The economic growth is expected to be fuelled by gradual improvements in other countries, domestic spending and cleaning of balance sheets of banks and companies.

While noting that past actions reduced vulnerability of the state in the banking sector, the ratings agency warns that the banking sector is still fragile. But risks for the public finances and businesses have significantly decreased, it notes.

Fitch expects the country's deficit to stand at 3% of GDP due to cuts on expenses and more revenues from taxes.

Government debt is to reach its highest point at 83% of GDP this year and than start decreasing in line with stricter public financial policy.

The main factors that could positively affect the country's credit ratings are lowering of budget deficit and government debt, progress in the banking sector and restructuring of companies, and continuation of economic recovery supported by structural reforms.