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 Monitoring→Economy→The Socioeconomic Environment

Economic Policies on February 1–14, 2011

Prices and inflation

The price-rising wave further quickens…

Statistics show that consumer price index (CPI) in January 2011 compared to December 2010 was 101.1% and to January 2010 — 106.7%.So, in January we had an inflation rate of 1.1%. The increase of average consumer prices in January 2011 compared to December 2010 was caused by increase of food prices by 2.5% (which actually increased the most), non-food by 0.4% and tariffs for public services by 0.3%. The growth of food prices was most significant for: potatoes — by about 15%RO, a trend which otherwise is outlined for February too. Prices also increased for a range of products such as fresh vegetables — by about 9% (including: beetroot — by 21%, carrot — by 14.4%, onion — by 12.5%, cabbage — by 8.8%), sugar — by more than 5% and fresh fruits — by about 5% (including apples — by 11%). During the reporting period the prices has increased for: fuel — by more than 3%, and tariffs for providing services to the population by about 2%.

Labour market

Apparently, wages have increased…

According to official statistics, in 2010 employees in the banking sector got the highest average monthly salary — MDL 6365 and in December 2009 they even had an average salary of 8760 lei. In contrast, employees of pisciculture had an average salary of 1621 lei; farmers and foresters — 1645 lei. NBS data show that employees of the electro-hitting, gas and water supply had last year an average wage of 4841 lei, while those in wholesale and retail — 2718 lei. Civil servants from public administration had the average wages of about 3277 lei, and employees in education — 2358 lei. In the field of health and social assistance — 2883 lei. Employees in culture, sport and recreation had an average salary of 2113 lei.

Other types of activity and average monthly wages:

Average monthly nominal wage of an employee of the national economy was 2972 lei (about 247 USD) and increased compared to similar period of 2009 by slightly more than 8%. In the budgetary field, the average wage was about 2550 lei and increased compared to the same period of last year by 6%, in real sector of economy — 3213 lei and increased by 9% compared to similar period of 2009.

Figure 1. Average wages in some sectors of activity, in % of national average (2010)

Average wages in some sectors of activity, in % of national average (2010)

Source: NBS, www.statistica.md

Foreign trade

Exports and imports are growing…

Moldovan exports in 2010 totaled just over $ 1.582 billion, higher than the volume achieved in 2009 by about 23%. Exports to EU-27 amounted approximately USD 747 million (with about 12% more than in 2009), holding a share of over 47% in total exports (about 52% in 2009).CIS countries were present in Moldova’s exports, with a share of over 39% (in 2009 — 38%), corresponding to a value of over USD 624 million. Exports to these countries have increased by over 27% compared with 2009. Exports of food products constituted over 26% of total exports, followed by exports of machinery and transport equipment and miscellaneous manufactured articles with a share of 40% of total exports. Exports of beverages and tobacco scored third, having a 13% share in total exports. In this section of goods the dominant is the exports of alcoholic and soft beverages (about 87% of the total section and over 11% of total exports). However, imports in 2010 totaled over USD 3.855 billion, higher than the volume achieved in 2009 with over 17%. Imports from EU countries (EU-27) amounted to 1.704 billion dollars (about 20% more than in 2009) with a share of over 44% in total imports (over 43% in 2009).Imports of goods from CIS countries were worth about U.S. 1.257 billion (over 10% higher than in 2009), equivalent to over 32% share in total imports (about 35% in 2009). Imports of machinery and transport equipment had a market share of about 21% of total imports. Imports of mineral fuels, lubricants and derived materials have held more than 20% of total imports. In this section of goods the oil and oil products represent 54% of the total section and 11% of total imports, and gas and industrial products from natural gas 43% and about 9% accordingly. Imports of manufactured goods classified mainly by raw material have held a share of over 19% in total imports, the chemicals and derivatives accounted to 13.5% of total imports. Imports of food products and live animals had a share of over 10% of total imports. Significant gap in the evolution of exports and imports resulted in 2010 in the accumulation of a trade balance deficit amounting to over 2.273 billion dollars, with 282 million dollars (by over 14%) higher than that registered in 2009.With the European Union countries (EU-27) the trade balance ended with a deficit of about USD 958 million (in 2009 — about 753 million dollars), while with the CIS countries — about USD 633 million (in 2009 — over 651 million USD).

January 17–31, 2011 February 15–28, 2011