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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 2020 › »
 Year Quarter
2015 2016 2017 2018 2019 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Argentina-0.10.24.77.76.07.65.08.46.04.7
Australia1.8-0.3-7.1-8.9-13.4-9.7-10.9-12.2-13.4-10.4
Austria-9.4-8.6-8.6-7.6-7.4-6.8-5.8-7.7-7.4-5.3
Belgium-8.75.1-10.8-17.1-16.8-17.2-17.9-15.8-16.8-17.9
Brazil12.42.0-1.5-0.90.0-1.2-1.0-0.20.04.0
Canada15.313.17.04.34.23.95.25.54.27.4
Chile19.210.81.23.79.62.75.08.89.613.9
China25.520.911.90.4-1.32.91.20.3-1.38.5
Colombia15.07.73.61.6-0.90.50.20.1-0.91.4
Czechia3.02.61.42.9-3.51.0-0.5-1.7-3.5-3.5
Denmark-21.1-24.5-31.1-28.2-15.3-23.8-20.9-17.3-15.3-16.7
Finland9.9-4.0-0.1-4.3-8.7-4.1-6.0-6.7-8.7-8.4
France4.76.63.24.25.64.95.76.55.67.7
Germany-10.2-7.8-5.7-1.90.9-0.60.71.00.92.2
Greece-11.7-16.2-22.9-23.1-28.9-27.1-28.5-29.6-28.9-26.9
Hong Kong SAR35.529.848.022.221.019.021.021.721.034.4
Hungary-26.0-27.8-29.5-26.3-21.7-25.4-23.4-23.1-21.7-17.3
India-13.9-22.6-17.8-23.2-12.5-22.0-19.8-16.7-12.5-10.0
Indonesia12.110.07.36.95.36.15.95.65.36.6
Ireland-17.6-41.7-76.7-72.6-92.8-72.1-75.2-76.9-92.8-80.5
Israel-13.4-10.2-8.7-6.9-6.0-6.7-6.2-7.1-6.0-6.8
Italy-13.3-17.0-18.4-18.1-16.9-18.4-17.7-17.0-16.9-14.7
Japan0.94.45.99.713.710.511.112.313.714.9
Korea0.3-1.2-2.90.35.91.03.04.75.98.6
Luxembourg-19.3-36.8-46.5-38.9-30.7-31.7-29.8-26.7-30.7-34.0
Malaysia8.98.63.44.74.04.05.33.94.04.6
Mexico7.58.46.33.81.73.53.32.91.75.2
Netherlands-3.8-7.9-20.4-29.2-38.9-31.7-34.0-35.3-38.9-35.5
New Zealand-19.4-15.9-17.3-16.1-15.8-16.4-15.3-15.3-15.8-13.6
Norway13.613.3-4.4-17.9-5.6-18.0-13.3-8.4-5.60.2
Poland-1.6-1.0-7.6-9.4-12.1-10.1-11.1-10.8-12.1-10.1
Portugal-36.2-44.4-45.9-47.7-45.1-46.9-45.9-45.0-45.1-42.2
Russia15.14.5-0.4-5.1-7.0-7.8-9.3-8.0-7.0-1.3
Saudi Arabia11.210.03.3-3.4-0.1-4.0-2.1-1.2-0.14.5
Singapore23.214.58.50.67.20.12.21.57.27.9
South Africa-1.3-3.6-4.8-5.4-4.8-3.4-4.5-3.6-4.8-2.7
Spain-49.8-52.2-53.8-50.7-45.9-48.3-47.2-45.7-45.9-42.5
Sweden-2.1-6.5-5.8-10.3-5.5-5.2-4.6-5.0-5.50.6
Switzerland6.99.113.41.217.04.17.312.317.015.2
Thailand18.112.67.47.26.66.45.75.26.69.5
Türkiye9.89.74.2-2.0-7.5-2.0-4.2-7.4-7.5-4.5
United Kingdom-25.1-17.2-14.7-17.2-15.7-18.7-16.7-14.7-15.7-11.7
United States-12.7-9.6-6.8-6.5-5.8-6.4-5.9-5.6-5.8-2.5
Memo:
Euro area-8.3-9.2-12.4-15.0-14.3-14.6-14.0-13.3-14.3-12.1
 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