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Total Credit Growth Rate Unchanged At -2.2% In October

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The annual growth rate of total credit granted to the domestic private sector remained unchanged at -2.2% in October 2011 (December 2010: 0.0%), according to the Bank of Greece.

In a statement, the central bank said that the net flow of total credit to the domestic private sector was negative amounting to EUR 510 million (October 2010: negative net flow of EUR 491 million).

Credit to enterprises

The net flow of credit to enterprises in October 2011 was positive, amounting to EUR 225 million (October 2010: negative net flow of EUR 364 million) and the annual growth rate of credit stood at -0.4% from -0.9% in September 2011 (December 2010: 1.1%). More precisely, the annual growth rate of credit to non-financial enterprises decreased to -0.9% in October 2011 from -0.7% in the previous month, while the annual growth rate of credit to insurance corporations and other financial intermediaries, which includes  significant intra-group transactions, increased to  7.6% in October  2011  from  -4.7% in September 2011.

Credit to sole proprietors and unincorporated partnerships

The net flow of credit to sole proprietors and unincorporated partnerships was negative, amounting to EUR 180 million in October 2011 (October 2010: negative net flow of EUR 44 million) and the annual rate of change of credit decreased to -5.7% in October 2011 (September 2011: -5.1%, December 2010: 0.3%).

Credit to individuals and private non-profit institutions

In October 2011, the net flow of credit to individuals and private non-profit institutions was negative, amounting to EUR 554 million (October 2010: negative net flow of EUR 83 million). As a result, the annual growth rate of credit to individuals and private non-profit institutions decreased further (October 2011: -3.6%, September 2011: -3.1%, December 2010: -1.2%).
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