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Eurozone loans to private sector still contracting

The EU Flag/FILE

The EU Flag/FILE

FRANCFORT, November 27- Loans to the private sector in the euro area, a gauge of economic health, fell year on year in October, but by slightly less than in September, the European Central Bank said on Thursday.

The volume of loans to private businesses and households declined by 1.1 percent in October compared with the same month in 2013, a slightly lower rate than the drop of 1.2 percent recorded in September, the ECB said in a statement.

The long and deep financial crisis in the 18 countries that share the euro has squeezed lending, thus dampening economic activity.

The overall eurozone money supply grew 2.5 percent in October from a year earlier, the same rate of change as in September.

The ECB regards M3 money supply as a barometer for future inflation.

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