Net investments in fixed assets (chart) — both tangible and intangible — in Moldova increased by 17.6% in real terms in 2025, reaching MDL41.4bn (€2.1bn), according to data published by the National Bureau of Statistics (BNS).

Investment growth remained in double-digit territory throughout all four quarters of the year, approaching or exceeding 20% y/y in the first half and again in the fourth quarter.

Gross fixed capital formation, typically accounting for roughly 14% of total domestic demand in Moldova, was the main driver of economic growth in 2025, alongside resilient household consumption.

Following two consecutive years of strong expansion, the volume of net investments returned above pre-pandemic levels, standing 13.4% higher in real terms than in 2019.

Investments in intangible assets surged by 54% y/y and represented 4.1% of total fixed investments, up from 3.1% in 2024. They contributed 2.2 percentage points (pp) to the overall 17.6% increase.

Investments in tangible assets rose by 16.4% y/y, accounting for 15.7pp of the overall growth. The strongest contributions to overall growth in investments came from civil engineering works, which advanced by 23.5% y/y and contributed 4.3pp to the overall growth, and residential construction, which rose by 29.5% y/y (+4.1pp contribution). Machinery and equipment investment also posted solid growth of 11.8% y/y (+3.5pp).

In terms of structure, machinery and equipment accounted for nearly 30% of total investments, followed by civil engineering works at 18.4%, while non-residential and residential buildings each represented close to 14% of the total.