Bank credit to the domestic private sector: November 2010
03/01/2011 - Press Releases
The annual growth rate of total credit granted to the domestic private sector decelerated further to 0.4% in November 2010, from 1.0% in October 2010 and 4.1% in December 2009. This development reflects the 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 November 2010 was negative, amounting to minus €533 million (November 2009: positive net flow of €302 million) and the annual growth rate of credit decreased to 1.6% (October 2010: 2.2%, December 2009: 5.1%).
The analysis of credit to enterprises by branch of economic activity shows that, in November 2010, there was an increase in the annual growth rate of credit only to the sector of trade, that remained however at negative level (November 2010: -1.5%, October 2010: -1.9%, December 2009: 4.2%). On the contrary, deceleration was recorded in the annual growth rate of credit to all other sectors, that is, to agriculture (November 2010: -0.3%, October 2010: 0.8%, December 2009: 3.8%), to industry (November 2010: -1.6%, October 2010: -0.8%, December 2009: -3.5%), to tourism (November 2010: 3.8%, October 2010: 4.3%, December 2009: 7.8%), to shipping (November 2010: 7.0%, October 2010: 7.4%, December 2009: 4.1%), to other financial institutions (November 2010: -1.1%, October 2010: 3.7%, December 2009: 5.4%), to construction (November 2010: 1.4%, October 2010: 2.7%, December 2009: 2.7%), to electricity-gas-water (November 2010: 20.9%, October 2010: 23.7%, December 2009: 14.7%), to transport services excluding shipping (November 2010: -1,4%, October 2010: -0.5%, December 2009: 25.5%) and to the “remaining branches” (November 2010: 4,4%, October 2010: 4.6%, December 2009: 10.3%).
Credit to sole proprietors
The net flow of loans to sole proprietors (professionals, farmers and unincorporated businesses) was negative, amounting to minus €76 million in November 2010, and its annual rate of change decelerated in comparison with the previous month (November 2010: -1.0%, October 2010: 0.1%).
Credit to individuals & private non-profit institutions
The net flow of credit to individuals & private non-profit institutions in November 2010 was negative, amounting to minus €227 million (November 2009: positive net flow of €399 million). As a result the annual growth rate of credit to individuals & private non-profit institutions decelerated further (November 2010: -0.6%, October 2010: -0.1%, December 2009: 3.1%).
More specifically, the net flow of housing loans was negative, amounting to minus €87 million in November 2010 (November 2009: positive net flow of €267 million) and its annual growth rate decelerated further (November 2010: 0.3%, October 2010: 0.7%, December 2009: 3.7%).
Consumer credit recorded a negative net flow of €163 million (November 2009: positive net flow of €99 million) and its annual growth rate decreased further in comparison with the previous month (November 2010: -3.1%, October 2010: -2.3%, December 2009: 2.0%).
Finally, the net flow of “other loans” to individuals and private non-profit institutions was positive, amounting to €22 million in November 2010 (November 2009: positive net flow of €32 million), and its annual rate of change decelerated to 3.8% compared with 4.2% in October 2010 (December 2009: -1.1%).
Bank credit to the domestic private sector: November 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.