Decreases in bank loans in the main productive activities of the Ñuble region, in real terms, showed the statistics of the Financial Market Commission (CMF) corresponding to December 2023, as well as a decrease in consumer loans.
In the case of agriculture, loans registered a nominal contraction of 4.8% compared to December 2022; The same was true for fruit growing, which had a nominal drop of 5.3%, data that corresponds to the statements of local agricultural leaders, who have expressed their concern regarding the difficulties in accessing financing.
Renato Segura Domínguez, director of Economic and Productive Development (Didepro), of the Municipality of Chillán, stated that, “this phenomenon is mainly explained by the increase in the cost of long-term financing that was experienced during 2023, which mainly affects productive activities in the region.
In the construction sector, loans for housing construction experienced a slight increase, showing a nominal year-on-year increase of 4.7% in December – given that inflation was 3.9%, the real variation reached 0.8% – . “This is consistent with a more restrictive market due to lower economic activity and increases in the cost of mortgage loans,” commented Segura, who emphasized the high level of mortgage interest rates. According to the Central Bank, as of February 15, the average interest rate of banks was 4.99%.
In this context, CMF data show that mortgage loans in the region recorded a nominal increase of 9.8% compared to December 2022.
On the other hand, consumer loans in Ñuble registered a 12-month nominal variation of 0.8%, which means, in real terms, a fall of 3.1%.
“Although the cost of short-term financing – particularly in the commercial segment – has decreased during 2023, lower household income and liquidity has slowed down consumer credit, directly affecting commerce and the automotive market,” said Renato. Safe.
The low level of commerce activity is reflected precisely in loans, specifically in the Retail, restaurants and hotels segment, which, in December 2023, registered a nominal drop of 6.4% compared to December 2022.
In general terms, bank placements in Ñuble recorded a year-on-year increase of 5.6% in nominal terms, and 1.7% in real terms. “This shows the lower economic activity during 2023, a situation that should not change significantly given the low level of growth projected for economic activity in 2024 and the situation of lower household liquidity that will continue to affect commerce. However, the short-term financial situation is expected to improve, which means that sectors of the economy with longer-term views can generate a favorable effect on the local financial market, such as construction, for example. For commerce, however, the low possibilities of recovery in consumption, the news will not be so good,” the professional pointed out.
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