Moldovan economy records four-percent growth in 2018
16:55 | 15.03.2019 Category: Economic
Chisinau, 15 March /MOLDPRES/ - Moldova has registered a four-per cent economic growth in 2018 against the year before, up to 190 billion lei, according to data put out by the National Statistics Bureau (BNS), made public today.
Official statistics shows that Moldova in the fourth quarter had an economic growth of 3.9 per cent, against the similar period of 2017. The pace of increase sped up from 3.7 per cent in the first three months of 2018 to 5.2 per cent in the second quarter; yet, in the third quarter, the increase was of 3.4 per cent, against a background of high comparison degree.
The Economics and Infrastructure Ministry expects a Gross Domestic Product (GDP) of 191.7 billion lei and its 4.5-per cent increase. The International Monetary Fund was more reserved in forecasts and anticipated a growth of 3.8 per cent, while the World Bank in early 2019 improved the growth forecast of the Moldovan economy from 3.8 to 4.8 per cent.
The final consumption of the residents’ households and the gross capital formation were the main growth engines, although their contribution to the GDP was different. The final consumption of residents’ households grew by 3.2 per cent and had a share of 84.3 per cent for the GDP’s formation, while the gross capital formation had a poorer contribution to the GDP’s formation, respectively 24.3 per cent.
The net export (-3.4 per cent) had a negative contribution to GDP’s increase, as a result of a more significant contribution of the volume of goods and services to the GDP’s formation (56.3 per cent) and a more pronounced growth of the import of goods and services.
According to BNS, in the fourth quarter of 2018, the wholesale and the retail trade, maintenance and repair of vehicles and motorcycles, transport, agriculture, constructions and extractive industry had the biggest contribution to the economic growth, in terms of resources.
Experts said that the economic growth from 2018 had been based on the re-launch of consumption, which grew preponderantly due to the increase in remittances and salary incomes, as well as on the boosting of public investments.
The Economics and Infrastructure Ministry forecasts a four-per cent growth of the economy in 2019, up to 209.3 billion lei. The World Bank anticipates a 3.8 per cent advancement of the economy, fueled by the private consumption, against a background of a real increase in salaries and remittances.
