Commentary by the Czech Banking Association (ČBA)
The Czech Banking Association (ČBA) estimates that the volume of new loans actually signed or increased (excluding refinancing and rate resets) to the corporate sector and households reached approximately 20.4% of quarterly GDP during April and May, which is more than the 17.3% of GDP estimated for the first quarter of 2026. Thus, during just under the second quarter of 2026, Czech banks (on the supply side) and businesses and households (on the demand side) continued to boost the credit impulse into the economy. For now, it appears to be on a continued growth trajectory toward 18.9% of GDP, which is 3.7 percentage points above the 15.2% of GDP recorded in 2025 and 9 percentage points more than the recent low of 9.9% in 2024. For comparison: the pre-COVID average for 2014–2019 was 18% of GDP.
The year-over-year recovery in the credit impulse in 2026 (based on data through May) of 3.7 percentage points reflects new housing loans (+1.4 p.p. to 5.6% of GDP; vs. 1.7% of GDP in 2023 and 3.8% in the pre-COVID period), as well as year-over-year growth in new corporate loans by 2 p.p. to 10.7% of GDP (vs. 6.4% of GDP in 2023 and 12.2% before the pandemic). Consumer loans have so far reached 2% of GDP this year, representing a year-over-year increase of 0.3 percentage points (vs. 1.4% of GDP in 2023 and 1.5% before the pandemic).
New Loans in the Economy
billion CZK
Source of primary data
CNB ARADCategory
Loans and DepositsData Frequency
monthlyNote
These are net new loans, so-called “truly new loans” (excluding refinancing and other arrangements), including loan increases (including increases resulting from refinancing and other arrangements).The data in the chart are not adjusted for calendar and seasonal effects; however, the commentary reflects the Czech Banking Association’s (ČBA) estimate of seasonally adjusted data.
Total loans to non-financial corporations = CZK + EUR loans.
Total loans to households = consumer loans, housing loans, other (including non-residential real estate).
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