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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 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
Argentina-3.2-0.10.24.77.75.18.212.27.77.6
Australia-5.11.8-0.3-7.1-8.9-6.8-7.8-8.1-8.9-9.7
Austria-9.4-9.4-8.6-8.6-7.6-7.7-8.1-7.9-7.6-6.8
Belgium-6.2-8.75.1-10.8-17.1-14.6-14.4-18.0-17.1-17.2
Brazil9.512.42.0-1.5-0.9-3.6-1.9-1.7-0.9-1.2
Canada6.315.313.17.04.35.96.64.54.33.9
Chile16.319.210.81.23.7-0.50.01.23.72.7
China19.825.520.911.90.410.57.03.70.42.9
Colombia11.615.07.73.61.62.82.21.31.60.5
Czechia9.43.02.61.42.91.22.22.72.91.0
Denmark-17.1-21.1-24.5-31.1-28.2-30.5-28.8-28.6-28.2-23.8
Finland9.69.9-4.0-0.1-4.3-1.2-1.0-1.9-4.3-4.1
France3.44.76.63.24.23.54.14.44.24.9
Germany-12.5-10.2-7.8-5.7-1.9-4.3-2.9-1.6-1.9-0.6
Greece-5.0-11.7-16.2-22.9-23.1-23.4-24.2-23.9-23.1-27.1
Hong Kong SAR37.335.529.848.022.248.839.823.522.219.0
Hungary-18.0-26.0-27.8-29.5-26.3-29.3-25.5-26.1-26.3-25.4
India-9.4-13.9-22.6-17.8-23.2-21.4-22.4-23.5-23.2-22.0
Indonesia13.012.110.07.36.96.47.07.16.96.1
Ireland-20.5-17.6-41.7-76.7-72.6-83.9-80.9-81.3-72.6-72.1
Israel-15.0-13.4-10.2-8.7-6.9-6.9-6.5-6.6-6.9-6.7
Italy-8.3-13.3-17.0-18.4-18.1-18.9-18.3-18.3-18.1-18.4
Japan2.70.94.45.99.75.76.27.99.710.5
Korea1.70.3-1.2-2.90.3-2.4-1.6-0.30.31.0
Luxembourg-12.7-19.3-36.8-46.5-38.9-42.4-42.5-41.3-38.9-31.7
Malaysia3.78.98.63.44.74.16.05.04.74.0
Mexico6.27.58.46.33.84.95.44.03.83.5
Netherlands4.3-3.8-7.9-20.4-29.2-20.9-24.7-26.9-29.2-31.7
New Zealand-22.8-19.4-15.9-17.3-16.1-17.4-17.1-17.0-16.1-16.4
Norway-0.313.613.3-4.4-17.9-6.8-10.2-14.8-17.9-18.0
Poland0.6-1.6-1.0-7.6-9.4-7.3-7.6-8.4-9.4-10.1
Portugal-25.9-36.2-44.4-45.9-47.7-47.1-48.3-47.6-47.7-46.9
Russia17.015.14.5-0.4-5.1-2.4-2.9-4.3-5.1-7.8
Saudi Arabia0.511.210.03.3-3.43.00.1-1.5-3.4-4.0
Singapore28.023.214.58.50.64.14.41.30.60.1
South Africa-3.3-1.3-3.6-4.8-5.4-4.4-4.9-4.7-5.4-3.4
Spain-41.5-49.8-52.2-53.8-50.7-53.3-50.8-50.4-50.7-48.3
Sweden-1.0-2.1-6.5-5.8-10.3-5.8-7.4-7.4-10.3-5.2
Switzerland6.26.99.113.41.217.910.26.71.24.1
Thailand17.318.112.67.47.26.06.35.97.26.4
Türkiye10.99.89.74.2-2.03.24.59.9-2.0-2.0
United Kingdom-26.2-25.1-17.2-14.7-17.2-16.4-16.6-17.3-17.2-18.7
United States-14.7-12.7-9.6-6.8-6.5-7.5-6.6-6.8-6.5-6.4
Memo:
Euro area-9.0-8.3-9.2-12.4-15.0-13.6-13.5-13.5-15.0-14.6
 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