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Fitch confirms Grand Duchy’s triple-A rating
Fitch has confirmed Luxembourg’s AAA rating, saying that the economy has enjoyed one of the strongest recoveries in the eurozone. The rating agency says the country’s GDP growth in 2013 of 2.1% took national output back above its 2007 pre-crisis level, and is forecast to accelerate to 2.3% in 2014, when the eurozone as a whole is forecast to grow by just 1.2%.
In its report, Fitch notes that general government debt was 23.1% of GDP last year, well below the median of AAA-rated countries and the EU's 60% target, while large social security reserves amounting to 27% of GDP offer additional financing flexibility.