Slowing Eurozone Bank Loan Growth Raises Concerns Amidst Weakening Economy and Looming Recession

2023-09-27 08:38:06

FRANKFURT, Sept 27 (Archyde.com) – Growth in bank loans to businesses and households in the euro zone slowed to near stagnation in August, according to European Central Bank (ECB) data released on Wednesday, as the economic growth continues to weaken and the European Union is close to recession.

Eurozone business loans rose just 0.6% year-on-year in August, the lowest since late 2015, compared with 2.2% the previous month, while household credit growth slowed at 1.0%, compared to 1.3% in July.

The money supply (M3) in the euro zone contracted by 1.3%, below expectations of a decline of 1.0%. (Reporting Balazs Koranyi, French version Augustin Turpin, editing by Kate Entringer)

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