“Private sector credit expanded 0.5% m/m in November, in line with market expectations.
This is another symptom of economic concern as increased interest rates and inflation hit both families and businesses.
Our updated projections indicate a steeper slowing of economic growth through 2023.”
“Housing credit increased by 0.4% month on month in November, the same as in October but lower than the 0.5% month on month average in Q3 and 0.6% month on month average in Q2.
This is due to falling property prices as a result of lower borrowing capacity.”
“In November, business credit declined to 0.7% m/m from 0.8% m/m in October and an average of 1.3% m/m in Q3. Higher interest rates are unlikely to be the result of corporations paying down debt faster.
