Credit expansion at 5.4% in September in Greece - The Best from Greece
Posted on: 27/Oct/2009
Credit expansion growth, measuring funding to domestic enterprises and households, slowed further in September to 5.4 pct, from 6.0 pct in August and 15.9 pct in December 2008, the Bank of Greece said on Tuesday.
The central bank, in a monthly report, said funding to domestic enterprises totaled 1.046 billion euros in September, for an annual growth rate of 6.8 pct, down from 7.3 pct in August and 18.7 pct in December 2008. Bank lending slowed towards most business sectors, with the exception of the farm and other financial institutions where it rose, while it remained almost unchanged in the commerce sector (7.6 pct in September from 7.8 pct in August).
Credit expansion in the manufacturing sector shrank 1.0 pct in September from 0.2 pct in August and 15.8 pct in December 2008, while in the construction sector it rose by 2.4 pct in September, from 5.1 pct in August and 35.2 pct in December 2008.
Net funding towards Greek households totaled 529 million euros in September for an annual growth rate of 3.9 pct, compared with 4.7 pct in August and 12.8 pct in December 2008. Mortgage loans totaled 403 million euros (the second highest figure this year) for annual growth rate of 4.4 pct in September, from 4.8 pct in August and 11.5 pct in December 2008.
Consumer loans grew by 64 million euros for an annual growth rate of 3.3 pct in September, from 4.8 pct in August and 16.0 pct in December 2008, while other loans towards households grew by 61 million euros in September for annual growth rate of -2.0 pct, from -1.3 pct in August and 9.5 pc tin December 2008.
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