Moldova’s economy sees a 0.7% growth in 2023

Moldova’s economy sees a 0.7% growth in 2023

In 2023, Moldova’s economic output saw a slight increase of 0.7% in real terms, following a decrease of 5.9% in the previous year. The country’s gross domestic product (GDP) reached 300.4 billion lei ($17.1 billion/15.6 billion euro) in 2023, according to provisional data from the National Bureau of Statistics.

The growth in GDP for 2023 was mainly driven by the agriculture, forestry, and fishing sector, contributing 2.6 percentage points to the overall increase. Other sectors that made positive contributions include health and social insurance (0.7 pp) and information and communication (0.5 pp). On the other hand, manufacturing, construction, wholesale and retail trade, as well as transport and storage sectors, had negative impacts on GDP growth.

Net exports increased by 5.1% in 2023, adding 5.8 percentage points to real GDP growth. However, government and household consumption expenditures declined, offsetting the overall growth by 0.6 pp and 0.4 pp, respectively. Additionally, gross fixed capital formation fell by 1.3% year-on-year, resulting in a 0.3 pp decrease in GDP growth.

In the fourth quarter of 2023, Moldova’s GDP stood at 83.6 billion lei, showing a slight increase of 0.2% year-on-year. The GDP remained unchanged from the third quarter of 2023. The country’s 2024 budget aims for an economic growth rate of 3.5%.

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