The annual growth rate of total credit granted to the domestic private sector decelerated further to -1.1 percent in May 2011, from -0.5 percent in April 2011 and 0.0 percent in December 2010, the Bank of Greece said on Tuesday.
The central bank, in a monthly report, said the net flow of total credit to the domestic private sector was negative amounting to -1.557 million euros (May 2010: positive net flow of 167 million euros).
The net flow of credit to enterprises in May 2011 was negative, amounting to -959 million euros (May 2010: positive net flow of 310 million euros) and the annual growth rate of credit decreased to 0.3 percent compared to 1.2 percent in April 2011 (December 2010: 1.1 percent).
The net flow of credit to sole proprietors and unincorporated partnerships was also negative, amounting to -165 million euros in May 2011, and the annual rate of change of credit decreased in comparison with the previous month (May 2011: -3.2 percent, April 2011: -1.5 percent, December 2010: 0.3 percent).
In May 2011, the net flow of credit to individuals and private non-profit institutions was negative, amounting to -433 million euros (May 2010: -143 million euros). As a result, the annual growth rate of credit to individuals and private non-profit institutions decreased further (May 2011: -2.3 percent, April 2011: -2.1 percent, December 2010: -1.2 percent).