Credit extended to the private sector grew by 2.1% year-on-year in March compared to 2.8% year-on-year in February moving below the six-month revolving average of 2.3%. Net household debt meanwhile increased by 2.3% year-on-year while net corporate debt increased by 1.9%, dragged down by repayments and lower demand by businesses in the health, fishing, and commercial property sectors. We contacted Simonis Storm Securities economist Theo Klein to hear what his expectations are going forward.