Moldova’s GDP increased by 1.1% y/y in Q2 (chart), driven by the higher volume of construction and the utilities sector, after a three-quarter recession prompted by the weak harvest last year, according to data published by the statistics bureau BNS. The seasonally adjusted GDP increased by 1.6% q/q and marked a new record, rising by 0.5% above the levels seen in the first half of 2024 before the 2.7% q/q plunge seen in Q3 2024.

The exit from recession was driven by robust investments, partly financed by the financing provided by the development partners, which put pressure on the external balance while keeping the exchange rate relatively stable, resulting in significant real appreciation of the Moldovan leu (MDL).

On a longer-term perspective, Moldova's GDP has stagnated since 2022, when the war in Ukraine and the subsequent rise in the energy price and availability put an end to the post-pandemic recovery.

In absolute terms, Moldova’s GDP reached €4.5bn (+15.3% y/y) in Q2 and €18.3bn (+15.4% y/y) in four quarters to the end of June 2025.

The 1.1% y/y growth in Q2 this year was driven by the sectors of construction (+7.2% y/y in volume terms and 0.5 percentage points contribution to the GDP growth and utilities (+20% y/y and 0.3pp contribution), while the real estate transactions generated 7.5% y/y value added and made a negative 0.6pp contribution.

On the GDP utilisation side, the consumption exceeded by 3.5% the GDP, and the gross capital formation accounted for another 27.8% of GDP (out of which 23.7% was gross fixed capital formation). Consumption increased by 1.8% y/y while gross fixed capital formation surged by 26% y/y, driven by investments in both construction and production equipment (with growth rates of above 20% y/y in both segments).

A significant part of the total domestic demand (23.8%) was sourced from net imports of goods and services. Net imports accounted for 27.8% of GDP.