The economy of Moldova is essentially a credit-free one. It progressed substantially since the post-independence era, owing to a handful of economic reforms. In fact, liberalization of trade and commerce on government levels is responsible for taking the economy of Moldova towards gradual affluence.
The economy of Moldova mainly banks on the agricultural and industrial sectors as well as on the revenues generated from foreign trades. The favorable climatic conditions of Moldova facilitate extensive agricultural activities in the country.
Apart from the production of food crops, the large vineyards of the country are known to produce first-class, high-quality wines and other liqueurs. The diverse agricultural outputs encouraged food processing industry to prosper in the country. About 40% of the Moldova GDP comes from its diverse farming activities.
The industrial activities in Moldova are multifarious in nature, beginning with the processing of various food and drink items and metals to production of apparels, machinery, footwear, etc. The Moldova industrial sector accounts for 23.9% to the country’s GDP growth. In fact, the growth rate of the industrial production in Moldova was 17% in 2003.
The Moldova economy receives substantial support from its international trading activities. Wine holds the national export market, accounting for 24% of all exports in Moldova. Other export commodities include textile, glassware, tobacco and metal goods. In fact, Moldova’s exports in 2005 accounted for $1.04 billion f.o.b. The main export partners of the nation are Romania, Soviet Russia, Italy and Germany. The commodities imported by Moldova in 2000 included machinery, consumer goods, food, fuels, industrial products and transports. In 2004, the country imported goods worth $1.83 billion f.o.b., and the import partners were Ukraine and Russia.
Last Updated on : 25th June 2013