GREECE
Macro/Political:
• Scope ratings credit rating review of the Greek economy is scheduled to be released today. The Agency currently holds Greece at BBB, outlook stable.
• Based on the recent project research conducted by the companies E3 Modelling and Ricardo for the German GIZ, Greece could become one of the main supply hubs for green hydrogen in the European Union. According to the article, this development is expected to attract investments of approximately EUR 4.5 billion, which will be divided into instalments of EUR 1.5 billion every five years.
Source: Naftemporiki print edition (30 May, pg.6 )
CYPRUS
Macro/Political:
• In March 2025, the Industrial Production Index reached 109.8 units, recording an increase of 1.9%(y-o-y). For the period January – March 2025 the index recorded an increase of 3.8% compared to the corresponding period of the previous year.
Source: CyStat
• According to seasonally adjusted data released by Cystat, in 1Q25 the number of registered unemployed persons in Cyprus amounted to 26,161 compared to 29,102 in 1Q24. The unemployment rate of labour force in 1Q25 is 5% compared to 5.8% (y-o-y).
Source: CyStat
• According to PhileNews, Chevron has successfully completed the licensing process with the government, allowing the company to begin exploration activities in the “Aphrodite” block. These activities are part of preparations for the construction of a pipeline that will connect the “Aphrodite” gas field with reception infrastructure in Egypt. The research is expected to begin on June 4th.
Source: PhileNews
