Euro zone business lending growth slows sharply in November
Bank lending to euro zone companies slowed in November, easing back from the sector’s biggest borrowing binge in over a decade as rising interest rates and a looming recession appear to be taking a toll, European Central Bank data showed today.
Lending to businesses in the 19-country euro area expanded by 8.4% in November after an 8.9% reading a month earlier while household credit growth slowed to 4.1% from 4.2%.
The monthly flow of loans to companies was also sharply lower at -€1 billion after a €24 billion reading a month earlier.
Growth in the M3 measure of money circulating in the euro zone meanwhile slowed to 4.8% from 5.1%, coming below expectations for 5% in a Reuters survey.