Still strong money supply growth
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The twelve-month growth in the monetary aggregate M3 was 10.6 per cent to end-March 2021, down from 14.7 per cent to end-February. When society closed down in March 2020, we saw a strong and persistent increase in growth. The twelve-month growth then ended up at 7.5 per cent, which is 3.1 percentage points lower than in March 2021.
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Households’ twelve- month growth in M3 was 7.9 per cent to end-March, down from 10.0 per cent the previous month. More than half of M3 is held by households. Compared to March last year, this is an increase of 1.6 percentage points.
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| Mar. 2016 | 3.6 | 5.4 | 0.7 |
| Apr. 2016 | 5.3 | 5.8 | 5.7 |
| May 2016 | 3.2 | 4.6 | 0.6 |
| Jun. 2016 | 4.6 | 5.3 | 2.6 |
| July 2016 | 4.6 | 5.8 | 2 |
| Aug. 2016 | 5.8 | 5.2 | 6.9 |
| Sep. 2016 | 6.8 | 5.3 | 8.3 |
| Oct. 2016 | 6.2 | 4.9 | 9.2 |
| Nov. 2016 | 6.6 | 5.1 | 9.3 |
| Dec. 2016 | 5.4 | 4.1 | 8.2 |
| Jan. 2017 | 6.5 | 3.1 | 11.6 |
| Feb. 2017 | 6.6 | 3.4 | 11.6 |
| Mar. 2017 | 7.4 | 3.5 | 15.4 |
| Apr. 2017 | 7.1 | 3.6 | 12.7 |
| May 2017 | 7.4 | 3.7 | 15.5 |
| Jun. 2017 | 7.1 | 3.8 | 15.4 |
| July 2017 | 7.7 | 3.2 | 15.4 |
| Aug. 2017 | 6.7 | 3.5 | 12.7 |
| Sep. 2017 | 6.4 | 4 | 11.8 |
| Oct. 2017 | 6.7 | 4.1 | 11.4 |
| Nov. 2017 | 6.5 | 4.1 | 9.8 |
| Dec. 2017 | 6.3 | 4.4 | 7.7 |
| Jan. 2018 | 5 | 3.9 | 5.7 |
| Feb. 2018 | 3.6 | 4.4 | 2.4 |
| Mar. 2018 | 3.6 | 5.3 | 0.6 |
| Apr. 2018 | 4 | 4.5 | 3.2 |
| May 2018 | 4.8 | 4.9 | 4.2 |
| Jun. 2018 | 3.9 | 5.4 | 2.5 |
| July 2018 | 3.1 | 5.0 | 1.8 |
| Aug. 2018 | 3.4 | 5.30 | 1.2 |
| Sep. 2018 | 2.9 | 5.20 | -0.7 |
| Oct. 2018 | 1.8 | 4.60 | -1.8 |
| Nov. 2018 | 2.5 | 4.60 | 0.8 |
| Dec. 2018 | 3.2 | 4.2 | 2.6 |
| Jan. 2019 | 3.6 | 4.8 | 3.4 |
| Feb. 2019 | 4.4 | 4.7 | 4.9 |
| Mar. 2019 | 4.3 | 4.7 | 3.8 |
| Apr. 2019 | 2.9 | 4.5 | 2.4 |
| May 2019 | 4.0 | 5.0 | 3.1 |
| Jun. 2019 | 3.6 | 4.3 | 3.3 |
| July 2019 | 4.3 | 4.3 | 5.1 |
| Aug. 2019 | 5.5 | 4.9 | 8.4 |
| Sep. 2019 | 3.9 | 4.3 | 5.9 |
| Oct. 2019 | 4.3 | 4.5 | 5.3 |
| Nov. 2019 | 4.4 | 4.9 | 4.6 |
| Dec. 2019 | 4.1 | 4.2 | 3.9 |
| Jan. 2020 | 3.7 | 4.3 | 4 |
| Feb. 2020 | 3.7 | 4.4 | 3.3 |
| Mar. 2020 | 7.5 | 6.3 | 7.1 |
| Apr. 2020 | 9.6 | 8.5 | 11.6 |
| May 2020 | 10.1 | 9.3 | 13.5 |
| Jun. 2020 | 8.1 | 8.1 | 10.5 |
| July 2020 | 9.9 | 8.6 | 10.5 |
| Aug. 2020 | 9.1 | 8.4 | 8.9 |
| Sep. 2020 | 10.8 | 8.9 | 13.4 |
| Oct. 2020 | 11.5 | 9.9 | 15.3 |
| Nov. 2020 | 12.1 | 9.2 | 16.1 |
| Dec. 2020 | 11.9 | 9.3 | 17.9 |
| Jan. 2021 | 13.1 | 10.3 | 17 |
| Feb. 2021 | 14.7 | 10 | 20.1 |
| Mar. 2021 | 10.6 | 7.9 | 16.7 |
The twelve -month growth in the money supply for non-financial corporations was 16.7 per cent to end-March, down from 20.1 per cent the previous month. Compared to March 2020, this is an increase of 9.6 percentage points.
The twelve -month growth for municipal government was 23.2 per cent, up from 12.6 per cent to end February. This corresponds to an increase of 29.2 percentage points from March last year.
The twelve- month growth for other financial corporations was -4.4 per cent to end-March, down from 32.2 the previous month. Compared with March 2020, this is a decrease of -37.5 percentage points.
The money-holding sector consists of households, non-financial corporations, municipal government and other financial corporations. Households and non-financial corporations hold about 90% of the money-holding sector's total holdings.
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