Eurozone money supply growth held steady in June, defying economists’ expectations for a slight increase, data from the European Central Bank showed Monday.
M3, the broad measure of money supply, rose 5.0 percent year-over-year in June, the same rate of increase as in the previous month.
Economists had expected a 5.1 percent growth for the month. In April, money supply had risen 5.3 percent.
Meanwhile, the three-month average of annual growth of M3 for April to June accelerated marginally to 5.1 percent from 5.0 percent in March to May. The figure was also matched with consensus estimate.
The credit extended to the private sector increased 0.1 percent in June after rising 0.2 percent in May. Among the components of credit to the private sector, the annual growth rate of loans eased slight to 0.9 percent in June from 1.0 percent in May.
The annual growth rate of total credit granted to euro residents increased to 1.2 percent in June from 1.0 percent in the preceding month and that to general government climbed to 5.3 percent from 4.1 percent in May.
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