Ekonomické zprávy
26.09.2024

Eurozone M3 money supply rose more than forecast in August

According to the report from the European Central Bank (ECB), in August, the M3 monetary aggregate rose by 2.9% per year after increasing by 2.3% per annum in July. Economists had expected growth to accelerate to 2.6% per annum. It was the 9th increase in a row and the strongest growth since February 2023.

Meanwhile, the narrower M1 aggregate, which includes money in circulation and overnight deposits, fell by 2.1% per annum, slowing compared to July (-3.1%). The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 10.6% from 11.4% in July. The annual growth rate of marketable instruments (M3-M2) increased to 22.0% from 21.4% in July.

Looking at the components' contributions to the annual growth rate of M3, the M1 contributed -1.4% (compared to -2.1% in July), short-term deposits other than overnight deposits (M2-M1) contributed 3.0% (compared to 3.2% in July) and marketable instruments (M3-M2) contributed 1.3% (compared to 1.2% in July).

The data also showed that the private loans rose by 0.6% per year after an increase of 0.5% in July. Economists also expected an increase of 0.6% per annum. The latest increase was the strongest since October 2023. Lending to companies grew by 0.8% per year, accelerating compared to July (+0.6%).

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