The credit granted by banks to families and non-profit institutions to residents in Spain fell by 2% in May 2023 compared to the same month in 2022, to 689,251 million euros. However, for financing to companies it has fallen by almost 3% to 921,537 million euros, according to data published this Monday by the Bank of Spain.
If it is compared with the data that was registered in May 2022, it is noted that the credit granted to families has fallen by 13,783 million and that provided to companies, by 27,444 million euros. In this way, and in a context marked by inflation that is changing the Spanish economy due to the war in Ukraine, the escalation of prices and the rise in interest rates.
On the other hand, if the same comparison is made, but this time every month, it can be seen how household debts fall slightly by 1,903 million euros in May compared to March, which has meant a drop of 0 .3%less. On the business side, 8,021 million euros stood in May below the figure for April, 0.9% less.
Mortgage loans fall
While household consumer loans grow, mortgage loans fall. These, which represent the majority of its total debt, stood at 504,601 million euros in May 2023, which is 13,008 million less than a year earlier and 1,778 million less than the previous month.
In this way, data from the Bank of Spain show that the amount that families allocate to their homes continues to occupy the majority of their indebtedness, since it represents around 73.2% of it. For their part, household loans for consumption grew by 3.4% in May in the interannual rate, up to 96,208 million euros, while they rose slightly in the monthly rate, 0.6%.
Finally, family loans for other purposes totaled 85,110 million euros, despite the fact that it is still below the 89,281 million a year earlier and slightly lower than the figure for the previous month (0.8%). .
Financing to companies rose to lows in May
After the declines registered both in credits with financial institutions and in debt securities and loans from abroad, financing to companies in the month of May of this year fell year-on-year.
Specifically, bank loans from companies stood at 468,029 million euros in the month of May, which represents a decrease of 3% compared to the same month of the previous year, while debt securities fell by 7, 7% to 128,345 million and loans from abroad fell by 0.6% year-on-year, to 325,163 million.