The euro area money supply growth slowed more than expected in May, data from the European Central Bank revealed on Friday.
The monetary aggregates M3 grew 8.4 percent year-on-year in May, slower than April’s 9.2 percent increase. Economists had forecast an annual growth of 8.5 percent.
Similarly, the annual growth in the narrow measure M1, eased to 11.6 percent from 12.3 percent in the previous month.
As regards the dynamics of credit, credit to the private sector gained 3.5 percent annually after rising 4 percent in April. Likewise, the adjusted loans to the private sector rose 2.7 percent versus 3.2 percent in the previous month.
Among the borrowing sectors, the annual growth rate of adjusted loans to households came in at 3.9 percent versus 3.8 percent in April. At the same time, the annual growth rate of adjusted loans to non-financial corporations slowed to 1.9 percent from 3.2 percent in April.
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