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Standard & Poor's (S&P) has affirmed Slovakia's rating at A+ with a stable outlook. According to S&P, the affirmation of the rating reflects a still relatively resilient economy in the face of the impact of the war in Ukraine and expectations of a gradual reduction in the deficit over the next two to three years.
Inflation will decelerate to 10.9% in 2023 and should reach 5.5% in 2024, which in turn should boost domestic demand in 2024, according to the agency.
“Political uncertainty in recent years has contributed to widening deficits that could persist without consolidation measures,” S&P said in its report. It also expects our economy to grow by 1.3% in 2023 and 2.0% in 2024. “We expect exports to continue to expand in 2023-2024, albeit more moderately due to lower demand in Slovakia's key export markets,” S&P said.
According to the agency, investment growth in Slovakia will be supported in particular by a stronger absorption of EU funds.
The recovery of GDP growth in the euro area by 0.9% in 2024 and 1.5% in 2025 adds to Slovakia's export growth potential, but depends to a large extent on the performance of our automotive sector.
Press Department
Ministry of Finance of the Slovak Republic
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