Post by katolina on Jan 16, 2006 10:26:33 GMT -5
ZAGREB, Jan 15 (Hina) - The overall indebtedness of Croatian residents continues to grow, and in mid 2005 it reached 33.9 percent of GDP.#L#
The strong domestic currency, lower interest rates and longer loan repayment periods have slightly relieved the burden of debt repayment, but considering the structure of indebtedness, residents are exposed to high currency risk.
The indebtedness of Croatian residents is still much below the level of indebtedness in the European Monetary Union, but it is almost half as high as indebtedness in new EU member-countries.
More favourable loans in recent years have resulted in a continued growth of the average indebtedness per employee, which grew from around 23,000 kuna at the end of 2001 to 51,000 kuna in late June 2005, the Croatian National Bank (HNB) has reported.
Household loans in late October 2005 amounted to 76.1 billion kuna, 14.2 billion more than in the same period the year before. With an annual growth rate of some 21 percent, the estimated loan indebtedness of Croatians increased from 32.8 percent of GDP at the end of 2004 to 33.9 percent in late June last year. Ninety-six percent of the debt were loans granted by business banks.
Indebtedness in the EMU at the end of 2004 amounted to 55 percent of GDP.
(1 EUR = 7.38 kuna)
The strong domestic currency, lower interest rates and longer loan repayment periods have slightly relieved the burden of debt repayment, but considering the structure of indebtedness, residents are exposed to high currency risk.
The indebtedness of Croatian residents is still much below the level of indebtedness in the European Monetary Union, but it is almost half as high as indebtedness in new EU member-countries.
More favourable loans in recent years have resulted in a continued growth of the average indebtedness per employee, which grew from around 23,000 kuna at the end of 2001 to 51,000 kuna in late June 2005, the Croatian National Bank (HNB) has reported.
Household loans in late October 2005 amounted to 76.1 billion kuna, 14.2 billion more than in the same period the year before. With an annual growth rate of some 21 percent, the estimated loan indebtedness of Croatians increased from 32.8 percent of GDP at the end of 2004 to 33.9 percent in late June last year. Ninety-six percent of the debt were loans granted by business banks.
Indebtedness in the EMU at the end of 2004 amounted to 55 percent of GDP.
(1 EUR = 7.38 kuna)
