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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Argentina4.77.76.06.6-0.62.30.4-0.6-2.0-0.7
Australia-7.1-8.9-13.4-11.6-20.6-17.0-18.9-20.6-22.6-23.0
Austria-8.6-7.6-7.42.51.52.21.81.5-2.2-4.4
Belgium-10.8-17.1-16.8-7.4-24.0-16.1-16.7-24.0-25.6-26.4
Brazil-1.5-0.90.06.22.10.71.42.1-1.00.5
Canada7.04.34.220.11.39.65.51.3-5.6-11.7
Chile1.23.79.66.8-7.0-4.6-5.6-7.0-13.2-6.0
China11.90.4-1.37.2-8.4-0.9-4.0-8.4-5.7-4.5
Colombia3.61.6-0.96.1-1.42.20.1-1.4-2.6-3.6
Czechia1.42.9-3.5-1.0-4.2-2.9-3.9-4.2-5.0-6.1
Denmark-31.1-28.2-15.3-23.5-29.1-26.2-26.9-29.1-31.8-35.0
Finland-0.1-4.3-8.7-3.3-7.7-4.1-5.6-7.7-8.3-10.2
France3.24.25.624.65.911.98.75.92.6-0.3
Germany-5.7-1.90.99.37.27.77.07.25.74.8
Greece-22.9-23.1-28.9-12.9-16.1-8.5-12.7-16.1-19.8-22.0
Hong Kong SAR48.022.221.035.62.838.118.32.811.611.0
Hungary-29.5-26.3-21.7-9.6-0.2-6.6-3.6-0.20.42.5
India-17.8-23.2-12.5-3.9-12.7-9.3-11.8-12.7-9.6-12.5
Indonesia7.36.95.34.91.53.62.21.50.71.0
Ireland-76.7-72.6-92.8-98.8-102.4-107.2-106.5-102.4-101.6-99.6
Israel-8.7-6.9-6.0-1.11.1-0.20.61.11.02.3
Italy-18.4-18.1-16.9-3.5-10.2-8.2-10.2-10.2-12.3-13.4
Japan5.99.713.728.523.924.923.523.922.622.0
Korea-2.90.35.916.816.617.117.416.616.016.2
Luxembourg-46.5-38.9-30.7-25.4-24.1-30.3-25.6-24.1-42.1-57.2
Malaysia3.44.74.018.58.210.811.08.23.8-2.1
Mexico6.33.81.72.5-1.0-0.2-0.6-1.0-1.7-2.0
Netherlands-20.4-29.2-38.9-31.5-38.9-32.8-36.0-38.9-41.2-41.2
New Zealand-17.3-16.1-15.8-10.1-12.0-13.1-12.2-12.0-11.7-11.4
Norway-4.4-17.9-5.619.2-23.18.0-5.1-23.1-36.7-46.5
Poland-7.6-9.4-12.1-10.2-14.2-13.1-13.1-14.2-15.8-17.3
Portugal-45.9-47.7-45.1-23.1-25.2-23.0-23.6-25.2-27.7-30.6
Russia-0.4-5.1-7.03.9-13.7-6.1-9.5-13.7-15.8-24.8
Saudi Arabia3.3-3.4-0.115.87.614.811.77.63.8-0.6
Singapore8.50.67.221.9-12.08.4-3.6-12.0-24.2-37.7
South Africa-4.8-5.4-4.8-4.0-10.1-8.8-8.9-10.1-9.4-8.8
Spain-53.8-50.7-45.9-19.3-23.9-18.9-21.5-23.9-27.0-28.6
Sweden-5.8-10.3-5.53.53.11.5-0.43.11.0-3.3
Switzerland13.41.217.019.413.523.620.213.514.311.7
Thailand7.47.26.624.021.421.622.521.419.316.8
Türkiye4.2-2.0-7.5-1.5-3.6-7.7-12.1-3.6-7.9-14.4
United Kingdom-14.7-17.2-15.74.1-8.5-0.6-4.5-8.5-14.3-16.0
United States-6.8-6.5-5.84.7-0.42.70.9-0.4-1.5-2.3
Memo:
Euro area-12.4-15.0-14.3-1.0-8.0-4.9-6.6-8.0-10.0-11.6
 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