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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
Argentina20.221.322.323.323.423.523.623.523.423.2
Australia201.0202.4202.7202.9201.3202.8202.4201.9201.3200.5
Austria150.1149.5148.9149.6151.2150.2150.6150.9151.2151.4
Belgium226.6227.9228.7229.8230.1230.5230.5230.5230.1229.5
Brazil74.075.377.080.282.881.181.682.282.883.3
Canada206.6211.8216.9224.9231.5227.0228.7230.2231.5232.4
Chile136.4139.8144.4151.3154.2152.4153.1153.7154.2154.3
China192.6200.2206.8215.6221.7217.4219.1220.5221.7223.0
Colombia58.760.461.663.965.664.565.065.365.665.8
Czechia86.988.789.690.490.990.690.890.890.990.8
Denmark265.6263.3262.6261.4258.1260.9260.1259.2258.1256.9
Finland186.9190.2192.4194.6196.9195.3196.0196.5196.9197.2
France197.6202.3207.5216.0223.4218.4220.2221.9223.4224.8
Germany123.3121.8121.0121.7122.9122.1122.4122.6122.9123.1
Greece143.8142.8140.1138.7138.7138.8139.0139.0138.7138.2
Hong Kong SAR295.4313.0328.3348.4366.0353.3358.6362.7366.0369.7
Hungary113.3108.7104.2101.5100.8101.3101.0100.8100.8100.9
India110.6107.0104.0103.3101.8103.3102.9102.4101.8101.3
Indonesia34.636.237.739.340.439.639.940.240.440.5
Ireland344.8337.3328.0314.4294.6309.9304.8299.7294.6289.4
Israel118.5117.0115.3114.0113.8114.0113.9113.8113.8113.8
Italy130.5128.5126.2125.8125.1125.9125.7125.4125.1124.7
Japan150.1149.7150.6154.8159.8156.1157.4158.6159.8161.0
Korea184.8187.0190.3196.0203.0197.7199.5201.2203.0204.7
Luxembourg417.4420.9426.2434.4439.2435.6436.7437.9439.2439.5
Malaysia158.5159.4160.2163.3166.5164.4165.1165.9166.5166.8
Mexico35.136.838.340.341.340.740.941.241.341.5
Netherlands294.2293.0288.7284.5278.8283.5282.2280.6278.8276.8
New Zealand191.2188.9186.4184.5182.3184.1183.5182.9182.3181.7
Norway247.8249.7251.5258.5263.1260.7262.3263.2263.1262.1
Poland89.890.890.991.090.190.990.790.490.189.7
Portugal222.6214.7206.0199.7194.6198.7197.4196.1194.6192.9
Russia99.6103.2105.7110.3112.8111.4112.1112.6112.8112.9
Saudi Arabia56.257.758.762.767.664.265.566.767.668.4
Singapore194.2198.4202.7209.9214.4211.7213.2214.1214.4214.1
South Africa77.777.477.277.275.977.176.776.475.975.5
Spain213.6204.7195.6189.5184.8188.6187.5186.3184.8183.2
Sweden247.9251.5255.6261.5267.5263.2264.6265.9267.5268.8
Switzerland237.6242.8248.4256.6265.8259.2261.7263.9265.8267.8
Thailand150.6151.7153.0157.0162.9158.6160.0161.5162.9164.3
Türkiye79.984.587.090.892.991.692.092.292.993.3
United Kingdom178.4175.7172.7172.5172.5172.9173.0172.9172.5171.7
United States161.1160.1159.1159.9160.8160.3160.6160.7160.8160.8
Memo:
Euro area175.3174.2172.7173.2173.7173.6173.7173.7173.7173.4
 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