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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 2021 › »
 Year Quarter
2016 2017 2018 2019 2020 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21
Argentina0.24.77.76.06.66.65.02.30.4-0.6
Australia-0.3-7.1-8.9-13.4-11.6-11.6-12.5-17.0-18.9-20.6
Austria-8.6-8.6-7.6-7.42.52.56.32.21.81.5
Belgium5.1-10.8-17.1-16.8-7.4-7.4-6.3-16.1-16.7-24.0
Brazil2.0-1.5-0.90.06.26.25.90.71.42.1
Canada13.17.04.34.220.120.116.89.65.51.3
Chile10.81.23.79.66.86.83.9-4.6-5.6-7.0
China20.911.90.4-1.37.27.23.6-0.9-4.0-8.4
Colombia7.73.61.6-0.96.16.15.32.20.1-1.4
Czechia2.61.42.9-3.5-1.0-1.0-0.7-2.9-3.9-4.2
Denmark-24.5-31.1-28.2-15.3-23.5-23.5-22.5-26.2-26.9-29.1
Finland-4.0-0.1-4.3-8.7-3.3-3.3-2.0-4.1-5.6-7.7
France6.63.24.25.624.624.620.811.98.75.9
Germany-7.8-5.7-1.90.99.39.310.67.77.07.2
Greece-16.2-22.9-23.1-28.9-12.9-12.9-9.9-8.5-12.7-16.1
Hong Kong SAR29.848.022.221.035.635.635.238.118.32.8
Hungary-27.8-29.5-26.3-21.7-9.6-9.6-4.4-6.6-3.6-0.2
India-22.6-17.8-23.2-12.5-3.9-3.9-2.8-9.3-11.8-12.7
Indonesia10.07.36.95.34.94.94.93.62.21.5
Ireland-41.7-76.7-72.6-92.8-98.8-98.8-102.3-107.2-106.5-102.4
Israel-10.2-8.7-6.9-6.0-1.1-1.10.7-0.20.61.1
Italy-17.0-18.4-18.1-16.9-3.5-3.5-4.0-8.2-10.2-10.2
Japan4.45.99.713.728.528.528.024.923.523.9
Korea-1.2-2.90.35.916.816.817.317.117.416.6
Luxembourg-36.8-46.5-38.9-30.7-25.4-25.4-27.5-30.3-25.6-24.1
Malaysia8.63.44.74.018.518.518.510.811.08.2
Mexico8.46.33.81.72.52.52.2-0.2-0.6-1.0
Netherlands-7.9-20.4-29.2-38.9-31.5-31.5-28.3-32.8-36.0-38.9
New Zealand-15.9-17.3-16.1-15.8-10.1-10.1-9.1-13.1-12.2-12.0
Norway13.3-4.4-17.9-5.619.219.218.18.0-5.1-23.1
Poland-1.0-7.6-9.4-12.1-10.2-10.2-10.8-13.1-13.1-14.2
Portugal-44.4-45.9-47.7-45.1-23.1-23.1-19.2-23.0-23.6-25.2
Russia4.5-0.4-5.1-7.03.93.90.3-6.1-9.5-13.7
Saudi Arabia10.03.3-3.4-0.115.815.817.714.811.77.6
Singapore14.58.50.67.221.921.912.68.4-3.6-12.0
South Africa-3.6-4.8-5.4-4.8-4.0-4.0-4.1-8.8-8.9-10.1
Spain-52.2-53.8-50.7-45.9-19.3-19.3-16.8-18.9-21.5-23.9
Sweden-6.5-5.8-10.3-5.53.53.57.01.5-0.43.1
Switzerland9.113.41.217.019.419.428.523.620.213.5
Thailand12.67.47.26.624.024.025.421.622.521.4
Türkiye9.74.2-2.0-7.5-1.5-1.5-2.5-7.7-12.1-3.6
United Kingdom-17.2-14.7-17.2-15.74.14.14.6-0.6-4.5-8.5
United States-9.6-6.8-6.5-5.84.74.74.72.70.9-0.4
Memo:
Euro area-9.2-12.4-15.0-14.3-1.0-1.0-0.3-4.9-6.6-8.0
 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