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Credit expansion slows in Oct.

Δημοσίευση 1 Δεκεμβρίου 2010, 09:46 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Credit expansion slows in Oct.
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Credit expansion slowed further in October for annual growth rate of 1.0 pct, down from 1.2 pct in September and 4.1 pct in December 2009, the Bank of Greece announced on Monday.

Credit expansion slowed further in October for annual growth rate of 1.0 pct, down from 1.2 pct in September and 4.1 pct in December 2009, the Bank of Greece announced on Monday.

The central bank, in a report, said funding towards enterprises recorded a negative flow of 387 million euros, for an annual growth rate of 2.2 pct in October, down from 2.3 pct in September and 5.1 pct in December 2009.

Annual growth rate of new funding improved in the sectors of manufacturing (-0.8 pct in October, -1.9 pct in September), commerce (-1.9 pct in October, -2.3 pct in September) and communications and transport -excluding shipping- (-0.5 pct in October, -0.6 pct in September), while it remained negative in financial institutions (4.2 pct in October, 2.4 pct in September). Credit expansion growth slowed in all other sectors of the economy: farm (0.8 pct in October, 1.2 pct in September), tourism (4.3 pct and 4.5 pct respectively), shipping (7.3 pct and 8.2 pct) constructions (2.7 pct and 3.3 pct) and electricity-natural gas-water (23.7 pct and 26.1 pct, respectively).

Net new funding to self-employed, farmers and personal companies was a negative 150 million euros in October, for an annual growth rate of 0.1 pct, down from 1.3 pct in September.

Net new funding to private persons and private non-profitable institutions was a negative 123 million euros in October, for an annual growth rate of -0.1 pct, down from 0.1 pct in September and 3.1 pct in December 2009. Net funding of mortgage loans was a negative 91 million euros in October for an annual growth rate of 0.7 pct, down from 1.0 pct in September and 3.7 pct in December 2009, while annual growth rate in consumer loans was a negative 113 million euros for an annual growth of -2.3 pct in October, from -2.1 pct in September and 2.0 pct in December 2009.

Net funds to the other loans category was a positive 81 million euros for an annual growth rate of 4.2 pct in October, up from 1.6 pct in September.