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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 2020 › »
 Year Quarter
2015 2016 2017 2018 2019 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Argentina-0.10.24.77.76.08.46.04.76.16.0
Australia1.8-0.3-7.1-8.9-13.4-12.2-13.4-10.4-10.2-9.9
Austria-9.4-8.6-8.6-7.6-7.4-7.7-7.4-5.3-0.11.5
Belgium-8.75.1-10.8-17.1-16.8-15.8-16.8-17.9-14.1-14.4
Brazil12.42.0-1.5-0.90.0-0.20.04.06.17.7
Canada15.313.17.04.34.25.54.27.417.219.4
Chile19.210.81.23.79.68.89.613.920.017.4
China25.520.911.90.4-1.30.3-1.38.511.711.2
Colombia15.07.73.61.6-0.90.1-0.91.44.95.7
Czechia3.02.61.42.9-3.5-1.7-3.5-3.5-1.8-1.0
Denmark-21.1-24.5-31.1-28.2-15.3-17.3-15.3-16.7-12.3-25.3
Finland9.9-4.0-0.1-4.3-8.7-6.7-8.7-8.4-4.8-4.2
France4.76.63.24.25.66.55.67.721.123.1
Germany-10.2-7.8-5.7-1.90.91.00.92.26.88.3
Greece-11.7-16.2-22.9-23.1-28.9-29.6-28.9-26.9-22.1-16.2
Hong Kong SAR35.529.848.022.221.021.721.034.435.048.9
Hungary-26.0-27.8-29.5-26.3-21.7-23.1-21.7-17.3-14.5-11.6
India-13.9-22.6-17.8-23.2-12.5-16.7-12.5-10.0-5.7-4.8
Indonesia12.110.07.36.95.35.65.36.65.26.0
Ireland-17.6-41.7-76.7-72.6-92.8-76.9-92.8-80.5-78.9-94.2
Israel-13.4-10.2-8.7-6.9-6.0-7.1-6.0-6.8-5.6-3.4
Italy-13.3-17.0-18.4-18.1-16.9-17.0-16.9-14.7-8.7-5.6
Japan0.94.45.99.713.712.313.714.925.527.6
Korea0.3-1.2-2.90.35.94.75.98.612.915.7
Luxembourg-19.3-36.8-46.5-38.9-30.7-26.7-30.7-34.09.5-9.1
Malaysia8.98.63.44.74.03.94.04.614.316.5
Mexico7.58.46.33.81.72.91.75.25.94.9
Netherlands-3.8-7.9-20.4-29.2-38.9-35.3-38.9-35.5-29.4-27.3
New Zealand-19.4-15.9-17.3-16.1-15.8-15.3-15.8-13.6-11.1-11.5
Norway13.613.3-4.4-17.9-5.6-8.4-5.60.210.815.8
Poland-1.6-1.0-7.6-9.4-12.1-10.8-12.1-10.1-10.1-10.6
Portugal-36.2-44.4-45.9-47.7-45.1-45.0-45.1-42.2-30.9-26.8
Russia15.14.5-0.4-5.1-7.0-8.0-7.0-1.30.04.9
Saudi Arabia11.210.03.3-3.4-0.1-1.2-0.14.59.411.9
Singapore23.214.58.50.67.21.57.27.913.416.3
South Africa-1.3-3.6-4.8-5.4-4.8-3.6-4.8-2.7-2.0-3.4
Spain-49.8-52.2-53.8-50.7-45.9-45.7-45.9-42.5-28.9-24.3
Sweden-2.1-6.5-5.8-10.3-5.5-5.0-5.50.63.94.7
Switzerland6.99.113.41.217.012.317.015.220.623.7
Thailand18.112.67.47.26.65.26.69.515.919.9
Türkiye9.89.74.2-2.0-7.5-7.4-7.5-4.52.74.9
United Kingdom-25.1-17.2-14.7-17.2-15.7-14.7-15.7-11.7-2.60.8
United States-12.7-9.6-6.8-6.5-5.8-5.6-5.8-2.53.13.8
Memo:
Euro area-8.3-9.2-12.4-15.0-14.3-13.3-14.3-12.1-4.1-2.1
 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