The rise in consumption boosted credit by more than 4% in October, its largest increase since December 2008
Consumption accelerated at the start of the last quarter. So much so that the banks The financing of this type of credit increased by 11.51% to 113,047 millionat a pace not seen since the coronavirus pandemic. This boost in household demand, which together with investment has become the main engine of the Spanish economy, led the bank to increase the granting of credit to families by 4.05% in October compared to the same month a year earlier to 708,976 million euros. It is its biggest increase since late 2008.
The family credit portfolio also includes financing for housing, including mortgages, which grew by 3.28% year-on-year, up to 512,577 million euros. Compared to September, total credit to families, including both consumption and mortgages, increased by 0.48%, according to data published this Monday by the Bank of Spain.
Regarding financing to companies, credit increased in October by 0.7% year-on-year, to 946,214 million euros, and increased by 0.3% when compared to the month of September.
