Moldova's economy increased by 3.9% in the third quarter, and growth pace continues to decrease
Moldovan economy marked 3.9% increase in the third quarter, and the advance over the nine months constituted 4.6%, announced the National Statistics Bureau on Monday.
Official statistics show a reduction of the growth pace, following the 27 March stop of Moldovan wine imports by the Russian Federation. Thus, if over the first three months of 2006 the advancement constituted 6.2%, then in the second quarter it went 4.1% down, and in July- September 3.9% down. The pace slows against the background of a recess in industry and stall in agriculture, as well as due to consumption and current account deficit increase.
The increase over nine months outcomes the annual projections of 4% made by the Government, however officials and independent experts hesitate to anticipate the final figure for 2006.
According to the National Statistics Bureau, in January-September 2006, the volume of production counted for 70.4 billion lei (current prices) against 60.4 billion lei for the same period of last year; the intermediary consumption counted for 42.4 billion lei (36.2 billion lei in 2005); gross value added counted for 28.0 billion lei (24.2 billion); net product and import taxes counted for 5.0 billion lei (4.3 billion).
Statistics show that over the nine months of 2006, population's household final consumption amounted to 31.2 billion lei (in 2005, 26.1 billion), while the gross capital formation amounted to 10.6 billion lei (8.2 billion). Net export constituted minus 14.3 billion lei.
Following shutdown of Moldovan wine exports on the Russian market and doubling of price for natural gas imported from Russia, the Government revised negatively its growth projections from 6.5% to 4%. The International Monetary Fund has also revised its projections from 6.0% to 3%. IMF also estimated that the reduction of growth pace will produce against the background of a current balance deficit from 5.4% to 10.5% in relation to GDP. Also a 3% advance is anticipated by the World Bank. More optimistic, the European Bank for Reconstruction and Development projects a 3.5% increase for Moldovan economy in 2006. // BASA-Press
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