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Fasten Seat Belts: German Loan Growth Jumps in April

German corporate loan growth jumped back into positive territory in April (+0.5% yoy). The growth rate was therefore rebounding from a negative March (-0.3% yoy) and the highest in over a year.

It is also a strong improvement compared to the recent cyclical low in September 2013 (-0.5% yoy).

On an unadjusted basis year to date growth is +0.4%. Annualizing this takes loan growth even slightly ahead of current inflation.

While this is in line with the loan growth trend at EU-level the extent of the improvement is surprising nonetheless.

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