March 16 (SeeNews) - Moldova's economy contracted by 7% in real terms in 2020, compared to a 3.7% growth in the previous year, the country's statistical office said on Tuesday.
Calculated at current prices, Moldova's gross domestic product (GDP) totalled 206.3 billion lei ($11.7 billion/9.8 billion euro) in 2020, the National Bureau of Statistics said in a statement, citing provisional data.
GDP contraction in 2020 was mainly due to a poor performance in agriculture, wholesale and retail. Final household consumption fell by 7% on the year in 2020, while gross fixed-capital formation decreased by 2.1% on the year.
In the fourth quarter alone, Moldova's GDP totalled 56.3 billion lei - down by an adjusted 4.4% on the year and lower by an unadjusted annual 3.3%. Compared to the previous quarter, GDP rose by an adjusted 2.6% in the fourth quarter of 2020.
The country's 2021 budget targets an annual economic growth of 4.7%.
(1 euro =21.1245 Moldovan lei)