Moldovan Economics Ministry revises downwards forecasts on economy growth to minus two per cent

Chisinau, 16 October /MOLDPRES/- The Economics Ministry anticipates a two-per-cent shrink in the Moldovan economy in 2015, against its one-per-cent forecast in April 2015. The revised forecast was included in the draft law on the amendment of the state budget, approved by the government on 15 October.

Recent macro-economic developments, including the pronounced decrease in the external trade, regional crisis, as well as the drop of the external demand, money transfers and financing, were among the reasons of the ministry’s adjustments.

Ministerial experts forecast an annual inflation rate of 13.5 per cent by late 2015, against a previously forecast 7.6-per-cent rate. External trade is expected to worsen in wake of a low consumption demand. According to the Economics Ministry, exports will fall by 17 per cent, while imports will drop by 23 per cent.

Current year’s droughty weather has compromised the crops and will eventually cause a 12 per-cent decrease in the agricultural sector, against the one per-cent fall, previously expected by experts. On the other hand, the industrial sector will register a 4.5 per-cent increase, by 0.5 percentage points more than planned in the 2015 state budget. Investments in material assets will decrease by five per cent against 2014.

The Economics Ministry also forecasts a 100-lei increase in the average nominal wage, expected to rise to 4600 lei per month. Experts are upbeat about an yearly average exchange rate of 19 lei for one dollar.

The World Bank (WB) has recently informed that it maintained its forecasts on the evolution of the Moldovan economy in 2015 at a minus two-per-cent level, while the International Monetary Fund (IMF) keeps its estimations on a one-per-cent shrink in the Moldovan economy in 2015.

(Reporter V. Bercu, Editor L. Alcaza)