Moldova’s industrial production index (chart) increased by 11.6% y/y in November 2025 and by 4.5% y/y over the 12 months to November, according to data published by the statistics bureau BNS.

Despite the recovery over the past year, industrial activity remains below pre-war levels. Compared to November 2021, before Russia invaded Ukraine, industrial production in November 2025 was still 6.5% lower. Industrial output in the 12-month period to November 2025 lagged 4.3% behind pre-war output.

In the core manufacturing sector, output expanded by 19.4% y/y in November and by 3.4% y/y over the 12 months to November. However, manufacturing activity remained 12.6% below its November 2021 level.

The food industry, which accounts for nearly 30% of total industrial production in Moldova, recorded a strong 57% y/y increase in November, but only a modest 1.9% y/y advance over the 12-month period. Compared to November 2021, food manufacturing output was still sharply lower, by around 6.8%.

Beverage production, representing nearly 9% of total industrial output, declined by 0.9% y/y over the 12 months to November, despite a robust 53% y/y increase in November alone. Relative to November 2021, beverage production was significantly higher (+16.7%).

Utilities, which accounted for about 12.4% of total industrial production in 2024, posted mixed short-term dynamics, declining by 9.8% y/y in November. Over the 12 months to November, however, the sector expanded by 7.5% y/y and stood roughly 25% above its November 2021 level, as domestic electricity production surged significantly.