Eurozone money supply grew at a faster pace in August and growth in private sector credit accelerated, the European Central Bank reported Thursday.
The broad monetary aggregate M3 climbed 5.7 percent year-on-year in August, faster than the 5.1 percent increase logged in July.
Likewise, the annual growth in narrow measure M1, accelerated to 8.4 percent from 7.8 percent.
Data showed that loans to the private sector improved in August. Credit to euro area residents grew 2.2 percent, while that to general government decreased 0.6 percent.
The annual growth rate of credit to the private sector increased to 3.1 percent in August from 2.9 percent in July. Adjusted loans to the private sector grew 3.8 percent versus 3.7 percent increase in July.
Loans to households held steady at 3.4 percent, while growth in loans to non-financial corporations improved to 4.3 percent from 4 percent.