(Bloomberg) — Greece’s economy grew more than expected in the second quarter as rating companies began granting the country investment-grade status.

The 1.3% increase from the previous quarter came thanks to a 0.9% increase in private consumption and a 3.2% advance in investments, and topped the 1% seen in a Bloomberg survey of analysts.

The Hellenic Statistical Authority also revised first-quarter data to show the economy stagnated, rather than shrank by 0.1% as initially estimated.

The government expects growth will reach 2.3% in 2023 and accelerate to 3% in 2024 and 2025. Tourism is once again supporting expansion as international visitor numbers were up by more than a quarter in the first half compared with a year ago. Revenue from tourism, as a result, jumped by 24% in that period.

The result strengthens the case for further ratings boosts. DBRS Morningstar is set to update its assessment on Friday, with markets expecting it will join Scope Ratings and Rating and Investment Information Inc. in placing Greece at investment level.

The DBRS move would be more significant than the previous upgrades as it would make Greek government bonds eligible to be used as collateral at the European Central Bank.

–With assistance from Giovanni Salzano and Joel Rinneby.

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