Moldovan economy records growth beyond expectations in 2014

Chisinau, 16 March /MOLDPRES/ - Moldova recorded an economic growth of 4.6 per cent in 2014 against 2013, beyond the expectations of analysts and officials, who counted on an increase of 2.0-3.5 per cent of the Gross Domestic Product (GDP). The National Statistics Bureau (BNS) today presented the results for the fourth quarter of 2014, showing a spectacular rise up of 4.2 per cent and, respectively, 4.6 per cent.

The outcomes of the last quarter of 2014 are extremely surprising, in conditions when, in November and December, some sectors recorded weaker results against the previous months and  the growth pace tempered after a 5.9-per-cent increase in the third quarter.

The World Bank and more pundits were expecting an yearly growth of 2 per cent, whereas the Economics Ministry anticipated an increase of 3.5 per cent. Despite the unfriendly regional environment, triggered by the crisis between Russia and Ukraine, the position of the Moldovan economy continued to be strong.

The GDP reached 111.5 billion lei in 2014, at current prices.

„The evolution of agriculture after the 2013 leap is beyond the expectations. In 2014, we had a lower growth in the agricultural sector than in 2013, nevertheless a good one. The industry also increased, though, in September, one thought that the advance will be more modest, but, in the past few months of 2014, the previously lost positions were recovered,” Programme Director at the Expert-Grup Independent Analytical Centre Alexandru Fala said.

Fala added that the constructions also contributed to economic growth with a rise of 10.6 per cent. „The increase of investment activity was especially generated especially by financing from public sources, which, at their turn, were backed by bigger foreign funds,” Fala said.

„The rise of consumption based on the diminishing of foreign currency transfers is to a certain extent surprising.  Everybody was expecting its tempering. An explanation would be the leu’s depreciation, which led to the increase of consumption,” Alexandru Fala added.  

„This 4.6-per cent rise means, first of all, that the comparison basis will be bigger in 2015 and, thus, we might have much more modest evolutions this year,” Fala said. 

The gross added value produced in the goods sector increased by 7.7 per cent in 2014 against the same period of 2013. Statisticians also specify that the gross added value in agriculture, hunting economy, forestry, fishing, fish breeding and industry exceeded the achievements of the same period of 2013 by 8.2 per cent and, respectively, 7,2 per cent.

According to BNS, the gross added value produced in the services sector rose by 4.2 per cent compared to 2013, increased by 10.6 per cent in constructions, followed by wholesale and retail trade, by 6.1 per cent, transport and communications, by 3.4 per cent.

The final consumption also increased by 2.4 per cent against 2013. The rise was conditioned by a 2.9-per cent growth of the final consumption of households. The gross fixed capital formation exceeded by 10.1 per cent the results of 2014.

(Reporter: V. Berco, Editor M. Jantovan)