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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
« ‹ Q1 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
Argentina22.921.520.620.221.320.320.521.121.321.6
Australia191.8195.3199.0201.0202.4201.5201.8202.1202.4202.6
Austria151.3151.1150.6150.1149.5150.0149.8149.6149.5149.3
Belgium211.7215.9222.8226.6227.9227.0227.5227.7227.9228.2
Brazil64.969.472.374.075.374.274.674.975.375.7
Canada187.9194.0200.6206.6211.8207.9209.3210.5211.8213.0
Chile120.0126.3132.1136.4139.8137.1137.9138.8139.8140.7
China161.7171.8182.8192.6200.2194.8196.8198.6200.2202.0
Colombia49.053.056.458.760.459.259.660.060.460.7
Czechia81.583.785.386.988.787.387.788.288.789.0
Denmark264.6266.4267.2265.6263.3265.0264.5263.9263.3262.9
Finland172.9179.5183.5186.9190.2187.8188.7189.5190.2190.9
France183.4187.8192.8197.6202.3198.7199.9201.1202.3203.5
Germany130.7128.0125.5123.3121.8122.9122.5122.2121.8121.6
Greece137.7141.3143.5143.8142.8143.6143.4143.1142.8142.3
Hong Kong SAR246.7262.0276.7295.4313.0300.6305.3309.2313.0316.7
Hungary122.7120.8117.6113.3108.7112.0111.0109.8108.7107.5
India115.3115.5113.4110.6107.0109.9109.0108.0107.0106.1
Indonesia29.131.233.134.636.235.035.435.836.236.6
Ireland320.6339.6346.4344.8337.3342.9341.0339.0337.3335.6
Israel125.2122.6120.4118.5117.0118.2117.8117.4117.0116.6
Italy131.3132.3131.9130.5128.5130.0129.5129.0128.5127.9
Japan155.1152.9151.1150.1149.7149.9149.7149.7149.7149.9
Korea177.9180.6182.9184.8187.0185.3185.8186.4187.0187.7
Luxembourg394.8407.0413.3417.4420.9418.3419.1420.0420.9422.1
Malaysia155.9156.9157.8158.5159.4158.7158.9159.1159.4159.5
Mexico29.030.833.135.136.835.536.036.436.837.2
Netherlands282.8288.6292.4294.2293.0294.2294.0293.6293.0292.2
New Zealand196.3194.6193.1191.2188.9190.7190.1189.5188.9188.3
Norway228.2234.6242.5247.8249.7248.6249.2249.6249.7249.8
Poland82.185.288.089.890.890.190.490.790.890.9
Portugal234.1232.9228.7222.6214.7220.8218.8216.8214.7212.6
Russia81.288.895.199.6103.2100.6101.6102.4103.2103.9
Saudi Arabia46.549.153.356.257.756.857.257.557.757.8
Singapore173.6181.3188.6194.2198.4195.3196.5197.5198.4199.3
South Africa76.677.277.677.777.477.677.677.577.477.4
Spain231.3227.6221.3213.6204.7211.4209.2207.0204.7202.4
Sweden234.0239.4243.4247.9251.5248.9249.8250.8251.5252.5
Switzerland223.7227.1231.9237.6242.8239.3240.7241.9242.8243.8
Thailand143.6146.3149.1150.6151.7150.8151.1151.4151.7152.1
Türkiye63.769.674.879.984.581.082.283.784.585.3
United Kingdom186.2182.9180.5178.4175.7177.8177.1176.4175.7174.9
United States165.3163.5162.1161.1160.1160.8160.6160.3160.1159.8
Memo:
Euro area173.0174.6175.4175.3174.2175.1174.8174.6174.2173.8
 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