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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
« ‹ Q4 2016 › »
 Year Quarter
2011 2012 2013 2014 2015 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16
Argentina-6.4-3.6-1.5-3.2-0.1-0.1-0.2-0.5-0.20.2
Australia-14.7-13.4-8.7-5.11.81.82.42.71.7-0.3
Austria-3.7-6.6-4.2-9.4-9.4-9.4-9.6-9.8-8.6-8.6
Belgium4.32.0-3.1-6.2-8.7-8.76.49.26.45.1
Brazil7.08.59.29.512.412.48.44.53.02.0
Canada3.95.76.96.315.315.313.014.915.413.1
Chile-0.74.09.516.319.219.215.713.311.810.8
China6.012.818.219.825.525.527.124.822.520.9
Colombia7.66.58.511.615.015.013.011.29.77.7
Czechia15.716.815.19.43.03.01.72.02.52.6
Denmark8.81.5-14.8-17.1-21.1-21.1-21.9-21.4-20.1-24.5
Finland10.58.88.09.69.99.95.32.5-0.8-4.0
France8.57.61.73.44.74.75.96.96.76.6
Germany-12.7-11.2-8.7-12.5-10.2-10.2-9.0-8.5-7.8-7.8
Greece15.89.81.1-5.0-11.7-11.7-12.5-13.7-15.7-16.2
Hong Kong SAR29.521.234.137.335.535.530.331.628.929.8
Hungary10.4-4.5-14.4-18.0-26.0-26.0-26.4-25.0-28.8-27.8
India5.00.9-10.3-9.4-13.9-13.9-17.8-19.1-23.8-22.6
Indonesia6.811.114.013.012.112.110.610.59.710.0
Ireland37.015.4-14.6-20.5-17.6-17.6-19.9-22.1-41.4-41.7
Israel-12.2-13.5-15.4-15.0-13.4-13.4-13.2-11.2-10.9-10.2
Italy3.01.1-4.1-8.3-13.3-13.3-14.8-14.5-15.3-17.0
Japan1.51.92.32.70.90.90.21.12.94.4
Korea4.03.21.01.70.30.3-0.5-0.6-1.1-1.2
Luxembourg-6.4-7.3-17.2-12.7-19.3-19.3-34.9-37.5-40.9-36.8
Malaysia-5.1-0.55.53.78.98.95.75.06.58.6
Mexico4.64.06.06.27.57.57.98.48.68.4
Netherlands12.810.03.24.3-3.8-3.8-6.3-7.9-2.8-7.9
New Zealand-21.3-20.0-23.0-22.8-19.4-19.4-18.3-17.7-16.1-15.9
Norway3.44.7-2.2-0.313.613.613.415.015.313.3
Poland5.92.31.20.6-1.6-1.6-1.8-1.5-2.7-1.0
Portugal5.95.8-12.0-25.9-36.2-36.2-39.4-40.9-42.3-44.4
Russia-4.0-1.06.617.015.115.112.08.16.74.5
Saudi Arabia-8.8-8.3-3.10.511.211.213.015.013.610.0
Singapore6.017.326.528.023.223.220.420.418.714.5
South Africa-4.4-2.5-2.5-3.3-1.3-1.3-0.8-2.8-3.1-3.6
Spain-2.3-17.5-29.8-41.5-49.8-49.8-52.0-50.7-51.9-52.2
Sweden11.76.94.0-1.0-2.1-2.1-7.9-8.0-6.5-6.5
Switzerland10.814.010.56.26.96.911.49.710.49.1
Thailand3.59.115.117.318.118.119.017.514.712.6
Türkiye12.99.713.210.99.89.87.67.17.09.7
United Kingdom-15.4-15.9-21.1-26.2-25.1-25.1-23.6-19.7-17.0-17.2
United States-13.9-16.2-15.5-14.7-12.7-12.7-11.7-10.7-9.4-9.6
Memo:
Euro area-2.8-5.4-9.3-9.0-8.3-8.3-8.2-7.8-8.3-9.2
 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