As the agency explained, the downgrade is due to the economic slowdown in the first quarter, as well as high inflation.
The agency also forecasts that gross public debt will rise from 38.1% of GDP in 2025 to 43.3% in 2028.
Analysts cite the country’s balance of payments deficit as one of the main economic challenges. In 2025, it reached 19.7% of GDP—the second-highest figure among the countries rated by Fitch. This is due to high-priced energy imports, as well as rising imports of goods.
For 2027–2028, Fitch forecasts an acceleration in economic growth to 3.8% thanks to government investments financed by European funds.
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