EU membership, resilient public finances and a history of strong income convergence support the ratings. Demographic pressures and reliance on external demand remain challenges.

A broad, diversified economy integrated within the EU, sound public finances, a solid current-account balance and banking system support the rating. Demographic pressures and household financial vulnerability are challenges.

A broad and diversified economy integrated within the EU, sound public finances, and a resilient, healthy banking system support the rating. An ageing population, with skilled-labour shortages and the dependency on capital inflows, are challenges.