ECONOMY

Fewer loans offered, bar shipping

Greek credit expansion slowed in September to 1.2 percent year-on-year from 1.4 percent in August, as the pace at which households and consumers signed up for new loans remained marginally in positive territory, Bank of Greece (BoG) data showed yesterday. BoG, the country’s central bank, said total outstanding loans at the end of September reached 261.5 billion euros, versus 262.08 billion in August. «This development exclusively reflects the deceleration in the annual growth rate of credit to individuals and private nonprofit institutions, whereas the annual growth rate of credit to enterprises remains unchanged,» the bank said in a statement. Households and consumer debt was at 119.1 billion euros at the end of September, growing by an annual pace of 0.1 percent, versus 0.6 percent in August and 1 percent in July. Enterprises owed 127 billion in September, growing by an annual rate of 2.2 percent, unchanged from the previous month. Credit provided to shipping, one of the country’s main income earners, was among the few bright spots showing growth. Outstanding credit in the shipping industry reached 17.7 billion euros, expanding by 8.6 percent in September versus 4.5 percent in August and 4 percent in December last year.