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BRUANBRKINKAG

Igor Davkov

The holds a PhD in the field of
monetary economics and finance

LOANS TO HOUSEHOLDS
CONTINUE TO GROW,
BUT GRADUALLY SO DO
THE RISKS

In the past few years, Macedonian banks managed to maintain
a reasonable level of loans extended to the economy. In 2014,
the total credit growth rate was 9.9%, or about three times
higher than the growth rate of GDP. According to the latest data
available, in the course of 2015 banks maintained an annual
growth rate of over 9%. If these trends continue, and given that
usually there is an increased activity on the credit market in
the fourth quarter of the year, the credit growth rate could be
expected to reach over 10%, which would be approximately 2.5
times more than the GDP growth projected for 2015 (4.1%).

48 September 2015