Business loans up by €5bn in July

New business loans have increased by €5 billion in the space of one month.

According to the Statistical Bulletin released by the Bank of Portugal, credit for companies increased 21% from June to July.

In July, new loans represented around €1.8 billion in credit up to €1 million, or an 8.4% increase on June.

Loans over €1 million amounted to around €3.2 million, or a 29% rise on the previous month.

Meanwhile, new individual loans in July recorded significantly lower figures, totalling €585 million, representing a 21.6% increase on June but a 32% drop on the same month last year.

Of that figure, mortgages amounted to €158 million, consumption loans €166 million and other individual loans €261 million.