Fitch Raises Croatia's Outlook to Positive
Photo by T. Schneider / Shutterstock.com
Fitch Ratings said it has revised the outlook on Croatia's long-term foreign-currency issuer default rating (IDR) to positive from stable and affirmed the IDR at 'BBB+'.
"Croatia has recorded the second-highest cumulative growth in the EU since the pandemic shock," Fitch said in a press release late on Friday. Real GDP of the Adriatic country is 13% higher compared with the fourth quarter of pre-pandemic 2019, while income levels reached 73% of the European Union average at end-2022.
"We expect growth to average 2.7% in 2023-2025 compared with 1.1% expected for the eurozone. The economic outlook will be largely driven by domestic demand," the ratings agency said.
The inflation trajectory and slowdown in external demand are downside risks to the growth outlook, according to Fitch.
The credit rating agency expects the general government budget to post a small deficit of 0.5% of GDP, compared with 2.4% expected previously and down from a surplus of 0.4% in 2022.
Fuel Prices Move Closer to Avg of Neighboring Countries
EC Reconsiders Some CAP Provisions
Living's Kassák Terrace and Park West 3 Classified as Brownf...
Aldi Opening Biggest Store in Budapest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
