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Credit-to-GDP gaps (actual-trend)  1
Based on total credit to the private non-financial sector, as % of GDP  2
« ‹ Q3 2023 › »
 Year Quarter
2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23
Argentina7.76.06.6-0.6-0.9-1.0-0.9-0.80.31.5
Australia-8.9-13.4-11.6-20.6-27.0-24.8-27.0-27.5-26.0-24.4
Austria-7.6-7.42.51.5-9.9-6.4-9.9-10.4-12.0-12.6
Belgium-17.1-16.8-7.4-24.0-32.0-25.9-32.0-34.0-35.3-36.0
Brazil-0.90.06.22.11.21.31.2-0.6-2.2-0.6
Canada4.34.220.11.3-16.2-14.6-16.2-16.0-14.6-14.5
Chile3.79.66.8-7.0-10.3-4.3-10.3-17.4-17.4-13.5
China0.4-1.37.2-8.4-6.5-5.2-6.5-0.6-1.4-2.0
Colombia1.6-0.96.1-1.4-5.1-4.9-5.1-6.6-6.8-6.9
Czechia2.9-3.5-1.0-4.2-7.3-5.0-7.3-9.6-10.1-9.8
Denmark-28.2-15.3-23.5-29.1-34.0-34.3-34.0-34.8-39.2-32.8
Finland-4.3-8.7-3.3-7.7-10.5-11.8-10.5-15.0-14.9-16.3
France4.25.624.65.9-3.8-1.6-3.8-8.8-12.0-14.2
Germany-1.90.99.37.24.45.74.42.71.60.0
Greece-23.1-28.9-12.9-16.1-33.6-25.3-33.6-34.7-34.7-34.2
Hong Kong SAR22.221.035.62.8-5.5-1.5-5.5-4.9-10.8-21.0
Hungary-26.3-21.7-9.6-0.2-0.35.7-0.3-2.8-6.2-6.4
India-23.2-12.5-3.9-12.7-9.5-12.0-9.5-8.8-5.8-6.4
Indonesia6.95.34.91.5-0.8-0.2-0.8-2.2-2.0-1.4
Ireland-72.6-92.8-98.8-102.4-100.5-95.5-100.5-105.4-101.8-90.2
Israel-6.9-6.0-1.11.1-0.30.7-0.3-0.7-0.7-1.5
Italy-18.1-16.9-3.5-10.2-14.5-13.9-14.5-16.1-16.2-17.7
Japan9.713.728.523.921.421.721.418.215.213.5
Korea0.35.916.816.615.416.815.412.712.110.5
Luxembourg-38.9-30.7-25.4-24.1-54.2-51.9-54.2-54.1-58.0-53.8
Malaysia4.74.018.58.2-11.4-9.8-11.4-11.7-8.8-7.0
Mexico3.81.72.5-1.0-3.0-2.4-3.0-4.1-4.6-4.4
Netherlands-29.2-38.9-31.5-38.9-45.7-37.7-45.7-52.5-53.4-51.7
New Zealand-16.1-15.8-10.1-12.0-14.0-13.0-14.0-15.7-15.6-16.1
Norway-17.9-5.619.2-23.1-54.4-57.6-54.4-47.9-39.5-24.7
Poland-9.4-12.1-10.2-14.2-20.5-17.4-20.5-21.7-22.8-22.1
Portugal-47.7-45.1-23.1-25.2-34.1-32.0-34.1-36.9-38.3-37.3
Russia-5.1-7.03.9-13.7-18.8-23.1-18.8-15.5-13.7-10.4
Saudi Arabia-3.4-0.115.87.6-3.5-1.6-3.5-3.10.02.2
Singapore0.67.221.9-12.0-41.4-41.7-41.4-43.3-31.6-31.3
South Africa-5.4-4.8-4.0-10.1-6.9-7.6-6.9-6.2-7.3-6.1
Spain-50.7-45.9-19.3-23.9-32.9-29.7-32.9-36.1-37.4-38.7
Sweden-10.3-5.53.53.1-3.8-3.7-3.8-28.4-27.8-34.1
Switzerland1.217.019.413.5-0.18.0-0.10.8-1.9-3.2
Thailand7.26.624.021.411.013.611.09.28.78.0
Türkiye-2.0-7.5-1.5-3.6-25.9-21.6-25.9-28.1-23.4-27.5
United Kingdom-17.2-15.74.1-8.5-17.5-15.8-17.5-17.8-20.8-20.6
United States-6.5-5.84.7-0.4-4.5-3.7-4.5-5.8-6.8-8.0
Memo:
Euro area-15.0-14.3-1.0-8.0-14.5-11.4-14.5-17.3-18.4-19.1
 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