Private sector deposits continue to slide in Greece in Nov. 2018

4 January 2019
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Private sector deposits in Greece decreased by 79 million euros in November 2018, a figure that, nevertheless, was still better than a decrease of 346 million euros from the previous month, the Bank of Greece (BoG) announced. The  annual growth rate stood at 5.9 percent from 6.2 percent in the previous month.

An announcement by the BoG read:

ΙΙ.2.1 Corporate deposits

In November 2018, corporate deposits decreased by €140 million, compared with a decrease of €267 million in the previous month and the annual growth rate stood at 5.0% from 6.6% in the previous month. In particular, deposits from non-financial corporations decreased by €240 million, against a decrease of €641 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €101 million, compared with an increase of €374 million in the previous month.

In November 2018, the annual growth rate of total credit extended to the economy stood at -1.8% from -1.9% in the previous month and the monthly net flow was positive at €17 million, compared with a positive net flow of €322 million in the previous month.
The annual growth rate of total deposits stood at 6.4% from 8.0% in the previous month, while the monthly net flow was negative at €240 million, compared with a positive net flow of €399 million in October 2018.

I. Credit to the domestic economy

Ι.1 Credit to the general government (1)

In November 2018, the monthly net flow of credit to the general government was negative at €89 million, compared with a positive net flow of €1,294 million in the previous month. The annual growth rate of credit to the general government stood at -4.4% from -4.9% in the previous month.

Ι.2 Credit to the private sector

In November 2018, the annual growth rate of credit to the private sector stood at -1.4%, unchanged from the previous month. The monthly net flow of credit to the private sector was positive at €106 million, compared with a negative net flow of €972 million in the previous month.

Ι.2.1 Credit to corporations

In November 2018, the monthly net flow of credit to corporations was positive at €269 million, compared with a negative net flow of €562 million in the previous month; the annual growth rate stood at -0.6% from -0.7% in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at -0.6%, unchanged from the previous month, while the monthly net flow of credit was positive at €253 million, against a negative net flow of €339 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at 0.1% from -1.3% in the previous month, while the monthly net flow was positive at €16 million, compared with a negative net flow of €223 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In November 2018, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative at €24 million, compared with a negative net flow of €116 million in the previous month; the annual growth rate stood at -1.9%, unchanged from the previous month.

Ι.2.3 Credit to individuals and private non-profit institutions

In November 2018, the monthly net flow of credit to individuals and private non-profit institutions was negative at €139 million, compared with a negative net flow of €293 million in the previous month; the annual growth rate stood at -2.1%, unchanged from the previous month.

II. Deposits (2) by the domestic economy with the domestic credit institutions (3)

ΙΙ.1 Deposits placed by the general government

In November 2018, deposits placed by the general government decreased by €161 million, compared with an increase of €744 million in the previous month, while the annual growth rate stood at 10.8% from 24.4% in the previous month.

ΙΙ.2 Deposits placed by the private sector

In November 2018, deposits placed by the private sector decreased by €79 million, compared with a decrease of €346 million in the previous month and the annual growth rate stood at 5.9% from 6.2% in the previous month.

ΙΙ.2.1 Corporate deposits

In November 2018, corporate deposits decreased by €140 million, compared with a decrease of €267 million in the previous month and the annual growth rate stood at 5.0% from 6.6% in the previous month. In particular, deposits from non-financial corporations decreased by €240 million, against a decrease of €641 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €101 million, compared with an increase of €374 million in the previous month.

ΙΙ.2.2 Deposits placed by households and private non-profit institutions

In November 2018, deposits placed by households and private non-profit institutions increased by €60 million, compared with a decrease of €78 million in the previous month and the annual growth rate stood at 6.1%, unchanged from the previous month.

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