Significant recognition of Greece’s economic progress comes from the Japanese rating agency Rating and Investment Information (R&I), which has upgraded the country’s credit rating to BBB for both domestic and foreign currency issues. This decision reflects sustained strong economic growth, reliable fiscal policy, and strengthening financial stability.
Greece credit rating upgrade: Surpassing European growth averages
The Greek economy is recording impressive performance, exceeding the eurozone’s average growth rate. According to the rating agency’s data, Gross Domestic Product increased by 2.3% in 2024, with similar rates expected for 2025.
The driving forces behind this growth include strengthened private consumption, flourishing tourism activity, and strategic investments supported through the European Recovery and Resilience Facility mechanism. Meanwhile, foreign direct investment continues to enhance the country’s economic environment.
Improvement in fiscal indicators and banking system
R&I highlights significant improvements in critical sectors of the Greek economy:
• Political stability effectively supports ongoing reforms and fiscal consolidation
• The banking system has achieved convergence with eurozone averages regarding non-performing loans, thanks to state-guaranteed securitizations
• The fiscal surplus reached 1.3% of GDP in 2024, with a primary surplus of 4.8%
• The public debt-to-GDP ratio is expected to decrease to 145.7% by the end of 2025
International recognition and future prospects
The upgrade by the Japanese rating agency gains particular significance due to its influence in Asian markets. Minister of National Economy and Finance Kyriakos Pierrakakis emphasized that this development enhances the international reach of Greek creditworthiness.
As Minister Pierrakakis characteristically stated, this represents an additional step in a journey based on consistency, reforms, and collective effort. With stability and confidence, Greece is building an economy that creates opportunities and prospects for every citizen.
R&I emphasizes that the country’s fiscal performance remains resilient, growth maintains a sustainable character, and Greece is on a stable trajectory toward reducing public debt.
