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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 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
Argentina-3.2-0.10.24.77.77.77.65.08.46.0
Australia-5.11.8-0.3-7.1-8.9-8.9-9.7-10.9-12.2-13.4
Austria-9.4-9.4-8.6-8.6-7.6-7.6-6.8-5.8-7.7-7.4
Belgium-6.2-8.75.1-10.8-17.1-17.1-17.2-17.9-15.8-16.8
Brazil9.512.42.0-1.5-0.9-0.9-1.2-1.0-0.20.0
Canada6.315.313.17.04.34.33.95.25.54.2
Chile16.319.210.81.23.73.72.75.08.89.6
China19.825.520.911.90.40.42.91.20.3-1.3
Colombia11.615.07.73.61.61.60.50.20.1-0.9
Czechia9.43.02.61.42.92.91.0-0.5-1.7-3.5
Denmark-17.1-21.1-24.5-31.1-28.2-28.2-23.8-20.9-17.3-15.3
Finland9.69.9-4.0-0.1-4.3-4.3-4.1-6.0-6.7-8.7
France3.44.76.63.24.24.24.95.76.55.6
Germany-12.5-10.2-7.8-5.7-1.9-1.9-0.60.71.00.9
Greece-5.0-11.7-16.2-22.9-23.1-23.1-27.1-28.5-29.6-28.9
Hong Kong SAR37.335.529.848.022.222.219.021.021.721.0
Hungary-18.0-26.0-27.8-29.5-26.3-26.3-25.4-23.4-23.1-21.7
India-9.4-13.9-22.6-17.8-23.2-23.2-22.0-19.8-16.7-12.5
Indonesia13.012.110.07.36.96.96.15.95.65.3
Ireland-20.5-17.6-41.7-76.7-72.6-72.6-72.1-75.2-76.9-92.8
Israel-15.0-13.4-10.2-8.7-6.9-6.9-6.7-6.2-7.1-6.0
Italy-8.3-13.3-17.0-18.4-18.1-18.1-18.4-17.7-17.0-16.9
Japan2.70.94.45.99.79.710.511.112.313.7
Korea1.70.3-1.2-2.90.30.31.03.04.75.9
Luxembourg-12.7-19.3-36.8-46.5-38.9-38.9-31.7-29.8-26.7-30.7
Malaysia3.78.98.63.44.74.74.05.33.94.0
Mexico6.27.58.46.33.83.83.53.32.91.7
Netherlands4.3-3.8-7.9-20.4-29.2-29.2-31.7-34.0-35.3-38.9
New Zealand-22.8-19.4-15.9-17.3-16.1-16.1-16.4-15.3-15.3-15.8
Norway-0.313.613.3-4.4-17.9-17.9-18.0-13.3-8.4-5.6
Poland0.6-1.6-1.0-7.6-9.4-9.4-10.1-11.1-10.8-12.1
Portugal-25.9-36.2-44.4-45.9-47.7-47.7-46.9-45.9-45.0-45.1
Russia17.015.14.5-0.4-5.1-5.1-7.8-9.3-8.0-7.0
Saudi Arabia0.511.210.03.3-3.4-3.4-4.0-2.1-1.2-0.1
Singapore28.023.214.58.50.60.60.12.21.57.2
South Africa-3.3-1.3-3.6-4.8-5.4-5.4-3.4-4.5-3.6-4.8
Spain-41.5-49.8-52.2-53.8-50.7-50.7-48.3-47.2-45.7-45.9
Sweden-1.0-2.1-6.5-5.8-10.3-10.3-5.2-4.6-5.0-5.5
Switzerland6.26.99.113.41.21.24.17.312.317.0
Thailand17.318.112.67.47.27.26.45.75.26.6
Türkiye10.99.89.74.2-2.0-2.0-2.0-4.2-7.4-7.5
United Kingdom-26.2-25.1-17.2-14.7-17.2-17.2-18.7-16.7-14.7-15.7
United States-14.7-12.7-9.6-6.8-6.5-6.5-6.4-5.9-5.6-5.8
Memo:
Euro area-9.0-8.3-9.2-12.4-15.0-15.0-14.6-14.0-13.3-14.3
 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