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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
« ‹ Q1 2017 › »
 Year Quarter
2012 2013 2014 2015 2016 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Argentina25.624.322.921.520.621.321.120.820.620.4
Australia188.8190.1191.8195.3199.0196.3197.3198.2199.0199.6
Austria150.1150.8151.3151.1150.6151.0150.8150.7150.6150.6
Belgium202.2208.1211.7215.9222.8217.6219.4221.2222.8224.1
Brazil58.261.564.969.472.370.471.171.772.372.8
Canada179.1183.5187.9194.0200.6195.5197.2199.0200.6202.3
Chile111.8115.0120.0126.3132.1127.9129.3130.7132.1133.3
China144.6152.6161.7171.8182.8174.7177.5180.2182.8185.5
Colombia44.146.149.053.056.454.054.955.756.457.1
Czechia73.778.081.583.785.384.184.584.985.385.8
Denmark256.2261.6264.6266.4267.2266.7266.9267.2267.2267.0
Finland162.8168.2172.9179.5183.5180.8181.9182.8183.5184.3
France175.3179.4183.4187.8192.8189.0190.3191.5192.8194.1
Germany135.0133.0130.7128.0125.5127.3126.7126.1125.5124.9
Greece125.3132.3137.7141.3143.5142.0142.6143.0143.5143.8
Hong Kong SAR217.7230.4246.7262.0276.7265.6269.3273.0276.7280.9
Hungary119.7122.3122.7120.8117.6120.1119.5118.5117.6116.6
India112.1114.3115.3115.5113.4115.2114.8114.1113.4112.6
Indonesia25.827.229.131.233.131.632.132.633.133.5
Ireland299.3311.8320.6339.6346.4342.0344.3345.4346.4347.1
Israel129.5127.5125.2122.6120.4122.0121.4120.9120.4119.9
Italy125.8129.1131.3132.3131.9132.3132.3132.2131.9131.7
Japan159.1157.1155.1152.9151.1152.4151.8151.4151.1150.8
Korea172.1175.2177.9180.6182.9181.2181.8182.3182.9183.4
Luxembourg368.7381.8394.8407.0413.3408.8410.4411.7413.3414.8
Malaysia156.2156.0155.9156.9157.8157.0157.2157.4157.8158.1
Mexico26.627.729.030.833.131.431.932.533.133.6
Netherlands270.5277.1282.8288.6292.4289.5290.4291.6292.4293.2
New Zealand199.0198.3196.3194.6193.1194.2193.7193.4193.1192.7
Norway219.8224.4228.2234.6242.5236.5238.5240.6242.5244.2
Poland75.078.782.185.288.085.986.687.388.088.6
Portugal225.8232.1234.1232.9228.7232.1231.1230.0228.7227.4
Russia70.475.081.288.895.190.692.293.795.196.3
Saudi Arabia45.745.646.549.153.350.151.352.453.354.2
Singapore158.5165.2173.6181.3188.6183.2185.1187.0188.6190.0
South Africa75.276.076.677.277.677.477.577.677.677.7
Spain229.0231.8231.3227.6221.3226.2224.7223.1221.3219.6
Sweden220.1227.6234.0239.4243.4240.4241.3242.4243.4244.7
Switzerland215.2219.7223.7227.1231.9228.4229.5230.8231.9233.2
Thailand141.0141.6143.6146.3149.1147.1147.9148.6149.1149.6
Türkiye52.958.363.769.674.870.972.173.474.876.2
United Kingdom189.0188.6186.2182.9180.5182.1181.5181.0180.5180.0
United States168.7167.1165.3163.5162.1163.1162.8162.5162.1161.8
Memo:
Euro area170.6172.1173.0174.6175.4174.8175.1175.2175.4175.5
 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