S&P revises Greece’s outlook to ‘positive’ on debt reduction

Credit ratings agency S&P on Friday revised its outlook on Greece to "positive" from "stable," saying the tight fiscal regime will continue to spur a reduction in the government debt ratio.

Economic output is expected to rise 2.9% in 2024, following a 2.0% expansion last year, more than three times the eurozone average. The country also projects a 2.1% of GDP primary budget surplus on higher investment and strong tourism revenue.

"In the medium term, and particularly if reform momentum is maintained, we believe Greece could expand faster than its eurozone peers," the agency said in a statement.

The country remains the eurozone's most indebted nation, but Prime Minister Kyriakos Mitsotakis' centre-right New Democracy government, which won a second term last year, has overseen a period of recovery.

"The further upgrade of the Greek economy by Standards &...