World Economy

Fitch Affirms Slovakia Rating

Fitch Affirms Slovakia RatingFitch Affirms Slovakia Rating

The Fitch Ratings agency has affirmed an A+ rating for Slovakia, with a stable outlook due to its proven ability to attract foreign investment, a solid banking sector and eurozone membership. By 2018, the agency expects the country’s GDP to grow at more than 3%, primarily supported by strong domestic consumption in the context of an improving labor market, the SITA newswire wrote Sunday. Fitch also expects the fiscal position of Slovakia to improve: public finance deficit is expected to decrease to 1.6% of GDP by 2018, mainly thanks to the increase in tax revenues caused by fast economic growth. Along with a decline in the deficit and in combination with economic growth, also the public debt will decrease, according to Fitch expectations. A positive scenario for the rating’s outlook would especially be a better-than-expected fiscal position and higher GDP growth.