Eurozone M3 Growth Accelerates In September

Eurozone money supply grew at a faster pace in September and loans to the private sector logged a steady growth, data published by the European Central Bank showed Tuesday.

The broad monetary aggregate M3 expanded by more-than-expected 10.4 percent on a yearly basis, faster than the 9.5 percent rise in August. Economists had forecast an annual increase of 9.6 percent.

Likewise, the growth in the narrow measure M1 accelerated to 13.8 percent from 13.2 percent.

As regards the dynamics of credit, the annual growth rate of credit to the private sector slowed to 4.9 percent in September from 5.0 percent in August. At the same time, adjusted loans to the private sector climbed at a steady pace of 4.6 percent in September.

Among the borrowing sectors, adjusted loans to households grew at a faster pace of 3.1 percent, following a 3.0 percent rise in August. Meanwhile, the annual growth rate of adjusted loans to non-financial corporations remained unchanged at 7.1 percent in September.

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