6/18, 11:42 PM (Source: TeleTrader)
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Fitch raises UK outlook from negative to stable

Fitch Ratings updated its outlook for the United Kingdom, raising it from negative to stable as the country's economy and public finances appear to be "more resilient to the impact of the pandemic shock" than earlier expected by the rating agency.

"Better adaptation of businesses to working with the economic restrictions and greater resilience of private consumption and investment have resulted in an upward revision of our real GDP growth estimate and forecast for 2020-2021 to -9.8% and 6.6%, respectively," Fitch said.

The agency also noted that the fiscal deficit sparked by the government's stimulus spending will be countered by stronger economic activity this year, adding that the UK's rapid vaccination campaign has also significantly contributed to the improved outlook.

Breaking the News / JC