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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Argentina20.221.322.323.323.423.623.523.423.223.1
Australia201.0202.4202.7202.9201.3202.4201.9201.3200.5199.6
Austria150.1149.5148.9149.6151.2150.6150.9151.2151.4151.3
Belgium226.6227.9228.7229.8230.1230.5230.5230.1229.5228.9
Brazil74.075.377.080.282.881.682.282.883.383.8
Canada206.6211.8216.9224.9231.5228.7230.2231.5232.4232.9
Chile136.4139.8144.4151.3154.2153.1153.7154.2154.3154.8
China192.6200.2206.8215.6221.7219.1220.5221.7223.0224.4
Colombia58.760.461.663.965.665.065.365.665.865.9
Czechia86.988.789.690.490.990.890.890.990.890.7
Denmark265.6263.3262.6261.4258.1260.1259.2258.1256.9255.4
Finland186.9190.2192.4194.6196.9196.0196.5196.9197.2197.4
France197.6202.3207.5216.0223.4220.2221.9223.4224.8225.9
Germany123.3121.8121.0121.7122.9122.4122.6122.9123.1123.3
Greece143.8142.8140.1138.7138.7139.0139.0138.7138.2137.5
Hong Kong SAR295.4313.0328.3348.4366.0358.6362.7366.0369.7373.5
Hungary113.3108.7104.2101.5100.8101.0100.8100.8100.9101.0
India110.6107.0104.0103.3101.8102.9102.4101.8101.3100.7
Indonesia34.636.237.739.340.439.940.240.440.540.7
Ireland344.8337.3328.0314.4294.6304.8299.7294.6289.4284.1
Israel118.5117.0115.3114.0113.8113.9113.8113.8113.8113.8
Italy130.5128.5126.2125.8125.1125.7125.4125.1124.7124.1
Japan150.1149.7150.6154.8159.8157.4158.6159.8161.0162.2
Korea184.8187.0190.3196.0203.0199.5201.2203.0204.7206.5
Luxembourg417.4420.9426.2434.4439.2436.7437.9439.2439.5438.8
Malaysia158.5159.4160.2163.3166.5165.1165.9166.5166.8166.9
Mexico35.136.838.340.341.340.941.241.341.541.6
Netherlands294.2293.0288.7284.5278.8282.2280.6278.8276.8274.7
New Zealand191.2188.9186.4184.5182.3183.5182.9182.3181.7181.1
Norway247.8249.7251.5258.5263.1262.3263.2263.1262.1260.5
Poland89.890.890.991.090.190.790.490.189.789.1
Portugal222.6214.7206.0199.7194.6197.4196.1194.6192.9191.1
Russia99.6103.2105.7110.3112.8112.1112.6112.8112.9112.4
Saudi Arabia56.257.758.762.767.665.566.767.668.468.9
Singapore194.2198.4202.7209.9214.4213.2214.1214.4214.1212.9
South Africa77.777.477.277.275.976.776.475.975.575.0
Spain213.6204.7195.6189.5184.8187.5186.3184.8183.2181.4
Sweden247.9251.5255.6261.5267.5264.6265.9267.5268.8270.0
Switzerland237.6242.8248.4256.6265.8261.7263.9265.8267.8269.6
Thailand150.6151.7153.0157.0162.9160.0161.5162.9164.3165.5
Türkiye79.984.587.090.892.992.092.292.993.393.4
United Kingdom178.4175.7172.7172.5172.5173.0172.9172.5171.7170.9
United States161.1160.1159.1159.9160.8160.6160.7160.8160.8160.8
Memo:
Euro area175.3174.2172.7173.2173.7173.7173.7173.7173.4173.1
 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