Moldova flag Moldova: Economic outline

Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Moldova's economic performance has been relatively strong over the past few years, but repeatedly hindered by the unfavourable global situation or by poor climatic conditions. After Moldova's economy collapsed due to the COVID-19 outbreak, GDP growth came back to its pre-pandemic level at 4.5% in 2021. The latest forecasts made by the IMF state that GDP will grow by 5.2% in 2022 and by 5.5% in 2023, although uncertainties around the evolution of the pandemic may keep the economy below potential. However, European aid will provide considerable support to the public finances with a EUR 600 million EU stimulus package between 2021 and 2024.

Public debt has risen to 38.1% of GDP in 2021 and is expected to increase in 2022 (39.5%) and in 2023 (41.6%) as the public spending increased to mitigate COVID-19 impact. As a result, the country's current account has reached a negative rate of 8.5% in 2021. The IMF forecasts an increasing current account deficit of 9.6% for 2022 and 9% in 2023. Inflation reached 3% in 2021 but is expected to rise to 5.8% in 2022, before decreasing to around 5% in 2023, according to the IMF's latest World Economic Outlook. Over the longer term, Moldova's economy still has to face many challenges, including corruption, political uncertainty, weak administrative capacity, energy import dependence, Russian political and economic pressure, heavy dependence on agricultural exports, and unresolved separatism in Moldova's Transnistria region.

Moldova's unemployment decreased consistently in 2021, to 5.5%. The IMF estimates that the rate will be stable at around 3% in 2022 and 2023. The jobless rate is higher in urban areas than in rural areas. However, Moldova remains the poorest country in Europe and has one of the lowest productivity levels.

 
Main Indicators 20202021 (e)2022 (e)2023 (e)2024 (e)
GDP (billions USD) 11.5313.6714.0514.3315.02
GDP (Constant Prices, Annual % Change) -8.313.90.02.35.8
GDP per Capita (USD) 4e5556
General Government Gross Debt (in % of GDP) 36.633.136.038.341.7
Inflation Rate (%) 3.85.128.513.85.0
Unemployment Rate (% of the Labour Force) 3.83.53.53.53.5
Current Account (billions USD) -0.89-1.59-1.80-1.78-1.71
Current Account (in % of GDP) -7.7-11.6-12.8-12.4-11.4

Source: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated Data

 
Monetary Indicators 20162017201820192020
Moldovan Leu (MDL) - Average Annual Exchange Rate For 1 GHS 4.994.253.663.383.10

Source: World Bank, 2015

 

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Latest Update: November 2022