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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
« ‹ Q3 2018 › »
 Year Quarter
2013 2014 2015 2016 2017 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Argentina24.322.921.520.620.220.120.220.320.521.1
Australia190.1191.8195.3199.0201.0200.6201.0201.5201.8202.1
Austria150.8151.3151.1150.6150.1150.3150.1150.0149.8149.6
Belgium208.1211.7215.9222.8226.6225.8226.6227.0227.5227.7
Brazil61.564.969.472.374.073.674.074.274.674.9
Canada183.5187.9194.0200.6206.6205.2206.6207.9209.3210.5
Chile115.0120.0126.3132.1136.4135.6136.4137.1137.9138.8
China152.6161.7171.8182.8192.6190.4192.6194.8196.8198.6
Colombia46.149.053.056.458.758.258.759.259.660.0
Czechia78.081.583.785.386.986.686.987.387.788.2
Denmark261.6264.6266.4267.2265.6266.2265.6265.0264.5263.9
Finland168.2172.9179.5183.5186.9186.0186.9187.8188.7189.5
France179.4183.4187.8192.8197.6196.4197.6198.7199.9201.1
Germany133.0130.7128.0125.5123.3123.9123.3122.9122.5122.2
Greece132.3137.7141.3143.5143.8143.9143.8143.6143.4143.1
Hong Kong SAR230.4246.7262.0276.7295.4290.4295.4300.6305.3309.2
Hungary122.3122.7120.8117.6113.3114.5113.3112.0111.0109.8
India114.3115.3115.5113.4110.6111.2110.6109.9109.0108.0
Indonesia27.229.131.233.134.634.234.635.035.435.8
Ireland311.8320.6339.6346.4344.8346.1344.8342.9341.0339.0
Israel127.5125.2122.6120.4118.5119.0118.5118.2117.8117.4
Italy129.1131.3132.3131.9130.5130.9130.5130.0129.5129.0
Japan157.1155.1152.9151.1150.1150.3150.1149.9149.7149.7
Korea175.2177.9180.6182.9184.8184.4184.8185.3185.8186.4
Luxembourg381.8394.8407.0413.3417.4416.7417.4418.3419.1420.0
Malaysia156.0155.9156.9157.8158.5158.4158.5158.7158.9159.1
Mexico27.729.030.833.135.134.535.135.536.036.4
Netherlands277.1282.8288.6292.4294.2294.2294.2294.2294.0293.6
New Zealand198.3196.3194.6193.1191.2191.8191.2190.7190.1189.5
Norway224.4228.2234.6242.5247.8246.8247.8248.6249.2249.6
Poland78.782.185.288.089.889.589.890.190.490.7
Portugal232.1234.1232.9228.7222.6224.3222.6220.8218.8216.8
Russia75.081.288.895.199.698.599.6100.6101.6102.4
Saudi Arabia45.646.549.153.356.255.656.256.857.257.5
Singapore165.2173.6181.3188.6194.2192.8194.2195.3196.5197.5
South Africa76.076.677.277.677.777.777.777.677.677.5
Spain231.8231.3227.6221.3213.6215.8213.6211.4209.2207.0
Sweden227.6234.0239.4243.4247.9246.8247.9248.9249.8250.8
Switzerland219.7223.7227.1231.9237.6236.1237.6239.3240.7241.9
Thailand141.6143.6146.3149.1150.6150.3150.6150.8151.1151.4
Türkiye58.363.769.674.879.978.779.981.082.283.7
United Kingdom188.6186.2182.9180.5178.4178.9178.4177.8177.1176.4
United States167.1165.3163.5162.1161.1161.3161.1160.8160.6160.3
Memo:
Euro area172.1173.0174.6175.4175.3175.5175.3175.1174.8174.6
 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