Eurozone money supply growth slowed more than expected in August while the annual increase in private sector credit improved, data from the European Central Bank showed Friday.
The broad monetary aggregate M3 grew 4.8 percent in August from last year. Economists had forecast the annual growth in money supply to remain unchanged at 5.3 percent.
Consequently, the annual growth averaged 5 percent in three months to August.
The narrower aggregate M1, which includes currency in circulation and overnight deposits, increased 11.4 percent, also weaker than the 12.2 percent growth seen in July.
Total credit to euro area residents climbed at a faster pace of 2.2 percent after increasing 1.8 percent. Likewise, growth in credit to general government accelerated to 6.3 percent from 5.5 percent.
Credit to the private sector grew 1 percent following a 0.7 percent rise a month ago and loans to households increased 1 percent, slightly faster than the 0.9 percent rise in July.
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