Macroeconomic Forecast Moldova

Moldovan consumer prices contracted by 0.5% y-o-y in July, compared to a fall of 0.8% in June. This means that Moldova remains in deflation, an experience that we have long highlighted as a by-product of the severe demand destruction impacting the country. In light of this continued contraction of prices, we have revised down our end-2009 CPI growth target to 1.5% y-o-y and our end-2010 forecast to 4.0%.

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