- Annual growth rate of broad聽聽increased to 5.7% in August 2019 from 5.1% in July (revised from 5.2%)
- Annual growth rate of narrower聽, comprising currency in circulation and overnight deposits, increased to 8.4% in August from 7.8% in July
- Annual growth rate of聽聽stood at 3.4% in August, unchanged from previous month
- Annual growth rate of聽聽increased to 4.3% in August from 4.0% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 5.7% in August 2019 from 5.1% in July, averaging 5.1% in the three months up to August. The聽聽showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 8.4% in August from 7.8% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 1.0% in August from 0.1% in July. The annual growth rate of marketable instruments (M3-M2) was -2.9% in August, compared with -1.6% in July.
Looking at the聽, the narrower aggregate M1 contributed 5.6 percentage points (up from 5.2 percentage points in July), short-term deposits other than overnight deposits (M2-M1) contributed 0.3 percentage point (up from 0.0 percentage point) and marketable instruments (M3-M2) contributed -0.2 percentage point (down from -0.1 percentage point).
From the perspective of the holding sectors of聽, the annual growth rate of deposits placed by households stood at 6.1% in August, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 7.9% in August from 6.9% in July. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 4.0% in August from -0.1% in July.
Counterparts of the broad monetary aggregate M3
As a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (), the annual growth rate of M3 in August 2019 can be broken down as follows: credit to the private sector contributed 3.4 percentage points (up from 3.2 percentage points in July), net external assets contributed 3.0 percentage points (up from 2.9 percentage points), credit to general government contributed -0.2 percentage point (as in the previous month), longer-term financial liabilities contributed -1.0 percentage point (up from -1.1 percentage points), and the remaining counterparts of M3 contributed 0.5 percentage point (up from 0.3 percentage point).
Credit to euro area residents
As regards the dynamics of credit, the annual growth rate of total聽聽stood at 2.2% in August 2019, compared with 2.1% in the previous month. The annual growth rate of聽聽stood at -0.6% in August, compared with -0.5% in July, while the annual growth rate of聽聽increased to 3.1% in August from 2.9% in July.
The annual growth rate of聽聽(i.e. adjusted for loan sales, securitisation and notional cash pooling) stood at 3.8% in August, compared with 3.7% in July. Among the borrowing sectors, the annual growth rate of聽聽stood at 3.4% in August, unchanged from the previous month, while the annual growth rate of聽聽increased to 4.3% in August from 4.0% in July.
