Eurozone sees steady loan growth in May

2 July, 2019 12:00 AM printer

FRANKFURT AM MAIN: Growth in lending to eurozone firms and households held steady in May, official data showed Monday, as the European Central Bank mulls how to further stoke growth and inflation in the bloc.

The pace of credit growth shed 0.1 percentage points compared with April, to 3.3 percent year-on-year, the ECB said in figures adjusted for some purely financial transactions, reports AFP.

Looking to a breakdown of lending, loan growth to both households and firms maintained rates of 3.3 and 3.9 percent, while expansion in lending to financial firms slowed.

Uptake of credit is a vital indicator for the ECB, which has invested years of effort and pushed the boundaries of its mandate to boost economic activity in the eurozone and — indirectly — nudge inflation towards its just-below-two-percent target.