Bank credit to the private sector remained negative in May, with the annual growth rate of total credit extended to the domestic private sector slowing at -3.5, from -3.7 in the previous month, the Bank of Greece said on Monday.
The central bank, in a monthly report, said that the net flow of total credit to the domestic private sector was negative, amounting to 963 million euros (May 2013: negative net flow of 1.551 billion euros). The net flow of credit to corporations, in May 2014, was negative, amounting to 801 million (May 2013: negative net flow of 1.209 billion), and the annual growth rate of credit stood at -4.5 pct, compared to -4.8 pct in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at -4.4 pct compared to -4.6 pct in the previous month, while the net flow of credit to non-financial corporations was negative and equal to 793 million euros (May 2013: negative net flow of 1.042 billion). The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -5.2 pct in May 2014, compared to -7.5 pct in April 2014.
The net flow of credit to sole proprietors and unincorporated partnerships was positive, amounting to 84 million in May 2014 (May 2013: positive net flow of 54 million) and its annual growth rate stood at 1.0 pct, compared with 0.8 pct in the previous month. In May 2014, the net flow of credit to individuals and private non-profit institutions was negative, amounting to 246 million euros, (May 2013: negative net flow of 369 million) and its annual growth rate stood at -3.0 pct, compared to -3.2 pct in the previous month.
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