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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 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
Argentina22.921.520.620.221.321.321.621.822.122.3
Australia191.8195.3199.0201.0202.4202.4202.6202.7202.8202.7
Austria151.3151.1150.6150.1149.5149.5149.3149.3149.1148.9
Belgium211.7215.9222.8226.6227.9227.9228.2228.3228.5228.7
Brazil64.969.472.374.075.375.375.776.176.577.0
Canada187.9194.0200.6206.6211.8211.8213.0214.3215.7216.9
Chile120.0126.3132.1136.4139.8139.8140.7141.8143.1144.4
China161.7171.8182.8192.6200.2200.2202.0203.7205.3206.8
Colombia49.053.056.458.760.460.460.761.061.361.6
Czechia81.583.785.386.988.788.789.089.389.589.6
Denmark264.6266.4267.2265.6263.3263.3262.9262.7262.6262.6
Finland172.9179.5183.5186.9190.2190.2190.9191.4192.0192.4
France183.4187.8192.8197.6202.3202.3203.5204.8206.2207.5
Germany130.7128.0125.5123.3121.8121.8121.6121.4121.2121.0
Greece137.7141.3143.5143.8142.8142.8142.3141.6140.8140.1
Hong Kong SAR246.7262.0276.7295.4313.0313.0316.7320.5324.4328.3
Hungary122.7120.8117.6113.3108.7108.7107.5106.4105.2104.2
India115.3115.5113.4110.6107.0107.0106.1105.2104.5104.0
Indonesia29.131.233.134.636.236.236.636.937.337.7
Ireland320.6339.6346.4344.8337.3337.3335.6333.5331.3328.0
Israel125.2122.6120.4118.5117.0117.0116.6116.2115.7115.3
Italy131.3132.3131.9130.5128.5128.5127.9127.4126.8126.2
Japan155.1152.9151.1150.1149.7149.7149.9150.0150.3150.6
Korea177.9180.6182.9184.8187.0187.0187.7188.5189.3190.3
Luxembourg394.8407.0413.3417.4420.9420.9422.1423.5425.0426.2
Malaysia155.9156.9157.8158.5159.4159.4159.5159.8160.0160.2
Mexico29.030.833.135.136.836.837.237.638.038.3
Netherlands282.8288.6292.4294.2293.0293.0292.2291.2290.1288.7
New Zealand196.3194.6193.1191.2188.9188.9188.3187.7187.1186.4
Norway228.2234.6242.5247.8249.7249.7249.8250.1250.7251.5
Poland82.185.288.089.890.890.890.991.091.090.9
Portugal234.1232.9228.7222.6214.7214.7212.6210.4208.3206.0
Russia81.288.895.199.6103.2103.2103.9104.4105.0105.7
Saudi Arabia46.549.153.356.257.757.757.858.158.458.7
Singapore173.6181.3188.6194.2198.4198.4199.3200.3201.3202.7
South Africa76.677.277.677.777.477.477.477.477.377.2
Spain231.3227.6221.3213.6204.7204.7202.4200.2197.9195.6
Sweden234.0239.4243.4247.9251.5251.5252.5253.6254.6255.6
Switzerland223.7227.1231.9237.6242.8242.8243.8245.0246.6248.4
Thailand143.6146.3149.1150.6151.7151.7152.1152.3152.6153.0
Türkiye63.769.674.879.984.584.585.386.086.687.0
United Kingdom186.2182.9180.5178.4175.7175.7174.9174.1173.4172.7
United States165.3163.5162.1161.1160.1160.1159.8159.6159.3159.1
Memo:
Euro area173.0174.6175.4175.3174.2174.2173.8173.5173.1172.7
 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