> CTG > Table J-C > Change measure  A B  Structure Help
Credit-to-GDP gaps (actual-trend)  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
Argentina-3.6-1.5-3.2-0.10.20.20.01.12.44.7
Australia-13.4-8.7-5.11.8-0.3-0.3-4.3-5.1-7.1-7.1
Austria-6.6-4.2-9.4-9.4-8.6-8.6-7.6-8.5-8.6-8.6
Belgium2.0-3.1-6.2-8.75.15.1-1.5-5.5-10.7-10.8
Brazil8.59.29.512.42.02.0-0.1-0.6-2.3-1.5
Canada5.76.96.315.313.113.112.310.58.57.0
Chile4.09.516.319.210.810.89.37.84.31.2
China12.818.219.825.520.920.921.017.915.411.9
Colombia6.58.511.615.07.77.76.35.84.53.6
Czechia16.815.19.43.02.62.62.72.11.61.4
Denmark1.5-14.8-17.1-21.1-24.5-24.5-27.1-29.7-30.4-31.1
Finland8.88.09.69.9-4.0-4.0-3.0-2.0-0.5-0.1
France7.61.73.44.76.66.66.55.43.93.2
Germany-11.2-8.7-12.5-10.2-7.8-7.8-6.2-6.1-5.8-5.7
Greece9.81.1-5.0-11.7-16.2-16.2-17.6-19.5-21.8-22.9
Hong Kong SAR21.234.137.335.529.829.835.945.344.648.0
Hungary-4.5-14.4-18.0-26.0-27.8-27.8-28.6-28.8-28.7-29.5
India0.9-10.3-9.4-13.9-22.6-22.6-24.6-21.8-21.5-17.8
Indonesia11.114.013.012.110.010.08.48.27.27.3
Ireland15.4-14.6-20.5-17.6-41.7-41.7-46.5-59.6-67.6-76.7
Israel-13.5-15.4-15.0-13.4-10.2-10.2-10.4-9.6-7.8-8.7
Italy1.1-4.1-8.3-13.3-17.0-17.0-17.0-17.6-18.9-18.4
Japan1.92.32.70.94.44.45.45.05.45.9
Korea3.21.01.70.3-1.2-1.2-2.2-1.4-2.2-2.9
Luxembourg-7.3-17.2-12.7-19.3-36.8-36.8-36.3-42.5-46.4-46.5
Malaysia-0.55.53.78.98.68.66.75.73.73.4
Mexico4.06.06.27.58.48.46.25.35.46.3
Netherlands10.03.24.3-3.8-7.9-7.9-8.6-12.8-14.6-20.4
New Zealand-20.0-23.0-22.8-19.4-15.9-15.9-16.2-16.3-16.9-17.3
Norway4.7-2.2-0.313.613.313.37.33.7-1.1-4.4
Poland2.31.20.6-1.6-1.0-1.0-3.1-4.6-6.0-7.6
Portugal5.8-12.0-25.9-36.2-44.4-44.4-43.9-44.8-45.6-45.9
Russia-1.06.617.015.14.54.50.60.50.1-0.4
Saudi Arabia-8.3-3.10.511.210.010.08.37.25.53.3
Singapore17.326.528.023.214.514.59.711.57.38.5
South Africa-2.5-2.5-3.3-1.3-3.6-3.6-3.2-4.5-4.1-4.8
Spain-17.5-29.8-41.5-49.8-52.2-52.2-51.4-51.3-52.5-53.8
Sweden6.94.0-1.0-2.1-6.5-6.5-2.9-4.6-6.9-5.8
Switzerland14.010.56.26.99.19.19.913.012.913.4
Thailand9.115.117.318.112.612.69.89.47.37.4
Türkiye9.713.210.99.89.79.78.57.14.54.2
United Kingdom-15.9-21.1-26.2-25.1-17.2-17.2-16.2-17.1-15.9-14.7
United States-16.2-15.5-14.7-12.7-9.6-9.6-9.0-8.1-7.8-6.8
Memo:
Euro area-5.4-9.3-9.0-8.3-9.2-9.2-8.8-10.3-11.6-12.4
 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