According to the report from European Central Bank, the annual growth rate of the broad monetary aggregate M3 decreased to 8.4% in May 2021 from 9.2% in April, averaging 9.2% in the three months up to and including May. Economists had expected a 8.5% increase.
The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 11.6% in May from 12.3% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to -0.7% in May from 0.3% in April. The annual growth rate of marketable instruments (M3-M2) increased to 11.3% in May from 10.5% in April.
Annual growth rate of adjusted loans to households stood at 3.9% in May, compared with 3.8% in April
Annual growth rate of adjusted loans to non-financial corporations decreased to 1.9% in May from 3.2% in April
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