Private sector deposits up in August

Deposits placed by households and private non-profit institutions increased by 439 million euros in August, after an increase of 163 million in the previous month, with the annual growth rate standing at 3.3% from 3.4% in the previous month, the Bank of Greece said on Wednesday.

Deposits placed by households and private non-profit institutions increased by 439 million euros in August, after an increase of 163 million in the previous month, with the annual growth rate standing at 3.3% from 3.4% in the previous month, the Bank of Greece said on Wednesday.

The central bank, in a monthly report, said that in August 2023, the monthly net flow of total deposits was positive by 408 million, compared with a negative net flow of 159 million in July 2023. Deposits placed by the general government increased by 218 million, compared with a decrease of 23 million in the previous month; the annual growth rate stood at -5.4% compared with -2.3% in the previous month. Deposits placed by the private sector increased by 190 million, compared with a decrease of 136 million in the previous month; the annual growth rate stood at 3.2% from 3.1% in the previous month. Corporate deposits decreased by 249 million, compared with a decrease of 299 million in the previous month; the annual growth rate increased to 2.6% compared to 2.3% in the previous month. In particular, deposits from NFCs decreased by 206 million, against a decrease of 380 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by 43 million, compared with an increase of 81 million in the previous month.

Τhe monthly net flow of total credit was negative by 566 million euros in August 2023, compared with a negative net flow of 1,157 million in the previous month. In August 2023, the monthly net flow of credit to the general government was negative by 165 million, compared with a positive net flow of 193 million in the previous month; the annual growth rate increased to 1.6% compared with -0.4% in the previous month. The annual growth rate of credit to the private sector decreased to 0.9% from 1.2% in the previous month. The monthly net flow of credit was negative by 401 million, compared with a negative net flow of 1,350 million in the previous month.

The monthly net flow of credit to corporations was negative by 319 million, compared with a negative net flow of 1,175 million in the previous month; the annual growth rate decreased to 3.0% from 3.7% in the previous month. In August 2023, the monthly net flow of credit to individuals and private non-profit institutions was negative by 67 million, compared with a negative net flow of 74 million in the previous month; the annual growth rate stood at -2.4% compared with -2.6% in the previous month.