CHISINAU, Moldova, June 15 (SeeNews) — Moldova’s economy grew 1.1% annually in adjusted real terms in the first quarter of 2022, with retail and machinery repair services the main drivers growth, the statistical office announced on Wednesday.

In unadjusted terms, Moldova’s economic output grew 1.1% a year in the first quarter, the statistics office said in a statement.

Moldova’s gross domestic product (GDP) amounted to 56.3 billion lei ($2.96 billion/2.82 billion euros) at current prices in the first quarter.

Compared to the previous quarter, Moldova’s GDP fell by 6.4% seasonally adjusted.

The economy’s gross value added rose 1.2% year on year in the first quarter, boosted by retail trade, machinery repair and maintenance, health and social care and insurance and financial services. Real estate, manufacturing and construction had a negative impact on GDP growth during the first quarter.

Final household consumption increased by 2.8% year on year in the first quarter.

Exports fell 36.9% annually, while imports rose 11.4% in the first quarter.

Moldova’s economy grew by 13.9% in real terms in 2021, after contracting by 8.3% the previous year.

Moldova’s economy ministry said in March that the country’s economy would grow by only 0.3% in 2022, mainly due to the war in Ukraine and the disruption of global supply chains.

Earlier this month, the World Bank said the Moldovan economy is expected to contract by 0.4% in 2022 and return to growth of 2.7% in 2023.

(1 euro = 19.939 Moldovan lei)

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