As of beginning of 2021, key international credit rating agencies continued to rate Cyprus’ sovereign rating at investment grade. In October 2020, S&P and Fitch affirmed Cyprus’ rating of BBB- with a stable outlook respectively, despite the prevailing uncertainty caused by the pandemic. This has been attribute by a real estate and construction sector that continues to be one of the key pillars of the economy. The real estate and construction sector contributed 17% of the country’s GVA 2020.
