Credit expansion shrank further in February, with the annual growth rate of total credit granted to the domestic private sector deccelerating further to -0.3 percent in February 2011, from -0.2 percent in January 2011 and 0.0 percent in December 2010, the Bank of Greece announced on Wednesday.The central bank, in a monthly report, said net flow of total credit to the domestic private sector was positive amounting to 122 million euros in February.

The net flow of credit to enterprises in February 2011 was positive, amounting to 278 million euros (February 2010: positive net flow of 458 million) and the annual growth rate of credit stood at 0.9 percent (January 2011: 1.0 percent, December 2010: 1.1 percent).

The net flow of loans to sole proprietors (professionals, farmers and unincorporated businesses) was marginal negative, amounting to minus 16 million euros in February 2011, and its annual rate of change decreased in comparison with the previous month (February 2011: 0.0 percent, January 2011: 0.2 percent).

The net flow of credit to individuals and private non-profit institutions in February 2011 was negative, amounting to minus 140 million euros (February 2010: positive net flow of 117 million).