STANDARD & POOR’s rating agency confirmed on August 1 an A rating for Slovakia and improved its rating outlook from stable to positive.

The revised outlook reflects the agency’s view that Slovakia’s fiscal consolidation will be aided by more balanced economic growth. The change indicates a “one-in-three” chance of a rating upgrade within two years if the country’s fiscal and economic performance outperforms expectations, according to the Hospodárske Noviny daily.

The agency predicts that Slovakia’s GDP will expand an average 2.8 percent in 2014-2017, driven by increasing domestic demand, improved tax revenues and decreasing public debt.

Prime Minister Robert Fico said in response that the rating justifies the ruling Smer party’s plan to introduce a package of measures costing approximately €250 million, according to Hospodárske noviny.

Compiled by Spectator staff from press reports
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