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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 2019 › »
 Year Quarter
2014 2015 2016 2017 2018 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19
Argentina22.921.520.620.221.320.521.121.321.621.8
Australia191.8195.3199.0201.0202.4201.8202.1202.4202.6202.7
Austria151.3151.1150.6150.1149.5149.8149.6149.5149.3149.3
Belgium211.7215.9222.8226.6227.9227.5227.7227.9228.2228.3
Brazil64.969.472.374.075.374.674.975.375.776.1
Canada187.9194.0200.6206.6211.8209.3210.5211.8213.0214.3
Chile120.0126.3132.1136.4139.8137.9138.8139.8140.7141.8
China161.7171.8182.8192.6200.2196.8198.6200.2202.0203.7
Colombia49.053.056.458.760.459.660.060.460.761.0
Czechia81.583.785.386.988.787.788.288.789.089.3
Denmark264.6266.4267.2265.6263.3264.5263.9263.3262.9262.7
Finland172.9179.5183.5186.9190.2188.7189.5190.2190.9191.4
France183.4187.8192.8197.6202.3199.9201.1202.3203.5204.8
Germany130.7128.0125.5123.3121.8122.5122.2121.8121.6121.4
Greece137.7141.3143.5143.8142.8143.4143.1142.8142.3141.6
Hong Kong SAR246.7262.0276.7295.4313.0305.3309.2313.0316.7320.5
Hungary122.7120.8117.6113.3108.7111.0109.8108.7107.5106.4
India115.3115.5113.4110.6107.0109.0108.0107.0106.1105.2
Indonesia29.131.233.134.636.235.435.836.236.636.9
Ireland320.6339.6346.4344.8337.3341.0339.0337.3335.6333.5
Israel125.2122.6120.4118.5117.0117.8117.4117.0116.6116.2
Italy131.3132.3131.9130.5128.5129.5129.0128.5127.9127.4
Japan155.1152.9151.1150.1149.7149.7149.7149.7149.9150.0
Korea177.9180.6182.9184.8187.0185.8186.4187.0187.7188.5
Luxembourg394.8407.0413.3417.4420.9419.1420.0420.9422.1423.5
Malaysia155.9156.9157.8158.5159.4158.9159.1159.4159.5159.8
Mexico29.030.833.135.136.836.036.436.837.237.6
Netherlands282.8288.6292.4294.2293.0294.0293.6293.0292.2291.2
New Zealand196.3194.6193.1191.2188.9190.1189.5188.9188.3187.7
Norway228.2234.6242.5247.8249.7249.2249.6249.7249.8250.1
Poland82.185.288.089.890.890.490.790.890.991.0
Portugal234.1232.9228.7222.6214.7218.8216.8214.7212.6210.4
Russia81.288.895.199.6103.2101.6102.4103.2103.9104.4
Saudi Arabia46.549.153.356.257.757.257.557.757.858.1
Singapore173.6181.3188.6194.2198.4196.5197.5198.4199.3200.3
South Africa76.677.277.677.777.477.677.577.477.477.4
Spain231.3227.6221.3213.6204.7209.2207.0204.7202.4200.2
Sweden234.0239.4243.4247.9251.5249.8250.8251.5252.5253.6
Switzerland223.7227.1231.9237.6242.8240.7241.9242.8243.8245.0
Thailand143.6146.3149.1150.6151.7151.1151.4151.7152.1152.3
Türkiye63.769.674.879.984.582.283.784.585.386.0
United Kingdom186.2182.9180.5178.4175.7177.1176.4175.7174.9174.1
United States165.3163.5162.1161.1160.1160.6160.3160.1159.8159.6
Memo:
Euro area173.0174.6175.4175.3174.2174.8174.6174.2173.8173.5
 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