Moldovan economy records 3.1-per cent growth in first quarter of 2017

16:20 | 15.06.2017 Category: Economic

Chisinau, 15 June /MOLDPRES/ – The Moldovan economy has recorded a real growth of 3.1 per cent in the first quarter of 2017 compared to similar period of 2016, almost four times higher than the one recorded in the first three months of 2016 by 0,8 per cent. Statistics confirm estimates of analysts and authorities, expecting an advance of 3-4 per cent in 2017.

The National Bureau of Statistics (BNS) today announced the results for January-March 2017, indicating an increase to MDL 29.67 billion of Gross Domestic Product (GDP), compared to MDL 27 billion in the same period of 2016. It is the fifth consecutive quarter when economy is on the rise after the decline in 2015.

According to the BNS’s data, wholesale and retail trade, information and communications, mining and manufacturing, as well as agriculture and construction contributed most to economic growth. Gross value added in the economy exceeded the previous year by 3.7 per cent and 6.9 per cent.

A negative contribution to GDP growth was played by public administration and defence, compulsory social insurance, education and health and social assistance.

In terms of GDP growth, the increase was due to a 3.7 per cent increase in final consumption of households. The volume of gross fixed capital formation was above the level of the same period of the previous year by 0.7 per cent. A negative contribution to GDP growth was recorded by net exports (-3.1 per cent), as a consequence of the much higher contribution to the formation of gross domestic product (84.6 per cent) of goods and services imports than goods’ exports and services (50.3 per cent).

The Economy Ministry and the International Monetary Fund (IMF) forecast an economic growth of 4.5 per cent in 2017. Recently, the World Bank (WB) improved the Moldovan economy’s economic growth forecast this year to 4.0 per cent, as against 2.8 per cent as forecast in October 2016. The National Institute of Economic Research expects an increase of 4.2 per cent.

(Reporter V. Bercu, editor M. Jantovan)

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