Credit Growth

TOTAL credit to the private sector increased by 15.2 per cent through the year to March 2004, in seasonally adjusted terms.

Although total credit growth has moderated a little from its recent peak in January, housing credit growth continues to accelerate. The 23.9 per cent growth in housing credit through the year to March was the highest recorded since the data series began, exceeding the previous peaks in 1994 and 1989. Business credit growth was far more modest, at 5.9 per cent through the year to March 2004.

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