consumer credit

Solid but stable new vehicle sales through 3Q19. A robust supply of “off-leasing” units and access to credit support sales of used vehicles. Consumer credit remains healthy, although delinquencies keep growing.

In August 2019, the nominal annual growth rate of the balance of the current credit portfolio granted by commercial banks to the non-financial private sector was 8.9% (5.5% real). This growth was slightly higher than the previous month (8.6%) but less than the growth registered in August 2018 (11.9%).

New vehicle sales are projected to decelerate as economic growth slows down. Lower interest rates could provide some relief for dealers. A robust supply of “off-leasing” vehicles will continue to put downward pressures on demand for new vehicles.

In May 2019, the nominal annual growth of the balance of the current credit portfolio granted by commercial banks to the non-financial private sector was one digit and amounted to 9.1% (4.6% real). This growth was lower than that of the immediately previous month (10.3%) and was also lower than that of May 2018 (13.4%).

In March 2019 the nominal annual growth rate of the balance of the current loan portfolio granted by commercial banks to the non-financial private sector of 10.8% (6.2% real). This rate was higher than the previous month (10.0%) and was also lower than the same month of 2018 (11.7%).

In January 2019, the nominal annual growth rate of the balance of the outstanding loan portfolio granted by commercial banks to the private sector was 10.1% (5.5% real). This growth was practically the same as in the previous month (10.0%) and lower than in the same month of 2018 (11.8%).

In November 2018, the nominal annual growth of the balance of the current loan portfolio granted by commercial banks to the private sector was 11.8% (6.7% real). This growth rate was slightly higher than the previous month (11.7%) and was also higher than the rate for the same month of 2017 (10.5%).

In October 2018, the nominal annual growth rate of the balance of the current loan portfolio granted by commercial banks to the private sector was 11.8% (6.5% real). This rate was greater to the previous month (11.2%) and lower than the same month of 2017 (12.5%).