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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
« ‹ Q3 2020 › »
 Year Quarter
2015 2016 2017 2018 2019 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Argentina21.520.620.221.322.322.122.322.522.723.0
Australia195.3199.0201.0202.4202.7202.8202.7202.8202.9202.9
Austria151.1150.6150.1149.5148.9149.1148.9148.8149.0149.3
Belgium215.9222.8226.6227.9228.7228.5228.7228.8229.0229.2
Brazil69.472.374.075.377.076.577.077.778.579.4
Canada194.0200.6206.6211.8216.9215.7216.9218.4220.4222.6
Chile126.3132.1136.4139.8144.4143.1144.4146.1148.1150.0
China171.8182.8192.6200.2206.8205.3206.8208.9211.2213.5
Colombia53.056.458.760.461.661.361.661.962.563.2
Czechia83.785.386.988.789.689.589.689.789.990.2
Denmark266.4267.2265.6263.3262.6262.6262.6262.5262.7262.0
Finland179.5183.5186.9190.2192.4192.0192.4192.7193.3194.0
France187.8192.8197.6202.3207.5206.2207.5208.9211.2213.5
Germany128.0125.5123.3121.8121.0121.2121.0120.9121.1121.3
Greece141.3143.5143.8142.8140.1140.8140.1139.3138.9138.7
Hong Kong SAR262.0276.7295.4313.0328.3324.4328.3333.0337.8343.4
Hungary120.8117.6113.3108.7104.2105.2104.2103.3102.6102.0
India115.5113.4110.6107.0104.0104.5104.0103.6103.5103.4
Indonesia31.233.134.636.237.737.337.738.138.538.9
Ireland339.6346.4344.8337.3328.0331.3328.0325.2322.5318.7
Israel122.6120.4118.5117.0115.3115.7115.3114.9114.5114.2
Italy132.3131.9130.5128.5126.2126.8126.2125.8125.6125.6
Japan152.9151.1150.1149.7150.6150.3150.6151.1152.2153.4
Korea180.6182.9184.8187.0190.3189.3190.3191.4192.8194.4
Luxembourg407.0413.3417.4420.9426.2425.0426.2427.1430.6432.9
Malaysia156.9157.8158.5159.4160.2160.0160.2160.4161.2162.2
Mexico30.833.135.136.838.338.038.338.839.439.9
Netherlands288.6292.4294.2293.0288.7290.1288.7287.5286.5285.7
New Zealand194.6193.1191.2188.9186.4187.1186.4185.8185.4184.9
Norway234.6242.5247.8249.7251.5250.7251.5252.6254.3256.3
Poland85.288.089.890.890.991.090.991.091.091.0
Portugal232.9228.7222.6214.7206.0208.3206.0203.9202.3200.9
Russia88.895.199.6103.2105.7105.0105.7106.6107.7109.0
Saudi Arabia49.153.356.257.758.758.458.759.460.361.4
Singapore181.3188.6194.2198.4202.7201.3202.7204.1205.8207.7
South Africa77.277.677.777.477.277.377.277.377.377.3
Spain227.6221.3213.6204.7195.6197.9195.6193.3191.8190.5
Sweden239.4243.4247.9251.5255.6254.6255.6256.9258.4260.0
Switzerland227.1231.9237.6242.8248.4246.6248.4250.1252.2254.5
Thailand146.3149.1150.6151.7153.0152.6153.0153.5154.4155.6
Türkiye69.674.879.984.587.086.687.087.788.890.0
United Kingdom182.9180.5178.4175.7172.7173.4172.7172.1172.1172.2
United States163.5162.1161.1160.1159.1159.3159.1159.0159.3159.6
Memo:
Euro area174.6175.4175.3174.2172.7173.1172.7172.4172.6172.9
 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