Euro Area Money Supply M3

M3 money supply in the Euro Area rose by 3.8% from a year earlier in November 2024, up from 3.4% in October and exceeding forecasts of 3.5%. This marked the highest increase since November 2022 (4.6%). Among the components, the annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 1.5% in November from 0.2% in October. Meanwhile, the annual growth rate of short-term deposits (excluding overnight deposits) slowed to 6.1% from 7.3% in October, while the growth of marketable instruments dropped to 17.0% from 20.1%. Regarding the holding sectors, deposits placed by households increased to 3.5% in November from 3.2% in October, while the annual growth rate of deposits placed by non-financial corporations increased to 2.2% in November from 1.7% in October. Lastly, deposits placed by non-monetary financial corporations which exclude insurance corporations and pension funds fell to 8.0% in November from 8.8% in October.