Short facts about the economy in Moldavia
| Economy -
overview: |
Moldova 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 all of its supplies of oil, coal, and natural gas, largely
from Russia. Energy shortages contributed to sharp production declines after the
breakup of the Soviet Union in 1991. As part of an ambitious reform effort,
Moldova introduced a convertible currency, freed all prices, stopped issuing
preferential credits to state enterprises, backed steady land privatization,
removed export controls, and freed interest rates. Yet these efforts could not
offset the impact of political and economic difficulties, both internal and
regional. In 1998, the economic troubles of Russia, by far Moldova's leading
trade partner, were a major cause of the 8.6% drop in GDP. In 1999, GDP fell
again, by 4.4%, the fifth drop in the past seven years; exports were down, and
energy supplies continued to be erratic. GDP declined slightly in 2000, with a
serious drought hurting agriculture. Growth should turn positive in
2001. |
| GDP: |
purchasing power parity - $11.3 billion
(2000 est.) |
| GDP - real
growth rate: |
-1.5% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $2,500 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 31%
industry: 35%
services: 34%
(1998) |
| Population
below poverty line: |
75% (1999
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 2.7%
highest 10%: 25.8%
(1992) |
| Inflation
rate (consumer prices): |
32% (2000
est.) |
| Labor
force: |
1.7 million
(1998) |
| Labor force
- by occupation: |
agriculture 40%, industry 14%, other
46% (1998) |
| Unemployment
rate: |
1.9% (includes only officially
registered unemployed; large numbers of underemployed workers) (November
2000) |
| Budget: |
revenues: $536 million
expenditures: $594 million, including capital
expenditures of $NA (1998 est.) |
| Industries: |
food processing, agricultural
machinery, foundry equipment, refrigerators and freezers, washing machines,
hosiery, sugar, vegetable oil, shoes, textiles |
| Industrial
production growth rate: |
3% (2000
est.) |
| Electricity
- production: |
4.155 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 93.62%
hydro: 6.38%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
5.78 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
1.916 billion kWh
(1999) |
| Agriculture
- products: |
vegetables, fruits, wine, grain, sugar
beets, sunflower seed, tobacco; beef, milk |
| Exports: |
$500 million (f.o.b.,
2000) |
| Exports -
commodities: |
foodstuffs 57%, wine, tobacco; textiles
and footwear, machinery (1999) |
| Exports -
partners: |
Russia 41%, Romania 9%, Germany 8%,
Ukraine 7%, Italy, Belarus (1999) |
| Imports: |
$761 million (f.o.b.,
2000) |
| Imports -
commodities: |
mineral products and fuel 38%,
machinery and equipment, chemicals, textiles
(1999) |
| Imports -
partners: |
Russia 21%, Romania 16%, Ukraine 14%,
Germany 12%, Italy 6%, Belarus (1999) |
| Debt -
external: |
$900 million
(2000) |
| Economic aid
- recipient: |
$100.8 million (1995); note - $547
million from the IMF and World Bank (1992-99) |
| Currency: |
Moldovan leu
(MDL) |
| Exchange
rates: |
lei per US dollar - 12.3728 (January
2001), 12.4342 (2000), 10.5158 (1999), 5.3707 (1998), 4.6236 (1997), 4.6045
(1996); note - lei is the plural form of leu |
| Fiscal
year: |
calendar year | Source: World Factbook |
