OREANDA-NEWS. September 21, 2011. The Ministry expects that in nominal terms Moldova’s GDP in 2011 will amount to about 82.5 bln leis (USD 7.04 bln) instead of the earlier projected 82.1 bln leis (USD 7 bln), the Economy Ministry reported. It has also upgraded the export growth forecast for this year by 17 percentage points – from 22% to 39%, expecting that in value terms exports will total USD 2,150 mln against USD 1,875 mln forecasted earlier.

The imports growth projection for 2011 was raised by 8 p.p. – to 29% from 21%. Imports are expected to total USD 4,975 mln instead USD 4,650 mln. The forecast of investment into the fixed capital for this year was increased by 2 p.p. – from 12% to 14% (from 15.9 bln to 16.4 bln leis). The forecast of annual inflation was upgraded from 7.9% to 9.5%, of the average annual consumer price index – from 7.2% to 7.9%.

At the same time, the industrial output growth projection for 2011 was downgraded to 7% from 7.5% (from 31.4 bln to 30.1 bln leis). The Economy Ministry downgraded its GDP growth forecast for 2012 to 4.5% from 5%. The Moldovan exports growth forecasts for the next year were downgraded to 10% from 12%, imports growth forecasts – to 9% from 11%. The agricultural production forecast for 2012 was downgraded to 3% from 3.5%.

At the same time, the Ministry of Economy upgraded the forecast of the inflation for 2012 to 6.5% from 5.7%, of the average annual inflation indicator – to 8.1% from 6.9%. The forecast of the growth of investment into the fixed capital was upgraded to 10% from 9%. According to the Ministry of Economy, the macroeconomic indicators forecast made in May 2011 was revised given the recently published data on the Moldovan GDP growth in the first half-year, demonstrating higher rates of the economic growth that amounted to 7.5 percent.

In addition, the IMF’s updated global economy development forecast, the new inflation forecast of the National Bank and results of the consultations with the IFM Mission regarding updating of the forecasts of the national public budget revenues and expenditures were taken into consideration.