Moldova Economy - 2024

Economic overview

upper middle-income Eastern European economy; sustained growth reversed by COVID-19; significant remittances; Russian energy and regional dependence; agricultural exporter; declining workforce due to emigration and low fertility

Real GDP (purchasing power parity)

$33.789 billion (2022 est.)
$36.637 billion (2021 est.)
$32.153 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

13.94% (2021 est.)
-7.38% (2020 est.)
3.68% (2019 est.)

Real GDP per capita

$13,300 (2022 est.)
$14,000 (2021 est.)
$12,200 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$11.982 billion (2019 est.)

Inflation rate (consumer prices)

5.11% (2021 est.)
3.77% (2020 est.)
4.84% (2019 est.)

Credit ratings

Moody's rating: B3 (2010)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 17.7% (2017 est.)

industry: 20.3% (2017 est.)

services: 62% (2017 est.)

GDP - composition, by end use

household consumption: 85.8% (2017 est.)

government consumption: 19% (2017 est.)

investment in fixed capital: 21.9% (2017 est.)

investment in inventories: 1.4% (2017 est.)

exports of goods and services: 42.5% (2017 est.)

imports of goods and services: -70.7% (2017 est.)

Agricultural products

maize, wheat, sunflower seeds, grapes, apples, sugar beets, milk, potatoes, barley, plums/sloes

Industries

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

Industrial production growth rate

-0.67% (2021 est.)

Labor force

810,000 (2021 est.)

Unemployment rate

3.96% (2021 est.)
3.82% (2020 est.)
5.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 8.6% (2021 est.)

male: 5.3%

female: 14.7%

Population below poverty line

7.3% (2018 est.)

Gini Index coefficient - distribution of family income

26 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 4.2%

highest 10%: 22.1% (2014 est.)

Remittances

15.24% of GDP (2021 est.)
15.82% of GDP (2020 est.)
15.95% of GDP (2019 est.)

Budget

revenues: $3.582 billion (2019 est.)

expenditures: $3.754 billion (2019 est.)

note: National Public Budget

Budget surplus (+) or deficit (-)

-0.6% (of GDP) (2017 est.)

Public debt

33.01% of GDP (2020 est.)
24.95% of GDP (2019 est.)
27.02% of GDP (2018 est.)

Taxes and other revenues

17.41% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.699 billion (2021 est.)
-$886.899 million (2020 est.)
-$1.106 billion (2019 est.)

Exports

$5.983 billion (2022 est.)
$4.197 billion (2021 est.)
$3.222 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Romania 24%, Russia 9%, Turkey 8%, Germany 7%, Italy 7% (2021)

Exports - commodities

insulated wiring, sunflower seeds, wine, corn, seats (2021)

Imports

$10.082 billion (2022 est.)
$7.915 billion (2021 est.)
$5.918 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Romania 18%, Russia 13%, Ukraine 11%, China 9%, Germany 7% (2021)

Imports - commodities

refined petroleum, cars, insulated wiring, packaged medicines, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$3.902 billion (31 December 2021 est.)
$3.784 billion (31 December 2020 est.)
$3.06 billion (31 December 2019 est.)

Debt - external

$7.232 billion (2019 est.)
$7.16 billion (2018 est.)

Exchange rates

Moldovan lei (MDL) per US dollar -

Exchange rates:
17.68 (2021 est.)
17.322 (2020 est.)
17.573 (2019 est.)
16.802 (2018 est.)
18.499 (2017 est.)