ATHENS, May 17 (Xinhua) -- The Greek Ministry of National Economy and Finance on Saturday welcomed Fitch's upgrade of Greece's economic outlook, calling it further confirmation of the country's "steadfast recovery path."
On Friday, the credit rating agency affirmed Greece's credit rating at "BBB-," while revising its outlook from stable to positive.
In its statement, Fitch said the decision reflects the country's strong fiscal performance and sustained debt reduction efforts.
Last year, Greece recorded a budget surplus of 1.3 percent of gross domestic product (GDP) and a primary surplus of 4.8 percent - both exceeding the government targets and surpassing Fitch's earlier forecasts. This marks a sharp turnaround from a 1.4 percent deficit recorded in 2023.
Looking ahead, Fitch expects Greece to maintain budget surpluses through 2025 and 2026, with economic growth to exceed 2 percent annually.
The agency attributed this improvement to ongoing structural reforms, such as more effective tax collection and stringent expenditure controls.
Fitch also noted the steady decline in Greece's debt-to-GDP ratio, which has improved markedly since the 2009-2018 debt crisis that nearly pushed the country into financial collapse. The ratio currently stands at 154 percent and is projected to fall to 120 percent by 2030.
With this latest move, all three major credit rating agencies have now granted Greece an investment-grade rating.
