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Private sector loans edged higher in Eurozone for the month of May despite the United Kingdom’s historic decision on June 23 to leave membership of the European Union. Though the data has been compiled before the UK voted to opt out of the EU, economic and political tension had prevailed.
In May, approved loans rose 1.1 percent from a year ago, slightly faster than growth of 1.0 per cent in April, the European Central Bank said Monday.
For the ECB, the statistics are a key indicator of the economic health of the single currency area, as borrowing is a main financing source for corporate investment which in turn should boost the eurozone's currently weak economy.
When certain strictly financial transactions are stripped out, the growth in loans also increased, with credit accorded to households and companies up 1.0 per cent in May after a rise of 0.8 per cent in April, reports confirmed.
Meanwhile, Eurozone money supply growth accelerated in May and the annual increase in loans to households improved, data released by the ECB showed.
The broad monetary aggregate M3 increased by faster-than-expected 4.9 percent on a yearly basis, following a 4.6 percent increase seen in April. It was expected to rise to 4.8 percent. During the three months ending May, M3 growth averaged 4.8 percent. The annual growth rate of loans to households came in at 1.6 percent in May, compared with 1.5 percent in April.
Further, data showed that the annual increase in credit to general government moved up to 11.1 percent in May, from 10.3 percent in April. Likewise, the increase in credit to the private sector increased to 1.3 percent from 1.1 percent. At the same time, loans to non-financial corporations improved 1.4 percent after climbing 1.2 percent in April.
"The ECB will be fervently hoping that despite the heightened uncertainties facing the Eurozone following the UK's vote to leave the EU, bank lending to businesses and households will be lifted as its substantial March package of stimulative measures are increasingly enacted and kick in," reports said, citing Howard Archer, Economist, HIS Global Insight.
