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Eurozone M3 Growth Improves Unexpectedly; Private Sector Credit Rises At Faster Rate

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 percent annually in August, faster than July's 5.7 percent stable rate of increase, which was revised up from 5.5 percent.

Meanwhile, the growth rate was forecast to slow to 5.4 percent.

The M3 growth averaged 5.8 percent in the three months to August.

Data also showed that credit to residents logged a slower growth of 5.5 percent, following July's 5.8 percent increase. Similarly, credit to the general government advanced 5.5 percent, following the 7.0 percent growth seen a month ago.

The annual growth rate of credit to the private sector increased to 5.5 percent in August from 5.2 percent in July.

According to data, the annual growth of adjusted loans to the private sector improved to 6.7 percent from 6.3 percent. Loans to households rose at a steady pace of 4.5 percent, while growth of loans to non-financial corporations climbed to 8.7 percent from 7.6 percent.

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