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KfW Credit Market Outlook December 2019

News from 2020-01-13 / KfW Research

Corporate lending: slower growth, more caution

Corporate lending in Germany is losing steam again. According to KfW Research, new lending has resumed its downward trend after a brief interruption. In the third quarter, banks extended 4.6% more loans to businesses and self-employed persons. Although this is still a strong increase, it is well below the 7.0% recorded in the second quarter.

The weak economic outlook, the industrial recession and multiple political uncertainties have dampened the appetite for new loans among both banks and businesses – despite the low interest rate levels. This is slowing down new lending momentum. We expect this trend to continue into the new year.

KfW Credit Market Outlook December 2019  (PDF, 102 KB, non-accessible)


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Economic development in Germany and around the world, studies on topics relevant to society such as environmental and climate protection, demography, globalisation, innovation and sustainability, impact of KfW promotional programmes.

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