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Swedish household borrowing starts rising again

Thursday, 03 January 2013
The growth rate of loans to Swedish households is no longer declining. In November, the annual growth rate increased by 4.6 percent, a slight increase from 4.5 percent in October, according to new figures from Statistics Sweden (SCB). This signals that the earlier downward trend has stalled recently.

In November, the Monetary financial institutions’ (MFIs) loans to households increased at an annual rate of 4.6 percent.
Households' borrowing from MFIs in November amounted to Skr 2 756 billion. This represents an increase of Skr 116 billion compared with the corresponding month last year.
Most of the increase can be explained by housing loans, which accounted for Skr 99 billion of the increase and had an annual growth rate of 4.7 percent. Housing loans are loans to households with single-family dwellings, condominiums, and tenant-owned apartments as collateral.
Outstanding housing loans to households at MFIs amounted to Skr 2 215 billion in November. The remaining part of household lending consists of, among other things, loans for consumption which often lack collateral and other loans where, for example, agricultural buildings comprise the collateral. In November, household loans for consumption amounted to SEK 167 billion and had an annual growth rate of 6.3 percent.

Lending by MFIs to non-financial corporations amounted to Skr 1 861 billion and had an annual growth rate of 2.0 percent. This is a decrease compared to October, when the growth rate was 2.8 percent. The growth rate was 5.3 percent in November of 2011.
This news item is based on a press release from Statistic Sweden

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