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Moldovan govt projects 3.8% GDP growth, 3.25% deficit in 2020 draft budget

Moldovan govt projects 3.8% GDP growth, 3.25% deficit in 2020 draft budget Moldova's GDP - quarterly growth

CHISINAU (Moldova), November 28 (SeeNews) - Moldova's government said it has approved the 2020 draft budget based on projections of 3.8% economic growth and cash deficit equivalent to 3.25% of gross domestic product (GDP).

According to the draft budget published on the government's website late on Wednesday, GDP is estimated to grow to 227.9 billion lei ($13 billion/12 billion euro) this year.

Budget revenues are expected to come in at 44.1 billion lei, while expenditures are forecast at 51.55 billion lei. Budget deficit is seen at 7.4 billion lei.

An average exchange rate of 18.47 lei per euro and a net monthly average monthly salary of 7,953 lei are also projected in the 2020 budget draft.

Average 2020 inflation is forecast at 5.7%.

Moldova posted an annual consumer price inflation of 6.8% in October, up from 6.3% in the previous month, the National Bureau of Statistics, BNS, said earlier this month.

In October, the economy ministry said it has lifted its 2019 economic growth forecast to 4.2%, from 3.7% predicted in July.

The country's economy expanded by 5.8% year-on-year in real terms in the second quarter of 2019, with wholesale and retail sectors the main growth drivers, according to BNS data.

In 2018, Moldova's GDP grew by 4.0% in real terms, mainly on the back of successful performance of wholesale and retail.

(1 euro =19.1628 Moldovan lei)