Better rating for Karelia
The economy of the Republic of Karelia has jumped from ”stable” to ”positive” in a new rating from the Fitch agency.
The improved rating reflects the continued conservative budget discipline and economic growth in the region, news site Stolica.onego.ru reports.
“The republic has managed to compensate for the negative influence of decreased incomes in 2006 and successfully coped with increasing budget pressure following the bigger salary costs in the 2007-2008”, FitchRatings writes in a report.
At the same time, the report reads that the regional economy remains vulnerable with as much as 35 percent of tax revenues coming from ten big industrial companies.
Read more about the rating at FitchRating.ru