Moldova’s GDP in the first quarter of 2024 amounted to 67.4 billion lei, increasing in real terms by 1.9% compared to the same quarter of 2023.
Such preliminary data were presented by the National Bureau of Statistics, noting that according to preliminary estimates, taking into account seasonal adjustments, gross domestic product in the first quarter of 2024 increased by 1.4% compared to the first quarter of 2023 and by 2.5% compared to the fourth quarter of 2023. According to the NBS, the following types of economic activities had a positive impact on GDP dynamics in January-March 2024, compared to the same period in 2023: Production and supply of electrical and thermal energy, gas, hot water and air conditioning (+1.2%), with a share in GDP of 3.3% and an increase in gross value added (GVA) of 40.1%; Processing industry (determined GDP growth by 1.1%), with a share of 8.8% in the formation of GDP and an increase in GVA by 13%; Information and communication (+0.6%) with a share of 8.3% in the formation of GDP and an increase in GVA for the corresponding types of activities by 8%. At the same time, the following activities had a negative impact on the evolution of GDP during the reporting period: Transport and storage (-1.2%), with a share of 4.5% in GDP formation and a reduction in GVA by 20.2%; Real estate transactions (-0.3%), with a share of 8.4% in the formation of GDP and a decrease in GVA by 3.3%; Health care and social assistance (-0.2%), with a share of 7% in the formation of GDP and a decrease in GVA for the corresponding types of activities by 3.1%. According to the NBS, net taxes on products with a share of 14.4% in the formation of GDP contributed to a decline in GDP by 1%, and their volume decreased by 6.2%. As the NBS noted, from the point of view of categories of use, a positive contribution to GDP dynamics in the first quarter of 2024 was made mainly by: net exports of goods and services (+3.1%), due to an increase in the volume of exports of goods and services by 1%, at the same time with a decrease in the volume of imports of goods and services by 4.1%; final consumption of households (+1.4%), with a share of 85% in the formation of GDP and an increase in volume by 1.6%; gross fixed capital formation (+0.9%) with a share of 19.6% in the formation of GDP and an increase in volume by 4.8%. Herewith, the negative impact on the dynamics of GDP by type of use was mainly caused by a reduction in final consumption of government administration (-1.4%) with a share of 20.1% in GDP formation and a decrease in volume by 7%. As previously reported by the InfoMarket agency, Moldova's GDP in 2023, according to preliminary data, amounted to 300.42 billion lei, an increase of 0.7% compared to 2022. The Ministry of Economic Development and Digitalization predicts that the Moldovan economy in 2024 will grow by 2.5%, and in the next three years annual GDP growth will be 3%, 3.3% and 3.7%, respectively. The IMF lowered its forecast for Moldova's GDP growth in 2024 by 1.7 percentage points - from 4.3% to 2.6%, and in 2025 expects economic growth at 4.8%. The World Bank previously lowered its GDP growth forecast for Moldova in 2024 by 2 percentage points - from 4.2% to 2.2%, and in 2025 - by 0.2 percentage points - 4.1% to 3.9%.// 17.06.2024 — InfoMarket.
