News Column

Loan growth in Macedonia accelerates to 6.4% y/y at end-2013

January 22, 2014

Non-government sector loans extended by Macedonian banks and savings houses increased by 6.4% y/y to MKD 232.4bn ( EUR 3.78bn ) at end-December, speeding up from the 4.9% y/y growth at end-November, mainly due to the faster annual growth of loans to non-financial corporations and households, according to preliminary data of the central bank. The annual loan growth has been accelerating for five consecutive months. The end-2013 total loan stock is equal to 47.6% of the projected 2013 GDP, up from 46.8% at end-November. Loans to non-financial corporations (public and private) rose by 3.8% y/y to MKD 135.7bn at the end of December, accelerating from 1.8% y/y at end-November. Loans to households (individuals and self-employed individuals) expanded by 10.2% y/y to MKD 95.7bn at end-December after growing by 9.3% y/y a month earlier. The other components of the total loan stock include credits to other non-financial corporations (up 27.3% y/y to MKD 245mn at end-December), loans to nonprofit institutions serving households (down 27.7% y/y to MKD 109mn), and credits to the local government (up 54.2% y/y to MKD 636mn). The currency breakdown of the total loan stock showed faster y/y growth of the local currency component and a narrower contraction of the foreign currency part. Local currency loans went up 8.6% y/y to MKD 178.2bn at end-December after rising by 6.6% y/y the month before. Foreign currency loans edged down by 0.2% y/y to MKD 54.3bn after decreasing by 0.3% y/y at end-November.

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Source: IntelliNews - Weekly Reports

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