Portugal’s consumer credit tanks 64% in April

  • Lusa
  • 15 June 2020

Portuguese banks and financial institutions raised 203 million euros in consumer credit in April. This is the lowest figure since at least the beginning of 2013.

New consumer credits decreased 64% in April, compared to the same month of the previous year, to just over 203 million euros, according to data released today by the Bank of Portugal (BoP).

Compared to the previous month of March, when 551.6 million euros of consumer credit had been contracted, the amount that the Portuguese borrowed from banks and financial institutions fell 63.2% in April, a month of lockdown due to the Covid-19 pandemic.

The amount of personal loans for education, health, renewable energies and equipment leasing was 955,000 euros in April, the most significant drop being 88% compared to April of last year and 83.9% compared to March.

Other non-specific personal loans, home loans, consolidated loans and other loans fell by more than 60% in April compared with April 2019, totalling 97.92 million euros.

Credit cards, lines of credit, current accounts and overdraft facilities fell by almost 58% to 32.97 million euros.

In used car loans, the drop was 68.1%, to 48 million euros, and in new cars, the drop was 74.6% to 12 million euros.