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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 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19
Argentina22.921.520.620.221.321.121.321.621.822.1
Australia191.8195.3199.0201.0202.4202.1202.4202.6202.7202.8
Austria151.3151.1150.6150.1149.5149.6149.5149.3149.3149.1
Belgium211.7215.9222.8226.6227.9227.7227.9228.2228.3228.5
Brazil64.969.472.374.075.374.975.375.776.176.5
Canada187.9194.0200.6206.6211.8210.5211.8213.0214.3215.7
Chile120.0126.3132.1136.4139.8138.8139.8140.7141.8143.1
China161.7171.8182.8192.6200.2198.6200.2202.0203.7205.3
Colombia49.053.056.458.760.460.060.460.761.061.3
Czechia81.583.785.386.988.788.288.789.089.389.5
Denmark264.6266.4267.2265.6263.3263.9263.3262.9262.7262.6
Finland172.9179.5183.5186.9190.2189.5190.2190.9191.4192.0
France183.4187.8192.8197.6202.3201.1202.3203.5204.8206.2
Germany130.7128.0125.5123.3121.8122.2121.8121.6121.4121.2
Greece137.7141.3143.5143.8142.8143.1142.8142.3141.6140.8
Hong Kong SAR246.7262.0276.7295.4313.0309.2313.0316.7320.5324.4
Hungary122.7120.8117.6113.3108.7109.8108.7107.5106.4105.2
India115.3115.5113.4110.6107.0108.0107.0106.1105.2104.5
Indonesia29.131.233.134.636.235.836.236.636.937.3
Ireland320.6339.6346.4344.8337.3339.0337.3335.6333.5331.3
Israel125.2122.6120.4118.5117.0117.4117.0116.6116.2115.7
Italy131.3132.3131.9130.5128.5129.0128.5127.9127.4126.8
Japan155.1152.9151.1150.1149.7149.7149.7149.9150.0150.3
Korea177.9180.6182.9184.8187.0186.4187.0187.7188.5189.3
Luxembourg394.8407.0413.3417.4420.9420.0420.9422.1423.5425.0
Malaysia155.9156.9157.8158.5159.4159.1159.4159.5159.8160.0
Mexico29.030.833.135.136.836.436.837.237.638.0
Netherlands282.8288.6292.4294.2293.0293.6293.0292.2291.2290.1
New Zealand196.3194.6193.1191.2188.9189.5188.9188.3187.7187.1
Norway228.2234.6242.5247.8249.7249.6249.7249.8250.1250.7
Poland82.185.288.089.890.890.790.890.991.091.0
Portugal234.1232.9228.7222.6214.7216.8214.7212.6210.4208.3
Russia81.288.895.199.6103.2102.4103.2103.9104.4105.0
Saudi Arabia46.549.153.356.257.757.557.757.858.158.4
Singapore173.6181.3188.6194.2198.4197.5198.4199.3200.3201.3
South Africa76.677.277.677.777.477.577.477.477.477.3
Spain231.3227.6221.3213.6204.7207.0204.7202.4200.2197.9
Sweden234.0239.4243.4247.9251.5250.8251.5252.5253.6254.6
Switzerland223.7227.1231.9237.6242.8241.9242.8243.8245.0246.6
Thailand143.6146.3149.1150.6151.7151.4151.7152.1152.3152.6
Türkiye63.769.674.879.984.583.784.585.386.086.6
United Kingdom186.2182.9180.5178.4175.7176.4175.7174.9174.1173.4
United States165.3163.5162.1161.1160.1160.3160.1159.8159.6159.3
Memo:
Euro area173.0174.6175.4175.3174.2174.6174.2173.8173.5173.1
 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