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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 2018 › »
 Year Quarter
2013 2014 2015 2016 2017 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18
Argentina-1.5-3.2-0.10.24.74.75.18.212.27.7
Australia-8.7-5.11.8-0.3-7.1-7.1-6.8-7.8-8.1-8.9
Austria-4.2-9.4-9.4-8.6-8.6-8.6-7.7-8.1-7.9-7.6
Belgium-3.1-6.2-8.75.1-10.8-10.8-14.6-14.4-18.0-17.1
Brazil9.29.512.42.0-1.5-1.5-3.6-1.9-1.7-0.9
Canada6.96.315.313.17.07.05.96.64.54.3
Chile9.516.319.210.81.21.2-0.50.01.23.7
China18.219.825.520.911.911.910.57.03.70.4
Colombia8.511.615.07.73.63.62.82.21.31.6
Czechia15.19.43.02.61.41.41.22.22.72.9
Denmark-14.8-17.1-21.1-24.5-31.1-31.1-30.5-28.8-28.6-28.2
Finland8.09.69.9-4.0-0.1-0.1-1.2-1.0-1.9-4.3
France1.73.44.76.63.23.23.54.14.44.2
Germany-8.7-12.5-10.2-7.8-5.7-5.7-4.3-2.9-1.6-1.9
Greece1.1-5.0-11.7-16.2-22.9-22.9-23.4-24.2-23.9-23.1
Hong Kong SAR34.137.335.529.848.048.048.839.823.522.2
Hungary-14.4-18.0-26.0-27.8-29.5-29.5-29.3-25.5-26.1-26.3
India-10.3-9.4-13.9-22.6-17.8-17.8-21.4-22.4-23.5-23.2
Indonesia14.013.012.110.07.37.36.47.07.16.9
Ireland-14.6-20.5-17.6-41.7-76.7-76.7-83.9-80.9-81.3-72.6
Israel-15.4-15.0-13.4-10.2-8.7-8.7-6.9-6.5-6.6-6.9
Italy-4.1-8.3-13.3-17.0-18.4-18.4-18.9-18.3-18.3-18.1
Japan2.32.70.94.45.95.95.76.27.99.7
Korea1.01.70.3-1.2-2.9-2.9-2.4-1.6-0.30.3
Luxembourg-17.2-12.7-19.3-36.8-46.5-46.5-42.4-42.5-41.3-38.9
Malaysia5.53.78.98.63.43.44.16.05.04.7
Mexico6.06.27.58.46.36.34.95.44.03.8
Netherlands3.24.3-3.8-7.9-20.4-20.4-20.9-24.7-26.9-29.2
New Zealand-23.0-22.8-19.4-15.9-17.3-17.3-17.4-17.1-17.0-16.1
Norway-2.2-0.313.613.3-4.4-4.4-6.8-10.2-14.8-17.9
Poland1.20.6-1.6-1.0-7.6-7.6-7.3-7.6-8.4-9.4
Portugal-12.0-25.9-36.2-44.4-45.9-45.9-47.1-48.3-47.6-47.7
Russia6.617.015.14.5-0.4-0.4-2.4-2.9-4.3-5.1
Saudi Arabia-3.10.511.210.03.33.33.00.1-1.5-3.4
Singapore26.528.023.214.58.58.54.14.41.30.6
South Africa-2.5-3.3-1.3-3.6-4.8-4.8-4.4-4.9-4.7-5.4
Spain-29.8-41.5-49.8-52.2-53.8-53.8-53.3-50.8-50.4-50.7
Sweden4.0-1.0-2.1-6.5-5.8-5.8-5.8-7.4-7.4-10.3
Switzerland10.56.26.99.113.413.417.910.26.71.2
Thailand15.117.318.112.67.47.46.06.35.97.2
Türkiye13.210.99.89.74.24.23.24.59.9-2.0
United Kingdom-21.1-26.2-25.1-17.2-14.7-14.7-16.4-16.6-17.3-17.2
United States-15.5-14.7-12.7-9.6-6.8-6.8-7.5-6.6-6.8-6.5
Memo:
Euro area-9.3-9.0-8.3-9.2-12.4-12.4-13.6-13.5-13.5-15.0
 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