Credit flow to private sector remained negative in Aug.

The annual growth rate of total credit granted to the domestic private sector stood at -1.3 percent in August 2011, compared with -1.2 percent in July 2011 and 0.0 percent in December 2010, the Bank of Greece said on Monday. The net flow of total credit to the domestic private sector was negative amounting to 1.310 billion euros in August, up from a negative flow of 1.031 billion euros in August 2010.

    The net flow of credit to enterprises in August 2011 was negative, amounting to 690 million euros (August 2010: negative net flow of 643 million) and the annual growth rate of credit stood at 0.5 percent from 0.6 percent in July 2011 (December 2010: 1.1 percent).

    The net flow of credit to sole proprietors and unincorporated partnerships was negative, amounting to 143 million euros in August 2011 (August 2010: negative net flow of 142 million euros) and the annual rate of change of credit stood at -4.0 percent in August 2011, unchanged from the previous month (July 2011: -4.0 percent, December 2010: 0.3 percent).

    In August 2011, the net flow of credit to individuals and private non-profit institutions was negative, amounting to 476 million euros (August 2010: negative net flow of 246 million). As a result, the annual growth rate of credit to individuals and private non-profit institutions decreased further (August 2011: -2.9 percent, July 2011: -2.7 percent, December 2010: -1.2 percent).