GDP growth lower than expected

The Gross Domestic Product for the first half of this year was 39.2 billion lei, adjusted to the current price level, with a real growth of 0.8% relative to January-June 2011, according to data from the National Bureau of Statistics. The Government had previously forecasted a 3% GDP growth for this year. Until now, the GDP growth is lower than expected, reports Info-Prim Neo. The Gross Value Added (GVA) produced in the goods sector has fallen, relative to last year’s same period, negatively (-0.2%) influencing the GDP. Agriculture, hunting, forestry, fishing, fish breeding, sum up into the branch of the goods sector whose GVA has fallen by 5.2%, whereas the industry sector GVA has increased by 1.1% relative to last year’s same period. Thus, the contribution of the goods sector to the GDP, during the reference period, was 21.5%. The GVA in the services sector has increased, relative to last year’s same period, by 1.9%. Wholesale and retail commerce was the branch that registered the highest GVA growth, of 4.1%, followed by constructions at 3.1%, and other activities and services at 0.1%. The contribution of the services sector to the GDP was of 64.8%. The level of taxes on products collected to the National Public Budget has fallen by 0.7%, relative to last year’s same period, negatively (-0.1%) influencing the GDP growth. Gross fixed capital formation has fallen by 0.3% relative to last year’s same period, contributing by 18.9% to the GDP. The exports and imports of goods and services have risen by 6.8% and, respectively, 5.0% on last year’s same period. The Government forecasted a 3% GDP growth for this year. Currently, the Ministry of Economy, according to Deputy Premier Valeriu Lazar, Minister of Economy, will not meet its forecast, although the trend of slower economic growth is increasingly evident. Valeriu Lazar denied the fact that Moldova could be affected by the recession.