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Credit-to-GDP trend (HP filter)  1
Based on total credit to the private non-financial sector, as % of GDP  2
« ‹ Q4 2016 › »
 Year Quarter
2011 2012 2013 2014 2015 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16
Argentina27.425.624.322.921.521.521.321.120.820.6
Australia188.0188.8190.1191.8195.3195.3196.3197.3198.2199.0
Austria148.9150.1150.8151.3151.1151.1151.0150.8150.7150.6
Belgium195.4202.2208.1211.7215.9215.9217.6219.4221.2222.8
Brazil55.358.261.564.969.469.470.471.171.772.3
Canada175.5179.1183.5187.9194.0194.0195.5197.2199.0200.6
Chile110.0111.8115.0120.0126.3126.3127.9129.3130.7132.1
China138.8144.6152.6161.7171.8171.8174.7177.5180.2182.8
Colombia42.744.146.149.053.053.054.054.955.756.4
Czechia69.873.778.081.583.783.784.184.584.985.3
Denmark247.9256.2261.6264.6266.4266.4266.7266.9267.2267.2
Finland157.8162.8168.2172.9179.5179.5180.8181.9182.8183.5
France170.3175.3179.4183.4187.8187.8189.0190.3191.5192.8
Germany137.3135.0133.0130.7128.0128.0127.3126.7126.1125.5
Greece116.8125.3132.3137.7141.3141.3142.0142.6143.0143.5
Hong Kong SAR207.8217.7230.4246.7262.0262.0265.6269.3273.0276.7
Hungary115.4119.7122.3122.7120.8120.8120.1119.5118.5117.6
India108.1112.1114.3115.3115.5115.5115.2114.8114.1113.4
Indonesia25.325.827.229.131.231.231.632.132.633.1
Ireland278.0299.3311.8320.6339.6339.6342.0344.3345.4346.4
Israel130.6129.5127.5125.2122.6122.6122.0121.4120.9120.4
Italy121.6125.8129.1131.3132.3132.3132.3132.3132.2131.9
Japan161.5159.1157.1155.1152.9152.9152.4151.8151.4151.1
Korea168.8172.1175.2177.9180.6180.6181.2181.8182.3182.9
Luxembourg352.2368.7381.8394.8407.0407.0408.8410.4411.7413.3
Malaysia158.0156.2156.0155.9156.9156.9157.0157.2157.4157.8
Mexico26.026.627.729.030.830.831.431.932.533.1
Netherlands262.7270.5277.1282.8288.6288.6289.5290.4291.6292.4
New Zealand199.2199.0198.3196.3194.6194.6194.2193.7193.4193.1
Norway213.9219.8224.4228.2234.6234.6236.5238.5240.6242.5
Poland71.275.078.782.185.285.285.986.687.388.0
Portugal217.3225.8232.1234.1232.9232.9232.1231.1230.0228.7
Russia67.670.475.081.288.888.890.692.293.795.1
Saudi Arabia46.545.745.646.549.149.150.151.352.453.3
Singapore155.3158.5165.2173.6181.3181.3183.2185.1187.0188.6
South Africa74.675.276.076.677.277.277.477.577.677.6
Spain221.9229.0231.8231.3227.6227.6226.2224.7223.1221.3
Sweden211.8220.1227.6234.0239.4239.4240.4241.3242.4243.4
Switzerland210.8215.2219.7223.7227.1227.1228.4229.5230.8231.9
Thailand141.4141.0141.6143.6146.3146.3147.1147.9148.6149.1
Türkiye48.252.958.363.769.669.670.972.173.474.8
United Kingdom187.9189.0188.6186.2182.9182.9182.1181.5181.0180.5
United States169.9168.7167.1165.3163.5163.5163.1162.8162.5162.1
Memo:
Euro area167.8170.6172.1173.0174.6174.6174.8175.1175.2175.4
 1 Credit-to-GDP gaps is defined as the difference between the credit-to-GDP ratio and its long-term trend; in percentage points. Long-term trend is calculated using a one-sided Hodrick-Prescott filter with a lambda of 400,000. 2 Can also be found in table F2.1