At the same time the country is a laggard in terms of its penetration rate of corporate lending, a survey by UniCredit group reveals. With consumer lending accounting for almost 15% of GDP, the market of such loans taken out by Romanians exceeds those of the more developed countries in the region such as Turkey, Czech Republic and Poland.
Corporate lending stood at a mere 18% of GDP last year compared with 52% in Germany and 29% in Hungary. The UniCredit survey takes into account personal loans, car loans, overdrafts and revolving credit cards.
Croatia alone registers a higher penetration rate of consumer lending, 23.5% of GDP. The situation in Romania was largely caused by the market's attempts to go around the red tape involved in getting a mortgage loan, so that part of such loans were granted as home equity loans.