OREANDA-NEWS. March 20, 2014. Moldova had an 8.9-per cent economic growth in 2013 against the level recorded in the year before, according to data by the National Statistics Bureau (BNS), made public.

The 8.9-per cent increase exceeds expectations by economic analysts of the Economics Ministry, as well of the International Monetary Fund experts, who estimated a growth of 5.5 per cent in 2013.

“This is the highest economic growth in the period after the declaration of Independence, the experts of our Institute anticipated in November, following a 8-per cent advancement in the first nine months,” the director of the National Institute of Economic Researches (INCE), Alexandru Stratan, has said.

“The data available for the first nine months of the last year shows a very good growth in that year, which might oscillate between 8 and 9 per cent aggregately for the 12 months. At the same time, as previous experiences show, this growth is triggered preponderantly by the recovery of the agricultural sector after a drought year, and this does not guarantee the same success in the next years too,” an INCE analysis says.

The biggest economic growth of 7.8, and respectively, 7.5 per cent, was recorded in 2002 and 2005.

BNS data shows that the Gross Domestic Product (GDP) was almost 100 billion lei at current market prices, by 2 billion more than forecast by the Economics Ministry in last October. In the fourth quarter, Moldova registered a growth of 11.2 per cent.

Statistics data also shows that the gross value added in the goods sector increased by 22.1 per cent against 2012, and contributed to the formation and increase of the GDP by 26 per cent, and 5.5 per cent, respectively. A significant increase was recorded in agriculture, hunting economy, forestry in 2013 – by 41 per cent against the previous year. The gross value added in industry rose by 7.4 per cent against 2012, and by 4 per cent in the services sector.

The final consumption went up by 5.2 per cent against the year before, and positively influenced the GDP’s growth by 6.2 per cent. The increase was prompted by a 6.5 per cent of the final consumption of the residents’ households.

Moldova’s economy will grow by 4 per cent in 2014, according to forecasts by the Economics Ministry, with the World Bank reducing this prediction to 3.8 per cent. The 2014 state budget was constructed on a 4-per cent rise of the GDP.

The economy will grow in 2014, as a result of the improvement of the economic world and financial context, better promotion of exports, the state developing and backing private sector enterprises (by simplifying the starting of business, facilitating credits flows, removing unreasoned obstacles to trade).

Also, the positive evolutions will be further determined by the continuation of the structural reforms, development of the real sector of the economy, including via attracting foreign direct investments into the national economy, promoting a cautious fiscal policy and implementing reforms meant to cut the inefficient public spending, the Economics Ministry added.