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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
« ‹ Q1 2023 › »
 Year Quarter
2018 2019 2020 2021 2022 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23
Argentina7.76.06.6-0.6-0.9-2.0-0.7-1.0-0.9-0.8
Australia-8.9-13.4-11.6-20.6-27.0-22.6-23.0-24.8-27.0-27.5
Austria-7.6-7.42.51.5-9.9-2.2-4.4-6.4-9.9-10.4
Belgium-17.1-16.8-7.4-24.0-32.0-25.6-26.4-25.9-32.0-34.0
Brazil-0.90.06.22.11.2-1.00.51.31.2-0.6
Canada4.34.220.11.3-16.2-5.6-11.7-14.6-16.2-16.0
Chile3.79.66.8-7.0-10.3-13.2-6.0-4.3-10.3-17.4
China0.4-1.37.2-8.4-6.5-5.7-4.5-5.2-6.5-0.6
Colombia1.6-0.96.1-1.4-5.1-2.6-3.6-4.9-5.1-6.6
Czechia2.9-3.5-1.0-4.2-7.3-5.0-6.1-5.0-7.3-9.6
Denmark-28.2-15.3-23.5-29.1-34.0-31.8-35.0-34.3-34.0-34.8
Finland-4.3-8.7-3.3-7.7-10.5-8.3-10.2-11.8-10.5-15.0
France4.25.624.65.9-3.82.6-0.3-1.6-3.8-8.8
Germany-1.90.99.37.24.45.74.85.74.42.7
Greece-23.1-28.9-12.9-16.1-33.6-19.8-22.0-25.3-33.6-34.7
Hong Kong SAR22.221.035.62.8-5.511.611.0-1.5-5.5-4.9
Hungary-26.3-21.7-9.6-0.2-0.30.42.55.7-0.3-2.8
India-23.2-12.5-3.9-12.7-9.5-9.6-12.5-12.0-9.5-8.8
Indonesia6.95.34.91.5-0.80.71.0-0.2-0.8-2.2
Ireland-72.6-92.8-98.8-102.4-100.5-101.6-99.6-95.5-100.5-105.4
Israel-6.9-6.0-1.11.1-0.31.02.30.7-0.3-0.7
Italy-18.1-16.9-3.5-10.2-14.5-12.3-13.4-13.9-14.5-16.1
Japan9.713.728.523.921.422.622.021.721.418.2
Korea0.35.916.816.615.416.016.216.815.412.7
Luxembourg-38.9-30.7-25.4-24.1-54.2-42.1-57.2-51.9-54.2-54.1
Malaysia4.74.018.58.2-11.43.8-2.1-9.8-11.4-11.7
Mexico3.81.72.5-1.0-3.0-1.7-2.0-2.4-3.0-4.1
Netherlands-29.2-38.9-31.5-38.9-45.7-41.2-41.2-37.7-45.7-52.5
New Zealand-16.1-15.8-10.1-12.0-14.0-11.7-11.4-13.0-14.0-15.7
Norway-17.9-5.619.2-23.1-54.4-36.7-46.5-57.6-54.4-47.9
Poland-9.4-12.1-10.2-14.2-20.5-15.8-17.3-17.4-20.5-21.7
Portugal-47.7-45.1-23.1-25.2-34.1-27.7-30.6-32.0-34.1-36.9
Russia-5.1-7.03.9-13.7-18.8-15.8-24.8-23.1-18.8-15.5
Saudi Arabia-3.4-0.115.87.6-3.53.8-0.6-1.6-3.5-3.1
Singapore0.67.221.9-12.0-41.4-24.2-37.7-41.7-41.4-43.3
South Africa-5.4-4.8-4.0-10.1-6.9-9.4-8.8-7.6-6.9-6.2
Spain-50.7-45.9-19.3-23.9-32.9-27.0-28.6-29.7-32.9-36.1
Sweden-10.3-5.53.53.1-3.81.0-3.3-3.7-3.8-28.4
Switzerland1.217.019.413.5-0.114.311.78.0-0.10.8
Thailand7.26.624.021.411.019.316.813.611.09.2
Türkiye-2.0-7.5-1.5-3.6-25.9-7.9-14.4-21.6-25.9-28.1
United Kingdom-17.2-15.74.1-8.5-17.5-14.3-16.0-15.8-17.5-17.8
United States-6.5-5.84.7-0.4-4.5-1.5-2.3-3.7-4.5-5.8
Memo:
Euro area-15.0-14.3-1.0-8.0-14.5-10.0-11.6-11.4-14.5-17.3
 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