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Country Report Estonia Product Image

Country Report Estonia

  • ID: 2114012
  • September 2014
  • Region: Estonia
  • 67 Pages
  • The Economist Intelligence Unit

The volume of outstanding loans to the euro zone private sector declined by 2% year on year in August 2014.

The steady decline of credit flows to businesses has been one of the key drags on the pace of the euro zone recovery in recent years. This reflects developments both on the supply side and the demand side. A key factor in the continued contraction of lending this year has been banks' preparations for a comprehensive review of their balance sheets by the European Central Bank (ECB), the results of which are due to be announced on October 26th.

As the first chart below illustrates, the aggregate fall-off in lending across the euro zone since the crisis has been driven more by the corporate sector than by households, which have held their total borrowing relatively steady since 2011. However, this overall pattern for household borrowing masks sharp divergences between different categories of lending, with continued growth in credit for house purchases offsetting a slump in consumer credit (see second chart).

Country Report Estonia

Euro zone lending still falling, but outlook brighter
Event
Analysis
Impact on the forecast

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