Divergence bet­ween the growth of French (+2.4%) and German (+1.4%)

Spain: Corporate Lending (-3.6%) And Lending To Households (-2%) Continues To Fall

Operaciones corporativas en alza.
Corporate activities.

In line with the +0.1% YoY rise in M3 in December (its first in­crease since June 2023), len­ding to the pri­vate sector in­creased in the euro zone by +0.5%. YoY in December vs. +0.4% in November, thanks mainly to a re­bound in cor­po­rate len­ding (+0.4% vs 0% in November).

The ECB released on Friday data on lending to the private sector in the euro zone, with an increase of €2.6 billion in December (+0.5% YoY) thanks to a rebound in corporate lending (+0.4% vs. 0% in November). corporate lending (+0.4% vs 0% in November) and despite a slight decline in lending to households (+0.3% vs +0.5% in November).

Among large European economies, the divergence between the growth of French (+2.4%) and German (+1.4%) corporate loans and the fall in Spanish lending (-3.6%) and Italian (-3.9%) lending. Similarly, lending to households is also positive in Germany (+0.6%) and France (+1.4%), but negative in Spain (-2%) and Italy (-1.3%).

The exception to this divergence between core and peripheral countries is in consumer credit, where the lowest growth rate is in German credit: +0.9%, in contrast to +5.4% for Italian credit and +2.1% at the European level.

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