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Friday, 27 February 2015

Singapore bank lending falls in January

According to latest data from the Monetary Authority of Singapore, total loans and advances fell to S$607.47 billion last month, compared to S$607.91 billion in December 2014. 

SINGAPORE: Bank lending in the Republic continued to fall in January from December last year, in yet another sign that economic activity may be slowing down.
 
According to the latest data from the Monetary Authority of Singapore, total loans and advances fell to S$607.47 billion last month, compared to S$607.91 billion in December 2014. However, bank lending grew 4.3 per cent in January from S$582.24 billion a year earlier.

A slowdown in business activity could account for the decline in total loans to businesses, which fell 0.3 per cent on-month to S$370.28 billion. Contributing to the decline is bank lending to the building and construction sector, which fell 0.16 per cent to S$103.54 billion.

In the consumer segment, credit card loans fell 1.9 per cent to S$10.22 billion at end-January compared to a month earlier. Housing and bridging loans in the same month increased 0.5 per cent to S$178.27 billion from S$177.43 billion in December last year.

Meanwhile, total consumer loans rose 0.3 per cent in January to S$237.19 billion from the previous month.

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