Building permits in Cyprus decreased by 24% (y-o-y).

Macro Political

• The Overall Turnover Index in Industry (both Domestic and Non-Domestic Market) in March 2025 recorded a decrease of 5.1% (y-o-y) while it increased by 0.2% (m-o-m).
Source: ELSTAT

• Fitch Ratings, in a non-rating action commentary on Greek banks, noted that the recent revision of Greece’s sovereign debt outlook to positive on May 16 has no immediate impact on the banks’ operating environment. The revision was driven by improvements in public finances rather than changes in macroeconomic forecasts. Fitch continues to forecast that the Greek economy will grow by more than 2% in both 2025 and 2026, well above its 0.4% forecast for the Eurozone. This growth is expected to be supported by steadily increasing investment and moderate consumption growth.
Greek banks’ first-quarter 2025 results showed rising loan demand, particularly from businesses, along with growth in fee-generating activities. These trends are expected to help banks navigate a lower interest rate environment and support Fitch’s expectation that Greek banks will maintain sound financial performance through 2025.
Source: Fitch

Markets:

• PPC 1Q25 net profit stood at EUR 47mn compared to EUR 86mn in 1Q24.
Source: ATHEX