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3.6.3 Industry
As energy prices have advanced through 2022, economic activity was
silenced: the seasonally-adjusted production index returned to figures
typical of the year 2017 or to the COVID-19 year 2020.
If Moldova’s industry was still reporting robust annual growth rates in
2021, despite its rather flattish short-term dynamics, the annual growth
figures dropped in the red after the country’s industrial output figures
plunged during 2022. In the 12-month period to October 2022, the
industrial output edged down by 1.6% y/y (-1.4% y/y for the
manufacturing industries) after the 12.4% y/y average advance in 202
(driven by low-base effects).
During 2016-2021, Moldova’s industrial output advanced at an average
annual rate of 3%. Under the government’s scenario, the growth would
return to figures above 4% per annum since 2023 – but the scenario
was drafted in October and the general outlook has deteriorated,
including for the industrial sector. High energy prices are the main
deterrent.
106 SE Outlook 2023 www.intellinews.com
