The first ten months of 2016 saw growth in outstanding credit balances in the South African household sector slowing down to a much subdued 1% year-on-year (y/y), with the value of these outstanding balances at R 1 478,6 billion at the end of October.
Growth in outstanding household mortgage balances slowed down to 3,4% y/y in the ten months to October this year. These credit balances, with a value of R889,8 billion, had a share of 69,3% in total private sector mortgage balances, 60,2% in total household credit balances and 27,6% in total private sector credit balances at end-October.
Against the background of trends in and the outlook for the economy, household finances and consumer confidence, growth in household credit balances is expected to remain at a subdued level up to year-end and in 2017.
Read more here: Credit & Mortgage Advances October 2016