BoG: Private sector deposits up in October

Deposits placed by enterprises and households grew in October totaling 114.7 billion euros, compared with the previous month, the Bank of Greece said on Thursday. The central bank, in a monthly report, said that the annual growth rate of household and private non-profit institutions stood at 6.5 pct in October from 6.0 pct in the previous month.

More specifically, deposits placed by the private sector grew 643 million euros in October to 139.7 billion euros, after a 622 million euros decrease in September and the annual growht rate stood at 6.4 pct from 5.7 pct, respectively. In October 2019, deposits placed by the general government decreased by 593 million, compared with an increase of 2,049 million euros in the previous month and the annual growth rate stood at -17.7% from -10.1% in the previous month.

In October 2019, corporate deposits increased by 186 million, compared with a decrease of 723 million in the previous month and the annual growth rate stood at 6.1% from 4.1% in the previous month. In particular, deposits from non-financial corporations decreased by 272 million, against a decrease of 467 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by 458 million, compared with a decrease of 256 million in the previous month.

In October 2019, the annual growth rate of total credit extended to the domestic economy stood at -0.8% from -0.9% in the previous month and the monthly net flow was positive at 474 million, compared with a positive net flow of 182 million in the previous month. The annual growth rate of total deposits stood at 3.7% from 4.0% in the previous month and the monthly net flow was positive at 50 million, compared with a positive net flow of 1,427 million euros in September 2019. The monthly net flow of credit to the general government was positive at 905 million, compared with a positive net flow of 273 million in the previous month; the annual growth rate stood at -4.3% from -3.1% in the previous month. In October 2019, the annual growth rate of credit to the private sector stood at -0.2% from -0.5% in the previous month. The monthly net flow of credit to the private sector was negative at 431 million, compared with a negative net flow of 92 million in the previous month.

The monthly net flow of credit to corporations was negative at 68 million, compared with a negative net flow of 3 million in the previous month; the annual growth rate stood at 2.5% from 1.9% in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at 2.5% from 2.2% in the previous month, while the monthly net flow was negative at 128 million, against a negative net flow of 29 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at 2.5% from -1.9% in the previous month and the monthly net flow was positive at 60 million, compared with a positive net flow of 27 million in the previous month. In October 2019, the monthly net flow of credit to individuals and private non-profit institutions was negative at 268 million, compared with a negative net flow of 128 million in the previous month; the annual growth rate stood at -2.8% from -2.9% in the previous month.