Moldova has a GDP of $18.2B compared to $191B for Ukraine, ranking 134/197 and 57/197 by economy size, respectively.
Moldova has $6.94B in government debt (36.3% of GDP), compared to $171B (110% of GDP) in Ukraine.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Moldova
|
Ukraine
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1987 | - | - | $64,087,694,038 | $161,845,930,096 |
| 1988 | - | - | $74,703,517,903 | $165,999,646,445 |
| 1989 | - | - | $82,709,161,099 | $172,428,984,083 |
| 1990 | $3,592,857,043 | $11,137,693,133 | $81,393,558,423 | $161,487,959,613 |
| 1991 | $3,094,565,871 | $9,355,662,201 | $77,350,733,982 | $147,438,507,127 |
| 1992 | $2,319,243,436 | $6,633,164,508 | $73,945,908,384 | $132,842,094,919 |
| 1993 | $2,371,813,324 | $6,553,566,539 | $65,648,559,903 | $113,978,517,441 |
| 1994 | $1,702,314,268 | $4,528,514,463 | $52,549,580,265 | $87,877,436,948 |
| 1995 | $1,752,999,370 | $4,465,115,304 | $48,213,856,469 | $77,156,389,640 |
| 1996 | $1,695,122,174 | $4,202,697,785 | $44,558,831,005 | $69,440,750,676 |
| 1997 | $1,930,081,169 | $4,271,918,931 | $50,151,531,592 | $67,357,528,157 |
| 1998 | $1,698,717,505 | $3,992,441,789 | $41,882,523,345 | $66,077,735,120 |
| 1999 | $1,170,782,957 | $3,857,966,190 | $31,580,639,554 | $65,945,579,650 |
| 2000 | $1,288,429,392 | $3,939,281,164 | $32,375,083,935 | $69,836,368,849 |
| 2001 | $1,480,673,594 | $4,179,577,331 | $39,309,580,983 | $75,981,969,311 |
| 2002 | $1,661,818,168 | $4,505,584,348 | $43,956,163,612 | $80,039,138,413 |
| 2003 | $1,980,907,435 | $4,802,952,913 | $52,010,355,753 | $87,656,150,954 |
| 2004 | $2,598,249,556 | $5,158,371,416 | $67,220,154,164 | $97,995,502,972 |
| 2005 | $2,988,342,907 | $5,545,249,280 | $89,238,865,119 | $101,005,170,643 |
| 2006 | $3,408,255,451 | $5,811,421,236 | $111,884,752,475 | $108,652,697,105 |
| 2007 | $4,401,173,152 | $5,985,763,886 | $148,733,861,386 | $117,579,433,691 |
| 2008 | $6,054,824,248 | $6,452,653,478 | $188,110,390,660 | $120,217,318,405 |
| 2009 | $5,439,434,272 | $6,065,494,253 | $121,552,153,444 | $102,020,662,582 |
| 2010 | $6,974,982,370 | $6,496,144,351 | $141,209,170,427 | $106,195,352,550 |
| 2011 | $8,414,352,020 | $6,874,100,823 | $169,333,835,202 | $111,977,987,704 |
| 2012 | $8,709,138,635 | $6,833,561,916 | $182,591,753,828 | $112,148,546,939 |
| 2013 | $9,496,717,876 | $7,451,580,072 | $190,498,811,460 | $112,199,506,223 |
| 2014 | $9,402,090,138 | $7,824,131,196 | $133,503,871,862 | $100,891,035,819 |
| 2015 | $7,797,667,197 | $7,797,667,197 | $91,030,967,789 | $91,030,967,789 |
| 2016 | $7,980,917,076 | $8,159,947,935 | $93,355,869,404 | $93,253,017,277 |
| 2017 | $9,514,404,016 | $8,500,675,704 | $112,090,505,082 | $95,453,762,636 |
| 2018 | $11,252,353,421 | $8,847,128,858 | $130,891,088,294 | $98,783,535,744 |
| 2019 | $11,736,797,055 | $9,161,406,662 | $153,883,047,510 | $101,944,118,787 |
| 2020 | $11,530,746,234 | $8,403,210,633 | $156,617,722,013 | $98,118,341,608 |
| 2021 | $13,691,869,264 | $9,573,777,856 | $199,765,859,571 | $101,499,127,458 |
| 2022 | $14,525,337,524 | $9,133,384,075 | $161,989,520,721 | $72,309,415,410 |
| 2023 | $16,711,906,746 | $9,242,984,684 | $181,221,517,869 | $76,311,548,882 |
| 2024 | $18,200,340,854 | $9,252,510,450 | $190,741,263,732 | $78,535,131,746 |
Economic indicators
|
Moldova
|
Ukraine
|
|
|---|---|---|
| Gross domestic product |
$18.2B
2024 |
$191B
2024 |
| GDP rank |
134/197
2024 |
57/197
2024 |
| GDP growth |
8.91%
2023-2024 |
5.25%
2023-2024 |
| GDP per capita |
$7,618
2024 |
$5,038
2024 |
| GDP per capita rank |
99/197
2024 |
118/197
2024 |
| GDP per capita, PPP |
$18,717
2024 |
$18,550
2024 |
| Government debt |
$6.94B
2024 |
$171B
2024 |
| Debt-to-GDP ratio |
36.3%
2025 |
110%
2025 |
| Government debt per person |
$2,905
2024 |
$4,526
2024 |
| Government debt per person rank |
103/185
2024 |
85/185
2024 |
| Average annual personal income after taxes |
$4,214
2025 |
$5,178
2025 |
| Market capitalization of domestic companies | n/a |
$4.42B
2018 |
| Number of billionaires | n/a |
7
2025 |
| Income share by richest 10% |
22.8%
2023 |
21.7%
2020 |
| Income share by poorest 10% |
4.3%
2023 |
4.3%
2020 |
| Government expenditure, % of GDP |
39.8%
2025 |
58%
2025 |
| Consumer prices inflation |
4.68%
2023-2024 |
12.6%
2024-2025 |
| Central bank interest rate |
6.25%
2025 |
15.5%
2025 |
| Unemployment rate |
1.43%
2024 |
9.83%
2021 |
| Population |
2358679
|
39426577
|
GDP per capita in Moldova vs Ukraine
Moldova's GDP per capita is $7,618, ranking 99/197, compared to $5,038 in Ukraine, ranking 118/197. Adjusted for purchasing power (GDP per capita PPP), Moldova ranks 98th at $18,717, while Ukraine ranks 99th at $18,550.
| Year | Current $ | |||
|---|---|---|---|---|
|
Moldova
|
Ukraine
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1987 | - | - | $1,244 | - |
| 1988 | - | - | $1,444 | - |
| 1989 | - | - | $1,593 | - |
| 1990 | $1,207 | $6,895 | $1,564 | $7,591 |
| 1991 | $1,038 | $5,980 | $1,483 | $7,148 |
| 1992 | $778 | $4,337 | $1,413 | $6,568 |
| 1993 | $797 | $4,394 | $1,254 | $5,766 |
| 1994 | $574 | $3,111 | $1,009 | $4,565 |
| 1995 | $594 | $3,146 | $933 | $4,124 |
| 1996 | $575 | $3,021 | $870 | $3,812 |
| 1997 | $657 | $3,136 | $987 | $3,794 |
| 1998 | $579 | $2,965 | $831 | $3,794 |
| 1999 | $399 | $2,910 | $632 | $3,871 |
| 2000 | $441 | $3,045 | $653 | $4,228 |
| 2001 | $507 | $3,311 | $800 | $4,747 |
| 2002 | $571 | $3,633 | $903 | $5,123 |
| 2003 | $682 | $3,960 | $1,076 | $5,764 |
| 2004 | $897 | $4,378 | $1,401 | $6,663 |
| 2005 | $1,034 | $4,866 | $1,875 | $7,142 |
| 2006 | $1,183 | $5,271 | $2,366 | $7,971 |
| 2007 | $1,531 | $5,590 | $3,160 | $8,900 |
| 2008 | $2,111 | $6,153 | $4,018 | $9,324 |
| 2009 | $1,898 | $5,827 | $2,607 | $7,995 |
| 2010 | $2,437 | $6,323 | $3,040 | $8,453 |
| 2011 | $2,941 | $6,833 | $3,657 | $9,127 |
| 2012 | $3,045 | $7,255 | $3,951 | $9,552 |
| 2013 | $3,321 | $8,233 | $4,130 | $10,904 |
| 2014 | $3,290 | $8,643 | $2,904 | $10,494 |
| 2015 | $2,750 | $9,198 | $1,988 | $9,922 |
| 2016 | $2,847 | $10,326 | $2,047 | $10,865 |
| 2017 | $3,453 | $11,252 | $2,467 | $11,536 |
| 2018 | $4,156 | $11,868 | $2,895 | $12,555 |
| 2019 | $4,405 | $13,413 | $3,423 | $14,217 |
| 2020 | $4,376 | $13,527 | $3,505 | $15,541 |
| 2021 | $5,275 | $15,682 | $4,510 | $17,846 |
| 2022 | $5,744 | $16,453 | $3,946 | $14,770 |
| 2023 | $6,800 | $17,747 | $4,803 | $17,665 |
| 2024 | $7,618 | $18,717 | $5,038 | $18,550 |
Spending and national debt comparison
In 2024, Moldova's government spending was $6.92B, accounting for 39.8% of its GDP, while Ukraine's spent $136B, or 58% of GDP.
Debt-to-GDP ratio is 36.3% in Moldova and 110% in Ukraine, ranking 144/185 and 15/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Moldova
|
Ukraine
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1995 | 42% | 79.5% | 41.3% | 30.2% |
| 1996 | 43.3% | 87.5% | 36.9% | 24.4% |
| 1997 | 46% | 89% | 40.8% | 28.9% |
| 1998 | 39.1% | 159.4% | 37.1% | 46.5% |
| 1999 | 33% | 150.7% | 25.8% | 59% |
| 2000 | 34% | 89.1% | 35.5% | 43.8% |
| 2001 | 29.5% | 85.4% | 36.7% | 36.7% |
| 2002 | 30.7% | 80.3% | 37.9% | 33.6% |
| 2003 | 33.5% | 68.1% | 38.9% | 29.4% |
| 2004 | 34.8% | 49.3% | 41.6% | 24.8% |
| 2005 | 37.1% | 40.4% | 44.2% | 17.7% |
| 2006 | 40.3% | 35% | 44.6% | 14.8% |
| 2007 | 42.7% | 28.3% | 43.7% | 12.3% |
| 2008 | 41.5% | 22.2% | 47.1% | 20.4% |
| 2009 | 45.3% | 32.6% | 48.6% | 35.4% |
| 2010 | 34.1% | 25.5% | 49.2% | 40.6% |
| 2011 | 32.6% | 24.2% | 45.7% | 36.9% |
| 2012 | 33.7% | 31.3% | 49% | 37.5% |
| 2013 | 32.4% | 30% | 48.1% | 40.5% |
| 2014 | 33.8% | 35.4% | 44.8% | 70.3% |
| 2015 | 31.7% | 42.1% | 43% | 79.3% |
| 2016 | 30.5% | 39.7% | 40.8% | 79.5% |
| 2017 | 31% | 34.9% | 41.7% | 71.6% |
| 2018 | 31.5% | 31.8% | 41.9% | 60.4% |
| 2019 | 32% | 28.8% | 41.5% | 50.5% |
| 2020 | 36.7% | 36.6% | 45.6% | 60.5% |
| 2021 | 34.6% | 33.6% | 40.5% | 48.9% |
| 2022 | 36.6% | 35% | 65.4% | 77.7% |
| 2023 | 38.8% | 34.9% | 74.4% | 82.3% |
| 2024 | 38% | 38.1% | 71.4% | 89.8% |
| 2025 | 39.8% | 36.3% | 58% | 110% |
Government deficit by year
In 2024, Moldova's government deficit, the difference between spending and revenue, was -$709M, equivalent to -3.89% of GDP. This compares to Ukraine's deficit of -$32.9B, or -17.2% of GDP.
Over the past 30 years, Moldova recorded a fiscal deficit in 26 of those years, while Ukraine ran a deficit in 29 years. On average, Moldova posted an annual deficit equal to -2.26% of GDP, compared to deficit of -4.46% of GDP for Ukraine.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Moldova
|
Ukraine
|
|
| 1995 | -2.58% | -4.72% |
| 1996 | -7.42% | -3.09% |
| 1997 | -7.47% | -5.37% |
| 1998 | -1.52% | -2.69% |
| 1999 | -2.64% | 4.95% |
| 2000 | -3.55% | -3.19% |
| 2001 | -0.34% | -3.03% |
| 2002 | -1.18% | -1.84% |
| 2003 | 0.47% | -0.89% |
| 2004 | 0.59% | -4.41% |
| 2005 | 1.44% | -2.28% |
| 2006 | -0.42% | -1.36% |
| 2007 | 0.15% | -1.97% |
| 2008 | -0.87% | -3.14% |
| 2009 | -6.38% | -6.27% |
| 2010 | -2.18% | -5.77% |
| 2011 | -2.05% | -2.76% |
| 2012 | -1.93% | -4.31% |
| 2013 | -1.57% | -4.78% |
| 2014 | -1.6% | -4.46% |
| 2015 | -1.93% | -1.16% |
| 2016 | -1.56% | -2.46% |
| 2017 | -0.65% | -2.36% |
| 2018 | -0.85% | -2.12% |
| 2019 | -1.47% | -2.08% |
| 2020 | -5.32% | -5.92% |
| 2021 | -2.62% | -3.97% |
| 2022 | -3.24% | -15.6% |
| 2023 | -5.13% | -19.6% |
| 2024 | -3.89% | -17.2% |
| 2025 | -5.11% | -18.8% |
Inflation comparison by year
Over the past 29 years, Moldova has recorded an average annual inflation rate of 11%, compared with 15.1% in Ukraine. In 2024, inflation was 4.68% in Moldova and 12.6% in Ukraine.
| Year | Inflation | ||
|---|---|---|---|
|
Moldova
|
Ukraine
|
Moldova
|
Ukraine
|
| 1996 | 23.5% | 80.2% | |
| 1997 | 11.8% | 15.9% | |
| 1998 | 7.7% | 10.6% | |
| 1999 | 39.3% | 22.7% | |
| 2000 | 31.3% | 28.2% | |
| 2001 | 9.76% | 12% | |
| 2002 | 5.3% | 0.8% | |
| 2003 | 11.7% | 5.2% | |
| 2004 | 12.5% | 9% | |
| 2005 | 12% | 13.5% | |
| 2006 | 12.8% | 9.1% | |
| 2007 | 12.4% | 12.8% | |
| 2008 | 12.8% | 25.2% | |
| 2009 | -0.06% | 15.9% | |
| 2010 | 7.48% | 9.4% | |
| 2011 | 7.69% | 8% | |
| 2012 | 4.55% | 0.6% | |
| 2013 | 4.6% | -0.3% | |
| 2014 | 5.09% | 12.1% | |
| 2015 | 9.68% | 48.7% | |
| 2016 | 6.36% | 13.9% | |
| 2017 | 6.57% | 14.4% | |
| 2018 | 3.05% | 10.9% | |
| 2019 | 4.84% | 7.9% | |
| 2020 | 3.77% | 2.7% | |
| 2021 | 5.11% | 9.4% | |
| 2022 | 28.7% | 20.2% | |
| 2023 | 13.4% | 12.9% | |
| 2024 | 4.68% | 6.5% | |
| 2025 | - | 12.6% | |
Top exports between countries
|
Moldova
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $189M |
| Processed food, beverages & tobacco | $46.7M |
| Machinery & equipment | $36.2M |
| Chemicals & pharma | $25.7M |
| Raw agricultural goods | $9.2M |
| Metals | $7.63M |
| Wood & paper products | $7.1M |
| Textiles & consumer goods | $6.58M |
| Miscellaneous | $752K |
| Animal & marine products | $368K |
|
Ukraine
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $213M |
| Metals | $161M |
| Wood & paper products | $103M |
| Machinery & equipment | $102M |
| Animal & marine products | $102M |
| Chemicals & pharma | $93.1M |
| Textiles & consumer goods | $61.5M |
| Raw materials & minerals | $59M |
| Raw agricultural goods | $48.2M |
| Miscellaneous | $1.25M |
Balance of trade
|
Moldova
|
Ukraine
|
|
|---|---|---|
Current account balance
|
-$2.92B
2024 |
-$15.9B
2024 |
| Current account balance ranking |
153/189
2024 |
179/189
2024 |
| Current account balance, % of GDP |
-16%
2024 |
-8.35%
2024 |
| Goods imports |
$8.63B
2024 |
$72.7B
2024 |
| Goods exports |
$3.01B
2024 |
$38.9B
2024 |
| Service imports |
$1.78B
2024 |
$22.8B
2024 |
| Service exports |
$2.7B
2024 |
$17.2B
2024 |
| Imports of goods and services, % of GDP |
57.3%
2024 |
48.3%
2024 |
| Exports of goods and services, % of GDP |
31.4%
2024 |
29.4%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Moldova
|
Ukraine
|
|
|---|---|---|
| Economic freedom | 58.3 | 54.1 |
| Economic freedom ranking | 107/197 | 138/197 |
| Property rights | 40.2 | 21.5 |
| Government integrity | 43.4 | 35.4 |
| Judicial effectiveness | 31.3 | 29.9 |
| Tax burden | 92.8 | 89.1 |
| Government spending | 59.5 | 44.5 |
| Fiscal health | 75.9 | 73.6 |
| Business freedom | 66.2 | 61.1 |
| Labor freedom | 49.1 | 60.7 |
| Monetary freedom | 59.4 | 71.2 |
| Trade freedom | 77.2 | 73.2 |
| Investment freedom | 55 | 35 |
| Financial freedom | 50 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Moldova is 58.3, ranking 107/197, compared to 54.1 for Ukraine, ranking 138/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Moldova
|
Ukraine
|
|
| 1995 | 33 | 39.9 |
| 1996 | 52.5 | 40.6 |
| 1997 | 48.9 | 43.5 |
| 1998 | 53.5 | 40.4 |
| 1999 | 56.1 | 43.7 |
| 2000 | 59.6 | 47.8 |
| 2001 | 54.9 | 48.5 |
| 2002 | 57.4 | 48.2 |
| 2003 | 60 | 51.1 |
| 2004 | 57.1 | 53.7 |
| 2005 | 57.4 | 55.8 |
| 2006 | 58 | 54.4 |
| 2007 | 58.7 | 51.5 |
| 2008 | 57.9 | 51 |
| 2009 | 54.9 | 48.8 |
| 2010 | 53.7 | 46.4 |
| 2011 | 55.7 | 45.8 |
| 2012 | 54.4 | 46.1 |
| 2013 | 55.5 | 46.3 |
| 2014 | 57.3 | 49.3 |
| 2015 | 57.5 | 46.9 |
| 2016 | 57.4 | 46.8 |
| 2017 | 58 | 48.1 |
| 2018 | 58.4 | 51.9 |
| 2019 | 59.1 | 52.3 |
| 2020 | 62 | 54.9 |
| 2021 | 62.5 | 56.2 |
| 2022 | 61.3 | 54.1 |
| 2023 | 58.5 | - |
| 2024 | 57.1 | - |
| 2025 | 58.3 | - |
More economic indicators
|
Moldova
|
Ukraine
|
|
|---|---|---|
| Services, % of GDP |
62.3%
2024 |
60.6%
2024 |
| Industry, % of GDP |
16.8%
2024 |
19%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
7.11%
2024 |
7.11%
2024 |
|
GNI, Atlas method
|
$16.6B
2024 |
$185B
2024 |
| GNI per capita, PPP |
$18,880
2024 |
$18,580
2024 |
| Total reserves including gold |
$5.48B
2024 |
$43.8B
2024 |
| Total reserves ranking |
96/177
2024 |
46/177
2024 |
|
Net foreign direct investment
|
-$244M
2024 |
-$3.71B
2024 |
|
Net inflows of foreign direct investment
|
$333M
2024 |
$4.02B
2024 |
|
Net outflows of foreign direct investment
|
$89.6M
2024 |
$305M
2024 |
|
Servicing debt to the IMF, % of GNI
|
7.79%
2023 |
4.2%
2023 |
| Poverty at national poverty lines |
31.6%
2023 |
23.2%
2020 |
|
Gross capital formation, % of GDP
|
21.1%
2024 |
18.6%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.