“Deposits from individuals increased by 0.2 billion euros compared to October, growing 5.8% compared to November 2021 (7.0% in the previous month)”, says the entity led by Mário Centeno. This is a monthly evolution of just 0.1%, the slowest since May 2020.

For companies, the volume of deposits recorded a decrease of 300 million euros compared to October and grew by 7.8% compared to November 2021 (9.8% in the previous month).

The data released by the Bank of Portugal also notes a slowdown in loans, particularly mortgage loans, which slowed down for the fourth consecutive month.

Consumer loans totalled €20.7 billion, which reflects a growth of 5.8% compared to November 2021 (6.0% in the previous month).

At the end of November, the central bank reveals that the total amount of home loans was 100.2 billion euros, 0.1 billion euros more than at the end of October.

In the business sector, lending even registered a correction, with the amount of loans granted by banks to companies reaching 75.9 billion euros in November, 0.2 billion euros less than at the end of October.

This evolution corresponds to a growth of 0.8% compared to November 2021. In the previous month, growth had been 1.1%.

“This slowdown was more significant in small companies and in the sectors of extractive industries, consulting, scientific, technical and administrative activities and manufacturing industries.”

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