Economic growth in second quarter was significant, Expert-Grup

The economy of Moldova seems to be flourishing as the economic growth in the second quarter of 2011 was significant. What is more important is that this growth looks robust, director of the Independent Analytical Center “Expert-Grup” Valeriu Prohnitski said, quoted by Info-Prim Neo. During the presentation of the monthly publication “Economic Reality”, which is produced within the Promotion of Good Governance by Independent Economic Forecast and Analysis Project, Valeriu Prohnitski said the gross fixed capital formation rate has increased considerably and this inspires additional optimism. “Exports rose at a higher pace than imports and this is a remarkable accomplishment for Moldova. These are signs that the Ministry of Economy will update its macroeconomic forecasts with an economic growth of 6-7%. This value is mush closer to the previous forecasts of “Expert-Grup”, said Valeriu Prohnitski. According to him, the industrial sector also developed and has witnessed a growth of 9.1% since June. “Judging by the statistical data, all the branches of industry advanced, especially the extractive industry,” said the expert. Valeriu Prohnitski spoke about exciting dangers caused by the still uncertain situation of the world economy, which can affect exports, remittances and the foreign direct investment in Moldova. He said that the transport sector continues to lag behind and this is mainly due to the fact that the national companies since the fourth quarter of 2008 have more often purchased transportation services from foreign companies. Alex Oprunenco, one of the authors of the publication “Economic Reality”, said that the exports to the EU and the CIS over January-July grew significantly. The growth was mainly due to the increased demand from Russia, Romania, Italy, Germany, Ukraine, and Poland, which together absorb up to 70% of Moldova’s exports. “Economic Reality” is a monthly economic journal centering on the most important economic and political developments. The Promotion of Good Governance by Independent Economic Forecast and Analysis Project is implemented by “Expert-Grup” with the support of East-Europe Foundation with the financial resources provided by the Swedish International Development Cooperation Agency and the Foreign Ministry of Denmark.