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Business credit demand moderates in September quarter
Tags: Business credit demand Business Loans Trade Credit Asset Finance business insights small business
Business credit demand stabilised, down -1.2% year on year in the September quarter of 2023, following a strong June quarter 2023 result. Overall demand has steadied, with solid demand growth in the Accomodation and Food Services sector, offset by some softness in the Construction sector.
Positive signs of recovery as business credit demand grows
Business credit demand grew +6.3% year on year in the second quarter of 2023, the biggest increase in two years. This is a positive sign for NZ businesses and the economy as demand returns to pre-pandemic volumes. According to Equifax, asset finance (+13.2%) and business loans (+7.2%) were the largest contributors to the June quarter increase, with trade credit relatively soft (+1.1%) year on year. This is a strong turnaround from previous quarters.
Business credit demand softens amid economic headwinds
Tags: Business credit demand Trade Credit Business Loans Asset Finance business insights small business
Business credit demand fell -6.6% year on year in the first quarter of 2023, with demand across all commercial credit types below pre-pandemic levels. Demand is now at its lowest level since the initial lockdown in H1 2020, with a greater than average seasonal dip and severe weather events contributing to the decline.
Business Credit Demand in Negative Territory During the Q4 2022 quarter
Overall business credit demand was down -1.7% year-on-year in the December 2022 quarter.