Ekonomické zprávy

Eurozone M3 money supply growth slowed sharply in December

According to the report from the European Central Bank (ECB), in December, the M3 monetary aggregate grew by 4.1% per annum after an increase by 4.8% per annum in November. Economists had expected an increase by 4.6% per annum. Meanwhile, the growth of the narrower M1 aggregate, which includes money in circulation and overnight deposits, decreased to 0.6% per annum from 2.4% per annum. The annual growth rate of short-term deposits, except overnight deposits (M2-M1), accelerated to 14.0% from 11.9% in November.

Looking at the components' contributions to the annual growth rate of M3, the M1 contributed 0.4% (compared to 1.7% in November), short-term deposits other than overnight deposits (M2-M1) contributed 3.1% (compared to 2.7% in November) and marketable instruments (M3-M2) contributed 0.5% (compared to 0.4% in November).

The data also showed that the volume of lending to the private sector increased by 3.8% per year after a 4.1% per year increase in November. Consensus estimates suggested growth by 4.1% per annum. Annual growth rate of adjusted loans to non-financial corporations decreased to 6.3% from 8.3% in November.

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