Consumer lending will increase substantially over the next two years, and will eventually account for 22.7% of the Gross Domestic Product, compared with 14.8% at the end of last year, believes Rozalia Pal, senior economist of UniCredit Tiriac Bank. On the other hand, real estate and mortgage lending will continue to grow at a somewhat slower rate, and reach only 5.2% of GDP. Still, its share would mark a significant increase in relative terms compared with the end of last year, 3.7% of GDP. The calculation is based on NBR's ranking methods for loans, which includes among consumer loans high-value mortgage-backed loans, which are most often used for real estate investments. "Although the market of mortgage lending is largely underdeveloped, even by regional standards, the greater and greater exposure to foreign exchange risks for clients that earn their incomes in local currency is cause for concern," Pal says.
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