(RTTNews) - The Eurozone M3 money supply growth slowed less than anticipated in July, official data showed Thursday.

The European Central Bank, or ECB said M3 money supply grew 9.3% in July from the previous year, slower than the 9.5% rise in June. However, annual increase stood above the 9% growth expected by economists.

The average annual growth rate of M3 eased to 9.6% during May to July from 10% recorded for April to June.

Among the main components of M3, the annual growth rate of short-term deposits other than overnight deposits increased to 19.6% from 19% in June. Meanwhile, M1 which includes currency in circulation and overnight deposits moved up 0.5%, following June’s 1.4% rise and growth in marketable instruments eased to 9.2%.

According to the central bank, the net external asset position of Monetary Financial Institution, or MFI sector fell EUR304 billion during the twelve months ended July. The annual increase in longer-term financial liabilities of the MFI eased to 5.2% in July from 5.7% in June.

Total credit extended to euro area residents showed an annual increase of 9.1% in July, the same as in the prior month. The annual growth of credit granted to general government stood at minus 0.1% versus minus 0.9% in June, while credit to the private sector grew 11.1% compared to 11.2% in June.

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