Comments on statistics

Published: 2/2/2017

From August 2023 the comments on statistics, a short description of selected, recently issued statistical data in the area of monetary statistics and the non-residents sector statistics, are no longer published. They are replaced by Statistical releases.

Comments on monetary developments for May 2019

Published: 28/6/2019

Total liquid assets (M4) stood at HRK 319.3bn at the end of May 2019, up HRK 2.5bn or 0.8% from April 2019 (Table 1). The monthly increase in the broadest monetary aggregate was supported by the strong growth of net domestic assets (NDA), while the fall in net foreign assets (NFA) of credit institutions contributed towards the decrease in M4. The NDA growth was predominantly a consequence of the increase in monetary institutions' net claims on the central government (i.e decrease in central government deposits). On an annual level, the growth of total liquid assets (M4) slowed down in May 2019 to 3.8%, based on transactions (Figure 1). The annual fall in quasi-money accelerated to 2.2%, while the annual growth in money (M1) slowed down, ending May at 15.1%, based on transactions.

Figure 1 Monetary aggregates
annual rates of change based on transactions
Figure 2 Placements
annual rates of change based on transactions
Source: CNB.  

Total placements of monetary institutions to domestic sectors (excluding the government) increased by HRK 1.3bn in May (transaction-based), totalling HRK 226.6bn at the end of the month. If observed on an annual level, the growth in total placements slowed down in May to 4.0% (Figure 2), aided by the annual slowdown in lending to non-financial corporations (0.3%, or 2.2% if the negative effect of the activation of the government guarantees to shipyards is excluded). The annual growth of placements to the household sector remained at 6.8%, the level reached at the end of April (Table 2). In the structure of loans to the household sector, the annual growth of general-purpose cash loans at the end of May slowed down slightly to 12.4%, while that of housing loans accelerated to 4.1%. The annual growth in the nominal stock of placements, which stood at 2.4% in May, was considerably lower than the growth based on transactions, which is mostly the result of the sale of non-performing placements.

Table 1 Summary consolidated balance sheet of monetary institutions
in billion HRK and %

1The sum total of asset items 2.2 to 2.8 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.
2The sum total of liability items 2 to 5 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.
Source: CNB

Table 2 Placements (except the central government) and main components
in billion HRK and %

1In addition to placements to households and corporates, they also include placements to the local government and other financial institutions.
2The transactions show changes that exclude the effects of exchange rate changes, securities price adjustments, reclassification and write-off of placements, including the sale of placements in the amount of their value adjustment.
Source: CNB

For detailed information on monetary statistics as at May 2019, see:
Central bank (CNB)
Other monetary financial institutions