Fitch affirms Slovakia’s A+ 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.

Illustrative stock photoIllustrative stock photo (Source: AP/TASR)

By 2018, the agency expects the country’s GDP to grow at more than 3 percent, primarily supported by strong domestic consumption in the context of an improving labour market, the SITA newswire wrote on August 14.

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Fitch also expects the fiscal position of Slovakia to improve: public finance deficit is expected to decrease to 1.6 percent 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.

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A positive scenario for the rating’s outlook would especially be a better-than-expected fiscal position and higher GDP growth. By contrast, a risk factor for the outlook and preservation of the rating would be a sudden shock for the economy from outside, which would strongly impact the automotive sector. 

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