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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 2021 › »
 Year Quarter
2016 2017 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
Argentina20.620.221.322.323.322.522.723.023.323.5
Australia199.0201.0202.4202.7202.9202.8202.9202.9202.9202.8
Austria150.6150.1149.5148.9149.6148.8149.0149.3149.6150.2
Belgium222.8226.6227.9228.7229.8228.8229.0229.2229.8230.5
Brazil72.374.075.377.080.277.778.579.480.281.1
Canada200.6206.6211.8216.9224.9218.4220.4222.6224.9227.0
Chile132.1136.4139.8144.4151.3146.1148.1150.0151.3152.4
China182.8192.6200.2206.8215.6208.9211.2213.5215.6217.4
Colombia56.458.760.461.663.961.962.563.263.964.5
Czechia85.386.988.789.690.489.789.990.290.490.6
Denmark267.2265.6263.3262.6261.4262.5262.7262.0261.4260.9
Finland183.5186.9190.2192.4194.6192.7193.3194.0194.6195.3
France192.8197.6202.3207.5216.0208.9211.2213.5216.0218.4
Germany125.5123.3121.8121.0121.7120.9121.1121.3121.7122.1
Greece143.5143.8142.8140.1138.7139.3138.9138.7138.7138.8
Hong Kong SAR276.7295.4313.0328.3348.4333.0337.8343.4348.4353.3
Hungary117.6113.3108.7104.2101.5103.3102.6102.0101.5101.3
India113.4110.6107.0104.0103.3103.6103.5103.4103.3103.3
Indonesia33.134.636.237.739.338.138.538.939.339.6
Ireland346.4344.8337.3328.0314.4325.2322.5318.7314.4309.9
Israel120.4118.5117.0115.3114.0114.9114.5114.2114.0114.0
Italy131.9130.5128.5126.2125.8125.8125.6125.6125.8125.9
Japan151.1150.1149.7150.6154.8151.1152.2153.4154.8156.1
Korea182.9184.8187.0190.3196.0191.4192.8194.4196.0197.7
Luxembourg413.3417.4420.9426.2434.4427.1430.6432.9434.4435.6
Malaysia157.8158.5159.4160.2163.3160.4161.2162.2163.3164.4
Mexico33.135.136.838.340.338.839.439.940.340.7
Netherlands292.4294.2293.0288.7284.5287.5286.5285.7284.5283.5
New Zealand193.1191.2188.9186.4184.5185.8185.4184.9184.5184.1
Norway242.5247.8249.7251.5258.5252.6254.3256.3258.5260.7
Poland88.089.890.890.991.091.091.091.091.090.9
Portugal228.7222.6214.7206.0199.7203.9202.3200.9199.7198.7
Russia95.199.6103.2105.7110.3106.6107.7109.0110.3111.4
Saudi Arabia53.356.257.758.762.759.460.361.462.764.2
Singapore188.6194.2198.4202.7209.9204.1205.8207.7209.9211.7
South Africa77.677.777.477.277.277.377.377.377.277.1
Spain221.3213.6204.7195.6189.5193.3191.8190.5189.5188.6
Sweden243.4247.9251.5255.6261.5256.9258.4260.0261.5263.2
Switzerland231.9237.6242.8248.4256.6250.1252.2254.5256.6259.2
Thailand149.1150.6151.7153.0157.0153.5154.4155.6157.0158.6
Türkiye74.879.984.587.090.887.788.890.090.891.6
United Kingdom180.5178.4175.7172.7172.5172.1172.1172.2172.5172.9
United States162.1161.1160.1159.1159.9159.0159.3159.6159.9160.3
Memo:
Euro area175.4175.3174.2172.7173.2172.4172.6172.9173.2173.6
 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