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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 2023 › »
 Year Quarter
2018 2019 2020 2021 2022 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23
Argentina21.322.323.323.422.923.223.123.022.922.8
Australia202.4202.7202.9201.3197.4200.5199.6198.6197.4196.2
Austria149.5148.9149.6151.2150.8151.4151.3151.2150.8150.4
Belgium227.9228.7229.8230.1227.1229.5228.9228.2227.1225.9
Brazil75.377.080.282.884.983.383.884.484.985.4
Canada211.8216.9224.9231.5233.4232.4232.9233.2233.4233.6
Chile139.8144.4151.3154.2155.7154.3154.8155.4155.7155.5
China200.2206.8215.6221.7226.9223.0224.4225.7226.9228.5
Colombia60.461.663.965.665.965.865.965.965.965.9
Czechia88.789.690.490.990.590.890.790.790.590.2
Denmark263.3262.6261.4258.1252.3256.9255.4253.8252.3250.6
Finland190.2192.4194.6196.9197.7197.2197.4197.5197.7197.5
France202.3207.5216.0223.4228.0224.8225.9227.0228.0228.7
Germany121.8121.0121.7122.9123.6123.1123.3123.5123.6123.7
Greece142.8140.1138.7138.7135.2138.2137.5136.6135.2133.7
Hong Kong SAR313.0328.3348.4366.0379.4369.7373.5376.5379.4382.2
Hungary108.7104.2101.5100.8101.4100.9101.0101.4101.4101.3
India107.0104.0103.3101.899.5101.3100.7100.099.599.1
Indonesia36.237.739.340.440.940.540.740.840.940.9
Ireland337.3328.0314.4294.6273.3289.4284.1278.9273.3267.2
Israel117.0115.3114.0113.8113.7113.8113.8113.8113.7113.6
Italy128.5126.2125.8125.1122.9124.7124.1123.6122.9122.2
Japan149.7150.6154.8159.8164.7161.0162.2163.5164.7165.8
Korea187.0190.3196.0203.0210.2204.7206.5208.4210.2211.8
Luxembourg420.9426.2434.4439.2437.5439.5438.8438.3437.5436.7
Malaysia159.4160.2163.3166.5165.9166.8166.9166.5165.9165.4
Mexico36.838.340.341.341.841.541.641.741.841.8
Netherlands293.0288.7284.5278.8270.4276.8274.7272.8270.4267.5
New Zealand188.9186.4184.5182.3179.6181.7181.1180.4179.6178.6
Norway249.7251.5258.5263.1255.9262.1260.5258.1255.9254.0
Poland90.890.991.090.187.789.789.188.587.786.8
Portugal214.7206.0199.7194.6186.9192.9191.1189.1186.9184.5
Russia103.2105.7110.3112.8111.9112.9112.4112.0111.9111.8
Saudi Arabia57.758.762.767.669.668.468.969.369.670.0
Singapore198.4202.7209.9214.4209.9214.1212.9211.4209.9208.2
South Africa77.477.277.275.974.375.575.074.774.374.0
Spain204.7195.6189.5184.8177.4183.2181.4179.5177.4175.0
Sweden251.5255.6261.5267.5272.2268.8270.0271.1272.2271.9
Switzerland242.8248.4256.6265.8272.4267.8269.6271.2272.4273.7
Thailand151.7153.0157.0162.9167.6164.3165.5166.6167.6168.4
Türkiye84.587.090.892.992.393.393.493.092.391.4
United Kingdom175.7172.7172.5172.5169.0171.7170.9170.0169.0168.0
United States160.1159.1159.9160.8160.5160.8160.8160.7160.5160.2
Memo:
Euro area174.2172.7173.2173.7172.2173.4173.1172.8172.2171.5
 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