Consumer gross lending continued to increase in Greece during 2022 as the country continued to emerge from a prolonged period of suspended consumption due to the lingering impact of the 2009-2010 economic crisis on the national psyche and the cautious attitudes towards spending that were adopted in response to the COVID-19 pandemic, which caused severe interruption to commercial activity in key sectors of the Greek economy.
One of the key trends in consumer lending in Greece during 2022 was the increasing focus of the country’s four systemic banks on so-called “fast loans”, which are administered entirely in the digital realm. All of the major Greek banks are currently focusing on the issuance of such loans, which consumers can access speedily from their smartphones.
Mortgages/housing lending gross lending recorded positive growth during 2022 after a brief pause in growth at the start of the year as new homeowners were forced to wait to register their new real estate acquisitions due to the shortage of notaries and various issues with the land registry service. However, growth in demand for housing has been slower than what was originally anticipated and hoped for by the country’s four systemic banks.
The positions and market shares of Greece’s four systemic banks remained virtually unchanged in consumer lending during 2022, with Piraeus Bank, Alpha Bank, Eurobank and the National Bank of Greece continuing to dominate the market, accounting for the bulk of consumer lending business.
Consumer lending gross lending is set to continue increasing over the forecast period as consumer demand for a wide variety of goods and services is poised to continue increasing as Greece emerges from a prolonged period of suspended and deferred consumption due to the interruptions that the COVID-19 pandemic caused to commercial activity in key sectors and the lingering negative impact of the 2009-2010 financial crisis. Furthermore, a substantial proportion of the growth expected in gross lending in consumer lending during the forecast period is expected to be connected with the growth in mortgages/housing loans.
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Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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