Economic growth of 0.7% reported in Moldova for 2023


Economic growth of 0.7% reported in Moldova for 2023

Moldova’s economic output grew by 0.7% in real terms in 2023, following a 5.9% decrease in 2022, according to the country’s statistical office. The gross domestic product (GDP) for Moldova totaled 300.4 billion lei ($17.1 billion/15.6 billion euro) last year. The growth in GDP in 2023 was mainly driven by the agriculture, forestry, and fishing sector, which contributed 2.6 percentage points to the overall rise. Other sectors that contributed positively to GDP growth were health and social insurance, and the information and communication sector.

On the other hand, sectors such as manufacturing, construction, wholesale and retail trade, transport, and storage had a negative impact on GDP growth. Net exports saw an increase of 5.1% in 2023, contributing significantly to real GDP growth. However, the final consumption expenditure of government and final household consumption decreased, affecting GDP growth negatively. Gross fixed capital formation also fell, leading to a drop in GDP growth.

In the fourth quarter of 2023, Moldova’s GDP was 83.6 billion lei, showing a 0.2% increase compared to the same period the previous year. The GDP remained flat in the fourth quarter compared to the third quarter. The country’s 2024 budget aims for an economic growth of 3.5%.

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