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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
« ‹ Q2 2018 › »
 Year Quarter
2013 2014 2015 2016 2017 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18
Argentina24.322.921.520.620.220.220.120.220.320.5
Australia190.1191.8195.3199.0201.0200.2200.6201.0201.5201.8
Austria150.8151.3151.1150.6150.1150.4150.3150.1150.0149.8
Belgium208.1211.7215.9222.8226.6225.1225.8226.6227.0227.5
Brazil61.564.969.472.374.073.373.674.074.274.6
Canada183.5187.9194.0200.6206.6203.8205.2206.6207.9209.3
Chile115.0120.0126.3132.1136.4134.5135.6136.4137.1137.9
China152.6161.7171.8182.8192.6188.0190.4192.6194.8196.8
Colombia46.149.053.056.458.757.758.258.759.259.6
Czechia78.081.583.785.386.986.286.686.987.387.7
Denmark261.6264.6266.4267.2265.6266.6266.2265.6265.0264.5
Finland168.2172.9179.5183.5186.9185.1186.0186.9187.8188.7
France179.4183.4187.8192.8197.6195.3196.4197.6198.7199.9
Germany133.0130.7128.0125.5123.3124.4123.9123.3122.9122.5
Greece132.3137.7141.3143.5143.8143.9143.9143.8143.6143.4
Hong Kong SAR230.4246.7262.0276.7295.4285.6290.4295.4300.6305.3
Hungary122.3122.7120.8117.6113.3115.6114.5113.3112.0111.0
India114.3115.3115.5113.4110.6111.9111.2110.6109.9109.0
Indonesia27.229.131.233.134.633.934.234.635.035.4
Ireland311.8320.6339.6346.4344.8346.9346.1344.8342.9341.0
Israel127.5125.2122.6120.4118.5119.4119.0118.5118.2117.8
Italy129.1131.3132.3131.9130.5131.4130.9130.5130.0129.5
Japan157.1155.1152.9151.1150.1150.6150.3150.1149.9149.7
Korea175.2177.9180.6182.9184.8183.9184.4184.8185.3185.8
Luxembourg381.8394.8407.0413.3417.4415.9416.7417.4418.3419.1
Malaysia156.0155.9156.9157.8158.5158.3158.4158.5158.7158.9
Mexico27.729.030.833.135.134.134.535.135.536.0
Netherlands277.1282.8288.6292.4294.2293.8294.2294.2294.2294.0
New Zealand198.3196.3194.6193.1191.2192.2191.8191.2190.7190.1
Norway224.4228.2234.6242.5247.8245.6246.8247.8248.6249.2
Poland78.782.185.288.089.889.189.589.890.190.4
Portugal232.1234.1232.9228.7222.6225.9224.3222.6220.8218.8
Russia75.081.288.895.199.697.498.599.6100.6101.6
Saudi Arabia45.646.549.153.356.254.955.656.256.857.2
Singapore165.2173.6181.3188.6194.2191.5192.8194.2195.3196.5
South Africa76.076.677.277.677.777.777.777.777.677.6
Spain231.8231.3227.6221.3213.6217.7215.8213.6211.4209.2
Sweden227.6234.0239.4243.4247.9245.8246.8247.9248.9249.8
Switzerland219.7223.7227.1231.9237.6234.6236.1237.6239.3240.7
Thailand141.6143.6146.3149.1150.6150.0150.3150.6150.8151.1
Türkiye58.363.769.674.879.977.578.779.981.082.2
United Kingdom188.6186.2182.9180.5178.4179.4178.9178.4177.8177.1
United States167.1165.3163.5162.1161.1161.6161.3161.1160.8160.6
Memo:
Euro area172.1173.0174.6175.4175.3175.5175.5175.3175.1174.8
 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