Eurozone M3 Growth Accelerates; Private Sector Credit Improves

Eurozone money supply growth and credit to private sector accelerated in July, the European Central Bank said Thursday.

The broad monetary aggregate M3 rose 5.3 percent year-on-year in July. Economists had forecast the annual rate to remain unchanged at 4.9 percent. In three months to July, growth averaged 5.1 percent.

The annual growth rate of credit to the private sector increased to 0.7 percent in July from flat growth in June.

Among the components of credit to the private sector, the annual growth rate of loans to households increased to 1.9 percent from 1.7 percent a month ago. Likewise, loans to non-financial corporations rose 0.9 percent versus 0.2 percent in June.

At the same time, total credit given to euro area residents gained 1.8 percent and that to general government climbed 5.8 percent.

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