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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
« ‹ Q1 2017 › »
 Year Quarter
2012 2013 2014 2015 2016 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Argentina-3.6-1.5-3.2-0.10.2-0.2-0.5-0.20.20.0
Australia-13.4-8.7-5.11.8-0.32.42.71.7-0.3-4.3
Austria-6.6-4.2-9.4-9.4-8.6-9.6-9.8-8.6-8.6-7.6
Belgium2.0-3.1-6.2-8.75.16.49.26.45.1-1.5
Brazil8.59.29.512.42.08.44.53.02.0-0.1
Canada5.76.96.315.313.113.014.915.413.112.3
Chile4.09.516.319.210.815.713.311.810.89.3
China12.818.219.825.520.927.124.822.520.921.0
Colombia6.58.511.615.07.713.011.29.77.76.3
Czechia16.815.19.43.02.61.72.02.52.62.7
Denmark1.5-14.8-17.1-21.1-24.5-21.9-21.4-20.1-24.5-27.1
Finland8.88.09.69.9-4.05.32.5-0.8-4.0-3.0
France7.61.73.44.76.65.96.96.76.66.5
Germany-11.2-8.7-12.5-10.2-7.8-9.0-8.5-7.8-7.8-6.2
Greece9.81.1-5.0-11.7-16.2-12.5-13.7-15.7-16.2-17.6
Hong Kong SAR21.234.137.335.529.830.331.628.929.835.9
Hungary-4.5-14.4-18.0-26.0-27.8-26.4-25.0-28.8-27.8-28.6
India0.9-10.3-9.4-13.9-22.6-17.8-19.1-23.8-22.6-24.6
Indonesia11.114.013.012.110.010.610.59.710.08.4
Ireland15.4-14.6-20.5-17.6-41.7-19.9-22.1-41.4-41.7-46.5
Israel-13.5-15.4-15.0-13.4-10.2-13.2-11.2-10.9-10.2-10.4
Italy1.1-4.1-8.3-13.3-17.0-14.8-14.5-15.3-17.0-17.0
Japan1.92.32.70.94.40.21.12.94.45.4
Korea3.21.01.70.3-1.2-0.5-0.6-1.1-1.2-2.2
Luxembourg-7.3-17.2-12.7-19.3-36.8-34.9-37.5-40.9-36.8-36.3
Malaysia-0.55.53.78.98.65.75.06.58.66.7
Mexico4.06.06.27.58.47.98.48.68.46.2
Netherlands10.03.24.3-3.8-7.9-6.3-7.9-2.8-7.9-8.6
New Zealand-20.0-23.0-22.8-19.4-15.9-18.3-17.7-16.1-15.9-16.2
Norway4.7-2.2-0.313.613.313.415.015.313.37.3
Poland2.31.20.6-1.6-1.0-1.8-1.5-2.7-1.0-3.1
Portugal5.8-12.0-25.9-36.2-44.4-39.4-40.9-42.3-44.4-43.9
Russia-1.06.617.015.14.512.08.16.74.50.6
Saudi Arabia-8.3-3.10.511.210.013.015.013.610.08.3
Singapore17.326.528.023.214.520.420.418.714.59.7
South Africa-2.5-2.5-3.3-1.3-3.6-0.8-2.8-3.1-3.6-3.2
Spain-17.5-29.8-41.5-49.8-52.2-52.0-50.7-51.9-52.2-51.4
Sweden6.94.0-1.0-2.1-6.5-7.9-8.0-6.5-6.5-2.9
Switzerland14.010.56.26.99.111.49.710.49.19.9
Thailand9.115.117.318.112.619.017.514.712.69.8
Türkiye9.713.210.99.89.77.67.17.09.78.5
United Kingdom-15.9-21.1-26.2-25.1-17.2-23.6-19.7-17.0-17.2-16.2
United States-16.2-15.5-14.7-12.7-9.6-11.7-10.7-9.4-9.6-9.0
Memo:
Euro area-5.4-9.3-9.0-8.3-9.2-8.2-7.8-8.3-9.2-8.8
 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