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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 2020 › »
Year Quarter
2015 2016 2017 2018 2019 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Argentina16.715.915.616.216.416.316.316.416.416.3
Australia198.4202.0203.7204.8205.0205.0205.1205.1205.0205.1
Austria151.1150.7150.1149.2148.3149.0148.8148.6148.3148.1
Belgium217.2224.2228.0230.1231.2230.5230.7231.0231.2231.4
Brazil68.471.072.373.074.373.373.673.974.374.6
Canada191.9198.3204.0208.7213.6210.0211.2212.5213.6215.0
Chile126.2131.8136.1139.5144.4140.5141.6143.0144.4146.2
China171.9182.9192.7200.3206.7202.0203.7205.3206.7208.8
Colombia52.656.058.360.161.560.560.861.261.561.9
Czech Republic83.785.386.988.689.989.089.489.789.990.1
Denmark258.5259.2257.8255.0251.3254.2253.2252.3251.3250.2
Finland179.5183.5187.0190.3191.6190.8191.1191.4191.6192.1
France187.1192.3197.8203.4209.0204.8206.2207.7209.0210.5
Germany113.9112.1110.8109.9109.8109.8109.7109.8109.8109.8
Greece139.6141.6141.7140.4137.2139.7138.9138.1137.2136.4
Hong Kong SAR244.1255.5269.7282.3293.7285.0287.8290.8293.7297.3
Hungary122.9119.7115.5110.9106.3109.7108.6107.4106.3105.3
India64.064.564.263.863.463.763.663.563.463.3
Indonesia29.331.132.634.035.334.434.735.035.335.6
Ireland342.9349.1346.7335.6322.2332.5329.4326.1322.2318.2
Israel124.6122.1120.0118.3116.6117.9117.5117.1116.6116.2
Italy132.1131.8130.4128.5126.4128.0127.4126.9126.4125.9
Japan152.9151.0149.9149.4150.1149.5149.7149.8150.1150.5
Korea180.6182.9184.9187.1190.4187.7188.5189.4190.4191.6
Luxembourg435.0440.6448.3455.8456.2456.7456.9456.6456.2456.6
Malaysia126.9128.3129.3130.6131.9131.0131.3131.6131.9132.3
Mexico32.034.436.338.039.538.438.839.239.540.1
Netherlands290.6294.6296.6295.6292.0295.0294.1293.2292.0290.9
New Zealand194.6193.3191.5189.5187.8189.1188.6188.2187.8187.4
Norway236.1244.1249.5251.6253.0251.8252.0252.5253.0253.9
Poland84.687.489.190.190.190.290.290.290.190.1
Portugal232.9228.7222.6214.8206.1212.7210.5208.4206.1203.9
Russia88.795.099.6103.0105.1103.6104.1104.6105.1105.9
Saudi Arabia50.855.258.159.260.059.359.559.760.060.4
Singapore148.7154.8159.5163.4167.3164.3165.2166.1167.3168.6
South Africa74.074.474.674.775.274.975.075.275.275.4
Spain227.8221.5213.7204.9195.9202.7200.4198.2195.9193.6
Sweden239.3243.3247.6252.3257.4253.6254.9256.2257.4258.6
Switzerland223.4227.9233.2238.9244.4240.2241.6243.0244.4245.9
Thailand106.4108.6110.1111.2112.2111.5111.7112.0112.2112.6
Turkey70.175.380.685.488.186.387.087.588.188.7
United Kingdom189.3186.1183.5181.0177.7180.1179.2178.5177.7177.0
United States160.6159.1158.0156.8155.8156.6156.3156.0155.8155.7
Memo:
Euro area175.7176.7177.0176.7176.3176.6176.5176.4176.3176.2
 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