Private sector credit growth slows

Private sector credit extension experienced a sluggish of 1.3% year-on-year in March, reflecting a slowdown from February’s 1.7% year-on-year and a sharp decline from the 3.9% observed in March 2023. This represents the slowest pace of PSCE growth in the last decade. For the first quarter of 2024, the average annual credit growth further softened to 1.8% year-on-year, compared to 3.2% year-on-year in the same quarter of the previous year. Here is Simonis Storm Economist, Halleluya Ndimulunde.