Fitch shifts Slovakia outlook to stable

Fitch Ratings said it revised Slovakia's outlook to stable from negative, and affirmed the long-term foreign-currency issuer default rating at A.

“Fitch's projections for public finances have improved amid robust revenue growth and greater confidence in the economic recovery. The general government deficit will fall from 5.6% of GDP (government target: 7.4%) to 6.3% in 2021 (target: 7.9%), 4.6% in 2022 (target: 4.9%) and 3.5% in 2023. Revenue growth has exceeded expectations, with tax revenues up by 1.5pp of GDP so far in 2021 relative to government projections, owing to strong investment-fueled growth as well as an improvement in the VAT gap,” the agency said in a press release.

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