Scope affirmed Cyprus’s credit rating at A- and changed the outlook to positive from stable

Macro/Political:

• The Overall Industrial Production Index in August 2025 recorded a decrease of 2.9% (y-o-y. The seasonally adjusted Overall Industrial Production Index in August 2025 recorded a decrease of 4.1% compared with July 2025 (m-o-m).
  Source: ELSTAT

Markets:

• Intralot announced on October 9th, that it has proceeded with the full repayment, including capital, expenses and interest of the Term Loan A facility, dated July 28, 2022, with an initial capital amount of USD 230 mn provided by a syndicate of U.S Banks and maturing on 27 July, 2026.
  Source: ATHEX

Macro/Political:

• Scope affirmed Cyprus’s credit rating at A- and changed the outlook to positive from stable. According to the agency’s announcement, the revision of the outlook reflects the view that robust primary surpluses, on the back of strong fiscal revenues and a supportive economic environment, will lead the debt to GDP ratio to a rapid decline in the coming years.

• Preliminary data released by CyStat showed that the General Government fiscal balance for the period of January- August 2025 presented a surplus of EUR 1,395.7mn (4% of GDP) compared to a surplus of EUR 1,328.9mn (4% of GDP) in the same period of 2024. Primary balance recorded a surplus of EUR 1,683.4mn versus a surplus of EUR 1,619.2mn in the corresponding period of 2024. During Jan- Aug 2025 total expenditure increased by EUR 436mn (+6.6%) to EUR 7,018.8 mn from EUR 6,528.7mn in the corresponding period of 2024. Total revenue increased by EUR 664mn (+8.4%) to EUR 8,557.4 mn compared to EUR 7,893.7 mn in the same period of 2024. Particularly, in August 2025 the General government fiscal balance presented a surplus of EUR 560.4mn (Primary balance surplus at EUR 563.7mn).
  Source: CyStat
  

• President of Cyprus, Nikos Christodoulides, will today participate in the Sharm El Sheikh Peace Summit in Egypt, following an invitation from U.S. President Donald Trump. According to Government Spokesman Mr. Konstantinos Letymbiotis, the invitation to the summit constitutes a clear recognition of Cyprus’s enhanced role as a reliable interlocutor and a bridge of cooperation between Europe and the Middle East.
  Source: Gov.cy
  

• Provisional data released by CyStat showed that in the period of January – August 2025 the trade balance was in deficit of EUR 5,155.4 mn compared to a deficit of EUR 4,154.8 mn in the corresponding period of 2024. Total imports of goods in August amounted to EUR 1,098.2 mn (+11.9% y-o-y) while total exports were EUR 531.3mn (+82.7% y-o-y).
  Source: CyStat