FRANKFURT (dpa-AFX) – The growth of the money supply in the euro area weakened somewhat in September. The broad money supply M3 rose by 2.8 percent year-on-year, as the European Central Bank announced on Monday in Frankfurt. In August it had grown by 2.9 percent. Economists on average had expected the rate to fall more sharply to 2.7 percent.
The narrower M1 money supply rose 5.1 percent year-on-year. In the previous month it had risen by 5.0 percent. M1 is considered an economic indicator among economists.
Lending growth accelerated. Private households received 2.6 percent more loans. In the previous month the increase was 2.5 percent. Loans to companies outside the financial sector rose by 2.9 percent year-on-year – after plus 3.0 percent in the previous month. /jsl/jkr/nas