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Financial News: Eurozone M3 Growth Slows; Private Sector Credit Growth

Eurozone M3 Growth Slows; Private Sector Credit Growth Improves

07/27/2022 - 06:52:00 (RTTNews)

(RTTNews) - Eurozone money supply growth slowed slightly in June and credit to the private sector logged a faster growth, the European Central Bank said on Wednesday. The broad monetary aggregate M3 grew 5.7 percent annually in June, slightly slower than the revised 5.8 percent increase in May. M3 was forecast to grow 5.4 percent.

In the three months to June, M3 growth averaged 5.9 percent.

The narrow measure M1, which includes currency in circulation and overnight deposits, logged an annual growth of 7.2 percent, slower than the 7.9 percent rise in May.

As regards the dynamics of credit, credit to euro area residents climbed 6.2 percent and that to general government gained 8.5 percent.

Data showed that the annual growth rate of credit to the private sector increased to 5.2 percent in June from 4.8 percent in May.

The annual growth rate of adjusted loans to the private sector climbed 6.1 percent in June from 5.6 percent in May.

Among the borrowing sectors, adjusted loans to households grew 4.6 percent in June, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financial corporations increased to 6.8 percent from 5.8 percent.

Bank lending growth accelerated further in June, but lenders expect the demand for loans to slow sharply in the coming months, adding to the reasons to expect the economy to fall into recession, Jack Allen-Reynolds, an economist at Capital Economics, said.

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