Moldova’s industrial output rises 7.1% y/y in July after strong first-half growth
Moldova’s industrial production (chart) increased by 7.1% year on year in July, maintaining the strong growth recorded during the first half of 2026, according to data published by the National Bureau of Statistics (BNS).
Industrial output rose by 9.8% y/y in the second quarter, following a 6.8% increase in the first quarter.
The value added generated by manufacturing increased by 6.4% y/y in H1, and the sector contributed 0.5 percentage points to the overall 0.6% y/y GDP growth. The utilities (except for water utilities) sector increased its value added by 16.2% y/y, making a 0.3pp contribution. The economic sectors of construction, IT&C and real estate made negative contributions to the overall GDP growth in the first half of the year.
Industrial activity in Moldova has generally strengthened since mid-2023, except for a temporary slowdown in the fourth quarter of 2024, as the sector recovered from the sharp decline recorded in the initial phase of the war in Ukraine.
On a longer-term comparison, seasonally and workday-adjusted industrial output in July was 9.0% above its 2021 average. Manufacturing output was 5.9% above the same benchmark.
Utilities recorded significantly stronger growth, with output 27% above the 2021 average. The sector has expanded as Moldova has increased domestic energy production and trading capacity to strengthen energy security and reduce its dependence on Russian supplies.
The strongest medium-term performance was recorded in pharmaceuticals, where July production was 60% above the 2021 average. Production in the metallic construction sector was 59% higher than the same benchmark.
The food industry, which has a significant weight in Moldova’s industrial output, was 3.0% above its 2021 average in July. Beverage production, however, remained below its pre-war benchmark, at 8.3% lower than the 2021 average.
The latest figures indicate that Moldova’s industrial recovery has extended into the summer, with utilities and selected manufacturing industries continuing to outperform the broader industrial sector.
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