The CBA estimates that the volume of actual new loans signed or increased (excluding refinancing and refixing) to the corporate sector and households during October and November amounted to around 16.3% of quarterly GDP, i.e. less than the 17.5% of GDP estimated in Q3 2025. Thus, in the incomplete year 2025, 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 15.1% of GDP, 2.4 p.p. above the 12.6% of GDP impulse in 2024 and 5.2 p.p. above the recent low of 9.9% in 2023. By comparison, the pre-Covind average in 2014-2019 was 18% of GDP.
The 2.4pp y/y rebound in credit impulse in 2025 (so far with November data) reflects new housing loans (+1.3pp to 4.3% of GDP; vs. 1.7% of GDP in 2023 and 3.8% in the pre-Covide period), as well as a 1pp y/y rise in new corporate loans to 8.6% of GDP (vs. 6.4% of GDP in 2023 and 12.2% pre-Covide). Consumer credit so far this year has reached 1.8% of GDP, up 0.1 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 in detail
Credit dynamics