Slovakia's credit growth slows to 5.8% y/y in Oct on corporate lending.

By bne IntelliNews December 1, 2011
The value of outstanding bank loans in Slovakia stood at EUR 40.7bn at the end of October 2011, as their annual growth rate plunged to 5.8% from 10.6% in the previous month, central bank data showed. The slowdown in lending expansion signals that the signs of an economic slowdown are already present in Slovakia. An obvious proof for the trend is the significant slowdown in corporate lending activity, as loans to corporate clients edged 3% higher y/y in October to EUR 19.9bn, versus an 8% annual growth in September, when corporate loans totaled 16.3bn. Lending to households remained stable, as loans totalled EUR 16.7bn, up 10.8% y/y, the same as in the previous month, with loans for house purchase climbing 11.5% to EUR 15.2bn and consumer credits expanding 4.6% to EUR 2.16bn in October.

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