ALTHOUGH the growth of household debt to gross domestic product (GDP) increased last year, the pace was slower with outstanding household debts expanding by 12.5% to 76.6% for the year compared with 2010 when debt grew 13.7% to 75.8%.
Signs of stabilisation in household debts relative to GDP was seen from the second-half of last year after a continued upward quarterly trend observed since 2009 with borrowing continuing to be concentrated in residential properties and motor vehicles, which together account for 64% of total household debt.