Rating agency forecasts reducing the debt for Slovakia

The rating agency expects economic growth for Slovakia in the next three years – at the level of about three percent annually.

The British Jaguar Land Rover (JLR) company comes to Nitra among foreign investments.The British Jaguar Land Rover (JLR) company comes to Nitra among foreign investments. (Source: Sme )

Standard and Poor’s rating agency confirmed a rating of A+ for Slovakia on January 27, with a stable outlook. It forecasts fast economic growth for the country, reducing the debt and continuing to attract the interest of investors, the Finance Ministry informed the TASR newswire.

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S&P in its evaluation expects the economic growth in Slovakia between 2017 and 2020 to be at about three percent a year. It also positively appraises the relatively low external debt of the country and expects a gradual decrease of the public debt.

Apart from stable economic growth, the cabinet measures to improve tax collection have contributed to this development, the ministry added.

“Slovakia remains an attractive country for foreign investments,” the ministry stated, as quoted by the Sme daily, “while the continuing construction of the Jaguar Land Rover plant near Nitra should bring along, as expected, more foreign investments of suppliers, amounting to about €100 million,” the ministry informed, adding that these investments will result in more new jobs.

The Slovak banking sector also remains stable and well-capitalised, and the share of unpaid loans is at an acceptable level.

“However, the structural problems – especially regional disparities, an aging population and continued long-term unemployment are currently limiting the potential increase in Slovakia’s rating according to S&P,” the Finance Ministry wrote.

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