Ratings agency Fitch has upgraded its outlook for Portugal to “positive” and maintained the country’s credit rating at BB+.
“Portugal is making good progress in reducing its budget deficit”, the agency said in a statement released today (April 11).
Fitch forecast that the Portuguese economy will grow by 1.3% this year and 1.5% next. But there are still reservations, writes the online Business Recorder.
Despite all the progress, “the public debt of accumulated past deficits rose to 129% of output last year (from 124.1% in 2012)”.
According to statistics released by INE, that means that “public debt now amounts to €213.63 billion”.
