GREECE
Macro/Political
• DBRS upgraded Greece’s credit rating to BBB from BBB (low), stable trend. The upgrade reflects the agency’s view that legacy risks in the banking system have receded, alongside continued outperformance in fiscal targets. DBRS noted that Greek banks have strengthened their fundamentals, making them more resilient and better positioned to provide credit to the economy. Additionally, fiscal revenues are expected to exceed targets, facilitating a significant further reduction in the public debt-to-GDP ratio.
Source: DBRS
• Based on the available non-seasonally adjusted data GDP growth rate in real terms during the 4Q24 was positive at 2.7% against 4Q23. Based on seasonally adjusted data, GDP growth rate in real terms during the 4Q24 was estimated at 2.6% against 4Q23, and 0.9% against 3Q24(q-o-q).The total GDP growth for the year 2024, stood at 2.3%, against previous year.
Source: Elstat
• The number of unemployed persons in 4Q24 amounted to 449,123. Recording an increase of 4.8% (q-o-q) and a decrease of 8.1% (y-o-y). The unemployment rate in 4Q24 stood at 9.5%.
Source: Elstat
• On Friday, the vote of no confidence was rejected by the Greek Parliament, with 157 votes against and 136 in favour.
Source: ERT news
