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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
Argentina2.06.39.06.87.35.67.07.07.35.8
Australia-0.9-7.8-9.6-14.1-10.4-10.8-10.2-9.3-10.4-10.9
Austria-8.6-8.6-7.6-7.12.9-4.60.21.82.96.2
Belgium4.9-11.4-18.6-17.2-10.1-18.2-9.9-10.2-10.1-10.5
Brazil7.63.22.12.99.42.03.96.69.47.7
Canada13.16.94.73.120.15.715.418.420.114.5
Chile10.81.24.511.610.217.022.920.010.27.1
China20.911.90.4-1.36.88.311.610.86.83.1
Colombia8.34.01.9-0.83.50.93.73.73.53.0
Czech Republic2.61.42.9-3.7-0.7-3.7-2.1-1.1-0.7-0.5
Denmark-24.5-31.1-28.2-15.8-17.9-17.7-13.5-19.0-17.9-18.6
Finland-4.0-0.1-3.8-8.3-1.0-8.9-5.5-4.1-1.0-1.0
France7.23.72.65.124.37.120.522.724.321.5
Germany-7.9-5.6-2.90.09.31.36.48.29.310.8
Greece-16.1-23.0-23.2-28.7-13.5-27.1-22.6-16.8-13.5-10.9
Hong Kong SAR29.848.122.421.834.735.035.048.034.734.9
Hungary-28.1-29.8-26.7-22.1-10.2-17.1-15.2-11.6-10.2-5.2
India-16.2-18.4-16.8-14.4-5.7-12.4-8.1-6.7-5.7-4.0
Indonesia10.07.36.95.34.96.65.26.04.94.9
Ireland-42.3-75.5-71.9-93.4-98.4-81.9-79.9-94.8-98.4-97.9
Israel-10.8-9.2-7.3-6.1-0.1-7.0-5.5-3.1-0.12.1
Italy-17.0-18.4-18.1-16.9-3.9-14.8-8.6-5.8-3.9-3.4
Japan4.76.210.013.328.214.625.227.228.227.7
Korea-1.2-2.90.46.017.68.813.016.117.618.3
Luxembourg-37.0-44.8-42.0-27.4-26.0-27.616.0-13.7-26.0-27.3
Malaysia8.33.45.94.715.14.311.213.415.114.8
Mexico8.56.33.81.73.35.46.35.43.32.9
Netherlands-8.0-20.2-29.1-38.9-32.8-35.6-29.7-28.5-32.8-28.6
New Zealand-15.8-17.4-16.4-15.5-9.5-13.3-10.9-11.5-9.5-8.2
Norway12.8-4.5-18.2-5.310.81.59.311.310.86.7
Poland-1.1-7.7-9.0-12.2-10.1-10.2-10.3-10.7-10.1-10.5
Portugal-44.4-45.9-47.7-45.1-23.9-42.3-31.5-27.3-23.9-20.2
Russia4.7-0.2-5.5-8.90.2-2.6-1.43.40.2-2.2
Saudi Arabia10.82.8-4.40.218.45.211.214.818.420.3
Singapore12.06.80.98.122.28.713.516.022.217.3
South Africa-3.0-4.3-4.9-4.1-3.3-2.1-1.3-2.7-3.3-3.3
Spain-52.2-53.8-51.3-46.2-19.9-43.4-29.5-25.2-19.9-17.2
Sweden-7.2-6.8-5.2-2.76.2-0.13.44.86.212.2
Switzerland11.514.92.414.320.212.517.618.620.227.9
Thailand10.56.55.43.716.15.910.713.016.117.1
Turkey9.74.1-1.8-7.3-1.2-4.52.75.1-1.2-2.4
United Kingdom-19.8-15.2-17.5-15.8-2.7-13.7-5.3-4.7-2.7-4.2
United States-9.3-6.6-6.4-5.66.7-2.33.85.26.77.2
Memo:
Euro area-9.3-12.8-13.8-13.10.0-10.9-3.1-1.30.01.6
 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