Republic of Moldova

Economic Overview

Moldova’s economy relies heavily on its agricultural sector, featuring fruits, vegetables, wine and tobacco. Moldova also depends on remittances of around $1.6bn from around one million Moldovans working across Europe in Russia and other former Soviet Bloc nations.

Moldova imports much of its energy supplies from Russia and Ukraine. In August 2013, work began on a new pipeline between Moldova and Romania which could spell the end of Russia’s monopoly on Moldovan gas supplies.

The government’s goal of EU integration has resulted in some market-oriented progress. Moldova enjoyed better than expected growth in 2013 due to increased agriculture production, economic policies adopted by the Moldovan government since 2009, and the receipt of EU trade preferences.

GDP

$6.414 billion (2015) (nominal)^[1]

$17.793 billion (2015) (PPP)

Composition of GDP

• Services: 66.2%
• Industry: 19.9%
• Agriculture: 13.8%

Exports

Foodstuffs, textiles and machinery.

Imports

Mineral products and fuel, machinery and equipment, chemicals and textiles.

Principal trading partners – exports

• Russia: 26.3%
• Romania: 17.2%
• Italy: 7.7%
• Ukraine: 5.9%
• Turkey: 5.3%
• Germany: 4.7%
• UK: 4.4%

Principal trading partners – imports

• Russia: 14.3%
• Romania: 13.1%
• Ukraine: 12%
• China: 8.7%
• Germany: 7.2%
• Turkey: 6.9%
• Italy: 6.3%

Ports and terminals: Giurgiulesti (MDGIU) – Giurgiulesti International Free Port

Exchange controls

Moldova is a member of the Commonwealth of Independent States, the Organisation for Democracy and Economic Development and the Organisation of the Black Sea Economic Cooperation, and is an observer of the Eurasian Economic Community.

Authorised banks are permitted to set their own buying and selling rates in their foreign exchange transactions.

Export proceeds are required to be repatriated within one year, unless there is a specific legal exemption.

Proceeds from invisible transactions/current transfers and capital transactions are required to be repatriated. The National Bank of Moldova is generally required to be notified of any loans to residents from non-residents.