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Moldova's economy grows by real adjusted 1% y/y in Q1

Moldova's economy grows by real adjusted 1% y/y in Q1 Chisinau aerial view Source: Chisinau city all FB page

CHISINAU (Moldova), June 15 (SeeNews) - Moldova's economy expanded by an annual 1.1% in real adjusted terms in the first quarter of 2022, with retail and machinery repair services being the main growth drivers, the statistical office said on Wednesday.

In unadjusted terms, Moldova's economic output grew by an annual 1.1% in the first quarter, the statistical office said in a statement.

Moldova's gross domestic product (GDP) totalled 56.3 billion lei ($2.96 billion/2.82 billion euro) at current prices in the first quarter.

Compared to the previous quarter, Moldova's GDP fell by a seasonally-adjusted 6.4%.

The gross value added in the economy rose 1.2% on the year in the first quarter, boosted by retail, machinery repair and maintenance, health and social assistance and by insurance and financial services. Real estate, manufacturing and construction had a negative impact on GDP growth during the first quarter.

Final household consumption rose by an annual 2.8% in the first quarter.

Exports fell by an annual 36.9%, while imports increased by 11.4% in the first quarter.

Moldova's economy grew by 13.9% in real terms in 2021, following a 8.3% contraction in the previous year.

Moldova's economy ministry said in March that the country's economy will grow by just 0.3% in 2022, mostly due to the war in Ukraine and disruption of global supply chains.

Earlier this month, the World Bank said that Moldova's economy is expected to contract by 0.4% in 2022 and recover to a 2.7% growth in 2023.

(1 euro =19.939 Moldovan lei)

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