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Home Companies Euro zone lending takes another hit in May

Euro zone lending takes another hit in May

by Uma Rajagopal
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2023 06 28T081619Z 1 LYNXMPEJ5R080 RTROPTP 4 ECB FORUM LIQUIDITY

(Reuters) – Euro zone bank lending slowed further in May, dragged down by higher interest rates and a recession in the bloc’s vast manufacturing sector, European Central Bank data showed on Wednesday.

The ECB has been raising interest rates at the fastest pace on record over the past year to combat stubborn inflation, weakening demand for bank credit and slowing everything from the housing market to construction and consumer spending.

Lending growth to businesses in the 20-nation currency bloc dipped to 4.0% in May from 4.6% a month earlier while household credit growth slowed to 2.1% from 2.5%.

Growth in the M3 measure of money circulating in the euro zone meanwhile fell to 1.4% from 1.9%, coming just below expectations for 1.5% in a Reuters survey.

 

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.