The CBA estimates that the volume of actual newly signed or increased loans (excluding refinancing and refixations) to the corporate sector and households in January amounted to around 16% of quarterly GDP, i.e. less than the 16.9% of GDP estimated in Q4 2025. Thus, at the beginning of 2026, Czech banks (on the supply side) and corporates and households (on the demand side) continued to revive the credit impulse to the economy. For now, it looks on its continued upward trajectory to 16% of GDP, 0.7pp above the 15.2% of GDP impulse in 2025 and 6.1pp higher than the recent low of 9.9% in 2024. By comparison, the pre-Covind average in 2014-2019 was 18% of GDP. \The 0.7pp y/y rebound in credit impulse in 2026 (so far with January data) reflects new housing loans (+1.2pp to 5.5% of GDP; vs. 1.7% of GDP in 2023 and 3.8% in the pre-Covid period), as well as a -0.7pp y/y decline in new corporate loans to 8.1% of GDP (vs. 6.4% of GDP in 2023 and 12.2% pre-Covid). Consumer credit has reached 1.9% of GDP so far this year, up 0.2 pp y/y (vs. 1.4% of GDP in 2023 and 1.5% pre-covid).

CNB ARAD

These are net new loans, i.e. genuinely new loans (excluding refinancing and other arrangements) including increases (including increases for refinancing and other arrangements).
The data in the chart are unadjusted for calendar and seasonal effects, but the commentary reflects the CBA's estimate of seasonally adjusted data.
Total non-financial corporations = CZK + EUR loans.
Total households = consumption, housing, other (incl. non-residential real estate).

Loans and deposits

Monthly

New loans in the economy
Interest rates on new loans