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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
« ‹ Q2 2020 › »
 Year Quarter
2015 2016 2017 2018 2019 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Argentina-0.10.24.77.76.05.08.46.04.76.1
Australia1.8-0.3-7.1-8.9-13.4-10.9-12.2-13.4-10.4-10.2
Austria-9.4-8.6-8.6-7.6-7.4-5.8-7.7-7.4-5.3-0.1
Belgium-8.75.1-10.8-17.1-16.8-17.9-15.8-16.8-17.9-14.1
Brazil12.42.0-1.5-0.90.0-1.0-0.20.04.06.1
Canada15.313.17.04.34.25.25.54.27.417.2
Chile19.210.81.23.79.65.08.89.613.920.0
China25.520.911.90.4-1.31.20.3-1.38.511.7
Colombia15.07.73.61.6-0.90.20.1-0.91.44.9
Czechia3.02.61.42.9-3.5-0.5-1.7-3.5-3.5-1.8
Denmark-21.1-24.5-31.1-28.2-15.3-20.9-17.3-15.3-16.7-12.3
Finland9.9-4.0-0.1-4.3-8.7-6.0-6.7-8.7-8.4-4.8
France4.76.63.24.25.65.76.55.67.721.1
Germany-10.2-7.8-5.7-1.90.90.71.00.92.26.8
Greece-11.7-16.2-22.9-23.1-28.9-28.5-29.6-28.9-26.9-22.1
Hong Kong SAR35.529.848.022.221.021.021.721.034.435.0
Hungary-26.0-27.8-29.5-26.3-21.7-23.4-23.1-21.7-17.3-14.5
India-13.9-22.6-17.8-23.2-12.5-19.8-16.7-12.5-10.0-5.7
Indonesia12.110.07.36.95.35.95.65.36.65.2
Ireland-17.6-41.7-76.7-72.6-92.8-75.2-76.9-92.8-80.5-78.9
Israel-13.4-10.2-8.7-6.9-6.0-6.2-7.1-6.0-6.8-5.6
Italy-13.3-17.0-18.4-18.1-16.9-17.7-17.0-16.9-14.7-8.7
Japan0.94.45.99.713.711.112.313.714.925.5
Korea0.3-1.2-2.90.35.93.04.75.98.612.9
Luxembourg-19.3-36.8-46.5-38.9-30.7-29.8-26.7-30.7-34.09.5
Malaysia8.98.63.44.74.05.33.94.04.614.3
Mexico7.58.46.33.81.73.32.91.75.25.9
Netherlands-3.8-7.9-20.4-29.2-38.9-34.0-35.3-38.9-35.5-29.4
New Zealand-19.4-15.9-17.3-16.1-15.8-15.3-15.3-15.8-13.6-11.1
Norway13.613.3-4.4-17.9-5.6-13.3-8.4-5.60.210.8
Poland-1.6-1.0-7.6-9.4-12.1-11.1-10.8-12.1-10.1-10.1
Portugal-36.2-44.4-45.9-47.7-45.1-45.9-45.0-45.1-42.2-30.9
Russia15.14.5-0.4-5.1-7.0-9.3-8.0-7.0-1.30.0
Saudi Arabia11.210.03.3-3.4-0.1-2.1-1.2-0.14.59.4
Singapore23.214.58.50.67.22.21.57.27.913.4
South Africa-1.3-3.6-4.8-5.4-4.8-4.5-3.6-4.8-2.7-2.0
Spain-49.8-52.2-53.8-50.7-45.9-47.2-45.7-45.9-42.5-28.9
Sweden-2.1-6.5-5.8-10.3-5.5-4.6-5.0-5.50.63.9
Switzerland6.99.113.41.217.07.312.317.015.220.6
Thailand18.112.67.47.26.65.75.26.69.515.9
Türkiye9.89.74.2-2.0-7.5-4.2-7.4-7.5-4.52.7
United Kingdom-25.1-17.2-14.7-17.2-15.7-16.7-14.7-15.7-11.7-2.6
United States-12.7-9.6-6.8-6.5-5.8-5.9-5.6-5.8-2.53.1
Memo:
Euro area-8.3-9.2-12.4-15.0-14.3-14.0-13.3-14.3-12.1-4.1
 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