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Moldova

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Moldova > Law firm and leading lawyer rankings

Editorial

Doing Business in Moldova

Contributed by Gladei & Partners

Doing Business in Iceland

OVERVIEW OF THE MARKET

With a steady and energetic GDP growth of 4.8, 4.5 and 4.3 per cent for 2018, 2017 and 2016, respectively, Moldova is among the fastest-growing economies in Europe. 

According to the World Bank's data, in 2018 Moldovan real GDP growth outpaced many of other countries in its region.  According to the IMF, Moldova's nominal GDP reached U.S.$11.44 billion in 2018 and U.S.$9.08 billion in 2017.

The inflation rate decreased from 9.7 per cent. in 2015 to 6.4 per cent. in 2016 and remained almost on the same level in 2017 at 6.6 per cent., according to the National Bureau of Statistics. The inflation rate for 2018 amounted to 3.0 per cent., according to the National Bank of Moldova.

With a moderate climate and productive farmland, Moldova's economy still relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco.  According to National Bureau of Statistics, the agricultural sector accounted for 13 per cent. and 14 per cent. of Moldova's GDP in 2017 and 2016, respectively. The agricultural sector employed 33.7 per cent. of the domestic labor force in 2016.

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Legal market overview

The relatively stable market in Moldova has seen continued growth in 2018. Agriculture and the food industry still dominate but the strengthening of the economy was fueled by investment in manufacturing and information technology, as well as the emerging green energy market.

Banking and the financial services sector provide a significant amount of the work in a legal market dominated by local firms, with a few notable international exceptions.

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