Moldova's GDP increased 5.2% in Q1Christian Fernsby ▼ | September 17, 2019
Moldova's GDP in the first half of 2019 amounted to 90.889 billion lei ($5.165 billion) and increased 5.2%, compared with the first half of 2018.
Asia Moldova's GDP amounted to 49 billion 704 million lei
Topics: Moldova GDP
With seasonal adjustments, GDP increased 5.2% compared to the same quarter of 2018 and 2% compared to the first quarter of 2019.
As noted the NBS, the following economic activities had the most positive impact on GDP growth in the first half of 2019, compared with the first half of 2018:
- Construction (+ 2.2%), whose gross value added increased 26.7%, and the contribution to the formation of GDP was 9.8%
- Wholesale and retail trade; maintenance and repair of motor vehicles and motorcycles; transport and storage;
- Accommodation and catering activities (+ 1.1%), whose gross value added of which increased 5.7%, and the contribution to the formation of GDP amounted to 19.5%;
- Mining; manufacturing industry; production and supply of electricity and heat, gas, hot water; air conditioning; water supply;
- Waste treatment and recovery and restoration work (+ 0.6%), whose gross value added of which increased 3.6%, and the contribution to the formation of GDP amounted to 15.3%.
In the first half of 2019, the whose gross value added in the economy as a whole grew 5.9%, compared with the first half of 2018, affecting the growth of GDP 5.1% and amounting to 86.3% in GDP.
Food taxes exceeded the corresponding period of the previous year 2.8%, affecting the growth of GDP 0.4% and amounting to 14.1% of GDP.
In terms of the use of GDP, its growth in the first half of 2019 was due to: Gross fixed capital formation (+ 4.8%), the volume of which increased 20.3%, and the share in GDP amounted to 26.0% ; The final consumption of households (+ 1.6%), the volume of which increased 1.8%, and the share in GDP was 83.0%.
Net export (0.6%) had a negative impact on the index of physical volume of GDP, as a result of a significant excess of the share of imports of goods and services (60.2%) over the share of exports of goods and services (33.3%).
Earlier, the Ministry of Economy and Infrastructure presented a new forecast of macroeconomic indicators for 2020-2022, from which it follows that in 2019 Moldova’s GDP will grow 3.7%, and in the next 3 years it will grow 3.8% annually.
According to the new forecast, Moldova's GDP in 2019 will amount to 207.3 billion lei, in 2020 226.8 billion lei, in 2021 247.2 billion lei, and in 2022 269.5 billion lei.
In the previous 3 years, Moldova's annual GDP growth exceeded 4%: in 2016 4.4%, in 2017 4.7%, in 2018 4%.
In 2015, the decline in GDP amounted to 0.3% compared to 2014.
In November 2018, the government forecasted an economic growth of 4% in 2019, and 3.8% in the next 2 years.
However, since the spring of 2019, experts and external partners of Moldova began to update the data, adjusting the forecast for GDP growth for the current year.
The monetary fund predicts that Moldova's GDP growth in 2019 will be about 3.5%, the World Bank 3.8%, the European Bank for Reconstruction and Development 3.5%. ■