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Annual Resident PSCE in Dec ’25 recorded modest nominal growth, with household PSCE growing by 2.8% y/y, broadly in line with levels seen a year earlier, while business PSCE expanded by 8.0% on average over the year. On a real basis, household PSCE contracted by -0.8% in Dec ’25, reflecting continued pressure on household balance sheets, and remained in line with the average real contraction of -0.8% recorded over ’25. Business PSCE, by contrast, grew by 3.3% in real terms in Dec ’25, supported by resilient private sector activity, and remained slightly below its average real growth rate of 4.4% for the year. Business credit maintained a clear outperformance relative to households, underpinned by strong growth in instalment and leasing and steady expansion in loans and advances, despite continued weakness in other mortgage loans. Real business PSCE growth remained firmly positive throughout ’25, signalling sustained investment demand even as growth moderated toward year end. Household credit conditions remained constrained, with real household PSCE remaining in contraction despite tax related income relief earlier in the year. Weak performance in mortgages and loans and advances continued to weigh on household credit growth, indicating that cost of living pressures and structural constraints in the housing market are still limiting households’ ability to expand credit in real terms.