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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 2017 › »
 Year Quarter
2012 2013 2014 2015 2016 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17
Argentina-3.6-1.5-3.2-0.10.2-0.20.20.01.12.4
Australia-13.4-8.7-5.11.8-0.31.7-0.3-4.3-5.1-7.1
Austria-6.6-4.2-9.4-9.4-8.6-8.6-8.6-7.6-8.5-8.6
Belgium2.0-3.1-6.2-8.75.16.45.1-1.5-5.5-10.7
Brazil8.59.29.512.42.03.02.0-0.1-0.6-2.3
Canada5.76.96.315.313.115.413.112.310.58.5
Chile4.09.516.319.210.811.810.89.37.84.3
China12.818.219.825.520.922.520.921.017.915.4
Colombia6.58.511.615.07.79.77.76.35.84.5
Czechia16.815.19.43.02.62.52.62.72.11.6
Denmark1.5-14.8-17.1-21.1-24.5-20.1-24.5-27.1-29.7-30.4
Finland8.88.09.69.9-4.0-0.8-4.0-3.0-2.0-0.5
France7.61.73.44.76.66.76.66.55.43.9
Germany-11.2-8.7-12.5-10.2-7.8-7.8-7.8-6.2-6.1-5.8
Greece9.81.1-5.0-11.7-16.2-15.7-16.2-17.6-19.5-21.8
Hong Kong SAR21.234.137.335.529.828.929.835.945.344.6
Hungary-4.5-14.4-18.0-26.0-27.8-28.8-27.8-28.6-28.8-28.7
India0.9-10.3-9.4-13.9-22.6-23.8-22.6-24.6-21.8-21.5
Indonesia11.114.013.012.110.09.710.08.48.27.2
Ireland15.4-14.6-20.5-17.6-41.7-41.4-41.7-46.5-59.6-67.6
Israel-13.5-15.4-15.0-13.4-10.2-10.9-10.2-10.4-9.6-7.8
Italy1.1-4.1-8.3-13.3-17.0-15.3-17.0-17.0-17.6-18.9
Japan1.92.32.70.94.42.94.45.45.05.4
Korea3.21.01.70.3-1.2-1.1-1.2-2.2-1.4-2.2
Luxembourg-7.3-17.2-12.7-19.3-36.8-40.9-36.8-36.3-42.5-46.4
Malaysia-0.55.53.78.98.66.58.66.75.73.7
Mexico4.06.06.27.58.48.68.46.25.35.4
Netherlands10.03.24.3-3.8-7.9-2.8-7.9-8.6-12.8-14.6
New Zealand-20.0-23.0-22.8-19.4-15.9-16.1-15.9-16.2-16.3-16.9
Norway4.7-2.2-0.313.613.315.313.37.33.7-1.1
Poland2.31.20.6-1.6-1.0-2.7-1.0-3.1-4.6-6.0
Portugal5.8-12.0-25.9-36.2-44.4-42.3-44.4-43.9-44.8-45.6
Russia-1.06.617.015.14.56.74.50.60.50.1
Saudi Arabia-8.3-3.10.511.210.013.610.08.37.25.5
Singapore17.326.528.023.214.518.714.59.711.57.3
South Africa-2.5-2.5-3.3-1.3-3.6-3.1-3.6-3.2-4.5-4.1
Spain-17.5-29.8-41.5-49.8-52.2-51.9-52.2-51.4-51.3-52.5
Sweden6.94.0-1.0-2.1-6.5-6.5-6.5-2.9-4.6-6.9
Switzerland14.010.56.26.99.110.49.19.913.012.9
Thailand9.115.117.318.112.614.712.69.89.47.3
Türkiye9.713.210.99.89.77.09.78.57.14.5
United Kingdom-15.9-21.1-26.2-25.1-17.2-17.0-17.2-16.2-17.1-15.9
United States-16.2-15.5-14.7-12.7-9.6-9.4-9.6-9.0-8.1-7.8
Memo:
Euro area-5.4-9.3-9.0-8.3-9.2-8.3-9.2-8.8-10.3-11.6
 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