Bank of Greece Reports on the State of Bank Credit to the Private Sector in July of 2016

(Greece) – In July 2016, the annual growth rate of total credit extended to the domestic private sector stood at -1.6% from -2.0% in the previous month. The monthly net flow of total credit to the domestic private sector was negative at €638 million, compared with a positive net flow of €479 million in the previous month.

Credit to Corporations

In July 2016, the monthly net flow of credit to corporations was negative at €378 million, compared with a positive net flow of €566 million in the previous month, while the annual growth rate of credit stood at -0.4%, against -1.0% in the previous month. In particular, the annual growth rate of credit to non-financial corporations was 0.0%, from -0.7% in the previous month and the monthly net flow of credit to non-financial corporations was negative at €231 million, against a positive net flow of €355 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -4.4% in July 2016, from -6.0% in the previous month, while the monthly net flow of credit was negative at €146 million, compared with a positive net flow of €211 million in the previous month.

Credit to Sole Proprietors and Unincorporated Partnerships

In July 2016, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative at €34 million, compared with a positive net flow of €10 million in the previous month and its annual growth rate stood at -1.7%, from -1.6% in the previous month.

Credit to Individuals and Private Non-Profit Institutions

In July 2016, the monthly net flow of credit to individuals and private non-profit institutions was negative at €226 million, compared with a negative net flow of €97 million in the previous month, while its annual growth rate stood at -2.8%, from -3.0% in the previous month.

Greece has been in a recession since before the first bailout that took place in 2010. Figures such as these could help determine the overall strength of the Greek economy.

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