Consumer credit in Portugal reached the amount of 3 billion euros (3.54 billion of U.S. dollars) in the first half of 2021, representing an increase of 8.57 percent compared to the same period of 2020, according to data released from Banco de Portugal (BdP), Trend reports citing Xinhua.
According to the data from the central bank of Portugal, the month of June this year was the fourth consecutive month in which financing exceeded the 500-million-euro mark.
The largest number of credit agreements were for credit cards, personal financing, and credit for the purchase of automobiles.
On the other hand, consumer credit in the first six months of this year represented a drop of 15.4 percent compared to the same period in 2019, before the COVID-19 pandemic.
Considering only the month of June this year, consumer credit fell 3.9 percent compared to May 2021, data from the BdP showed.
The Portuguese government has announced a series of measures to stimulate consumption and reactivate the country's economy after the pandemic.
To encourage the recovery of the tourism, hotel and restaurant segment, for example, Portugal will return the value-added tax (VAT) to consumers who make purchase during the months of this summer season.