Bank credit to domestic enterprises and households: May 2010
28/06/2010 - Press Releases
The annual growth rate of total credit expansion to domestic enterprises and households decreased further to 2.8% in May 2010, from 3.2% in April 2010 and 4.2% in December 2009. Compared with April 2010, credit expansion to both enterprises and households slowed down.
Credit to domestic enterprises
More specifically, the net flow of credit to domestic enterprises in May 2010 amounted to €103 million (May 2009: €765 million) and the annual rate of credit expansion declined to 3.4%, from 3.9% in the previous month (December 2009: 5.1%).
The analysis of credit to enterprises by branch of economic activity shows that in May 2010 there was a deceleration in the annual growth rate of credit extended to all sectors, with the exception of credit to shipping and credit to electricity-gas-water where the annual growth rates accelerated.
More specifically, credit expansion to industry continued to depict a negative annual growth rate (May 2010: -2.0 %, April 2010: -1.7%, December 2009: -3.5%) and credit expansion to trade also recorded negative annual growth rate (May 2010: -1.3%, April 2010: -0.8%, December 2009: 4.2%).
Deceleration was also recorded in the annual growth rate of credit to construction (May 2010: 2.4%, April 2010: 3.3%, December 2009: 2.7%), to tourism (May 2010: 5.7%, April 2010: 7.9%, December 2009: 7.8%), to agriculture (May 2010: 1.7%, April 2010: 2.7%, December 2009: 3.7%) and to the remaining branches (May 2010: 5.6%, April 2010: 6.3%, December 2009: 10.4%)
On the contrary, acceleration was recorded in the annual growth rate of credit to shipping (May 2010: 3.2%, April 2010: 0.7%, December 2009: 4.0%) and to the branch of electricity-gas-water (May 2010: 23.0%, April 2010: 20.5%, December 2009: 14.7%) while credit to other financial institutions (May 2010: 13.0%, April 2010: 16.5%, December 2009: 5.8%) and to communication and transport services excluding shipping (May 2010: 26.1%, April 2010: 27.9%, December 2009: 25.5%) increased with relatively high growth rates.
Credit to domestic households
The net flow of credit to households in May 2010 was negative, amounting to minus €143 million (May 2009: plus €338 million) and the annual rate of credit expansion decelerated further (May 2010: 2.0%, April 2010: 2.5%, December 2009: 3.1%).
More specifically, the net flow of housing loans was minus €64 million in May 2010 (May 2009: plus €186 million) and its annual growth rate declined (May 2010: 3.0%, April 2010: 3.3%, December 2009: 3.7%).
Consumer credit depicted also a negative net flow of €128 million (May 2009: plus €109 million) and the annual growth decelerated further and became negative (May 2010: -0.1%, April 2010: 0.6%, December 2009: 2.0%).
Finally, the net flow of “other loans” to households was €48 million in May 2010 (May 2009: minus €42 million), while the annual rate of change accelerated to 2.8% from 2.6% in April 2010 (December 2009: -1.1%).
Note: The statistics on credit expansion to domestic enterprises and households for the reference month of June 2010 will be published on 27 July 2010.
Bank credit to domestic enterprises and households - May 2010: Table