Eurozone broad monetary aggregate M3 growth slowed in May and lending to private sector declined further, a monthly report from the European Central Bank showed Thursday.
M3 money supply grew at a slower pace of 2.9 percent in May after expanding 3.2 percent in April. The annual rate of growth matched economists' expectations.
The three-month average of the annual growth rates of M3 in the period from March to May came in at 2.9 percent, unchanged from the previous period.
Data showed that the credit extended to the private sector decreased 1 percent year-on-year in May, compared with a 0.9 percent fall in the previous month.
Among the components of credit to the private sector, the annual growth rate of loans was more negative at -1.1 percent in May, compared to -0.9 percent in the previous month, it said. The annual growth rate of loans to households decreased to 0.2 percent from 0.4 percent in April.
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