MoldovaChapters
Moldova is characterized by a dual economy with strong agricultural foundations and a growing technology sector. While benefiting from favorable trade agreements with the European Union and other partners, and making strides toward EU accession, the country still faces significant challenges such as widespread poverty, economic dependence on agriculture, governance issues, and geopolitical tensions. Despite these hurdles, Moldova’s competitive workforce, export-oriented IT industry, and international financial support present promising opportunities for future economic development. Source: Coface
Key indicators
- Area
- 33,851 sq km
- Population
- 2,389,275 (2024)
- Government type
- parliamentary republic
- Languages
- Moldovan/Romanian 80.2% (official), Russian 9.7%, Gagauz 4.2% (a Turkish language), Ukrainian 3.9%, Bulgarian 1.5%, Romani 0.3%, other 0.2%
- GDP
- $18.2 (2024)
- Growth rate
- +0.1% (2024)
- HDI
- 86
- Capital
- Chisinau
Macroeconomic indicators
Despite a modest 1.1% growth in the second quarter 2025, Moldova’s economy was flat in the first half of 2025. The increase in domestic demand could not offset the decline in net exports. Total consumption added 3.4 percentage points (pp) to growth, supported by strong wages and energy-related transfers. Capital investment added 8 pp amid favorable interest rates and inventory restocking. However, net exports were a major drag on growth, as imports growth was driven by stronger domestic demand, while exports declined due to drought-affected agriculture, reduced reexports to Ukraine, and weaker external demand. On the supply side, growth was supported only by construction, information technology and the energy sector, which together contributed 0.7 pp. Manufacturing, real estate and agriculture posted the largest declines, reducing growth by 0.9 pp.
On the back of weak external demand and higher energy imports, the current account deficit (CAD) reached a record high in the first half of 2025. It almost doubled year-on-year to $1 billion, or over 23% of GDP. The deficit was financed through a drawdown of cash and deposits, debt issuance, and modest foreign direct investment (FDI) inflows. External debt increased by 1 pp to 57.7% of GDP, while international reserves reached $5.1 billion at end-August.
Inflation has moderated compared to the beginning of the year, when energy prices spiked, but it remains in the upper bound of the target range. In the first eight months of 2025, consumer prices rose 8.2%, driven by energy tariffs and elevated food prices amid weaker agriculture output. In response, the National Bank of Moldova reduced the policy rate by 25 basis points to 6.25%. Source: World Bank
IMF Statistics:
| Subject descriptor | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
|
All Items, Consumer price index (CPI), Period average, percent change Percent (Units) |
13.447 |
4.683 |
7.675 |
5.474 |
5.0 |
|
Current account balance (credit less debit), Percent of GDP Percent (Units) |
-11.338 |
-16.026 |
-19.291 |
-20.4 |
-19.2 |
|
Current account balance (credit less debit), US dollar US dollar (Billions) |
-1.895 |
-2.917 |
-3.785 |
-4.289 |
-4.408 |
|
Exports of goods and services, Volume, Free on board (FOB), Percent change Percent (Units) |
4.262 |
-12.858 |
-10.615 |
1.802 |
3.18 |
|
Gross domestic product (GDP), Constant prices, Percent change Percent (Units) |
1.2 |
0.1 |
1.7 |
2.15 |
3.5 |
|
Gross domestic product (GDP), Current prices, Per capita, US dollar US dollar (Units) |
6704.941 |
7510.931 |
8239.361 |
8984.47 |
9983.094 |
|
Gross domestic product (GDP), Current prices, US dollar US dollar (Billions) |
16.711 |
18.201 |
19.62 |
21.024 |
22.956 |
|
Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change Percent (Units) |
-1.039 |
6.823 |
12.503 |
7.84 |
5.961 |
|
Unemployment rate |
4.593 |
3.955 |
3.503 |
3.503 |
3.503 |
Estimates
Source: IMF Statistics - Moldova
Relationships with Luxembourg
Existing Conventions and Agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 11.07.2007 (Memorial 2009, A No.229, p.3961)
- Effective as of 01.01.2010 (Memorial 2009, A No.229, p.3961)
- Protocol from 25.06.2024 (Memorial 2025, A No.123)
Air Services agreement
None
Source: Source: Administration des contributions directes
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact Points in Moldova
Embassy of the Grand Duchy of Luxembourg in Moldova
(Ambassador with residence in Luxembourg)
Ambassador Extraordinary and Plenipotentiary of the Grand Duchy of Luxembourg to the Republic of Moldova (non-resident): Mr Alain DE MUYSER
Ministry of Foreign and European Affairs, Defence, Cooperation and Foreign Trade
9, Palais de Justice Street
L-1841 Luxembourg
Tel.: (+352) 247-82311
E-mail: chisinau.amb@mae.etat.lu
Site web : www.moldova.mae.lu
Honorary Consuls
Honorary Consul with jurisdiction over the Republic of Moldova:
Mr Luc VOCKS
Str. Ivan Zaikin 2,
MD-2004 Chisinau
Moldova
Tel.: (+ 373) (0) 6922 9057
E-Mail: chisinau@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Moldova
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Moldova