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Fitch revises outlook on Georgia to positive

Fitch Ratings revised its outlook on Georgia's long-term foreign- and local-currency issuer default ratings to positive from stable and affirmed the rating at BB-, citing favorable growth prospects.

The rating agency said it expects the country's GDP to expand by 4.6% and 4.9% in 2018 and 2019, respectively. In 2017, the economy expanded by about 4.8%.

Fitch also forecasts Georgia's headline fiscal deficit to narrow in 2019, further inching toward 3.0% of GDP.

The government debt ratio is expected to gradually decline toward 43.4% of GDP by 2019, while the current account deficit is forecast to average around 10% of GDP, according to the rating agency.