Brussels/Frankfurt/Paris, Sept. 27, (dpa-AFX/GNA) - Eurozone money supply growth accelerated unexpectedly in August and loans to the private sector rose at a faster rate, data published by the European Central Bank showed Tuesday.
The broad monetary aggregate M3 grew 6.1% annually in August, faster than July’s 5.7% stable rate of increase, which was revised up from 5.5%.
Meanwhile, the growth rate was forecast to slow to 5.4%.
The M3 growth averaged 5.8% in the three months to August.
Data also showed that credit to residents logged a slower growth of 5.5%, following July’s 5.8% increase.
Similarly, credit to the general government advanced 5.5%, following the 7.0% growth seen a month ago.
The annual growth rate of credit to the private sector increased to 5.5% in August from 5.2% in July.
According to data, the annual growth of adjusted loans to the private sector improved to 6.7% from 6.3%.
Loans to households rose at a steady pace of 4.5%, while growth of loans to non-financial corporations climbed to 8.7% from 7.6%.
GNA