Moldovan economy records increase third quarter in row

13:59 | 16.12.2016 Category: Economic

Chisinau, 16 December /MOLDPRES/- Moldova had the highest economic growth in the third quarter of 2016 amounting to 6.3 per cent against the similar period of 2015. The growth rate has speeded up from 0.8 per cent in the first three months to 1.8 per cent in the second quarter and respectively, 6.3 per cent in the third quarter, the data by the National Statistics Bureau (BNS) show.

BNS announced the results for nine months of the year showing an increase to 98.2 billion lei of the Gross Domestic Product by 3.3 per cent above the level of the respective period of the previous year.

According to BNS, in January-September, the largest contribution to economic growth was in agriculture, followed by wholesale and retail trade, extractive industry and manufacturing industry, information and communication. Volume of product tax has been slightly increased by 0.3 per cent against the similar period of the previous year.

The economic year of 2016, although it is more favorable compared to 2015, confirms the main problem of Moldovan economy – low competitiveness. After the 2015 recession (-0,5%), GDP records a marginal recovery in 2016 increasing by 3 per cent. It was due to growth in two sectors, agriculture and services, according to the latest publication MEGA launched by Expert-Grup centre.

More experts appreciate that comparison base in the third and fourth quarters is low due to the decline in the same period of the previous year, so that it was expected compensatory growth during this period. In the third quarter of 2015, an economic downturn by 3.7 per cent was registered and in the last three months – by 3.3 per cent.

Economy is slowly recovering after the recession of the last two quarters of the last year. The growth is above the forecasts of the international financial institutions, analysts and authorities, expecting an advance of 1.5 to 2.5 per cent this year. The Economics Ministry forecasts a 2-per cent-rise in 2016, World Bank – 2.2 per cent, European Bank for Reconstruction and Development – 1.5 per cent. Most optimistic are researches of the National Institute of Economic Research anticipating an advance of 2.5 per cent in 2016.

(Reporter V. Bercu, editor L. Alcază)

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