The euro area money supply grew at a slower pace in June and the credit to the private sector logged a steady expansion, data from the European Central Bank revealed on Tuesday.
The M3 money supply rose 8.3 percent on a yearly basis in June, which was slower than the revised 8.5 percent growth posted in May. Economists had forecast M3 to grow at a slower pace of 8.2 percent.
At the same time, annual growth in the narrow measure M1 increased marginally to 11.7 percent from 11.6 percent in the previous month.
Data showed that the credit to the private sector registered an annual increase of 3.5 percent, the same rate as seen in May.
The annual growth rate of adjusted loans to the private sector increased to 3.0 percent in June from 2.7 percent in May. Adjusted loans to non-financial corporations were up 1.9 percent annually, unchanged from the previous month.