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Moldova Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
3,437,720 (July 2018 est.)
GDP (PPP)
$23.72 billion (2017 est.)

With a moderate climate and productive farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, wheat, and tobacco. Moldova also depends on annual remittances of about $1.2 billion - almost 15% of GDP - from the roughly one million Moldovans working in Europe, Israel, Russia, and elsewhere.

GDP growth rate
4.5% (2017 est.)

The government's stated goal of EU integration has resulted in some market-oriented progress. In 2017, the EU purchased over 65% of Moldova’s exports.

GDP (PPP) per capita
$6,700 (2017 est.)

Despite recent progress, Moldova remains one of the poorest countries in Europe.

Local currency
Moldovan lei (MDL)

A $1 billion asset-stripping heist of Moldovan banks in late 2014 delivered a significant shock to the economy in 2015; the subsequent bank bailout increased inflationary pressures and contributed to the depreciation of the leu and a minor recession.

Financial stability (Public debt)
31.5% of GDP (2017 est.)

The government’s push to restore stability and implement meaningful reform led to the approval in 2016 of a $179 million three-year IMF program focused on improving the banking and fiscal environments, along with additional assistance programs from the EU, World Bank, and Romania. Moldova received two IMF tranches in 2017, totaling over $42.5 million.

Inflation
6.6% (2017 est.)

Moldova's economy remains vulnerable to corruption, political uncertainty, weak administrative capacity, vested bureaucratic interests, energy import dependence, Russian political and economic pressure, heavy dependence on agricultural exports, and unresolved separatism in Moldova's Transnistria region.

Language
Moldovan/Romanian 80.2% (official), Russian 9.7%

English is not widespread, though it is now being taught at school from the first year of study.

Corruption perception index (Source: Transparency International)
117/180

Very high level of corruption, among the highest in Europe.

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
20%
The supply of certain basic goods (food, transportation, energy, etc) is subject to reduced rates of either 8% or 10%.
Corporate Tax
12%
Farming enterprises are subject to a 7% CIT rate. Eligible small and medium companies not registered as VAT payers may opt for a special CIT regime of 4% on their turnover.
Duties
N/A
Customs duties include customs procedural taxes, customs taxes, VAT, and excise duties. Moldova has signed free trade agreements (FTAs) with most of the Commonwealth of Independent States (CIS) countries and with the Central European Free Trade Agreement (CEFTA).

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