Moldova’s industrial output (chart) increased by 5.5% year-on-year in 2025, but remained 4.5% below the average level recorded in 2021 — before the war in Ukraine and the surge in energy prices, according to data published by the National Bureau of Statistics (BNS).

The stronger-than-expected rebound — roughly twice the pace anticipated by the government — partially offset the contraction recorded in the previous two years, yet it was not sufficient to fully restore pre-crisis levels.

A breakdown by sector highlights structural shifts within the industry (chart2). Utilities expanded by 15.7% compared to 2021 levels (+3.4% y/y in 2025), reflecting efforts to boost domestic energy generation and reduce dependence on imports.

By contrast, manufacturing — the backbone of Moldova’s industrial base — contracted by 8.3% compared to 2021, despite a 5.9% y/y increase in 2025. High energy costs and subdued external demand have hit the sector. Mining and quarrying, a relatively small segment of the economy, posted a 4.6% increase over the four years (+5.3% y/y in 2025).

Within manufacturing, performance diverged significantly across sub-sectors.

Beverage production rose by 15.9% compared to 2021, including a 7.3% increase in 2025 alone. The manufacturing of machinery, equipment and electronic devices more than doubled over the past four years, while pharmaceutical production expanded by 55%. Metallurgical output also surged by 68% over the same period.

However, key traditional industries continue to struggle. Food production — one of Moldova’s core industrial segments — declined by 9.7% in 2025 compared to 2021. Despite a strong 20% y/y rebound in garment manufacturing last year, the broader light industry remains below pre-war levels. Electric equipment manufacturing dropped by 50% compared to 2021, while furniture production fell by around 20%.

Overall, the 2025 recovery signals stabilisation after a prolonged shock period, but Moldova’s industrial sector has yet to regain the ground lost since the geopolitical and energy crises reshaped the regional economic landscape.