President Nikos Christodoulides welcomed Fitch’s upgrade of Cyprus’s credit rating to ‘A’ from ‘A-’, with a stable outlook, saying in a written statement that it came a few weeks after a similar upgrade by S&P Global Ratings and on top of growth figures that place Cyprus as one of the two fastest-growing economies in the European Union.
Recently revised figures from the Cyprus Statistical Service (Cystat) show growth of 6.0 per cent in 2023, 6.6 per cent in 2024 and 4.8 per cent in 2025, he said. Together with historically low unemployment and a sharp fall in public debt, these have made the economy stronger, more resilient and more competitive, according to the President.
“This is further strong confirmation of the resilience of the Cypriot economy, of fiscal responsibility and of the country’s steady progress,” he said of the upgrade.
“A stronger economy means more and better-paid jobs, more investment and new opportunities. It means greater scope for targeted social policies and investment in health, education, the welfare state and housing,” he added.
“It means higher incomes, better services and meaningful support for citizens. Above all, it means we are building a safer foundation for future generations.”
Positive indicators and leading positions in Europe gain real value when they translate into tangible benefits in people’s daily lives, Christodoulides said, adding that this was the government’s aim.
