Moldova's GDP in the first half of 2022 amounted to 120.6 billion lei, unchanged in real terms compared to the same period in 2021.
This was reported by the National Bureau of Statistics, noting that, in particular, the gross domestic product for the second quarter of 2022 amounted to 64.3 billion lei at current market prices. Compared to Q2 2021, GDP decreased in real terms by 0.9%, and by 0.6% seasonally adjusted. According to the NBS, the following types of economic activity contributed to the increase in GDP in the first half of 2022 compared to the same period in 2021: Wholesale and retail trade; maintenance and repair of vehicles and motorcycles (contributed to GDP growth by 2%) with a share of 17.1% in the formation of GDP and an increase in gross value added (GVA) by 13.6%; Health care and social assistance (+0.7%) with a share of 5.2% in the formation of GDP and GVA growth by 13.6%; Financial activity and insurance (+0.4%) with a share of 3.4% in the formation of GDP and GVA growth by 11.9%. At the same time, the following types of activities, in particular, had a negative impact on the evolution of GDP in this period: Construction (-1.7%), with a 7.2% share in the formation of GDP and a reduction in GVA by 18.5%. Processing industry (-0.5%), with a share of 10.5% in the formation of GDP and a decrease in GVA by 4.5%; Real estate transactions (contributed to a decrease in GDP by 0.5%), with a share of 7.1% in the formation of GDP and a decrease in GVA by 5.8%; Production and supply of electrical and thermal energy, gas, hot water and air conditioning (-0.3%), with a share in the formation of GDP of 3% and a decrease in GVA by 12.2%; Agriculture, forestry and fisheries (-0.2%), with a share of 3.9% in the formation of GDP and a decrease in GVA by 4.8%. According to the NBS, net taxes on products with a share of 14.3% in the formation of GDP contributed to a decrease in GDP by 0.2%, and their volume decreased by 1.7%. In terms of use, GDP growth in 1H 2022 was driven by: Net exports of goods and services contributed to GDP growth by 3.9% due to an increase in the volume of exports of goods and services (+45.4%) against a more modest increase in the volume of imports of goods and services (+15.8%); Final consumption of the general government sector (+1.3%), the volume of which increased by 7.3%, amounting to 19.8% of GDP; Household final consumption (+0.1%), the volume of which increased by 0.1%, amounting to 81.5% of GDP. Herewith, a negative contribution to the index of physical volume of GDP was made by gross fixed capital formation (-1.9%), with a share of 22.8% in the formation of GDP and a decrease of 7.3%. As InfoMarket agency previously reported, as part of a new forecast of macroeconomic indicators agreed with IMF experts, the Moldovan government lowered its GDP growth forecast for 2022 from 0.3% to 0%. Earlier in April, the GDP growth forecast for 2022 was lowered from 4.5% to 0.3%. As noted in the materials of the Ministry of Finance, at the moment it is expected that in nominal terms, GDP in 2022 will amount to 279.7 billion lei instead of the previously forecasted 273.5 billion lei, and GDP growth will be 0% instead of 0.3%.// 15.09.2022 — InfoMarket
