According to the report from the European Central Bank, in October, the growth of M3 money supply accelerated to 7.7% per annum compared to 7.5% in September (revised from +7.4%). M3 money supply was expected to grow by 7.4%. For three months (from August to October), the average growth was 7.7% per annum. Meanwhile, the narrower aggregate M1 grew by 10.7% per annum in October after increasing by 11.1% in the previous month.
The data also showed that total lending to eurozone residents increased by 5.6% per annum in October, as in September. Meanwhile, lending to the general government increased by 10.5% per annum, slowing down compared to September (+11.0%), while lending to the private sector jumped by 3.7% per annum compared to +3.4% in September.
The ECB also reported that loans to households increased by 4.1% per annum in October, as in the previous month. Economists had expected the growth rate to slow to 4.0% per annum.