Bank lending to the private sector in the eurozone has fallen for the first time in five months, signalling continued weakness for the region’s economy as record high interest rates continue to restrict demand.
The €12.2bn monthly drop in eurozone private sector lending in January, reported by the European Central Bank on Tuesday, is the first such decline since August.
Annual growth in the bloc’s private sector lending, excluding securitisations, has slowed from above 7 per cent in mid-2022 to only 0.4 per cent last month. The eurozone economy, in gross domestic product terms, flatlined in the final three months of last year, after it stagnated for most of 2023.
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