GREECE
Macro/Political
• Greece will today auction 52 Weeks T-Bills with maturity March 6, 2026. The amount to be auctioned is EUR 500mn.
Source: PDMA
• The seasonally adjusted unemployment rate in January 2025 amounted to 8.7% compared to the upwards revised 11.7% in January 2024 (y-o-y) and to the downwards revised 9.3% in December 2024.
Source: Elstat
• Greece’s Manufacturing PMI posted 52.6 in February, fractionally down from 52.8 in January. The latest data signalled a modest improvement in the health of the manufacturing sector, albeit one that was the weakest for three months. Nonetheless, the pace of overall growth in the sector was stronger than the series average.
Source: PMI
Markets
• DBRS published research on large Greek banks, focusing on the profitability of the four systemic banks, which increased by 18% year over year. This growth was driven by higher Net Interest Income (NII) and net fees, combined with cost control and lower Loan Loss Provisions (LLPs). Furthermore, the Cost of Risk (COR) declined in 2024, supported by benign asset quality dynamics and sustained loan growth, which have, in turn, strengthened risk profiles. Despite their high reliance on NII, DBRS expects banks’ loan growth, along with their increasing focus on investment, asset management, and the bancassurance fee engine, combined with better economic prospects for Greece relative to the European average, to help mitigate the negative impacts of lower rates, geopolitical tensions, and threats to global trade.
Source: DBRS
CYPRUS
Macro/Political
• Preliminary data released by CyStat showed that the General Government fiscal balance for the period of January – December 2024 presented a surplus of EUR 1,507,8mn (4,5% of GDP) compared to a surplus of EUR 631,5mn (2,0% of GDP) in the same period of 2023. Primary balance recorded a surplus of EUR 1,941.7mn versus a surplus of EUR 1,039,7mn in the corresponding period of 2023. During Jan- Dec 2024 total expenditure increased by EUR 197.4mn (+1.5%) to EUR 13,327.6mn from EUR 13,130.2mn in the corresponding period of 2023. Total revenue increased by EUR 1,073.7mn (+7.8%) to EUR 14,835.8mn compared to EUR 13,761.8mn in the same period of 2023. Particularly, in December 2024 the General government fiscal balance presented a surplus of EUR 8.5mn (Primary balance showed a surplus of EUR 42,4mn).
Source: CyStat
• Final data confirmed that the GDP growth rate in real terms during the 4Q24 was
positive at 2.6% (y-o-y). Based on seasonally adjusted data, GDP growth rate in real terms was estimated at 2.9%.
Source: CyStat
• Revenue from tourism reached EUR 86,9mn in December 2024, recording an increase of 17% compared to the corresponding month of previous year. For the period of January- December 2024, revenue from tourism is estimated at EUR
3.209.4mn compared to EUR 2.990mn in the corresponding period of 2023, recording an increase of 7.3%.
Source: CyStat
• The Turnover Value Index of Retail Trade (except of motor vehicles) for January
2025 increased by 4.8% compared to the corresponding month of the previous year. For the same month, the Turnover Volume Index of Retail Trade increased by 2.6% compared to the corresponding month of previous year.
Source: CyStat
