Eurozone monetary aggregate grew at a slower pace in July, the European Central Bank said Tuesday.
The broad monetary aggregate M3 rose 4 percent annually, slower than the 4.5 percent rise seen in June. This was also slower than the 4.3 percent growth expected by economists.
The ECB said the annual growth rate of credit to the private sector increased to 3.0 percent in July from 2.8 percent in June.
Meanwhile, the annual growth rate of adjusted loans to the private sector came in at 3.4 percent in July, compared with 3.5 percent in June.
Loans to households grew at a steady pace of 3 percent in July. Likewise, annual growth in loans to non-financial corporations remained unchanged at 4.1 percent.