by Euro area M3 and credit flows for May were pretty strong overall. Our GDP growth forecast remains unchanged for the euro area.Euro area credit flows to non-financial corporations increased again in May, by EUR10 bn in adjusted terms, following a gain of EUR11 bn in April.Broad money growth (M3) rose marginally from 4.9% to 5.0% y-o-y. Bank lending growth to the private sector was broadly unchanged at 2.6% y-o-y, in line with leading indicators.Overall, we are keeping unchanged our GDP growth forecast for the euro area at 1.9% for 2017 as a whole. We continue to see a number of headwinds that could lead to a modest slowdown in the pace of economic expansion, which should nonetheless remain comfortably above potential this year, at around 1.75% in annualised terms.Read full report here
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Nadia Gharbi considers the following as important: euro area credit, Euro area GDP growth, Euro area growth momentum, euro area M3, Macroview
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Euro area M3 and credit flows for May were pretty strong overall. Our GDP growth forecast remains unchanged for the euro area.
Euro area credit flows to non-financial corporations increased again in May, by EUR10 bn in adjusted terms, following a gain of EUR11 bn in April.
Broad money growth (M3) rose marginally from 4.9% to 5.0% y-o-y. Bank lending growth to the private sector was broadly unchanged at 2.6% y-o-y, in line with leading indicators.
Overall, we are keeping unchanged our GDP growth forecast for the euro area at 1.9% for 2017 as a whole. We continue to see a number of headwinds that could lead to a modest slowdown in the pace of economic expansion, which should nonetheless remain comfortably above potential this year, at around 1.75% in annualised terms.