Ekonomické zprávy
26.11.2021

Eurozone M3 money supply growth unexpectedly accelerated in October

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.

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