National Bank of Moldova releases provisional Q4 2025 international accounts with EUR 944.8 million current account deficit and EUR 10.1 billion gross external debt

The National Bank of Moldova published provisional data for Moldova’s Q4 2025 international accounts, reporting a current account deficit of EUR 944.8 million (19.4% of GDP), net capital account inflows of EUR 16.9 million and net financial account inflows of EUR 1,053.4 million. At 31 December 2025, the net international investment position was a net debtor position of EUR 6,873.6 million and gross external debt totalled EUR 10,110.6 million (56.0% of GDP). The current account deficit increased by 3.2% compared with Q4 2024, driven by a larger goods trade deficit and a slight reduction in the secondary income surplus, partly offset by higher surpluses in primary income and services. Net capital account inflows fell by 35.6% year on year as capital outflows tripled to EUR 24.3 million, while capital inflows rose by 20.5% to EUR 41.2 million, including EUR 24.9 million for the private sector and EUR 16.3 million for public administration. Net financial account inflows reflected a net reduction in residents’ external financial assets of EUR 845.8 million alongside a net increase in liabilities to non-residents of EUR 207.6 million. The net debtor international investment position equalled 38.1% of GDP, up 3.5 percentage points from end-2024, with external assets down 7.4% to EUR 6,967.0 million and external liabilities up 3.8% to EUR 13,840.7 million. Gross external debt was 2.4% higher than at end-2024, with public external debt at EUR 4,310.9 million (42.6% of total) and private external debt at EUR 5,799.7 million (57.4%).