Private deposits returned to an upward trajectory in November, recording an increase of around 2.3 billion euros, corresponding to the decline recorded in October, according to Bank of Greece data. 

Business deposits increased by EUR 1.7 billion after a EUR 2.1 billion decline in October, and household deposits increased by EUR 557 million after a EUR 137 million decline, respectively. Bank credit expansion continued at a high pace, with the monthly net flow of total financing to the private sector reaching EUR 1.9 billion compared to a positive net flow of EUR 1.8 billion in October.

IN PARTICULAR:

The annual growth rate of total credit extended to the domestic economy increased to 5.0% in November 2024 from 4.5% in the previous month.

The annual growth rate of total deposits increased to 4.7% in November 2024 from 2.7% in the previous month.

Deposits placed by the private sector increased by €2,269 million in November 2024, compared with a decrease of €2,258 million in the previous month.

I. Credit to the domestic economy

The monthly net flow of total credit was positive by €2,539 million in November 2024, compared with a positive net flow of €2,775 million in the previous month.

Ι.1 Credit to the general government

In November 2024, the monthly net flow of credit to the general government was positive by €607 million, compared with a positive net flow of €894 million in the previous month; the annual growth rate stood at -2.3%, compared with -2.4% in the previous month.

Ι.2 Credit to the private sector

In November 2024, the annual growth rate of credit to the private sector increased to 10.0% from 9.1% in the previous month. The monthly net flow of credit was positive by €1,931 million, compared with a positive net flow of €1,881 million in the previous month.

Ι.2.1 Credit to corporations

In November 2024, the monthly net flow of credit to corporations was positive by €1,898 million, compared with a positive net flow of €2,020 million in the previous month; the annual growth rate increased to 16.2% from 14.8% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 15.8% from 13.4% in the previous month; the monthly net flow was positive by €1,558 million, compared with a positive net flow of €2,198 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries decreased to 20.1% from 26.8% in the previous month; the monthly net flow was positive by €341 million, compared with a negative net flow of €177 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In November 2024, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €12 million, compared with a negative net flow of €61 million in the previous month; the annual growth rate stood at 0.5%, compared with 0.4% in the previous month.

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

In November 2024, the monthly net flow of credit to individuals and private non-profit institutions was positive by €21 million, compared with a negative net flow of €78 million in the previous month; the annual growth rate stood at -0.7%, unchanged from the previous month.

II. Deposits by the domestic economy with the domestic credit institutions

In November 2024, the monthly net flow of total deposits was positive by €3,068 million, compared with a negative net flow of €1,869 million in October 2024.

1. Deposits placed by the general government

In November 2024, deposits placed by the general government increased by €799 million, compared with an increase of €389 million in the previous month; the annual growth rate stood at -1.7%, compared with -12.1% in the previous month.

2. Deposits placed by the private sector

In November 2024, deposits placed by the private sector increased by €2,269 million, compared with a decrease of €2,258 million in the previous month; the annual growth rate increased to 5.0% from 3.3% in the previous month.

ΙΙ.2.1 Corporate deposits

In November 2024, corporate deposits increased by €1,718 million, compared with a decrease of €2,122 million in the previous month; the annual growth rate increased to 11.9% from 6.3% in the previous month. In particular, deposits from NFCs increased by €1,368 million, against a decrease of €2,286 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €350 million, compared with an increase of €164 million in the previous month.

2.2 Deposits placed by households and private non-profit institutions

In November 2024, deposits placed by households and private non-profit institutions increased by €551 million, compared with a decrease of €137 million in the previous month; the annual growth rate increased to 2.8% from 2.3% in the previous month.