In developing our forecasts or setting monetary policy, we might want to look through those lumps and bumps, and focus instead on the longer-term trends. On the other hand, if it's a wave, it might represent a change in trend. Often the economy needs to transition to that new trend or new normal.
Outstanding loans for production activities was mainly driven by the expansion in loans for real estate (7.2 percent), information and communication (26.6 percent), financial and insurance (6.0 percent), and manufacturing (4.4 percent). We see loan activity continuing to improve in the coming months as public health restrictions are gradually eased and domestic demand gains further traction.