This particular category is one “ladder” below the investment tier. At the same time, it kept the economic outlook unchanged (stable outlook).
It is noted that Moody’s remains the only rating agency that maintains the country’s credit rating at non-investment grade.
The Greek economy has shown resilience to the energy crisis and funds from the European Union as well as private investment will support growth in the coming years. Greece’s progress on the path of reforms will contribute to the rise in growth and to some extent offset the negative effects of unfavorable demographics.
As the house points out, Greece’s economic growth slowed to 2% in 2023 from 5.6% in 2022, as high inflation and monetary tightening weighed on consumer spending and investment. Tourism revenues, however, reached a new record. Moody’s forecasts real GDP growth of 2.4% in 2024 and 2.3% in 2025, supported by domestic demand and exports, while inflation will ease to around 2%. Lower energy prices and stronger services exports have helped narrow the current account deficit to 6.4% of GDP in 2023, from a deficit of 10.3% in 2022.
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