Skopje, 16th October 2013 (MIA) – Fitch credit rating agency confirmed the fiscal stability of Macedonia and retained the credit rating of the country as stable “BB+”. Ranking, as the credit rating agency announced, has been based on improved projections for the country’s economic growth, moderate budget deficit and government debt, stable currency and stable banking sector. According to “Fitch”, as Ministry of Finance announced, growth of Macedonian economy in 2013, as a result of the excellent performance in the construction, will account for 2.7%. For 2014 and 2015, they envisage more intensive growth as a result of the increase in export and capital investments of the Government. In addition, the Agency also observed the foreign investments in technological and industrial zones as an important contributor to the trade balance in the country, participating with one fifth in the total export.

On the medium run, Fitch believes that the Government will fulfill the goals it has set in the Fiscal Strategy, i.e. that the budget deficit will amount to 2.6% of GDP by 2016 as it is projected. According to the forecasts of Fitch, the European Union – the largest trade partner of Macedonia, will gradually recover from the economic crisis, which will have positive effects on the trade balance of Macedonia.

 

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