Euro zone private credit growth remains weak and the money supply recorded its strongest growth in a year in April, but the pace of expansion slowed, data from the European Central Bank showed on Wednesday.
Claims on the private sector rose 0.7% following a 0.8% increase from a year earlier, while adjusted lending to the private sector grew 0.9%, slightly faster than the 0.8% increase in March.
On the borrowing side, annual growth in adjusted lending to households remained stable at 0.2 percent in April, the slowest growth since early 2015.
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Meanwhile, the annual growth rate of adjusted loans to non-financial corporations slowed to 0.3% from 0.4% in March.
Monetary aggregates M3 increased 1.3% year-on-year in April, up from 0.9% in March, the fastest growth since April 2023.
Meanwhile, the narrower index M1 continued to fall in April, declining 6.0% year-on-year after declining 6.6% in March.
In the three months to April, M3 growth averaged 0.8%.
Bert Collin, an economist at ING, said the data suggested financial conditions in the euro zone remained restrictive.
The ECB is widely expected to cut interest rates by 0.25 percentage points next week, unless something extraordinary happens in the meantime, economists said, with economists predicting a further cut when it next meets in September.
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