Moldova recorded a 4.1- per cent- economic advance in 2016 against the previous year, above expectations of analysts and officials, who counted on a 1.5-4.0 per cent- increase in gross domestic product, according to data by the National Statistics Bureau (BNS).

The data show that Moldova had the highest economic growth in the fourth quarter of last year, amounting to 6.5 per cent in real terms against the similar period of 2015. It is the fourth consecutive quarter in which Moldovan economy is on a rise, and growth rate speeded up from 0.8 per cent in the first three months of 2016 to 1.8 per cent in the second quarter, 6.3 – in third quarter and respectively 6.5 per cent in the last three months of the year.

BNS announced on 15 March the 2016 results showing an increase up to 134.4 billion lei in GDP.

The largest contribution to economic growth was to agriculture, followed by wholesale and retail, mining and manufacturing, information and communications. The amount of taxes on products increased by 3.1 per cent compared to the same period of the previous year. Gross added value on economy exceeded by 4.8 per cent the previous year level, contributing to growing and forming GDP by 4.1 per cent and 85.2 per cent respectively.

Many experts consider that the basis of comparison in the third and fourth quarters are low, due to the decline in the same period of the previous year. In the third quarter of 2015, a 3.7-per cent-economic decline was recorded, and in the last three months of the year –by 3.3 per cent.

The advance is above estimations of international financial institutions, analysts and authorities, who expect an increase of 1.5 to 2.5 per cent in 2017. The Economics Ministry forecast a 4 per cent increase in 2016, World Bank – 2.2 per cent, European Bank for Reconstruction and Development – 1.5 per cent.

The Economics Ministry has recently revised upwards to 4.5 per cent estimations on Moldovan economic advance in 2017, from 3.0 per cent as previously anticipated. For 2017-2020, it is forecast an increase in GDP by 3.5-4.5 per cent annually. Growth will be caused by improving economic and financial context worldwide, promoting exports, developing and supporting enterprises in private sector on behalf of the state, continuing structural reforms and other factors, the Economics Ministry said.