Eurozone credit growth slows down

The annual growth rate of total eurozone credit slows down as broad money, M3, expanded faster in January, a European Central Bank (ECB) report said on Wednesday. The report showed that the growth rate of credit granted to euro area residents, general government and private sector decreased in January. In January 2013, the growth rate of total credit granted to euro area residents decreased to 0.0 percent from 0.5 percent in the previous month, according to the report. The annual growth rate of credit extended to general government decreased to 4.6 percent from 5.8 percent in December 2012, while the annual growth rate of credit extended to the private sector dropped to -1.1 percent in January, from -0.8 percent in the previous month. Meanwhile, the annual growth rate of the broad money aggregate M3 stood at 3.5 percent, compared with 3.4 percent in December 2012, said the report.