OREANDA-NEWS. September 23, 2010. According to the National Bank of Moldova, the GDP of Moldova in I half of 2010 grew by 5,6% against the same period of 2009. The quarterly development of this index confirms the sharp restoration of economic activity in II quarter of 2010 when it was registered the GDP growth by 6,4% against 4,7% in I quarter of 2010.

In January-June 2009 Moldova’s GDP reduced by 7,8%. The considerable growth of GDP in January-June 2010 indicates the fast restoration of economy to the level, registered before the economic crisis. At the same time, according to the NBM, the economy of Moldova didn’t reach its potential yet. The consumption of private households and the main gross capital formation were the engines for economic growth in II quarter of 2010.

Therefore, the GDP positive dynamics is due to the internal demand mainly. The consumption of private households increased by 6,1% by means of restoration of expectation by the population of national economy evolution. On one hand, the signals received both from the outside and from inside reflect the possible termination of the economic crisis and encourage the consumption through the economy. On the other hand, the growth of consumption of private households resulted from the increase of volume of remittances from abroad, general labor compensation fund and resumption of consumer loans.

Restoration of expectations of economic agents due to the same prerequisites and access to the financing sources caused the growth of the gross fixed capital formation by 13,7% in II quarter of 2010 against the same period of 2009. The increase by 3,4% of the final consumption by the public administration became another factor that favored the activization of economic activity in this period. In spite of signals from the main trade partners of Moldova on economy’s restoration, the growth of Moldavian exports in II quarter 2010 accounted for only 3,4% and, despite the expectations, contributed greatly to the positive development of GDP in this period.

The growth of imports by 18,9% in II quarter of 2010 by means of increase of the internal demand and decrease of competitiveness of Moldavian products has become an essential obstacle to the acceleration of economic recovery in Moldova. Negative contribution of this component undermined sufficiently the positive contribution of the referred factors. At the same time, positive evolution in all sectors proves that the economy restores.

The increase of net product taxes by 13,5% contributed greatly to the GDP growth in this period. However, this influence was lower as compared to the previous quarter, when the contribution of taxes made up 20,6%. Since the beginning of the year the largest contribution to the restoration of economy was made by the growth of net added value in the economy sectors, totaling to 5,1%. In II quarter the contribution of services to the GDP growth was higher than of goods. In these terms, unlike the evolution in I quarter of 2010, the volume of services in tote increased by 5,2% as compared to the same period of 2009.

The evolution of trade, transport, communication and other services contributed considerably, increasing by 4,1%, 9,7% and 4,5%. After prolonged slump, the dynamics was registered in the construction sector. Its net added value rose in II quarter of 2010 by 5,4%. The growth of VAT for goods by 8% during I quarter of 2010 caused the same evolution in agriculture and industry, increasing by 7,8% and 8,2%, respectively. The processing industry remains the engine for the growth of added value in industry. It grew by 10% in II quarter of 2010 against II quarter of 2009.