Except for construction, bank loans in Costa Rica increased across the board in 2014

February 5, 2015
2 Comments

Costa Rican banks last year registered positive numbers for all but one of their credit options available to both personal and commercial loan portfolios. Loans for the construction sector registered a decrease, the Costa Rican Banking Association (ABC) reported on Thursday.

“The main reason for the decline [in the construction portfolio] was a decrease in government investement in public infrastructure projects over the past year,” ABC’s Director Gerardo Corrales Brenes said.

Corrales said the amount of construction loans likely will improve this year, as the Central Bank included several new public infrastructure projects in their Macroeconomic Program 2015-2016.

ABC’s report states that loans for businesses were the most active last year with a total of ₡1.65 trillion ($3.1 billion) granted, representing 11.6 percent growth compared to 2013.

By percentage loans for the services sector showed the highest growth rate at 26.4 percent, followed by tourism (10 percent), and manufacturing and the food industry (9.6 percent). Loans for construction registered a 4.3 percent decrease.

Mortgage loans increased by 7.7 percent, representing a ₡3.3 trillion ($6.2 billion) increase, while consumer loans – which include car loans, home equity credit, credit cards and installment loans – exceeded ₡2.6 trillion. That represents inter-annual growth of 12 percent.

The ABC report includes data from January to October 2014, as information for the last two months is not available.

“These numbers show a stable, solid financial system with liquidity that is contributing to the growth of the local economy by providing financial resources to virtually all sectors, both commercial and personal,” Corrales said.

Facebook Comments

You may be interested

Tico wins gold medal at Para Athletics Grand Prix
Costa Rica
5 views
Costa Rica
5 views

Tico wins gold medal at Para Athletics Grand Prix

Alejandro Zúñiga - May 24, 2019

When Sherman Güity lost part of his left leg after a traffic accident in 2017, he pledged to return to…

USNS Comfort mission to stop in Costa Rica this year
Costa Rica
15 views
Costa Rica
15 views

USNS Comfort mission to stop in Costa Rica this year

Alejandro Zúñiga - May 24, 2019

Costa Rica will receive the USNS Comfort, a United States Navy hospital ship, as part of the vessel's five-month medical…

Costa Rica announces drop in murders, increase in gun seizures
Costa Rica
31 views
Costa Rica
31 views

Costa Rica announces drop in murders, increase in gun seizures

AFP - May 24, 2019

Costa Rica announced on Thursday a reduction in murders and an increase in the confiscation of illegal weapons as it…

Do NOT follow this link or you will be banned from the site!