Moldova’s Economy to Recover This Year, Central Bank Chief Says

Moldova’s economy will return to growth in 2013 as last year’s “transitory shocks” won’t be repeated, central bank Dorin Dragutanu said.

The eastern European nation’s economy will probably grow 3 percent this year and 4 percent to 5 percent in 2014 and 2015, Dragutanu said today in an interview in Tbilisi, the Georgian capital. The $6.9 billion economy probably shrank in 2012, he said.

Last year “was an extremely difficult year for our country because we had shocks beyond the control of the government or the national bank,” he said. “The deterioration of the economic situation in the region decreased significantly the external demand for our products. In addition, we had one of the most severe droughts in the last 50 years, so agriculture dropped by almost 20 percent.”

Russia and Romania are the main exports partners of Moldova, with shares of about 20 percent and 15 percent, U.S. data show. The country of 3.7 million has the lowest per capita gross domestic product in Europe, according data compiled by Bloomberg.

To contact the reporters on this story: Agnes Lovasz in London at alovasz@bloomberg.net; Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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