European Central Bank said, the annual growth rate of the broad monetary aggregate M3 stood at 4.7% in April 2019, after 4.6% in March, averaging 4.5% in the three months up to April. Economists had expected a 4.4% increase.

The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 7.4% in April, compared with 7.5% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 0.5% in April from -0.2% in March. The annual growth rate of marketable instruments (M3-M2) was -5.9% in April, compared with -5.7% in March.

Annual growth rate of adjusted loans to households stood at 3.4% in April, compared with 3.3% in March.

Annual growth rate of adjusted loans to non-financial corporations increased to 3.9% in April from 3.6% in March.