Page 89 - bne IntelliNews Southeastern Europe Outlook 2025

The increase in profit achieved in January-September was mainly driven by the advance of net interest income and the increase in net foreign exchange earnings.
In Q3 alone, the bank’s net profit surged by 21.4% y/y to MDL399mn (€20.7). In the third quarter, the bank’s return on equity (ROE) was 20.6%, compared to 17.8% in the third quarter of 2023, reflecting the performance recorded this year, according to a press release.
5.6.3 Industry
For the 12 months to September, Moldova’s industrial output increased by 1.0% y/y. This represents a modest recovery after the 7.2% y/y contraction seen in the previous 12-month period, under the impact of the war in Ukraine.
Nevertheless, some industries have defied the trend, posting steady growth over the past years. This is the case for metallurgy, where output rose by 12.4% y/y at a time when overall output contracted by 7.2% y/y after the start of the war in Ukraine. In Q3, the sector’s output rose by 50% y/y at a rate close to that seen in the 12 months to September compared to the previous 12-month period.
Moldova has voluntarily reduced its energy (natural gas) use after Russia restricted its supplies, turning gas into an expensive, scarce commodity.
After the country established a steady flow of energy (natural gas, electricity), albeit at higher prices, industrial activity resumed. However, the economic outlook of the European Union, the primary market for the country’s suppliers, is not favorable to significant growth and industrial recovery in Moldova remains incomplete.
5.6.4 Major Sectors & Companies
Purcari Wineries, a leading Central and Eastern European wine producer with operations in Moldova and Romania, reported a 4% y/y revenue increase to RON262mn (€52mn) in the first nine months of 2024, underpinned by a 14% rise in its core wine segment. Growth in this segment offset losses from the discontinuation of the waste recycling business, Ecosmart. Purcari has a market capitalisation of just over RON600mn (€120mn) and its shares rose by 12% y/y.
5.7 Real Economy – Montenegro
5.7.1 Retail
Montenegro’s retail trade has been strongly affected by wage hikes and is expected to continue the upward trend through 2025 thanks to the government's plan to increase incomes further. The average monthly net wage rose by 17.6% y/y in nominal terms in October to €877, according to the latest available statistics office data.
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