> CTG > Table J-C > Change measure  A B  Structure Help
Credit-to-GDP gaps (actual-trend)  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
Argentina0.24.77.76.06.64.76.16.06.65.0
Australia-0.3-7.1-8.9-13.4-11.6-10.4-10.2-9.9-11.6-12.5
Austria-8.6-8.6-7.6-7.42.5-5.3-0.11.52.56.3
Belgium5.1-10.8-17.1-16.8-7.4-17.9-14.1-14.4-7.4-6.3
Brazil2.0-1.5-0.90.06.24.06.17.76.25.9
Canada13.17.04.34.220.17.417.219.420.116.8
Chile10.81.23.79.66.813.920.017.46.83.9
China20.911.90.4-1.37.28.511.711.27.23.6
Colombia7.73.61.6-0.96.11.44.95.76.15.3
Czechia2.61.42.9-3.5-1.0-3.5-1.8-1.0-1.0-0.7
Denmark-24.5-31.1-28.2-15.3-23.5-16.7-12.3-25.3-23.5-22.5
Finland-4.0-0.1-4.3-8.7-3.3-8.4-4.8-4.2-3.3-2.0
France6.63.24.25.624.67.721.123.124.620.8
Germany-7.8-5.7-1.90.99.32.26.88.39.310.6
Greece-16.2-22.9-23.1-28.9-12.9-26.9-22.1-16.2-12.9-9.9
Hong Kong SAR29.848.022.221.035.634.435.048.935.635.2
Hungary-27.8-29.5-26.3-21.7-9.6-17.3-14.5-11.6-9.6-4.4
India-22.6-17.8-23.2-12.5-3.9-10.0-5.7-4.8-3.9-2.8
Indonesia10.07.36.95.34.96.65.26.04.94.9
Ireland-41.7-76.7-72.6-92.8-98.8-80.5-78.9-94.2-98.8-102.3
Israel-10.2-8.7-6.9-6.0-1.1-6.8-5.6-3.4-1.10.7
Italy-17.0-18.4-18.1-16.9-3.5-14.7-8.7-5.6-3.5-4.0
Japan4.45.99.713.728.514.925.527.628.528.0
Korea-1.2-2.90.35.916.88.612.915.716.817.3
Luxembourg-36.8-46.5-38.9-30.7-25.4-34.09.5-9.1-25.4-27.5
Malaysia8.63.44.74.018.54.614.316.518.518.5
Mexico8.46.33.81.72.55.25.94.92.52.2
Netherlands-7.9-20.4-29.2-38.9-31.5-35.5-29.4-27.3-31.5-28.3
New Zealand-15.9-17.3-16.1-15.8-10.1-13.6-11.1-11.5-10.1-9.1
Norway13.3-4.4-17.9-5.619.20.210.815.819.218.1
Poland-1.0-7.6-9.4-12.1-10.2-10.1-10.1-10.6-10.2-10.8
Portugal-44.4-45.9-47.7-45.1-23.1-42.2-30.9-26.8-23.1-19.2
Russia4.5-0.4-5.1-7.03.9-1.30.04.93.90.3
Saudi Arabia10.03.3-3.4-0.115.84.59.411.915.817.7
Singapore14.58.50.67.221.97.913.416.321.912.6
South Africa-3.6-4.8-5.4-4.8-4.0-2.7-2.0-3.4-4.0-4.1
Spain-52.2-53.8-50.7-45.9-19.3-42.5-28.9-24.3-19.3-16.8
Sweden-6.5-5.8-10.3-5.53.50.63.94.73.57.0
Switzerland9.113.41.217.019.415.220.623.719.428.5
Thailand12.67.47.26.624.09.515.919.924.025.4
Türkiye9.74.2-2.0-7.5-1.5-4.52.74.9-1.5-2.5
United Kingdom-17.2-14.7-17.2-15.74.1-11.7-2.60.84.14.6
United States-9.6-6.8-6.5-5.84.7-2.53.13.84.74.7
Memo:
Euro area-9.2-12.4-15.0-14.3-1.0-12.1-4.1-2.1-1.0-0.3
 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