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October 18, 2019
ECONOMY

Bank of Greece: Private sector deposits up in May

Deposits placed by the private sector in Greek banks grew by 562 million euros in May, after an increase of 1.542 billion in April with the annual growth rate slowing to 5.7 pct from 6.0 pct, respectively, the Bank of Greece said in a report on Monday.

The central bank said that in May 2019, deposits placed by the general government increased by 282 million, compared with a decrease of 2,431 million in the previous month and the annual growth rate stood at 0.8% from 2.5% in the previous month. In May 2019, corporate deposits increased by 217 million, compared with an increase of 709 million in the previous month, while the annual growth rate stood at 3.6% from 5.3% in the previous month. In particular, deposits from non-financial corporations increased by 150 million, against an increase of 535 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by 67 million, compared with an increase of 174 million in the previous month. In May 2019, deposits placed by households and private non-profit institutions increased by 345 million, compared with an increase of 833 million in the previous month; the annual growth rate stood at 6.2% unchanged from the previous month.

In May 2019, the annual growth rate of total credit extended to the domestic economy stood at 0.1% from zero in the previous month, while the monthly net flow was negative at 529 million, compared with a negative net flow of 98 million euros in the previous month. The annual growth rate of total deposits stood at 5.2% from 5.7% in the previous month and the monthly net flow was positive at 844 million, compared with a negative net flow of 889 million euros in April 2019. In May 2019, the monthly net flow of credit to the general government was negative at 273 million, compared with a positive net flow of 222 million euros in the previous month; the annual growth rate stood at 1.6% from 0.6% in the previous month. In May 2019, the annual growth rate of credit to the private sector stood at -0.1% unchanged from the previous month. The monthly net flow of credit to the private sector was negative at 256 million, compared with a negative net flow of 19 million in the previous month. In May 2019, the monthly net flow of credit to corporations was negative at 49 million, compared with a negative net flow of 82 million in the previous month; the annual growth rate stood at 2.3% from 2.1% in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at 2.7% from 2.6% in the previous month, while the monthly net flow was negative at 98 million euros, against a positive net flow of 61 million euros in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -2.6% from -3.9% in the previous month, while the monthly net flow was positive at 49 million euros, compared with a negative net flow of 143 million in the previous month.

In May 2019, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive at 1 million, compared with a negative net flow of 30 million in the previous month; the annual growth rate stood at -1.7% unchanged from the previous month.

In May 2019, the monthly net flow of credit to individuals and private non-profit institutions was negative at 208 million euros, compared with a negative net flow of 207 million in the previous month; the annual growth rate stood at -2.5% from -2.3% in the previous month.

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