Banking deposits: growth slows, but stays in double figures

Summary

In August 2014 the nominal annual growth rate of traditional banking deposits (demand + term) was 10.7%, representing a reduction of 1.8 percentage points (pp) from the previous month. The fall in this variable’s rate of growth may be a response to greater consumption by households this month, as shown by total ANTAD sales. Although this indicator grew less in September (2.3% annually in nominal terms), in August it posted an uptick of 8.2%, the highest in the year. Meanwhile, the Gross Fixed Investment Indicator continues recovering (with a growth rate of 3.1% in July vs. 2.3% the month before), which could be a reflection of the start of the implementation of investment plans by companies, a fact which is often negatively correlated with corporate deposit amounts. In terms of their components, during August 2014 demand deposits contributed 9.1pp of the growth in traditional deposits (vs. 9.9pp the month before), whereas term deposits contributed 1.6pp (vs. 2.6pp the month before)

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