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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
Argentina20.221.322.323.323.423.423.223.123.022.9
Australia201.0202.4202.7202.9201.3201.3200.5199.6198.6197.4
Austria150.1149.5148.9149.6151.2151.2151.4151.3151.2150.8
Belgium226.6227.9228.7229.8230.1230.1229.5228.9228.2227.1
Brazil74.075.377.080.282.882.883.383.884.484.9
Canada206.6211.8216.9224.9231.5231.5232.4232.9233.2233.4
Chile136.4139.8144.4151.3154.2154.2154.3154.8155.4155.7
China192.6200.2206.8215.6221.7221.7223.0224.4225.7226.9
Colombia58.760.461.663.965.665.665.865.965.965.9
Czechia86.988.789.690.490.990.990.890.790.790.5
Denmark265.6263.3262.6261.4258.1258.1256.9255.4253.8252.3
Finland186.9190.2192.4194.6196.9196.9197.2197.4197.5197.7
France197.6202.3207.5216.0223.4223.4224.8225.9227.0228.0
Germany123.3121.8121.0121.7122.9122.9123.1123.3123.5123.6
Greece143.8142.8140.1138.7138.7138.7138.2137.5136.6135.2
Hong Kong SAR295.4313.0328.3348.4366.0366.0369.7373.5376.5379.4
Hungary113.3108.7104.2101.5100.8100.8100.9101.0101.4101.4
India110.6107.0104.0103.3101.8101.8101.3100.7100.099.5
Indonesia34.636.237.739.340.440.440.540.740.840.9
Ireland344.8337.3328.0314.4294.6294.6289.4284.1278.9273.3
Israel118.5117.0115.3114.0113.8113.8113.8113.8113.8113.7
Italy130.5128.5126.2125.8125.1125.1124.7124.1123.6122.9
Japan150.1149.7150.6154.8159.8159.8161.0162.2163.5164.7
Korea184.8187.0190.3196.0203.0203.0204.7206.5208.4210.2
Luxembourg417.4420.9426.2434.4439.2439.2439.5438.8438.3437.5
Malaysia158.5159.4160.2163.3166.5166.5166.8166.9166.5165.9
Mexico35.136.838.340.341.341.341.541.641.741.8
Netherlands294.2293.0288.7284.5278.8278.8276.8274.7272.8270.4
New Zealand191.2188.9186.4184.5182.3182.3181.7181.1180.4179.6
Norway247.8249.7251.5258.5263.1263.1262.1260.5258.1255.9
Poland89.890.890.991.090.190.189.789.188.587.7
Portugal222.6214.7206.0199.7194.6194.6192.9191.1189.1186.9
Russia99.6103.2105.7110.3112.8112.8112.9112.4112.0111.9
Saudi Arabia56.257.758.762.767.667.668.468.969.369.6
Singapore194.2198.4202.7209.9214.4214.4214.1212.9211.4209.9
South Africa77.777.477.277.275.975.975.575.074.774.3
Spain213.6204.7195.6189.5184.8184.8183.2181.4179.5177.4
Sweden247.9251.5255.6261.5267.5267.5268.8270.0271.1272.2
Switzerland237.6242.8248.4256.6265.8265.8267.8269.6271.2272.4
Thailand150.6151.7153.0157.0162.9162.9164.3165.5166.6167.6
Türkiye79.984.587.090.892.992.993.393.493.092.3
United Kingdom178.4175.7172.7172.5172.5172.5171.7170.9170.0169.0
United States161.1160.1159.1159.9160.8160.8160.8160.8160.7160.5
Memo:
Euro area175.3174.2172.7173.2173.7173.7173.4173.1172.8172.2
 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