DUBLIN, June 5 (Reuters) – Standard & amp rating agency; Friday Poor’s raised the sovereign rating of Ireland from A to A +, and welcoming the faster than expected decline in overall net debt of the country and its budget deficit.
This is the third recovery rating granted Ireland in twelve months by S & amp;. P, who had been the first to give it an “A” in June
The rating agency attributed this development to the 4.8% increase in gross domestic product (GDP) recorded last year by Ireland, against an average of 0.9% in the euro area
S & amp;. P expects the country, which shows the fastest growth in the euro area is expected to experience an annual growth of 3.6% over the next three years, see its unemployment rate from 9.8% to 7.5% by 2017 and wages increase by about 3% next year.
The public debt is expected to decline to 85% of GDP by 2018.
“This increase reflects our view of improving fiscal performance, increased sales of assets owned by the state and solid economic performance, the combination led to a reduction in overall net debt (Ireland) more faster than what we had previously expected, “said the rating agency in a statement
S & amp;. P said it had based its forecasts on the basis of the assumption that the elections scheduled early 2016 does not significantly alter the fiscal path, although it expects some slippage in this area before the election. (Conor Humphries; Myriam Rivet for the French service, edited by Patrick Vignal)
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