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to the other categories and have rescinded at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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