Fitch Ratings has upgraded Greece's economic outlook to positive from stable, the agency announced Friday, signaling increased confidence in the nation's recovery due to ongoing reforms and a strong fiscal position.

As the ratings agency reports, an environment of weak external demand and tighter monetary policy of the Eurozone will create headwinds for Greek growth in the coming quarters.

About five months after upgrading the Greek economy to BB+ with a stable outlook, one step above investment grade, Fitch Ratings decided on Friday to keep its rating unchanged.