Comments on statistics

Published: 2/2/2017

Comments on statistics mean a short description of selected, recently issued statistical data in the area of monetary statistics and the non-residents sector statistics.


Comments on monetary developments for June 2017

Comments on monetary developments for June 2017

Published: 31/7/2017

In June 2017, total liquid assets M4 increased by HRK 5.4bn or 1.8%, reaching HRK 296.5 at the end of the month (Table 1). Both components of the monetary aggregate increased, especially money (M1), which grew at the monthly rate of 5.1%. After having fallen for several months in succession quasi-money also increased slightly (0.5%) in June, primarily thanks to the growth of foreign currency deposits of non-financial corporations, while household deposits continued to fall. A relatively strong June growth of M4 halted the slowdown in the annual growth of this broadest monetary aggregate registered since the beginning of the year. The M4 annual growth rate in June was 3.7% (excluding the effects of exchange rate changes), as compared to the 3.4% a month earlier (Figure 1). The share of short-term assets in the structure of M4 continued to increase under the influence of the strong growth in money (M1). This was aided by the increased propensity towards more liquid assets due to low interest rates on term deposits, as well as by the recovery in economic and lending activity.

Figure 1 Monetary aggregates

annual rates of change

Figure 2 Placements

annual rates of change based on transactions



Source: CNB.


Total placements of monetary institutions to domestic sectors (except the government) grew for the fifth consecutive month in June, their annual growth rate rising to 1.8%, from 1.0% in May, based on transactions (Figure 2). The strengthening of lending activity was greatly aided by corporate lending. The annual growth of corporate placements in June accelerated to 2.7%, from 1.1% a month earlier. Lending to households also registered positive developments, the annual growth rate of loans to this sector rising to 2.1%, based on transactions (Table 2). In nominal terms, however, total placements at the end of June changed only slightly, ending the month at HRK 219.5bn but decreasing by 1.5% from the end of June last year. The annual fall in the nominal balance of placements was primarily a reflection of the sale in non-performing placements, and to a lesser extent of the strengthening of the kuna against the euro.

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

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

1 In addition to placements to households and corporates, they also include placements to the local government and other financial institutions.
2 The transactions show changes excluding the effects of exchange rate changes, securities price adjustments 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 end-June 2017, see:

Central bank (CNB)
Other monetary financial institutions