Its projections for France's GGGD
ratio are significantly higher than the 'A' median of 49 percent and '' median of 27 percent.
Fitch has previously stated that GGGD
failing to stabilise below 100 per cent of GDP and on a firm downward path towards 90 per cent over the medium term would likely result in a downgrade of the UK's sovereign ratings.
2002a), "'Changing Gear", productivity, ICT and service industries: Europe and the United States', GGGD
Research Memorandum, no.
Fitch's previously projected GGGD
to peak at 94 percent and had expected it to decline more quickly to below 90 percent by 2017.
3 per cent of GDP, the agency's position is that if GGGD
is above 100 per cent of GDP with no "firm downward path towards 90 per cent" over a medium term, then a downgrade is very likely.
Fitch projects that GGGD
and the government's preferred measure 6 public sector net debt excluding financial interventions (PSND ex) 6 will peak in 2015-16 at over 97% and 80% of GDP, respectively, before registering a decline in 2016-17.