FAMAGUSTA GAZETTE – Greece’s Ministry of National Economy and Finance welcomed Fitch Ratings’ decision to upgrade the country’s economic outlook, calling it further confirmation of its recovery.
Fitch affirmed Greece’s BBB- credit rating while revising its outlook from stable to positive, citing strong fiscal performance and ongoing debt reduction.
Greece recorded a budget surplus of 1.3 percent of GDP last year and a primary surplus of 4.8 percent, surpassing both government targets and Fitch’s earlier forecasts. This marks a sharp turnaround from the 1.4 percent deficit in 2023.
Fitch expects Greece to maintain budget surpluses through 2025 and 2026, with economic growth projected to exceed 2 percent annually. The agency attributes this progress to structural reforms, including improved tax collection and stricter expenditure controls.
Greece’s debt-to-GDP ratio, which reached critical levels during the 2009-2018 crisis, has steadily declined. It currently stands at 154 percent and is expected to drop to 120 percent by 2030.
With this latest upgrade, all three major credit rating agencies now classify Greece as investment grade.