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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
« ‹ Q2 2021 › »
 Year Quarter
2016 2017 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
Argentina20.620.221.322.323.322.723.023.323.523.6
Australia199.0201.0202.4202.7202.9202.9202.9202.9202.8202.4
Austria150.6150.1149.5148.9149.6149.0149.3149.6150.2150.6
Belgium222.8226.6227.9228.7229.8229.0229.2229.8230.5230.5
Brazil72.374.075.377.080.278.579.480.281.181.6
Canada200.6206.6211.8216.9224.9220.4222.6224.9227.0228.7
Chile132.1136.4139.8144.4151.3148.1150.0151.3152.4153.1
China182.8192.6200.2206.8215.6211.2213.5215.6217.4219.1
Colombia56.458.760.461.663.962.563.263.964.565.0
Czechia85.386.988.789.690.489.990.290.490.690.8
Denmark267.2265.6263.3262.6261.4262.7262.0261.4260.9260.1
Finland183.5186.9190.2192.4194.6193.3194.0194.6195.3196.0
France192.8197.6202.3207.5216.0211.2213.5216.0218.4220.2
Germany125.5123.3121.8121.0121.7121.1121.3121.7122.1122.4
Greece143.5143.8142.8140.1138.7138.9138.7138.7138.8139.0
Hong Kong SAR276.7295.4313.0328.3348.4337.8343.4348.4353.3358.6
Hungary117.6113.3108.7104.2101.5102.6102.0101.5101.3101.0
India113.4110.6107.0104.0103.3103.5103.4103.3103.3102.9
Indonesia33.134.636.237.739.338.538.939.339.639.9
Ireland346.4344.8337.3328.0314.4322.5318.7314.4309.9304.8
Israel120.4118.5117.0115.3114.0114.5114.2114.0114.0113.9
Italy131.9130.5128.5126.2125.8125.6125.6125.8125.9125.7
Japan151.1150.1149.7150.6154.8152.2153.4154.8156.1157.4
Korea182.9184.8187.0190.3196.0192.8194.4196.0197.7199.5
Luxembourg413.3417.4420.9426.2434.4430.6432.9434.4435.6436.7
Malaysia157.8158.5159.4160.2163.3161.2162.2163.3164.4165.1
Mexico33.135.136.838.340.339.439.940.340.740.9
Netherlands292.4294.2293.0288.7284.5286.5285.7284.5283.5282.2
New Zealand193.1191.2188.9186.4184.5185.4184.9184.5184.1183.5
Norway242.5247.8249.7251.5258.5254.3256.3258.5260.7262.3
Poland88.089.890.890.991.091.091.091.090.990.7
Portugal228.7222.6214.7206.0199.7202.3200.9199.7198.7197.4
Russia95.199.6103.2105.7110.3107.7109.0110.3111.4112.1
Saudi Arabia53.356.257.758.762.760.361.462.764.265.5
Singapore188.6194.2198.4202.7209.9205.8207.7209.9211.7213.2
South Africa77.677.777.477.277.277.377.377.277.176.7
Spain221.3213.6204.7195.6189.5191.8190.5189.5188.6187.5
Sweden243.4247.9251.5255.6261.5258.4260.0261.5263.2264.6
Switzerland231.9237.6242.8248.4256.6252.2254.5256.6259.2261.7
Thailand149.1150.6151.7153.0157.0154.4155.6157.0158.6160.0
Türkiye74.879.984.587.090.888.890.090.891.692.0
United Kingdom180.5178.4175.7172.7172.5172.1172.2172.5172.9173.0
United States162.1161.1160.1159.1159.9159.3159.6159.9160.3160.6
Memo:
Euro area175.4175.3174.2172.7173.2172.6172.9173.2173.6173.7
 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