Euro Zone Lending Growth Accelerates After ECB Rate Hike

The European Central Bank's (ECB) interest rate hike has had an immediate impact on lending in the euro zone. According to new data, growth in bank lending to non-financial corporations and households accelerated in July.

The annual growth rate of loans to non-financial corporations was 4.4% in July, up from 4.0% in June. Lending to households grew by 3.1%, an increase from the 3.0% seen in June.

This marks a significant uptick after the ECB raised interest rates for the first time in nearly three years.