Rating agency Scope Ratings has upgraded Spain’s rating from A- to A, with a stable outlook, due to “the strength and resilience of the Spanish economy,” and expects it to maintain growth above that of major European economies in the coming years.
This was stated by the Ministry of Economy, Trade and Business in a press release. in which he details that in its report the agency also highlights “the process of fiscal consolidation that the Government is carrying out, thanks to the improvement of income and the control of the growth of expenditure.”
In this line, The agency expects the deficit to be reduced to 2.5% in 2025, 2% in 2026 and 1.8% in 2027.and provides for “a gradual reduction in the debt ratio in the coming years and a primary balance in 2025, which will counteract the moderate increase in the interest burden.”
Regarding the growth of the Spanish economy, Scope highlights its diversification and the dynamism of the labor marketdriven by migratory flows and the reforms carried out, the press release adds.
The rating agency also values the effective implementation of the recovery planwhich highlights the investment boost and its contribution to sustainability and improving long-term growth forecasts and the economy.
A sustainability, add the same sources, to which also comes contribute to the strength of the foreign sectorwith the improvement of Spain’s external position.
