But it’s not the case that you’ve a fixed amount of income and you are either saving it or consuming it. The biggest story is: are your wages going up, are your hours going up, is your ability to find a better job going up, which is what we are seeing.
Let us take, for example, the annual growth rates of credit in BH in 2006, 2007 and the first half of 2008. Just before the Global Financial Crisis (GFC), loans to private sector were growing at the rate higher than 30 per cent annually.