New consumer credit rises 96.9% year-on-year in May
The Bank of Portugal pointed out that the significant variations in May 2021, compared to May 2020, are due to the reduced contracting levels in May 2020 because of the Covid-19 pandemic.
New loans granted to consumers in May totalled €589.54 million, up 10% on the previous month and 96.9% compared to May 2020, according to the Bank of Portugal (BoP).
According to data released on Thursday by the BoP on new consumer loans, the amount of new personal loans in May rose by 6.3% month-on-month to €239 million, while new loans for car purchases increased 11.8% to €248 million, and new loans through cards and overdrafts grew 15.1% to €103 million.
By number, new personal loans increased 6.6% compared to April, adding 34,769 contracts, new loans for car purchases advanced 11.6% to 17,437 contracts, and new loans through cards and overdrafts rose 9.6% to a total of 73,688 contracts.
In May 2021, the total number of new loans granted to consumers rose 9% year-on-year and 100.9% year-on-year to 125,894 contracts.
The BoP pointed out that the significant variations in May 2021, compared to May 2020, are due to the reduced contracting levels in May 2020 because of the Covid-19 pandemic.
