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Financial News: Eurozone M3 Growth Accelerates; Loans To Private Sector

Eurozone M3 Growth Accelerates; Loans To Private Sector Rise At Steady Pace

01/29/2021 - 06:22:00 (RTTNews)

(RTTNews) - Eurozone money supply grew at a faster pace in December and adjusted loans to the private sector logged a steady growth, the European Central Bank reported Friday.

The broad measure M3 expanded 12.3 percent annually, which was faster than the 11 percent growth in November and economists' forecast of 11.2 percent.

Similarly, M1 growth improved to 15.6 percent in December from 14.5 percent a month ago.

As regards the dynamics of credit, data showed that credit to euro area residents rose 9.6 percent and that to general government surged 22.2 percent in December. Annual growth in credit to the private sector increased to 5.3 percent from 5 percent in the previous month.

Data showed that the annual growth rate of adjusted loans to the private sector held steady at 4.7 percent in December.

Among the borrowing sectors, adjusted loans to households increased 3.1 percent, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financial corporations climbed to 7.0 percent from 6.9 percent a month ago.

While lending to non-financial corporations marginally increased in December, it came nowhere close to the volumes seen in March, April and May, Bert Colijn, an ING economist, said. The economic outlook is simply too uncertain for businesses to borrow for large investments at the moment, the economist added.

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