8
(2015 est.)
26.8
(2014 est.)
country comparison to the world:
146
[see also: Distribution of family income - Gini index country ranks ]
revenues: 2.886 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.947 billion
(2017 est.)
note: National Public Budget
30.2% (of GDP)
(2017 est.)
country comparison to the world:
77
[see also: Taxes and other revenues country ranks ]
-0.6% (of GDP)
(2017 est.)
country comparison to the world:
65
[see also: Budget surplus (+) or deficit (-) country ranks ]
31.5% of GDP
(2017 est.)
35.8% of GDP
(2016 est.)
country comparison to the world:
163
[see also: Public debt country ranks ]
calendar year
6.6%
(2017 est.)
6.4%
(2016 est.)
country comparison to the world:
191
[see also: Inflation rate (consumer prices) country ranks ]
6.5%
(31 December 2017)
9%
(31 December 2016)
note: this is the basic rate on short-term operations
country comparison to the world:
60
[see also: Central bank discount rate country ranks ]
10.36%
(31 December 2017 est.)
14.28%
(31 December 2016 est.)
country comparison to the world:
84
[see also: Commercial bank prime lending rate country ranks ]
$2.026 billion
(31 December 2017 est.)
$1.406 billion
(31 December 2016 est.)
country comparison to the world:
134
[see also: Stock of narrow money country ranks ]
$2.026 billion
(31 December 2017 est.)
$1.406 billion
(31 December 2016 est.)
country comparison to the world:
142
[see also: Stock of broad money country ranks ]
$2.135 billion
(31 December 2017 est.)
$1.942 billion
(31 December 2016 est.)
country comparison to the world:
148
[see also: Stock of domestic credit country ranks ]
$18.42 million
(31 December 2015 est.)
$9.723 million
(31 December 2015 est.)
$50.47 million
(31 December 2014 est.)
country comparison to the world:
123
[see also: Market value of publicly traded shares country ranks ]
-$602 million
(2017 est.)
-$268 million
(2016 est.)
country comparison to the world:
123
[see also: Current account balance country ranks ]
$1.858 billion
(2017 est.)
$2.045 billion
(2016 est.)
country comparison to the world:
143
[see also: Exports country ranks ]
Romania 24.6%, Russia 13.7%, Italy 9.1%, Germany 6.2%, Ukraine 5.3%, UK 4.6%, Poland 4.6%
(2017)
foodstuffs, textiles, machinery
$4.427 billion
(2017 est.)
$3.635 billion
(2016 est.)
country comparison to the world:
136
[see also: Imports country ranks ]
mineral products and fuel, machinery and equipment, chemicals, textiles
Romania 15.5%, Ukraine 11.4%, Russia 10.6%, China 10.4%, Germany 8.9%, Italy 6.9%, Turkey 6.1%
(2017)
$2.803 billion
(31 December 2017 est.)
$2.206 billion
(31 December 2016 est.)
country comparison to the world:
111
[see also: Reserves of foreign exchange and gold country ranks ]
$6.549 billion
(31 December 2017 est.)
$6.138 billion
(31 December 2016 est.)
country comparison to the world:
126
[see also: Debt - external country ranks ]
$3.701 billion
(31 December 2017 est.)
$3.581 billion
(31 December 2016 est.)
country comparison to the world:
112
[see also: Stock of direct foreign investment - at home country ranks ]
$252.7 million
(31 December 2017)
$206.1 million
(31 December 2016)
country comparison to the world:
106
[see also: Stock of direct foreign investment - abroad country ranks ]
Moldovan lei (MDL) per US dollar -
18.49
(2017 est.)
19.924
(2016 est.)
19.924
(2015 est.)
19.83
(2014 est.)
14.036
(2013 est.)
