GREECE
Macro/Political
• The turnover for the enterprises of the economy as a whole in January 2025 amounted to EUR 28.21bn recording an increase of 7.4% (y-o-y).
Source: ELSTAT
Markets
• Moody’s upgraded NBG’s and Eurobank’s long term deposit and senior unsecured ratings to Baa1 from Baa2, stable outlook. NBG’s and Eurobank’s long term junior unsecured (SNP) ratings upgraded to Baa3 from Ba1, the senior unsecured rating were upgraded to Baa1 from Baa2 and the subordinate debt ratings were upgraded to Ba1 from Ba2.
Source: Moody’s
CYPRUS
Macro/Political
• In its macroeconomic forecast – March 2025, the Central Bank of Cyprus (CBC) projects that the Cypriot economy will grow by 3.2% (+0.1pp from previous forecast in December 2024) this year. CBC expects Cyprus’ GDP to increase by 3.1% (unchanged) in 2026 and 2027. Unemployment rate is expected to decline to 4.7% in 2025 (from 4.9% in 2024), 4.7% in 2026 and 4.6% in 2027. According to the CBC, inflation is expected to drop to 2.2% this year, and 2.0% in 2026.
Source: CBC
• The arrivals of tourists reached 133,760 in February 2025 recording an increase of 7%. For period January- February 2025, arrivals of tourists totalled 245,860, recording an increase of 7% compared to the corresponding period of 2024.
Source: CyStat
Markets
• Fitch upgraded Bank of Cyprus to BBB- from BB+. outlook positive. The upgrade mainly reflects BoC’s improved asset quality from a reduced stock of legacy problem assets (which include non-performing exposures (NPEs) and net foreclosed properties) and strengthened capitalisation, which resulted in reduced and manageable capital encumbrance by unreserved problem assets. The upgrade also reflects structurally sound profitability, which Fitch expects to remain satisfactory despite falling interest rates.
Source: Fitch
