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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 2021 › »
 Year Quarter
2016 2017 2018 2019 2020 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21
Argentina20.620.221.322.323.323.323.523.623.523.4
Australia199.0201.0202.4202.7202.9202.9202.8202.4201.9201.3
Austria150.6150.1149.5148.9149.6149.6150.2150.6150.9151.2
Belgium222.8226.6227.9228.7229.8229.8230.5230.5230.5230.1
Brazil72.374.075.377.080.280.281.181.682.282.8
Canada200.6206.6211.8216.9224.9224.9227.0228.7230.2231.5
Chile132.1136.4139.8144.4151.3151.3152.4153.1153.7154.2
China182.8192.6200.2206.8215.6215.6217.4219.1220.5221.7
Colombia56.458.760.461.663.963.964.565.065.365.6
Czechia85.386.988.789.690.490.490.690.890.890.9
Denmark267.2265.6263.3262.6261.4261.4260.9260.1259.2258.1
Finland183.5186.9190.2192.4194.6194.6195.3196.0196.5196.9
France192.8197.6202.3207.5216.0216.0218.4220.2221.9223.4
Germany125.5123.3121.8121.0121.7121.7122.1122.4122.6122.9
Greece143.5143.8142.8140.1138.7138.7138.8139.0139.0138.7
Hong Kong SAR276.7295.4313.0328.3348.4348.4353.3358.6362.7366.0
Hungary117.6113.3108.7104.2101.5101.5101.3101.0100.8100.8
India113.4110.6107.0104.0103.3103.3103.3102.9102.4101.8
Indonesia33.134.636.237.739.339.339.639.940.240.4
Ireland346.4344.8337.3328.0314.4314.4309.9304.8299.7294.6
Israel120.4118.5117.0115.3114.0114.0114.0113.9113.8113.8
Italy131.9130.5128.5126.2125.8125.8125.9125.7125.4125.1
Japan151.1150.1149.7150.6154.8154.8156.1157.4158.6159.8
Korea182.9184.8187.0190.3196.0196.0197.7199.5201.2203.0
Luxembourg413.3417.4420.9426.2434.4434.4435.6436.7437.9439.2
Malaysia157.8158.5159.4160.2163.3163.3164.4165.1165.9166.5
Mexico33.135.136.838.340.340.340.740.941.241.3
Netherlands292.4294.2293.0288.7284.5284.5283.5282.2280.6278.8
New Zealand193.1191.2188.9186.4184.5184.5184.1183.5182.9182.3
Norway242.5247.8249.7251.5258.5258.5260.7262.3263.2263.1
Poland88.089.890.890.991.091.090.990.790.490.1
Portugal228.7222.6214.7206.0199.7199.7198.7197.4196.1194.6
Russia95.199.6103.2105.7110.3110.3111.4112.1112.6112.8
Saudi Arabia53.356.257.758.762.762.764.265.566.767.6
Singapore188.6194.2198.4202.7209.9209.9211.7213.2214.1214.4
South Africa77.677.777.477.277.277.277.176.776.475.9
Spain221.3213.6204.7195.6189.5189.5188.6187.5186.3184.8
Sweden243.4247.9251.5255.6261.5261.5263.2264.6265.9267.5
Switzerland231.9237.6242.8248.4256.6256.6259.2261.7263.9265.8
Thailand149.1150.6151.7153.0157.0157.0158.6160.0161.5162.9
Türkiye74.879.984.587.090.890.891.692.092.292.9
United Kingdom180.5178.4175.7172.7172.5172.5172.9173.0172.9172.5
United States162.1161.1160.1159.1159.9159.9160.3160.6160.7160.8
Memo:
Euro area175.4175.3174.2172.7173.2173.2173.6173.7173.7173.7
 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