On January 2, 1992, Moldova introduced a market economy, liberalising prices, which resulted in huge inflation. In 1993, a national currency, the Moldovan leu, was introduced to replace the Soviet rouble. The economic fortunes of Moldova began to change in 2001; since then the country has seen a steady annual growth of between 5% and 10%. Remittances from Moldovans abroad account for a quarter of Moldova's GDP, one of the highest percentages in the world.
Overview
This section needs to be updated. Please help update this article to reflect recent events or newly available information.(January 2017)
Moldova's proximity to the Black Sea gives it a mild and sunny climate. The fertile Chernozem soil supports wheat, corn, barley, tobacco, sugar beet, and soybeans. Beef and dairy cattle are raised, and beekeeping is widespread. Moldova's best-known product comes from its extensive and well-developed vineyards concentrated in the central and southern regions. Moldova produces liqueur and sparkling wine. It is also known for its sunflower seeds, walnuts, apples, and other fruits. This makes the area ideal for agriculture and food processing, which accounts for about 40% of the country's GDP.
In addition to smaller productions of other agricultural products, like rapeseed (85 thousand tons). Moldova has a production of grape and apple between the 20th and 25th largest in the world, and a production of plum and sunflower seed between the 10th and 15th largest of the world.[30]
GDP by sector, 1989, 1999 and 2015
Moldova has experienced economic difficulties, like many other former Soviet republics. Since its economy was highly dependent on the rest of the former Soviet Union for energy and raw materials, the breakdown in trade following the breakup of the Soviet Union had a serious effect, exacerbated at times by drought and civil conflict. The Russian rouble devaluation of 1998 had a deleterious effect on Moldova's economy, but economic growth has been steady since 2000.
Moldova has made progress in economic reform since independence. The government has liberalized most prices and has phased out subsidies on most basic consumer goods. A program begun in March 1993 has privatized 80% of all housing units and nearly 2,000 small, medium, and large enterprises, which led to a rise in homelessness and unemployment. Other successes include the privatization of nearly all of Moldova's agricultural land from state to private ownership, as a result of an American assistance program completed in 2000. A stock market opened in June 1995.
Inflation was brought down from over 105% in 1994 to 11% in 1997. Though inflation spiked again after Russia’s 1998 currency devaluation, Moldova made great strides in bringing it under control: 18.4% in 2000, 6.3% in 2001, and 4.4% in 2002. In 2003 inflation escalated again – due mainly to a drought-driven rise in agricultural prices – reaching 15.7%, although it was reined in to 12.5% in 2004. The local currency appreciated considerably in 2003 and the first months of 2004. By May, the leu had reached its highest level since the end of 1999. After the National Bank of Moldova increased considerably its purchases on the foreign exchange market, the leu stabilized in November–December 2004 at 12.00-12.50 to the US dollar.
Moldova continues transitioning towards a free-market economy. The country recorded its fifth consecutive year of positive GDP growth in 2004, with year-end real GDP growth of 8%. This growth is impressive considering that, prior to 2000, Moldova had recorded only one year of positive GDP growth since independence. Budget execution in 2004 was also impressive, as actual consolidated budget revenues exceeded projections by 1.4% for most of the year.
Privatization results in 2004 were not significant: several smaller companies and one winery were privatized in 2004, but the government postponed indefinitely the privatization of several larger state enterprises, including two electricity distribution companies. Sporadic and ineffective enforcement of the law, economic and political uncertainty, and government harassment and interference continue to discourage inflows of foreign direct investment.
Imports continued to increase more rapidly than exports during the first nine months of 2004; Moldova’s terms of trade worsened, as higher-priced energy imports outpaced the value of Moldova’s main exports—agricultural and agro-processing goods.
During 2002, Moldova rescheduled an outstanding Eurobond, in the amount of $39.6 million, to avoid a potential default. In May 2004, Moldova redeemed promissory notes with a total value of $114.5 million to Russian Gazprom for just $50 million. Moldova informed its bilateral creditors in mid-2003 that it would no longer service its debts. The 2004 budget did provide funds for external debt service (interest) at some 6% of the government budget, the 2005 budget projects external debt service at some 4%. The International Monetary Fund (IMF) and World Bank resumed lending to Moldova in July 2002, and then suspended lending again in July 2003. Although Moldova passed a poverty reduction strategy in 2004, it has yet to reach an agreement with international financial institutions.
70% of total electrical energy power consumed in Moldova is imported from Ukraine and only 30% is produced in Moldova.
In 2021 Moldova's trade with Russia was $1.33b compared with the EU of $5.06. In 2022 the EU trade increased to $6.9b[31]
Real GPD per capita development of Moldova, 1973 to 2018
As a whole, Moldova is doing well, despite a series of consecutive shocks, which included the doubling of the price of imported natural gas and 2006 Russian ban of Moldovan and Georgian wines, and a severe drought in 2007. Growth is estimated at 5 percent in 2007 and is projected to increase to 7 percent in 2008. Investment is picking up, and is beginning to replace remittances as the main source of growth—an encouraging sign that the earlier model of consumption-driven growth is changing.
Moldova increasingly faces the challenges experienced by other transition economies. Improved growth prospects have come with strong appreciation pressures from foreign exchange inflows, and a widening trade deficit. Foreign direct investment (FDI) has picked up and is estimated to have reached 12 percent of GDP in 2007, compared with 7 percent in 2006.
The main macroeconomic concern is inflation, which at 13 percent remains high for the region.
A deterioration in the merchandise trade balance due to strong import growth has been offset by improvements in net income and transfers, with a small improvement in the current account deficit to 12 percent of GDP. A resumption of wine exports to Russia in October was a major positive development, although volumes are likely to recover slowly.
Fiscal policy remained tight, ending 2007 with a modest deficit of 0.3 percent of GDP. Strong revenue performance was driven by robust VAT on imports, while expenditure was kept in line with the budget. However, the tax cuts introduced in 2008 may undermine the favorable fiscal position.
Monetary tightening in 2007 was complicated by the strong inflow of foreign exchange. The National Bank of Moldova increased reserve requirements from 10 to 15 percent, and raised policy interest rates by 2.5 percentage points. Nevertheless, the possibility of second-round effects from the drought, liquidity pressures from growing remittances and FDI, and the continued strong growth in credit and broad money suggest that upside risks to inflation are not yet fully contained.
In spite of some favorable background, Moldova remains Europe's poorest nation, resisting pursuing the types of reforms that have vastly improved the economies of some of its Eastern European neighbors. The Communist Party retained political control after winning the March 2005 parliamentary elections and re-elected its leader, Vladimir Voronin, as president in collaboration with the opposition. Although the government maintains a pro-Western stance, it has had trouble pursuing structural reforms and has made little progress on the International Monetary Fund's program to attract external financial resources. The parliament approved the government's economic growth and strategy paper in December 2004, but international financial institutions and Westerninvestors will not be satisfied until the government begins to address fiscal adjustment, wage restraint, and payment of debt arrears. Despite the fact that the pace of privatization and industrial output has slowed, GDP growth was 7.3 percent in 2004, consumption continues to grow, and the currency continues to appreciate. The impasse in the pro-Russian Transnistria enclave, plagued by corruption and the smuggling of arms and contraband, continues despite international attempts at mediation.
Business and economic environment
According to the 2023 Index of Economic Freedom, Moldova ranks 96th globally with the overall score of 58.5, a decrease relative to 2022.[32]
Rule of Law
Regulatory Efficiency
Government Size
Open Markets
Parameter
Score
Change in Yearly Score from 2022
Parameter
Score
Change in Yearly Score from 2022
Parameter
Score
Change in Yearly Score from 2022
Parameter
Score
Change in Yearly Score from 2022
Property Rights
37.9
Business Freedom
60.2
Government Spending
64.4
Trade Freedom
75.6
Government Integrity
35.6
Labor Freedom
46.6
Tax Burden
93.4
Investment Freedom
55.0
Judicial Effectiveness
29.8
Monetary Freedom
71.2
Fiscal Health
82.1
Financial Freedom
50.0
*Everything above 60 is considered to be Moderately Free.
According to the 2020 Ease of Doing Business Index, Moldova's Distance to Frontier is 74.4/100 (48th globally), an increase of 1.3 relative to 2019.[33]
Ease of doing business, 2020
Parameter
DTF
Starting a Business
95.7%
Dealing with Construction Permits
56.2%
Getting Electricity
75.3%
Registering Property
82.8%
Getting Credit
70.00%
Protecting Minority Investors
68.0%
Paying Taxes
85.2%
Trading Across Borders
92.3%
Enforcing Contracts
63.6%
Resolving Insolvency
54.8%
*DTF (Distance to Frontier): Higher is better
Trade policy
According to the World Bank, Moldova's weighted average tariff rate in 2001 (the most recent year for which World Bank data are available) was 2.8 percent. (The World Bank has revised the figure for 2001 downward from the 3.9 percent reported in the 2005 Index.) A 2004 World Bank report notes a "range of informal barriers to both imports and exports in Moldova, such as cumbersome and restrictive trade procedures, corruption, burdensome and inappropriate regulations and high transport costs." Based on the revised trade factor methodology, Moldova's trade policy score is unchanged.
Free Trade Agreements
Currently Moldova has signed multilateral and bilateral Free Trade Agreements with 43 countries.
Countries tend to benefit from sharing borders with developed markets as this facilitates trade and development. Below is a table of Moldova's neighboring countries, their GDP per capita in 1995 and 2021, and trade values between the pairs. Their evolution is distinct as Romania went from a GDP per capita which was about 1.7 times larger than that of Moldova's in 1995 to one which in 2021 is more than 2.5 times as large. Ukraine on the other hand has decreased when compared to Moldova.
Country
GDP per capita, PPP (current international $) 1995[37]
GDP per capita, PPP (current international $) 2021[37]
Romania
5,429
36,277
Ukraine
4,136
14,281
Moldova
3,145
15,009
The Russian Federation for comparison rose from 5,613 in 1995 to 34,043 in 2021, slightly less than Romania.
Fiscal burden
Moldova's income tax rate has been a flat 12 percent since 2019.
The corporate tax rate for SRL companies has been 12 percent from 2012, since 2018 the unique tax of 7% for IT companies part of Moldova IT Park was implemented.[38]
The Sales tax (VAT) standard rate has remained at 20% since 2014. There are reduced rates of 12% and 8% for certain goods.[39]
In 2024, Moldova decided that companies in Transnistria and Moldova should be treated in a similar way as regards customs duties on imported goods, resulting in Transnistria import companies needing to register with Moldova and pay import custom duties (but not V.A.T., nor excise duties) to Moldova. This would also hopefully reduce smuggling of goods out of Transnistria that had been imported duty free, such as cigarettes. [40]
Monetary policy
Annual inflation rate hit 30.2% in December 2022, mainly as a result of the rise in world wide fuel and food costs, falling in 2023, interest rates are now also falling but remain high until inflation is under control.[41]
Foreign investment
The Moldovan government does not maintain many formal barriers to foreign investment, and the Moldovan embassy reports that foreign investors are free to "place their investments throughout the Republic of Moldova, in any area of business activity, as long as it does not go against the interests of the national security, anti-monopoly legislation, environment protection norms, public health and public order."
Since gaining independence in 1992, Moldova privatised most state-owned enterprises, and most sectors of the economy are almost entirely in private hands. The government keeping control of electrical distribution, railways, the state airline Air Moldova, fixed line communication company Moldtelecom and the country’s largest tobacco company.[42]
Invest Moldova was created to encourage inward investment, promoting the low levels of tax on individuals and companies. Free Economic Zones have been created designed for export-oriented manufacturing companies, Industrial Parks have been established to bring companies together and offer lower operating costs.[43]
Foreign direct investment is slowly rising, $587m in 2022, $410m in 2021 and $150m in 2020, with each year supplemented with $4.7-4.9 billion of loans, with manufacturing, financial intermediation, and trade being the main sectors.[44]
There are no official barriers to founding foreign banks or branches in Moldova. The central bank the National Bank of Moldova has a responsibility to the management and control of all banks in Moldova.
In 2014 a major fraud took place, the 2014 Moldovan bank fraud scandal which nearly bankrupted the country. $1 billion disappeared from three Moldovan banks: Banca de Economii, Unibank and Banca Socială.[45] In the week preceding the 2014 Moldovan parliamentary election more than $750 million were extracted from the three banks in just three days, with a van loaded with stolen files from the banks being burned. A number of people were charged, Ilan Shor was convicted but fled justice.
Major reforms to the legal framework of the Moldovan financial sector have taken place as the country progresses to implementing the EU`s legislation. By 2023 the Moldovan banking system is regarded as harmonized at a high level with the relevant EU community.[46] The IMF reported in 2023 that Banks remain adequately capitalised, maintain adequate liquidity coverage and healthy asset quality.[47]
Wages and prices
The government influences prices through the large state-owned sector. According to the Ministry of Economy, the state regulates the prices of goods and services provided by monopolies and the prices of electric or thermal energy, land, medical services, and services offered by local tax regions. Moldova has two legal monthly minimum wages: one wage for state employees and another, higher wage for the private sector.
In 2023, the average monthly salary in the economy was MDL 12,175 (approx. 630 EUR / 686 USD)
Property rights
The U.S. Department of Commerce reports that the "legal system has improved in recent years. Moldova has a documented and consistently applied commercial law." Nevertheless, much more needs to be done. According to the U.S. Department of State, "The Constitution provides for an independent judiciary; however, the executive branch has exerted undue influence on the judiciary. Many observers believe that arrears in salary payments also make it difficult for judges to remain independent from outside influences and free from corruption."
Regulation
"Bureaucratic procedures are not always transparent and red tape often makes processing unnecessarily long," reports the U.S. Department of Commerce. "[C]ommercial law is a confusing patchwork of narrow statutes and an outdated civil code. With USAID experts, a draft civil code has been developed which follows the current European practice of incorporating commercial law provisions." The same source reports that anti-corruption laws "are not effectively enforced and corruption exists at an advanced level." A report provided by the World Bank indicates that labor laws are somewhat rigid.
Informal market
Transparency International's 2004 score for Moldova is 2.3. Thereafter, Moldova's informal market score is 4 in 2005. In 2011 the corruption score for Moldova is 2.9, better than it was in 2004, concluding TI.[48]
The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised high-income country according to the World Bank, and is a member of the European Union (EU), the World Trade Organization (WTO), the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (538%), starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $86 billion or $203 billion, GDP per capita of $31,148, average gross monthly salary of 2,009 leva, and average net monthly salary of $2,102 (2022). The national currency is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
The economy of Canada is a highly developed mixed economy, with the world's tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion. Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.
The economy of Chile is a market economy and high-income economy as ranked by the World Bank. The country is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean.
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine.Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD, total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing $8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Grenada is largely tourism-based, small, and open economy. Over the past two decades, the main thrust of Grenada's economy has shifted from agriculture to services, with tourism serving as the leading foreign currency earning sector. The country's principal export crops are the spices nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, and cinnamon. Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, it plans to be a newly industrialised nation by 2030. Major industries include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.
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The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
The economy of Uzbekistan was formerly associated with a Soviet-style command economy, with a slow transformation to a market economy. However, in recent years and since the election of President Shavkat Mirziyoyev, Uzbekistan has seen rapid economic and social reform, aimed at boosting growth and transforming Uzbekistan into a true, modern market economy. International Financial Institutions, including EBRD, Asian Development Bank and the World Bank are actively engaging in supporting Uzbekistan's successful reform process and have rapidly increased their presence in the country.
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The economic history of the Republic of Turkey had four eras or periods. The first era had the development policy emphasizing private accumulation between 1923 and 1929. The second era had the development policy emphasized state accumulation in a period of global crises between 1929 and 1945. The third era was state-guided industrialization based on import-substituting protectionism between 1950 and 1980. The final, era was the opening of the economy to liberal trade in goods, services and financial market transactions since 1981.
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↑ "External debt / Datoria externă la sfârșitul trimestrului II 2022 (date provizorii)". bnm.md (in Romanian). National Bank of Moldova. 30 Sep 2022. Retrieved 15 Oct 2022. Conform datelor preliminare, datoria externă brută a Republicii Moldova s-a diminuat neesențial pe parcursul trimestrului II 2022, cu 0,9 la sută și a totalizat 8 687,24 mil. USD la 30.06.2022, ceea ce constituie 60,9 la sută raportat la PIB (-3,2 p.p. față de 31.12.2021).
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3.33 million (2024 est) [3] 
26.8% (2020) [5] 
14.4% on <$5.50/day (2020f)
$4.228 billion (30 Sep 2022) [28] 
