CBA Commentary
The CBA estimates that the volume of actual newly signed or increased loans (excluding refinancing and refixations) to the corporate sector and households reached approximately 18.8% of quarterly GDP in April, up from the 17.3% of GDP estimated in Q1 2026. Thus, in less than two quarters 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 18.1% of GDP, 2.9 p.p. above the 15.2% of GDP impulse in 2025 and 8.2 p.p. above the recent low of 9.9% in 2024. By comparison, the pre-Covind average in 2014-2019 was 18% of GDP.
The 2.9pp y/y rebound in credit impulse in 2026 (so far with April data) reflects new housing loans (+1.6pp to 5.8% of GDP; vs. 1.7% of GDP in 2023 and 3.8% in the pre-Covid period), as well as 0.8pp y/y growth in new corporate loans to 9.6% of GDP (vs. 6.4% of GDP in 2023 and 12.2% pre-Covid). Consumer credit has so far this year reached 2.1% of GDP, up 0.4 pp y-o-y (vs. 1.4% of GDP in 2023 and 1.5% pre-covid).
New loans in the economy in detail
CZK billion (in % of GDP on the direct axis)
Source of primary data
CNB ARAD, CBA (estimate of seasonally adjusted impulse in % of GDP)Category
Loans and depositsData frequency
MonthlyNote
These are net new loans, i.e. actual new loans (excluding refinancing and other arrangements) including increases (including increases for refinancing and other arrangements).The data on the left axis of the chart are unadjusted for calendar and seasonal effects, but the commentary reflects the CBA's estimate of seasonally adjusted data, which are also the basis for the calculation of the credit impulse as a % of nominal GDP on the right axis.
Total non-financial corporations = CZK + EUR loans.
Total households = consumption, housing, other (incl. non-residential real estate).
Related Charts
New loans in the economyInterest rates on new loans
