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Eurozone M3 Growth Slows; Private Sector Credit Rises At Slower Rate


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Eurozone money supply growth eased in October and credit to the private sector logged a slightly slower growth, the European Central Bank said on Monday.

The broad monetary aggregate M3 grew 5.1 percent annually in October, slower than the 6.3 percent increase in September. M3 was forecast to grow 6.2 percent.

In the three months to October, M3 growth averaged 5.8 percent.

The narrow measure M1, which includes currency in circulation and overnight deposits, logged an annual growth of 3.8 percent, slower than the 5.6 percent rise in September.

As regards the dynamics of credit, credit for euro area residents climbed 5.2 percent and that for the general government gained 4.6 percent.

Data showed that the annual growth rate of credit to the private sector moderated to 4.2 percent in October from 4.4 percent in September. Similarly, the adjusted loans to the private sector rose 6.5 percent versus 7.0 percent in the prior month.

Among the borrowing sectors, the annual growth rate of adjusted loans to households decreased to 4.2 percent in November from 4.4 percent in October, while the annual growth rate of adjusted loans to non-financial corporations stood at 8.9 percent in November, unchanged from the previous month.

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