After the volume of loans provided by banks to the national economy declined continuously during two years and a half, the national economy in the second quarter of 2018 witnessed a growth of 792 million lei comparted with the first three months of this year. In ten sectors of the economy, the volume of released loan rose by 1.33 billion lei, while in five sectors decreased by 540 million lei, expert of the Institute for Development and Social Initiative “Viitorul” Veaceslav Ionita is quoted by IPN as saying on his blog.

The expert said population is the driving force of economic growth. Consumption and mortgage contributed 53% to the rise in the volume of loans. Trade and food industry are at the opposite pole. The volume of loans in these sectors in the last quarter decreased by 452 million lei or 84% of the negative volume.

Even if the total volume of loans in the second quarter of this year increased, it remained by 14.1 billion lei lower than the volume recorded in the third quarter of 2014. After that period, absolutely all the sectors of the national economy witnessed a decline in the volume of released loans. The loans taken out by private individuals for consumption and realty, which increased by 2.6 billion lei in the period, helped the banking system remain afloat.

Analyzing lending to the national economy during the last few years, Veaceslav Ionita reached the conclusion that lending to trade diminished the most, but the reduction was rather a reaction of the trade industry to the economic crisis. Traders reduced dependence on bank loans by lending from suppliers, by optimizing the supplies and by convincing the population to borrow instead of them.

According to the economist, the loans raised by private individuals for starting and developing a small business should be devoted the biggest attention. These loans decreased two times in volume – from 1.7 billion lei to 860 million lei. The population is alarmingly inclined towards consumption. In 2014, three of ten lei borrowed by the population went to invest in business. Now only one in ten lei goes for the purpose. The economy is recovering slowly, but also by accelerating the population’s consumption.