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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 2020 › »
 Year Quarter
2015 2016 2017 2018 2019 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
Argentina21.520.620.221.322.322.322.522.723.023.3
Australia195.3199.0201.0202.4202.7202.7202.8202.9202.9202.9
Austria151.1150.6150.1149.5148.9148.9148.8149.0149.3149.6
Belgium215.9222.8226.6227.9228.7228.7228.8229.0229.2229.8
Brazil69.472.374.075.377.077.077.778.579.480.2
Canada194.0200.6206.6211.8216.9216.9218.4220.4222.6224.9
Chile126.3132.1136.4139.8144.4144.4146.1148.1150.0151.3
China171.8182.8192.6200.2206.8206.8208.9211.2213.5215.6
Colombia53.056.458.760.461.661.661.962.563.263.9
Czechia83.785.386.988.789.689.689.789.990.290.4
Denmark266.4267.2265.6263.3262.6262.6262.5262.7262.0261.4
Finland179.5183.5186.9190.2192.4192.4192.7193.3194.0194.6
France187.8192.8197.6202.3207.5207.5208.9211.2213.5216.0
Germany128.0125.5123.3121.8121.0121.0120.9121.1121.3121.7
Greece141.3143.5143.8142.8140.1140.1139.3138.9138.7138.7
Hong Kong SAR262.0276.7295.4313.0328.3328.3333.0337.8343.4348.4
Hungary120.8117.6113.3108.7104.2104.2103.3102.6102.0101.5
India115.5113.4110.6107.0104.0104.0103.6103.5103.4103.3
Indonesia31.233.134.636.237.737.738.138.538.939.3
Ireland339.6346.4344.8337.3328.0328.0325.2322.5318.7314.4
Israel122.6120.4118.5117.0115.3115.3114.9114.5114.2114.0
Italy132.3131.9130.5128.5126.2126.2125.8125.6125.6125.8
Japan152.9151.1150.1149.7150.6150.6151.1152.2153.4154.8
Korea180.6182.9184.8187.0190.3190.3191.4192.8194.4196.0
Luxembourg407.0413.3417.4420.9426.2426.2427.1430.6432.9434.4
Malaysia156.9157.8158.5159.4160.2160.2160.4161.2162.2163.3
Mexico30.833.135.136.838.338.338.839.439.940.3
Netherlands288.6292.4294.2293.0288.7288.7287.5286.5285.7284.5
New Zealand194.6193.1191.2188.9186.4186.4185.8185.4184.9184.5
Norway234.6242.5247.8249.7251.5251.5252.6254.3256.3258.5
Poland85.288.089.890.890.990.991.091.091.091.0
Portugal232.9228.7222.6214.7206.0206.0203.9202.3200.9199.7
Russia88.895.199.6103.2105.7105.7106.6107.7109.0110.3
Saudi Arabia49.153.356.257.758.758.759.460.361.462.7
Singapore181.3188.6194.2198.4202.7202.7204.1205.8207.7209.9
South Africa77.277.677.777.477.277.277.377.377.377.2
Spain227.6221.3213.6204.7195.6195.6193.3191.8190.5189.5
Sweden239.4243.4247.9251.5255.6255.6256.9258.4260.0261.5
Switzerland227.1231.9237.6242.8248.4248.4250.1252.2254.5256.6
Thailand146.3149.1150.6151.7153.0153.0153.5154.4155.6157.0
Türkiye69.674.879.984.587.087.087.788.890.090.8
United Kingdom182.9180.5178.4175.7172.7172.7172.1172.1172.2172.5
United States163.5162.1161.1160.1159.1159.1159.0159.3159.6159.9
Memo:
Euro area174.6175.4175.3174.2172.7172.7172.4172.6172.9173.2
 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