Business news

MINSK, 8 August (BelTA) - Fitch Ratings has affirmed Belarus’ Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B', BelTA has learned.

Fitch estimates average real GDP growth over the five years to 2016 at -0.1%, with the economy contracting 2.5% year-on-year in H1 2016. Fitch expects a return to modest growth in 2017, driven by an improving external environment, but domestic demand will remain weak.

Belarus's gross external financing requirement as a percentage of FX reserves is estimated at 182%.

Fitch Ratings Inc., an American Corporation, makes part of the big three international rating agencies, along with Standard & Poor's and Moody's.