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Economy of Moldova vs Norway compared: GDP & Debt

Updated on by Georank

Moldova has a GDP of $20.4B compared to $531B for Norway, ranking 133/197 and 32/197 by economy size, respectively.

Moldova has $7.45B in government debt (36.6% of GDP), compared to $239B (45% of GDP) in Norway.

Moldova vs Norway GDP by year

Moldova
Norway
1x
Year GDP, current $
Moldova Norway
2025 $20,351,796,275 $530,755,719,439
2024 $18,206,842,141 $500,886,328,034
2023 $16,711,906,746 $502,197,633,323
2022 $14,525,337,524 $617,321,834,099
2021 $13,691,869,264 $521,592,200,233
2020 $11,530,746,234 $382,252,517,922
2019 $11,736,797,055 $424,244,886,364
2018 $11,252,353,421 $454,588,871,811
2017 $9,514,404,016 $415,673,181,543
2016 $7,980,917,076 $383,284,047,619
2015 $7,797,667,197 $400,669,174,331
2014 $9,402,090,138 $515,829,568,897
2013 $9,496,717,876 $540,132,255,319
2012 $8,709,138,635 $525,082,939,407
2011 $8,414,352,020 $512,868,581,628
2010 $6,974,982,370 $440,132,138,425
2009 $5,439,434,272 $395,664,488,017
2008 $6,054,824,248 $472,060,283,688
2007 $4,401,173,152 $407,813,774,161
2006 $3,408,255,451 $349,773,283,645
2005 $2,988,342,907 $311,417,306,946
2004 $2,598,249,556 $265,662,977,688
2003 $1,980,907,435 $229,192,678,173
2002 $1,661,818,168 $195,359,978,957
2001 $1,480,673,594 $173,590,978,347
2000 $1,288,429,392 $170,620,327,660
1999 $1,170,782,957 $161,304,620,987
1998 $1,698,717,505 $152,955,958,172
1997 $1,930,081,169 $160,013,571,974
1996 $1,695,122,174 $162,427,517,132
1995 $1,752,999,370 $151,083,627,983
1994 $1,702,314,268 $126,324,387,894
1993 $2,371,813,324 $119,841,699,440
1992 $2,319,243,436 $129,998,873,602
1991 $3,094,565,871 $121,149,331,318
1990 $3,592,857,043 $119,344,377,526
1989 - $102,226,808,603
1988 - $101,497,621,605
1987 - $93,913,320,965
1986 - $78,438,205,742
1985 - $65,211,464,198
1984 - $61,866,078,539
1983 - $61,417,685,434
1982 - $62,453,362,256
1981 - $63,392,804,251
1980 - $64,176,789,764
1979 - $52,935,763,512
1978 - $46,355,988,784
1977 - $41,362,637,363
1976 - $35,815,449,464
1975 - $32,742,543,381
1974 - $27,033,413,362
1973 - $22,433,660,550
1972 - $17,283,931,878
1971 - $14,523,306,736
1970 - $12,753,503,479
1969 - $11,083,505,596
1968 - $10,178,705,992
1967 - $9,532,076,026
1966 - $8,712,528,095
1965 - $8,073,570,566
1964 - $7,172,430,304
1963 - $6,522,268,053
1962 - $6,078,186,245
1961 - $5,642,867,672
1960 - $5,172,811,442

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

GDP per capita in Moldova vs Norway by year

Moldova
GDP per capita

GDP per capita, PPP
Norway
GDP per capita

GDP per capita, PPP
1x
Year Current $
Moldova Norway
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,622 - $94,594 -
2024 $7,579 $18,615 $89,889 $102,038
2023 $6,800 $17,747 $90,984 $103,638
2022 $5,744 $16,453 $113,122 $125,490
2021 $5,275 $15,682 $96,443 $88,984
2020 $4,376 $13,527 $71,058 $67,111
2019 $4,405 $13,413 $79,329 $70,940
2018 $4,156 $11,868 $85,579 $70,254
2017 $3,453 $11,252 $78,771 $64,590
2016 $2,847 $10,326 $73,222 $59,280
2015 $2,750 $9,198 $77,221 $60,738
2014 $3,290 $8,643 $100,410 $66,332
2013 $3,321 $8,233 $106,333 $67,378
2012 $3,045 $7,255 $104,628 $65,774
2011 $2,941 $6,833 $103,545 $62,460
2010 $2,437 $6,323 $90,020 $58,213
2009 $1,898 $5,827 $81,940 $55,648
2008 $2,111 $6,153 $99,002 $62,073
2007 $1,531 $5,590 $86,600 $56,179
2006 $1,183 $5,271 $75,048 $54,358
2005 $1,034 $4,866 $67,358 $47,967
2004 $897 $4,378 $57,855 $42,667
2003 $682 $3,960 $50,208 $38,680
2002 $571 $3,633 $43,048 $38,056
2001 $507 $3,311 $38,458 $37,829
2000 $441 $3,045 $37,992 $36,994
1999 $399 $2,910 $36,151 $30,574
1998 $579 $2,965 $34,516 $28,200
1997 $657 $3,136 $36,324 $28,610
1996 $575 $3,021 $37,073 $26,826
1995 $594 $3,146 $34,659 $24,360
1994 $574 $3,111 $29,130 $23,027
1993 $797 $4,394 $27,793 $21,584
1992 $778 $4,337 $30,328 $20,623
1991 $1,038 $5,980 $28,427 $19,580
1990 $1,207 $6,895 $28,137 $18,461
1989 - - $24,185 -
1988 - - $24,112 -
1987 - - $22,430 -
1986 - - $18,822 -
1985 - - $15,704 -
1984 - - $14,943 -
1983 - - $14,877 -
1982 - - $15,178 -
1981 - - $15,463 -
1980 - - $15,708 -
1979 - - $12,998 -
1978 - - $11,421 -
1977 - - $10,230 -
1976 - - $8,896 -
1975 - - $8,171 -
1974 - - $6,783 -
1973 - - $5,664 -
1972 - - $4,395 -
1971 - - $3,721 -
1970 - - $3,291 -
1969 - - $2,881 -
1968 - - $2,667 -
1967 - - $2,519 -
1966 - - $2,321 -
1965 - - $2,168 -
1964 - - $1,941 -
1963 - - $1,779 -
1962 - - $1,670 -
1961 - - $1,563 -
1960 - - $1,444 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

Moldova's GDP per capita is $8,622, ranking 93/197, compared to $94,594 in Norway, ranking 9/197. Adjusted for purchasing power (GDP per capita PPP), Moldova ranks 100th at $18,615, while Norway ranks 7th at $102,038.

Economic indicators

Moldova Norway
Gross domestic product
$20.4B
2025
$531B
2025
GDP rank
133/197
2025
32/197
2025
GDP growth
2.42%
2024-2025
1.09%
2024-2025
GDP per capita
$8,622
2025
$94,594
2025
GDP per capita rank
93/197
2025
9/197
2025
GDP per capita, PPP
$18,615
2024
$102,038
2024
GDP per capita PPP rank
100/197
2024
7/197
2024
Government debt
$7.45B
2025
$239B
2025
Debt-to-GDP ratio
36.6%
2025
45%
2025
Government debt per person
$3,158
2025
$42,567
2025
Government debt per person rank
103/185
2025
15/185
2025
Average annual personal income after taxes
$4,301
2026
$50,036
2026
Market capitalization of domestic companies n/a
$296B
2019
Number of millionaires n/a
348,000
2025
Number of billionaires n/a
17
2026
Income share by richest 10%
22.8%
2023
21.6%
2023
Income share by poorest 10%
4.3%
2023
3.6%
2023
Government expenditure, % of GDP
39.4%
2025
49.6%
2025
Consumer prices inflation
7.76%
2024-2025
3.06%
2024-2025
Central bank interest rate
6.5%
2026
4.25%
2026
Unemployment rate
1.28%
2025
4.5%
2025
Population
2328600
5660666

Spending and national debt comparison by year

Moldova
Spending

Debt
Norway
Spending

Debt
1x
Year % of GDP
Moldova Norway
Government spending Government debt Government spending Government debt
2025 39.4% 36.6% 49.6% 45%
2024 38% 38.8% 46.9% 52.8%
2023 38.8% 34.9% 44.2% 42.4%
2022 36.6% 35% 36.2% 34.8%
2021 34.6% 33.6% 44.7% 40.1%
2020 36.7% 36.6% 54.5% 44.3%
2019 32% 28.8% 48.4% 39%
2018 31.5% 31.8% 46.1% 38.1%
2017 31% 34.9% 47.6% 36.9%
2016 30.5% 39.7% 48.8% 36.7%
2015 31.7% 42.1% 46.7% 33.2%
2014 33.8% 35.4% 44% 28.8%
2013 32.4% 30% 42.3% 30.6%
2012 33.7% 31.3% 41.4% 30.2%
2011 32.6% 24.2% 42.3% 28.9%
2010 34.1% 25.5% 43.6% 42.1%
2009 45.3% 32.6% 44.7% 41.7%
2008 41.5% 22.2% 39.2% 46.8%
2007 42.7% 28.3% 40.5% 48.9%
2006 40.3% 35% 40.1% 52.2%
2005 37.1% 40.4% 41.6% 42.1%
2004 34.8% 49.3% 44.7% 43.8%
2003 33.5% 68.1% 47.7% 43.1%
2002 30.7% 80.3% 46.3% 34%
2001 29.5% 85.4% 43.4% 27.3%
2000 34% 89.1% 41.5% 28.8%
1999 33% 150.7% 46.7% 25.1%
1998 39.1% 159.4% 48.2% 23.8%
1997 46% 89% 45.9% 26%
1996 43.3% 87.5% 47.4% 28.6%
1995 42% 79.5% 49.6% 32.9%
1994 - - 49.7% 51%
1993 - - 50.5% 54%
1992 - - 51.6% 45.3%
1991 - - 50.3% 39.5%
1990 - - 49.1% 29.1%
1989 - - 52.2% 30.4%
1988 - - 52.6% 30.5%
1987 - - 50.5% 31.3%
1986 - - 48.1% 37.8%
1985 - - 44% 30.2%
1984 - - 44.5% 27.8%
1983 - - 46.4% 27.4%
1982 - - 46.6% 29.7%
1981 - - 46.1% 32.9%
1980 - - 46.1% 36.8%
1979 - - 47.2% 39.6%
1978 - - 47.9% 49.9%
1977 - - 46.5% 43.8%
1976 - - 45.2% 38.5%
1975 - - 43.5% 36.7%
1974 - - 42.2% 35.4%
1973 - - 42.3% 37.7%
1972 - - 42.2% 38.9%
1971 - - 40.7% 38.5%
1970 - - 38.9% 38.6%
1969 - - 38% 22.3%
1968 - - 36.2% 22.5%
1967 - - 34.9% 22.6%
1966 - - 33.5% 22.4%
1965 - - 32.9% 23%
1964 - - 32% 24.2%
1963 - - 31.9% 25.3%
1962 - - 30.6% 26.7%
1961 - - 20.4% 27.7%
1960 - - 18% 29.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

In 2025, Moldova's government spending was $8.02B, accounting for 39.4% of its GDP, while Norway spent $263B, or 49.6% of GDP.

Debt-to-GDP ratio is 36.6% in Moldova and 45% in Norway, ranking 140/185 and 117/185, respectively.

Government deficit by year

Deficit/surplus
Moldova

Norway
1x
Year Deficit/surplus, % of GDP
Moldova Norway
2025 -3.87% 9.34%
2024 -4.02% 12.8%
2023 -5.13% 15.9%
2022 -3.24% 24.7%
2021 -2.62% 9.93%
2020 -5.32% -2.46%
2019 -1.47% 6.28%
2018 -0.85% 7.56%
2017 -0.65% 4.79%
2016 -1.56% 3.91%
2015 -1.93% 5.8%
2014 -1.6% 8.34%
2013 -1.57% 10.3%
2012 -1.93% 13.4%
2011 -2.05% 13%
2010 -2.18% 10.6%
2009 -6.38% 10%
2008 -0.87% 18.3%
2007 0.15% 16.8%
2006 -0.42% 17.7%
2005 1.44% 14.7%
2004 0.59% 10.8%
2003 0.47% 7.21%
2002 -1.18% 9.05%
2001 -0.34% 13.2%
2000 -3.55% 15.1%
1999 -2.64% 5.75%
1998 -1.52% 3.09%
1997 -7.47% 7.41%
1996 -7.42% 6.05%
1995 -2.58% 2.98%
1994 - 0.04%
1993 - -1.65%
1992 - -2.08%
1991 - -0.12%
1990 - 1.96%
1989 - 1.81%
1988 - 2.65%
1987 - 4.56%
1986 - 5.87%
1985 - 9.84%
1984 - 6.97%
1983 - 6.03%
1982 - 3.96%
1981 - 4.82%
1980 - 5.38%
1979 - 2.16%
1978 - 0.94%
1977 - 1.01%
1976 - 2.2%
1975 - 2.88%
1974 - 4.06%
1973 - 4.99%
1972 - 3.93%
1971 - 3.71%
1970 - 2.83%
1969 - 3.57%
1968 - 3.38%
1967 - 4.19%
1966 - 3.59%
1965 - 2.78%
1964 - 3.08%
1963 - 2.6%
1962 - 4%
1961 - -0.7%
1960 - 1.42%
1959 - 1.89%
1958 - 1.7%
1957 - 1.55%
1956 - 1.22%
1955 - 0.82%
1954 - -0.54%
1953 - 1.3%
1952 - 2.15%
1951 - 1.59%
1950 - -0.89%
1949 - -0.72%
1948 - -0.35%
1947 - -4.66%
1946 - -3.82%
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -0.54%
1938 - 0.03%
1937 - -0.16%
1936 - -0.7%
1935 - -1.1%
1934 - -0.59%
1933 - -1.29%
1932 - -1.14%
1931 - -1.15%
1930 - -0.46%
1929 - -0.83%
1928 - -0.81%
1927 - -0.76%
1926 - -1.59%
1925 - -1.92%
1924 - -2.96%
1923 - -3.58%
1922 - -4.28%
1921 - -5.47%
1920 - -1.15%
1919 - -2.11%
1918 - -1.17%
1917 - 0.2%
1916 - -0.36%
1915 - -2.04%
1914 - -1.09%
1913 - -0.9%
1912 - -0.89%
1911 - -0.05%
1910 - 0.3%
1909 - -0.52%
1908 - -0.06%
1907 - 0.16%
1906 - -0.59%
1905 - -0.52%
1904 - -0.75%
1903 - -1.12%
1902 - -1.52%
1901 - -1.41%
1900 - -1.99%
1899 - -1.35%
1898 - -1.39%
1897 - -0.63%
1896 - -1.57%
1895 - -1.66%
1894 - -1.13%
1893 - -1.25%
1892 - -0.94%
1891 - -0.44%
1890 - -0.2%
1889 - -0.07%
1888 - -0.23%
1887 - -0.17%
1886 - -0.2%
1885 - -0.005%
1884 - -0.08%
1883 - -0.17%
1882 - -0.62%
1881 - -1.13%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1881–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

In 2025, Moldova's government deficit, the difference between spending and revenue, was $788M, equivalent to 3.87% of GDP. This compares to Norway's surplus of $49.6B, or 9.34% of GDP.

Over the past 31 years, Moldova recorded a fiscal deficit in 27 of those years, while Norway ran a deficit in 1 years. On average, Moldova posted an annual deficit equal to 2.31% of GDP, compared to surplus of 10.1% of GDP for Norway.

Inflation comparison by year

Inflation
Moldova

Norway
1x
Year Consumer prices inflation
Moldova Norway
2025 7.76% 3.06%
2024 4.68% 3.15%
2023 13.4% 5.52%
2022 28.7% 5.76%
2021 5.11% 3.48%
2020 3.77% 1.29%
2019 4.84% 2.17%
2018 3.05% 2.76%
2017 6.57% 1.88%
2016 6.36% 3.55%
2015 9.68% 2.17%
2014 5.09% 2.04%
2013 4.6% 2.12%
2012 4.55% 0.7%
2011 7.69% 1.28%
2010 7.48% 2.42%
2009 -0.06% 2.2%
2008 12.8% 3.75%
2007 12.4% 0.71%
2006 12.8% 2.33%
2005 12% 1.53%
2004 12.5% 0.45%
2003 11.7% 2.49%
2002 5.3% 1.29%
2001 9.76% 3%
2000 31.3% 3.09%
1999 39.3% 2.37%
1998 7.7% 2.25%
1997 11.8% 2.57%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

Over the past 29 years, Moldova has recorded an average annual inflation rate of 10.4%, compared with 2.46% in Norway. In 2025, inflation was 7.76% in Moldova and 3.06% in Norway.

Top exports between countries

Moldova
Export category Export value
Animal & marine products $897K
Processed food, beverages & tobacco $346K
Raw agricultural goods $293K
Textiles & consumer goods $198K
Chemicals & pharma $123K
Metals $58K
Machinery & equipment $2K
Wood & paper products $2K
Norway
Export category Export value
Machinery & equipment $4.94M
Animal & marine products $3.56M
Chemicals & pharma $413K
Miscellaneous $346K
Processed food, beverages & tobacco $65K
Wood & paper products $55K
Textiles & consumer goods $47K
Raw agricultural goods $16K
Precious metals & jewellery $10K
Raw materials & minerals $10K

Balance of trade

Moldova Norway
Current account balance
-$4B
2025
$74.1B
2025
Current account balance ranking
158/190
2025
10/190
2025
Current account balance, % of GDP
-19.6%
2025
+14%
2025
Goods imports
$10.1B
2025
$105B
2025
Goods exports
$3.23B
2025
$177B
2025
Service imports
$2.17B
2025
$73.9B
2025
Service exports
$3.22B
2025
$63.5B
2025
Imports of goods and services, % of GDP
60.9%
2025
33.7%
2025
Exports of goods and services, % of GDP
31.8%
2025
45.4%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Moldova Norway
Economic freedom 58.1 78.8
Economic freedom ranking 112/197 9/197
Property rights 40.4 99.6
Government integrity 45.1 94.3
Judicial effectiveness 32.4 96.4
Tax burden 87.9 63.3
Government spending 57.2 42
Fiscal health 70.3 96.4
Business freedom 68.3 91.2
Labor freedom 48.1 69.3
Monetary freedom 66 72.4
Trade freedom 76.8 85.6
Investment freedom 55 75
Financial freedom 50 60

Economic freedom comparison by year

Moldova
Norway
1x
Year Economic freedom index
Moldova Norway
2026 58.1 78.8
2025 58.3 78.3
2024 57.1 77.5
2023 58.5 76.9
2022 61.3 76.9
2021 62.5 73.4
2020 62 73.4
2019 59.1 73
2018 58.4 74.3
2017 58 74
2016 57.4 70.8
2015 57.5 71.8
2014 57.3 70.9
2013 55.5 70.5
2012 54.4 68.8
2011 55.7 70.3
2010 53.7 69.4
2009 54.9 70.2
2008 57.9 68.6
2007 58.7 67.9
2006 58 67.9
2005 57.4 64.5
2004 57.1 66.2
2003 60 67.2
2002 57.4 67.4
2001 54.9 67.1
2000 59.6 70.1
1999 56.1 68.6
1998 53.5 68
1997 48.9 65.1
1996 52.5 65.4
1995 33 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

The Economic Freedom Index for Moldova is 58.1, ranking 112/197, compared to 78.8 for Norway, ranking 9/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Moldova Norway
Services, % of GDP
61.5%
2025
55%
2025
Industry, % of GDP
16.9%
2025
34.5%
2025
Agriculture, forestry, and fishing, % of GDP
7.38%
2025
1.64%
2025
GNI, Atlas method
$19B
2025
$546B
2025
GNI per capita, PPP
$19,990
2025
$107,770
2025
Total reserves including gold
$6.01B
2025
$85.5B
2025
Total reserves ranking
97/177
2025
34/177
2025
Net foreign direct investment
-$360M
2025
$8.93B
2025
Net inflows of foreign direct investment
$458M
2024
$12.1B
2024
Net outflows of foreign direct investment
$98.4M
2024
$5.62B
2024
Servicing debt to the IMF, % of GNI
6.22%
2024
n/a
Poverty at national poverty lines
31.6%
2023
12.2%
2021
Gross capital formation, % of GDP
24.2%
2025
23.2%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/moldova/norway | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1881–1989, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.