By Reuters

The skyline with its office buildings and the banking district are photographed during sunset in Frankfurt, Germany, November 18, 2021. REUTERS/Kai Pfaffenbach/ File Photo

(Reuters) - Bank lending to euro zone firms accelerated in March, even as the Iran war depressed economic sentiment, European Central ​Bank data showed on Wednesday, a hopeful sign that the ‌real economy can maintain some resilience even during turbulent times.

Survey indicators have been pointing at a rapid deterioration in the economic outlook since the ​outbreak of the war but hard data comes at ​a great lag, leaving policymakers with a blind spot.

Credit growth ⁠to businesses accelerated to 3.2% last month from 3.0% a month earlier while the monthly flow of ​loans rose to 27 billion euros from 19 billion euros a ​month earlier.

Surveys suggest that corporations are holding back investment amid the uncertainty, which should reduce their cash needs and may depress lending figures in ​the coming months.

Indeed, banks have already said they expect lending ​volumes to decline sharply and predicted tighter credit standards, given increased funding costs ‌and ⁠uncertainty.

Lending growth to households meanwhile held steady at 3.0% and the monthly flow of loans was unchanged at 19 billion euros.

Lending is also seen taking a hit as inflation is accelerating ​on higher energy ​costs, quickly ⁠hitting corporate margins and households' disposable incomes.

Price growth in Spain picked up to 3.5% in ​April from 3.4% a month earlier, separate data showed, ​while ⁠for the whole of the euro zone, a pickup to 2.9% from 2.6% is expected.

The M3 measure of money circulating in the ⁠euro zone, ​often an indicator of future activity, ​accelerated to 3.2% from 3.0%, above expectations for 3.1% growth in a Reuters poll ​of analysts.

Reporting by Balazs Koranyi Editing by Ros Russell and Toby Chopra

This week on Reuters

• Santander's Q1 record profit overshadowed by higher provisions

• How investors buy gold and what fuels the market

• Australia inflation jumps with worse to come, rate hike looms

• UK retail sales tumble by most in over 40 years, CBI survey shows