São Paulo – Demand for credit in Brazil was up 11.7% in July from June this year. However, according to results released this Wednesday (6th) by consulting firm Serasa Experian, July on July, demand declined by 10.2%. Year-to-date through July, demand for credit was down 6.2% from the same period in 2013.
According to Serasa, the higher demand for credit in July stems from the fact that there are less holidays in the month than in June. The decline in July from July 2013, in turn, is due to economic stagnation and higher interest rates.
According to Serasa’s results, demand for credit increased the most among workers with incomes of up to R$ 500 and between R$ 500 and R$ 1,000, by 11.9% in July from June. Among workers earning between R$ 1,000 and R$ 2,000 per month or over R$ 10,000 per month, demand for credit was up 11.7%.
The Brazilian Northeast saw the highest increase in demand for credit, up 14.6% in July from June. In the country’s North and Midwest, demand was up 12.8% and 12%, respectively. Demand was up 11% in the Southeast and 10.1% in the South.
*Translated by Gabriel Pomerancblum
