December 15 (SeeNews) - Moldova's economic output fell by an annual 10.3% in real terms in the third quarter of 2022 due to poor performance in agricultural, retail and real estate sectors, the statistical office said on Thursday.
In adjusted terms, Moldova's economy contracted by an annual 11.8% in the third quarter, the statistical office said in a statement.
Moldova's gross domestic product (GDP) totalled 77.2 billion lei ($4.03 billion/3.78 billion euro) at current prices in the third quarter.
Compared to the previous quarter, Moldova's GDP fell by a seasonally-adjusted 8.4% in the July-September period.
The gross value added in the economy decreased by an annual 10.5% in the third quarter. Agriculture, retail, real estate, manufacturing, and services had a negative impact on GDP growth during the third quarter.
Final household consumption fell by an annual 5.7% in the third quarter, while gross fixed-capital formation decreased 4.4% on the year.
Exports rose by an annual 10.7%, while imports increased by 20.8% in the third quarter.
In the first nine months of 2022, Moldova's GDP contracted by an annual 4.1% to a total of 197.8 billion lei.
In October, the International Monetary Fund (IMF) said that it expects Moldova's GDP to stagnate in 2022, revising downwards its April forecast for 2% growth.
In August, Moldova's government revised its 2022 economic forecast to zero from 0.3% to reflect the economic spill-over effects of the war on Ukraine and the strong rise in energy prices.
In 2021, Moldova's economy grew by 13.9% in real terms, following a 8.3% contraction in the previous year.
Earlier this month, Moldova's government approved the 2023 budget bill which envisages a cash budget deficit equivalent to around 6% of the projected GDP and 2% economic growth, with plans to rely heavily on external financing.
(1 euro =20.3925 Moldovan lei)