27.09.201604:41:00UTC+00Eurozone M3 Growth Accelerates In August

Eurozone money supply growth accelerated in August and loans to households increased at a steady pace, the European Central Bank reported Tuesday.

The broad monetary aggregate M3 climbed 5.1 percent year-on-year in August, faster than the 4.9 percent increase seen in July.

Economists had forecast the growth rate to improve to 4.9 percent from July's initially estimated 4.8 percent rise.

Similarly, M1, which includes currency in circulation and overnight deposits, increased 8.9 percent in August after rising 8.4 percent in July.

Deposits placed by households increased 5.2 percent and that by non-financial corporations gained 7.1 percent.

Data showed that the annual growth rate of credit to the private sector came in at 1.5 percent in August compared with 1.4 percent in July.

Loans to the private sector increased 1.7 percent in August, the as pace as seen in July. Likewise, loans to households grew at a steady pace of 1.8 percent and that to the non-financial corporations by 1.9 percent.