The Central Bank today published a sectoral breakdown of developments in the growth of private sector credit for September.
The Central Bank says one of the most significant developments in the September data was a substantial decrease in the annual growth rate of lending to the construction sector, which fell to 26.6% from a high of 61.5% a year earlier.
Today's new data also reveals that Ireland has the highest level of indebtedness in the euro zone in both terms of GDP and GNP. This is the first time that the country has surpassed the Netherlands in both terms.
The Central Bank says that property lending accounted for 68.6% of the increase in credit in the year to September, down from 82.7% a year earlier. Its share of total outstanding credit also fell in the third quarter of the year for the first time since 2001.
