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Credit-to-GDP trend (HP filter)  1
Based on total credit to the private non-financial sector, as % of GDP  2
« ‹ Q4 2017 › »
 Year Quarter
2012 2013 2014 2015 2016 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17
Argentina25.624.322.921.520.620.620.420.220.120.2
Australia188.8190.1191.8195.3199.0199.0199.6200.2200.6201.0
Austria150.1150.8151.3151.1150.6150.6150.6150.4150.3150.1
Belgium202.2208.1211.7215.9222.8222.8224.1225.1225.8226.6
Brazil58.261.564.969.472.372.372.873.373.674.0
Canada179.1183.5187.9194.0200.6200.6202.3203.8205.2206.6
Chile111.8115.0120.0126.3132.1132.1133.3134.5135.6136.4
China144.6152.6161.7171.8182.8182.8185.5188.0190.4192.6
Colombia44.146.149.053.056.456.457.157.758.258.7
Czechia73.778.081.583.785.385.385.886.286.686.9
Denmark256.2261.6264.6266.4267.2267.2267.0266.6266.2265.6
Finland162.8168.2172.9179.5183.5183.5184.3185.1186.0186.9
France175.3179.4183.4187.8192.8192.8194.1195.3196.4197.6
Germany135.0133.0130.7128.0125.5125.5124.9124.4123.9123.3
Greece125.3132.3137.7141.3143.5143.5143.8143.9143.9143.8
Hong Kong SAR217.7230.4246.7262.0276.7276.7280.9285.6290.4295.4
Hungary119.7122.3122.7120.8117.6117.6116.6115.6114.5113.3
India112.1114.3115.3115.5113.4113.4112.6111.9111.2110.6
Indonesia25.827.229.131.233.133.133.533.934.234.6
Ireland299.3311.8320.6339.6346.4346.4347.1346.9346.1344.8
Israel129.5127.5125.2122.6120.4120.4119.9119.4119.0118.5
Italy125.8129.1131.3132.3131.9131.9131.7131.4130.9130.5
Japan159.1157.1155.1152.9151.1151.1150.8150.6150.3150.1
Korea172.1175.2177.9180.6182.9182.9183.4183.9184.4184.8
Luxembourg368.7381.8394.8407.0413.3413.3414.8415.9416.7417.4
Malaysia156.2156.0155.9156.9157.8157.8158.1158.3158.4158.5
Mexico26.627.729.030.833.133.133.634.134.535.1
Netherlands270.5277.1282.8288.6292.4292.4293.2293.8294.2294.2
New Zealand199.0198.3196.3194.6193.1193.1192.7192.2191.8191.2
Norway219.8224.4228.2234.6242.5242.5244.2245.6246.8247.8
Poland75.078.782.185.288.088.088.689.189.589.8
Portugal225.8232.1234.1232.9228.7228.7227.4225.9224.3222.6
Russia70.475.081.288.895.195.196.397.498.599.6
Saudi Arabia45.745.646.549.153.353.354.254.955.656.2
Singapore158.5165.2173.6181.3188.6188.6190.0191.5192.8194.2
South Africa75.276.076.677.277.677.677.777.777.777.7
Spain229.0231.8231.3227.6221.3221.3219.6217.7215.8213.6
Sweden220.1227.6234.0239.4243.4243.4244.7245.8246.8247.9
Switzerland215.2219.7223.7227.1231.9231.9233.2234.6236.1237.6
Thailand141.0141.6143.6146.3149.1149.1149.6150.0150.3150.6
Türkiye52.958.363.769.674.874.876.277.578.779.9
United Kingdom189.0188.6186.2182.9180.5180.5180.0179.4178.9178.4
United States168.7167.1165.3163.5162.1162.1161.8161.6161.3161.1
Memo:
Euro area170.6172.1173.0174.6175.4175.4175.5175.5175.5175.3
 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