Data published by the European Central Bank (ECB) showed that the M3 monetary aggregate grew by 6.4% per annum after an increase by 6.9% in December. Economists had expected an increase by 6.7%. Meanwhile, the M1 aggregate, which includes cash in circulation and overnight deposits, grew by 9.0% per annum, which was significantly slower than the increase by 9.8% per annum in December.
The ECB also reported that in January the growth rate of total lending to residents of the eurozone accelerated to 6.2% per annum from 6.1% per annum in December, while the growth rate of credit to the general government increased by 10.8% per annum after an increase by 11.3% in December.
The data also showed that lending to the private sector increased by 4.3% per annum compared with an increase by 4.1% per annum in December, while the growth rate of adjusted loans to the private sector accelerated in January to 4.6% per annum compared with 4.2% per annum in December. Meanwhile, the growth rate of adjusted loans to non-financial corporations accelerated to 4.4% per annum from 4.3% per annum in December.