Press Releases

Bank credit to the domestic private sector: October 2010

29/11/2010 - Press Releases

The annual growth rate of total credit granted to the domestic private sector slightly decelerated further to 1.0% in October 2010, from 1.2% in September 2010 and 4.1% in December 2009. This development reflects the slight decrease of the annual growth rate of credit to all the relevant sectors.

Credit to enterprises

The net flow of credit to enterprises (1) in October 2010 was negative, amounting to minus €387 million (October 2009: negative net flow of €216 million) and the annual growth rate of credit slightly decreased to 2.2% (September 2010: 2.3%, December 2009: 5.1%).

The analysis of credit to enterprises by branch of economic activity shows that, in October 2010, there was an increase in the annual growth rate of credit to the sectors of industry (October 2010: -0.8%, September 2010: -1.9%, December 2009: -3.5%), trade (October 2010: -1.9%, September 2010: -2.3%, December 2009: 4.2%), communication and transport services excluding shipping (October 2010: -0,5%, September 2010: -0.6%, December 2009: 25.5%) however remaining negative, and an acceleration of credit expansion to other financial institutions (October 2010: 4.2%, September 2010: 2.4%, December 2009: 5.8%).

On the contrary, deceleration was recorded in the annual growth rate of credit to agriculture (October 2010: 0.8%, September 2010: 1.2%, December 2009: 3.7%), to tourism (October 2010: 4.3%, September 2010: 4.5%, December 2009: 7.8%), to shipping (October 2010: 7.3%, September 2010: 8.2%, December 2009: 4.0%), to construction (October 2010: 2.7%, September 2010: 3.3%, December 2009: 2.7%), to electricity-gas-water (October 2010: 23.7%, September 2010: 26.1%, December 2009: 14.7%), and to the “remaining branches” (October 2010: 4,6%, September 2010: 6.1%, December 2009: 10.2%).

Credit to sole proprietors

The net flow of loans to sole proprietors (professionals, farmers and unincorporated businesses) was negative, amounting to minus €150 million in October 2010, and its annual rate of change decelerated in comparison with the previous month (October 2010: 0.1%, September 2010: 1.3%).

Credit to individuals and private non-profit institutions

The net flow of credit to individuals and private non-profit institutions in October 2010 was negative, amounting to minus €123 million (October 2009: positive net flow of €106 million). As a result the annual growth rate of credit expansion to individuals and private non-profit institutions decelerated further (October 2010: -0.1%, September 2010: 0.1%, December 2009: 3.1%).

More specifically, the net flow of housing loans was negative, amounting to minus €91 million in October 2010 (October 2009: positive net flow of €128 million) and its annual growth rate decelerated further (October 2010: 0.7%, September 2010: 1.0%, December 2009: 3.7%).

Consumer credit recorded a negative net flow of €113 million (October 2009: negative net flow of €25 million) and its annual growth rate decreased in comparison with the previous month (October 2010: -2.3%, September 2010: -2.1%, December 2009: 2.0%).

Finally, the net flow of “other loans” to individuals and private non-profit institutions was positive, amounting to €81 million in October 2010 (October 2009: positive net flow of €3 million), and its annual rate of change accelerated to 4.2% compared with 1.6% in September 2010 (December 2009: -1.1%).

 

 

 

 

Bank credit to the domestic private sector - October 2010 - Table

(1) It should be noted that as of June 2010 sole proprietors, in accordance with the European System of Accounts (ESA95), are not included in enterprises but are recorded as a separate sub-sector. This change, which is of a purely statistical nature, has no effect on the growth rates and the net flows of credit aggregates.

This website uses cookies for the optimization of you user experience. Learn More
I Accept