Moldova/

Moldova remains one of the poorest countries in Europe despite recent progress from its small economic base. It enjoys a favorable climate and good farmland but has no major mineral deposits. As a result, the economy depends heavily on agriculture, featuring fruits, vegetables, wine, and tobacco. Moldova must import almost all of its energy supplies. Moldova’s dependence on Russian energy was underscored at the end of 2005, when a Russian-owned electrical station in Moldova’s separatist Transnistria region cut off power to Moldova and Russia’s Gazprom cut off natural gas in disputes over pricing. In January 2009, gas supplies were cut during a dispute between Russia and Ukraine. Russia’s decision to ban Moldovan wine and agricultural products, coupled with its decision to double the price Moldova paid for Russian natural gas, have hurt growth. The onset of the global financial crisis and poor economic conditions in Moldova’s main foreign markets, caused GDP to fall 6.5% in 2009. Unemployment almost doubled and inflation disappeared - at -0.1%, a record low. Moldova’s IMF agreement expired in May 2009. In fall 2009, the IMF allocated $186 million to Moldova to cover its immediate budgetary needs, and the government signed an new agreement with the IMF in January 2010 for a program worth $574 million. In 2010, an upturn in the world economy boosted GDP growth to 3.1% and inflation to 7.3%. Economic reforms have been slow because of corruption and strong political forces backing government controls. Nevertheless, the government’s primary goal of EU integration has resulted in some market-oriented progress. The granting of EU trade preferences and increased exports to Russia will encourage higher growth rates, but the agreements are unlikely to serve as a panacea, given the extent to which export success depends on higher quality standards and other factors. The economy has made a modest recovery, but remains vulnerable to political uncertainty, weak administrative capacity, vested bureaucratic interests, higher fuel prices, poor agricultural weather, and the skepticism of foreign investors as well as the presence of an illegal separatist regime in Moldova’s Transnistria region.

$10.6 billion (2010 est.)

$10.28 billion (2009 est.)

$10.99 billion (2008 est.)

$5.357 billion (2010 est.)

3.1% (2010 est.)

-6.5% (2009 est.)

7.8% (2008 est.)

$2,500 (2010 est.)

$2,400 (2009 est.)

$2,500 (2008 est.)

1.203 million (2010 est.)

3.4% (2010 est.)

3.1% (2009 est.)

29.5% (2005)

33.2 (2003)

40.6 (1997)

21.7% of GDP (2010 est.)

25% of GDP (2010 est.)

25.7% of GDP (2009 est.)

7.3% (2010 est.)

-0.1% (2009 est.)

20.54% (31 December 2009 est.)

21.06% (31 December 2008 est.)

$1.221 billion (31 December 2010 est)

$1.189 billion (31 December 2009 est)

$2.889 billion (31 December 2010 est.)

$2.942 billion (31 December 2009 est.)

$2.11 billion (31 December 2010 est.)

$2.251 billion (31 December 2009 est.)

$NA (2004)

$573.9 million (2004)

vegetables, fruits, grapes, grain, sugar beets,sunflower seed, tobacco; beef, milk; wine

sugar, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles

4.5% (2010 est.)

3.617 billion kWh (2007 est.)

4.37 billion kWh (2007 est.)

240 million kWh (2007 est.)

2.931 billion kWh (2007 est.)

0 bbl/day (2009 est.)

19,000 bbl/day (2009 est.)

36 bbl/day (2007 est.)

14,230 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

50 million cu m (2007 est.)

2.52 billion cu m (2008 est.)

0 cu m (2008 est.)

2.52 billion cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$565 million (2010 est.)

-$464.6 million (2009 est.)

$1.45 billion (2010 est.)

$1.332 billion (2009 est.)

foodstuffs, textiles, machinery

Russia 23.77%, Italy 14.11%, Romania 12.74%, Germany 6.92%, Turkey 6.08%, Belarus 5.38% (2009)

$3.66 billion (2010 est.)

$3.276 billion (2009 est.)

mineral products and fuel, machinery and equipment, chemicals, textiles

Ukraine 19.9%, Romania 15.1%, Russia 14.52%, Germany 8.69%, Italy 5.7%, Belarus 4.38% (2009)

$1.6 billion (31 December 2010 est.)

$1.48 billion (31 December 2009 est.)

$4.146 billion (31 December 2010 est.)

$3.844 billion (31 December 2009 est.)

$NA (31 December 2010)

$1.813 billion (2008)

$NA

Moldovan lei (MDL) per US dollar - 12.443 (2010), 11.11 (2009), 10.326 (2008), 12.177 (2007), 13.131 (2006)