Dirk Scuebel: Moldova’s economy recovered quickly

Moldova’s economy in 2011 recovered quickly. According to the Moldova Progress Report within the European Neighborhood Policy, the Gross Domestic Product grew by 6.4% and the macroeconomic stability was maintained, Info-Prim Neo reports. In a news conference held to present the report, the Head of the EU Delegation to Moldova Dirk Schuebel said the economy was supported by a financing agreement with the International Monetary Fund and the exceptional assistance of donors, including a macro-financial assistance grant of €90 million from the European Union. According to the report, the average rate of inflation in 2011 was 7.6%, as against 7.4% in 2010. The process of strengthening the fiscal institutions continued in 2011, the budget deficit being 2.4% of the GDP. The jobless rate last year fell to 6.6%, from 7.4% in 2010, owing to the creation of workplaces in industry and agriculture. Dirk Schuebel said that trade between the EU and Moldova last year grew by 27.9%. According to the Ambassador, Moldova made significant progress in reducing the technical barriers to trade, improving the business environment and in adopting the sanitary and phytosanitary standards of the EU.