Eurozone money supply growth slows down in September

The rate of growth in the Eurozone's money supply was slower than expected in September, as the pace at which credit was extended to the private sector cooled.

Money supply, as measured by the M3 monetary aggregate, was unchanged from the month before, having expanded at a 4.9% year-on-year clip, the European Central Bank said.

Economists had been expecting a reading of 5.0%.

So-called 'narrow' money supply expanded at a 11.7% clip, up from the 11.5% seen in August.

Credit to the private sector slowed to 0.7% from 1.0%, led by a slowdown in the growth rate of loans to non-financial corporations to 0.1% from the 0.4% seen in August.