German Loan Growth Accelerates in May
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We have taken a look at German Corporate Loan Growth for May, which has just been released by the ECB.
Our main findings include:
– German corporate loan growth continued to accelerate growing by +0.7% yoy in May. April was +0.5% yoy and March -0.3% yoy.
– It is also a strong improvement compared to the recent cyclical low in September 2013 (-0.5% yoy).
– The real momentum becomes obvious, when looking at shorter term growth trends. 3m growth has reached an annualized 2.7% in May and is comfortably ahead of inflation.
– The extent of the improvement in May in roughly in line with Eurozone development.
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