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S&P affirms Slovakia’s ratingBusiness in short
12 Aug 2013 Compiled by Spectator staff Business
THE INTERNATIONAL rating agency Standard & Poor’s Ratings Services (S&P) affirmed its A-level long-term sovereign credit rating for Slovakia, while also confirming the short-term A-1 rating. The outlook for the country is stable, the TASR newswire reported on August 2.
The affirmation of the rating is in line with the country’s mild, yet rising debt, and low net foreign debt. Moreover, the economy is likely to grow and the country’s banking sector is stable, as reported by TASR.
On the other hand, S&P warns against the high structural unemployment rate, high youth joblessness, weak employment and low standards of living, which still lag behind other eurozone countries, TASR wrote.
The investments into production and export capacities supported the increase in the incomes of Slovak households, with GDP per capita increasing from $3,700 in 2000 to $17,500 in 2013.
S&P expects the government will decrease the budget deficit below 3 percent of GDP this year despite the decrease in the growth prognosis, as reported by TASR.
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