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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
Argentina4.77.76.06.6-0.6-0.6-2.0-0.7-1.0-0.9
Australia-7.1-8.9-13.4-11.6-20.6-20.6-22.6-23.0-24.8-27.0
Austria-8.6-7.6-7.42.51.51.5-2.2-4.4-6.4-9.9
Belgium-10.8-17.1-16.8-7.4-24.0-24.0-25.6-26.4-25.9-32.0
Brazil-1.5-0.90.06.22.12.1-1.00.51.31.2
Canada7.04.34.220.11.31.3-5.6-11.7-14.6-16.2
Chile1.23.79.66.8-7.0-7.0-13.2-6.0-4.3-10.3
China11.90.4-1.37.2-8.4-8.4-5.7-4.5-5.2-6.5
Colombia3.61.6-0.96.1-1.4-1.4-2.6-3.6-4.9-5.1
Czechia1.42.9-3.5-1.0-4.2-4.2-5.0-6.1-5.0-7.3
Denmark-31.1-28.2-15.3-23.5-29.1-29.1-31.8-35.0-34.3-34.0
Finland-0.1-4.3-8.7-3.3-7.7-7.7-8.3-10.2-11.8-10.5
France3.24.25.624.65.95.92.6-0.3-1.6-3.8
Germany-5.7-1.90.99.37.27.25.74.85.74.4
Greece-22.9-23.1-28.9-12.9-16.1-16.1-19.8-22.0-25.3-33.6
Hong Kong SAR48.022.221.035.62.82.811.611.0-1.5-5.5
Hungary-29.5-26.3-21.7-9.6-0.2-0.20.42.55.7-0.3
India-17.8-23.2-12.5-3.9-12.7-12.7-9.6-12.5-12.0-9.5
Indonesia7.36.95.34.91.51.50.71.0-0.2-0.8
Ireland-76.7-72.6-92.8-98.8-102.4-102.4-101.6-99.6-95.5-100.5
Israel-8.7-6.9-6.0-1.11.11.11.02.30.7-0.3
Italy-18.4-18.1-16.9-3.5-10.2-10.2-12.3-13.4-13.9-14.5
Japan5.99.713.728.523.923.922.622.021.721.4
Korea-2.90.35.916.816.616.616.016.216.815.4
Luxembourg-46.5-38.9-30.7-25.4-24.1-24.1-42.1-57.2-51.9-54.2
Malaysia3.44.74.018.58.28.23.8-2.1-9.8-11.4
Mexico6.33.81.72.5-1.0-1.0-1.7-2.0-2.4-3.0
Netherlands-20.4-29.2-38.9-31.5-38.9-38.9-41.2-41.2-37.7-45.7
New Zealand-17.3-16.1-15.8-10.1-12.0-12.0-11.7-11.4-13.0-14.0
Norway-4.4-17.9-5.619.2-23.1-23.1-36.7-46.5-57.6-54.4
Poland-7.6-9.4-12.1-10.2-14.2-14.2-15.8-17.3-17.4-20.5
Portugal-45.9-47.7-45.1-23.1-25.2-25.2-27.7-30.6-32.0-34.1
Russia-0.4-5.1-7.03.9-13.7-13.7-15.8-24.8-23.1-18.8
Saudi Arabia3.3-3.4-0.115.87.67.63.8-0.6-1.6-3.5
Singapore8.50.67.221.9-12.0-12.0-24.2-37.7-41.7-41.4
South Africa-4.8-5.4-4.8-4.0-10.1-10.1-9.4-8.8-7.6-6.9
Spain-53.8-50.7-45.9-19.3-23.9-23.9-27.0-28.6-29.7-32.9
Sweden-5.8-10.3-5.53.53.13.11.0-3.3-3.7-3.8
Switzerland13.41.217.019.413.513.514.311.78.0-0.1
Thailand7.47.26.624.021.421.419.316.813.611.0
Türkiye4.2-2.0-7.5-1.5-3.6-3.6-7.9-14.4-21.6-25.9
United Kingdom-14.7-17.2-15.74.1-8.5-8.5-14.3-16.0-15.8-17.5
United States-6.8-6.5-5.84.7-0.4-0.4-1.5-2.3-3.7-4.5
Memo:
Euro area-12.4-15.0-14.3-1.0-8.0-8.0-10.0-11.6-11.4-14.5
 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