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Moldova

Due to the country’s geography and an association agreement with the EU, Moldova’s economy is increasingly less agriculturally dominated and significantly more integrated into European manufacturing value chains.

Moldova has experienced solid growth in recent years, dampened only by the Corona pandemic, a severe drought in the agricultural sector and the war in neighbouring Ukraine. The manufacturing and service sectors have gained in importance in recent years, replacing the agricultural sector as the most important economic sector.

The German Economic Team is mainly active in Moldova in the areas of foreign trade, agriculture and investment promotion.

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  • Economic Monitor Moldova
    WA 17 | April 2023

    Moldova’s GDP declined by 5.9% yoy in 2022 reflecting both the weak agricultural year due to bad weather and the various impacts of the war in neighbouring Ukraine. Moldova was affected by a massive increase in inflation to 28.7% on average due to high-er energy and food prices as well as overall political insecurity in the context of the war, which inhibited investment. The exchange rate of the Moldovan Leu depreciated only moderately by 7.4% against the US dollar despite high inflation, which constituted a significant real appreciation of 10%. As a result, the competitiveness of Moldovan products was negatively affected. For 2023, the outlook is moderately positive with an expected GDP growth of 2% and inflation has started to slow down. However, significant downside risks persist as the war in Ukraine continues.

     

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Carolin Busch

Project Manager Moldova

Carolin Busch has been working for Berlin Economics as an analyst since 2020 and coordinates the consulting activities of the German Economic Team in Moldova.

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About the German Economic Team

The German Economic Team is financed by the Federal Ministry for Economic Affairs and Climate Action. Berlin Economics is commissioned with the project implementation.

*Advisory activities in Belarus have been suspended.