Consumers happy to spend
The consumer confidence index increased by 0.96 points in October, following a 6 point rise in September. The overall consumer indicator increased to 88.59 from September's 87.63.
The index is likely to keep rising following both Prime Minister Marek Belka's recent confidence vote victory, which guarantees his cabinet's sojourn until the 2005 elections, and the beginning of EU payments to farmers.
The news comes as figures from the National Bank of Poland indicate household debts have grown dramatically. From January to September 2004 debt increased by zł.10 billion and household liabilities over the last 12 months grew by 14% (nearly zł.14 billion), amounting to a total of zł.112.6 billion at the end of September.
Financial inter-mediaries and banks that offer auto loans and housing mortgages have posted a record growth in credit. In particular, Lukas, Żagiel, Cetelem and Dom Finansowy QS increased their borrowing levels by 26% this year compared with the same period in 2003.
Banking experts say the trend of obtaining bank credits is likely to continue growing because banks are widening their credit offers and consumers are becoming increasingly optimistic about the country's economic situation. J.T.
The index is likely to keep rising following both Prime Minister Marek Belka's recent confidence vote victory, which guarantees his cabinet's sojourn until the 2005 elections, and the beginning of EU payments to farmers.
The news comes as figures from the National Bank of Poland indicate household debts have grown dramatically. From January to September 2004 debt increased by zł.10 billion and household liabilities over the last 12 months grew by 14% (nearly zł.14 billion), amounting to a total of zł.112.6 billion at the end of September.
Financial inter-mediaries and banks that offer auto loans and housing mortgages have posted a record growth in credit. In particular, Lukas, Żagiel, Cetelem and Dom Finansowy QS increased their borrowing levels by 26% this year compared with the same period in 2003.
Banking experts say the trend of obtaining bank credits is likely to continue growing because banks are widening their credit offers and consumers are becoming increasingly optimistic about the country's economic situation. J.T.
