ECB data on Non-Financial Corporations (NFC) loans y/y reflects changes in quantities of lending to European non-financial organizations for the reporting period, compared to the same period a year ago. The indicator is published by the European Central Bank twice a year. Each covers loans for the previous two quarters.
Loans to non-financial organizations are categorized by the economic activity of the relevant company. These include agriculture and forestry, mining, manufacturing, electricity, gas, construction, wholesale and retail trade, transportation, etc. According to the used classification, non-financial organizations do not include private entrepreneurs. The NFC loans do not include public sector lending, even though some of the activities may fall under the underlying classification (for example, transportation services).
The indicator is calculated based on the data reported by euro area monetary financial institutions to the ECB and the Bank Lending Survey conducted by the ECB since 2003. It offers an otherwise incomprehensible insight into the supply and demand of bank loans from companies and households. In addition to the actual volume of lending, the survey covers credit terms, standards for approving loans and the share of rejections. The obtained data is used in various decision-making processes on monetary policy measures, especially in times of financial crises.
Data on loans play a key role in supplying the economy with money. An increase in this value or a value above expectations may stimulate the economy and the EUR. Accordingly, lower than expected values are seen as negative for the European currency.
The chart of the entire available history of the "European Central Bank (ECB) Non-Financial Corporations Loans y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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