Eurozone M3 growth rises, credit to private sector rises slower

Growth was uneven across eurozone countries, with Germany

Eurozone money supply growth accelerated in August, while credit to the private sector slowed further, data published by the European Central Bank showed on Monday.

The broad money supply M3 grew 7.9 per cent year-on-year in August, following July’s 7.6 per cent increase. M3 was forecast to advance 7.8 per cent.

Likewise, growth in the narrow measure M1 increased to 11.1 per cent from 11 per cent a month ago.

As regards the dynamics of credit, data showed that credit to the private sector logged an annual growth of 3.1 per cent, slower than the 3.4 per cent increase in July. Adjusted loans to the private sector also grew at a slower pace of 2.9 per cent after climbing 3 per cent in July.

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