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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 2021 › »
Year Quarter
2016 2017 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
Argentina15.915.616.717.518.217.617.818.018.218.4
Australia202.1204.0205.2205.4205.8205.5205.6205.7205.8205.8
Austria150.6150.2149.4148.5149.1148.3148.5148.8149.1149.6
Belgium224.3228.0229.4229.9233.0230.2231.1231.9233.0234.0
Brazil70.773.675.878.181.478.779.580.481.482.4
Canada200.6206.6211.9217.0224.7218.3220.3222.4224.7226.7
Chile133.3137.7141.2146.3154.0148.2150.4152.5154.0155.5
China182.8192.6200.2206.8215.5208.9211.2213.4215.5217.3
Colombia55.958.360.161.363.261.662.262.763.263.7
Czech Republic85.386.988.689.690.389.789.990.190.390.6
Denmark267.2265.6263.3262.5261.2262.2262.2261.7261.2260.7
Finland183.5187.0190.2192.4194.5192.8193.4193.9194.5195.1
France192.3197.1201.9206.8215.1208.2210.4212.7215.1217.3
Germany124.2121.9120.1119.1119.7118.9119.1119.3119.7120.1
Greece143.2143.5142.5139.7138.2138.9138.4138.2138.2138.3
Hong Kong SAR255.1269.3281.9293.6309.9297.3301.2306.0309.9313.9
Hungary118.0113.6108.8104.2101.3103.3102.5101.9101.3100.9
India108.1106.0103.6101.7100.9101.2101.1100.9100.9100.9
Indonesia31.132.634.035.336.635.635.936.336.636.8
Ireland359.0357.6350.6341.0325.6337.8334.4330.1325.6321.6
Israel121.7119.6117.7115.9114.5115.4114.9114.6114.5114.5
Italy131.9130.5128.5126.3125.8125.8125.7125.7125.8126.0
Japan150.7149.7149.3150.1154.1150.5151.6152.8154.1155.4
Korea182.8184.8187.0190.3196.1191.4192.8194.4196.1197.9
Luxembourg421.4429.9437.9443.7447.8442.9445.2446.7447.8448.4
Malaysia128.3129.3130.6131.9134.8132.2132.9133.8134.8135.8
Mexico34.436.338.039.541.640.040.641.141.642.0
Netherlands294.2296.2295.1291.0286.7289.8288.8287.9286.7285.6
New Zealand193.1191.2188.8186.2184.5185.7185.3184.8184.5184.2
Norway244.1249.6251.5253.4259.6254.6256.2257.9259.6261.1
Poland87.789.590.590.690.690.690.690.690.690.6
Portugal228.7222.6214.7206.0199.0203.8202.0200.4199.0197.7
Russia95.099.5103.1105.4109.5106.3107.2108.4109.5110.5
Saudi Arabia55.258.059.260.063.160.461.162.063.164.3
Singapore154.8159.4163.0166.8173.6168.1169.7171.5173.6175.5
South Africa78.478.678.678.778.978.878.978.978.979.0
Spain221.5213.8205.0195.8189.8193.6192.1190.8189.8188.9
Sweden243.2247.4252.1257.1263.2258.4260.0261.6263.2265.3
Switzerland226.1231.9236.9241.9249.4243.4245.4247.4249.4251.8
Thailand108.6110.1111.2112.2115.1112.6113.2114.1115.1116.2
Turkey74.879.884.587.190.987.788.890.090.991.6
United Kingdom179.1176.8174.6171.6170.7170.9170.7170.7170.7170.7
United States159.2158.2157.2156.2157.4156.2156.5156.9157.4157.9
Memo:
Euro area177.0177.0176.4175.5176.3175.3175.5175.9176.3176.9
 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