Economy of Greece

Tourist traffic in January-July 2024 appears up 11.1% compared to the same seven-month period last year, with tourism receipts recording a 5.6% increase.

The annual inflation rate in Cyprus dropped to 2.2% both in Cyprus and in the eurozone in August, compared to July 2024 (from 2.4% in Cyprus and 2.6% in the eurozone), Eurostat said.

Greece's pharmaceutical industry is going from strength to strength, registering a new high in output last year and continuously expanding production, according to a study by the Foundation for Economic and Industrial Research (IOBE).

Moody’s remains the only one of the major international agencies still refusing to give Greece’s coveted investment grade credit rating, has nevertheless upgraded the outlook for the economy to positive, paving the way for Greece’s progress over the pas

Moody’s gave a boost to confidence in the Greek economy by upgrading its outlook from “stable” to “positive”. Although the international rating agency once again kept Greece’s credit rating unchanged at Ba1, just one notch above investment grade.

Exports of goods have shown a steady upward trend in recent years, but at the same time the percentage of imported goods (mainly primary and secondary materials, equipment etc) that are used to produce the exported products is increasing more and more.

The Greek economy expanded at a rate of 2.3% in the second quarter of 2024 compared to the same period of the previous year. That is a pace in line with the government's forecast for 2.5% growth for the year overall, according to economists, although most forecasts are still in the 2% to 2.4% range.

Morningstar DBRS raised on Friday night its outlook of the Greek economy from Stable to Positive, while affirming the country's credit rating as BBB (low), i.e. investment grade.

The positive news from the US labor data and the outperforming of the Greek economy in the European context during the year's second quarter did not suffice to give further momentum to buyers at the Greek stock market on Friday. However, the small losses were not enough to reverse the positive weekly picture of the market, with September confirming its promising start.

Fitch Ratings has upgraded the credit ratings of Greece's four systemic banks - i.e. National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank.

This upgrade reflects the improved assessment of Greece's operating environment, now rated at BB+.