2019 Financial Stability Report
Table 1: Distribution of Credit by Sector, % share (2014 – 2019)
2014
2015
2016
2017
2018
2019
Agriculture
0.4
0.4
0.3
0.3
0.3
0.3
Construction and land development
8.0
7.8
6.6
6.3
6.6
5.9
Distributive trades
8.0
7.7
7.6
7.3
7.3
7.0
Entertainment & catering
1.1
1.0
1.0
0.8
0.8
0.8
Financial institutions
0.4
0.8
0.8
1.1
1.3
1.7
Fisheries
0.1
0.1
0.1
0.1
0.0
0.0
Government services
7.2
8.2
8.1
8.7
9.7
9.7
Manufacturing
1.5
1.5
1.4
1.3
1.1
1.2
Mining & quarrying
0.4
0.4
0.4
0.2
0.2
0.2
Personal
51.1
52.4
54.5
56.7
55.2
54.7
Professional and other services
8.3
8.1
8.2
6.7
6.2
6.5
Tourism
9.9
8.5
7.7
7.2
7.3
8.0
Transportation & storage
1.8
1.7
1.5
1.6
1.4
1.6
Utilities
1.8
1.5
1.9
1.6
2.4
2.3
Households continue to be the dominant
Concentration of Lending to Households
borrowers in the sector, accounting for over
Lending to the private sector accounts for
50.0 per cent of all loans. However, in
88.0 per cent of all lending by commercial
recent periods commercial banks have
banks. In 2019, households received
increased their exposures to other
62.0 per cent of all credit extended to the
borrowers. For instance, between 2014 and
private sector. Observing the credit
2019, total credit to non-residents and
categories relative to GDP, a strong
governments have increased 23.0 per cent
downward trend is visible from high levels
and 27.0 per cent respectively. Conversely,
between 2009 and 2012 (Figure 9). During
commercial banks have reduced their
that period household debt to GDP levels
exposure to private businesses with leverage
averaged 42.2 per cent. They still remain
to business borrowers down 27.0 per cent
elevated (33.4 per cent in 2019) compared
over a five year period. 2
to the other categories and have rescinded at
a slower pace than business credit.
2 Since 2015, the average annual growth of credit to private business has been minus 6.0 per cent, while
for non-residents it is 4.9 per cent and 5.1 per cent for the public sector (governments).
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