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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22
Argentina20.221.322.323.323.423.523.423.223.123.0
Australia201.0202.4202.7202.9201.3201.9201.3200.5199.6198.6
Austria150.1149.5148.9149.6151.2150.9151.2151.4151.3151.2
Belgium226.6227.9228.7229.8230.1230.5230.1229.5228.9228.2
Brazil74.075.377.080.282.882.282.883.383.884.4
Canada206.6211.8216.9224.9231.5230.2231.5232.4232.9233.2
Chile136.4139.8144.4151.3154.2153.7154.2154.3154.8155.4
China192.6200.2206.8215.6221.7220.5221.7223.0224.4225.7
Colombia58.760.461.663.965.665.365.665.865.965.9
Czechia86.988.789.690.490.990.890.990.890.790.7
Denmark265.6263.3262.6261.4258.1259.2258.1256.9255.4253.8
Finland186.9190.2192.4194.6196.9196.5196.9197.2197.4197.5
France197.6202.3207.5216.0223.4221.9223.4224.8225.9227.0
Germany123.3121.8121.0121.7122.9122.6122.9123.1123.3123.5
Greece143.8142.8140.1138.7138.7139.0138.7138.2137.5136.6
Hong Kong SAR295.4313.0328.3348.4366.0362.7366.0369.7373.5376.5
Hungary113.3108.7104.2101.5100.8100.8100.8100.9101.0101.4
India110.6107.0104.0103.3101.8102.4101.8101.3100.7100.0
Indonesia34.636.237.739.340.440.240.440.540.740.8
Ireland344.8337.3328.0314.4294.6299.7294.6289.4284.1278.9
Israel118.5117.0115.3114.0113.8113.8113.8113.8113.8113.8
Italy130.5128.5126.2125.8125.1125.4125.1124.7124.1123.6
Japan150.1149.7150.6154.8159.8158.6159.8161.0162.2163.5
Korea184.8187.0190.3196.0203.0201.2203.0204.7206.5208.4
Luxembourg417.4420.9426.2434.4439.2437.9439.2439.5438.8438.3
Malaysia158.5159.4160.2163.3166.5165.9166.5166.8166.9166.5
Mexico35.136.838.340.341.341.241.341.541.641.7
Netherlands294.2293.0288.7284.5278.8280.6278.8276.8274.7272.8
New Zealand191.2188.9186.4184.5182.3182.9182.3181.7181.1180.4
Norway247.8249.7251.5258.5263.1263.2263.1262.1260.5258.1
Poland89.890.890.991.090.190.490.189.789.188.5
Portugal222.6214.7206.0199.7194.6196.1194.6192.9191.1189.1
Russia99.6103.2105.7110.3112.8112.6112.8112.9112.4112.0
Saudi Arabia56.257.758.762.767.666.767.668.468.969.3
Singapore194.2198.4202.7209.9214.4214.1214.4214.1212.9211.4
South Africa77.777.477.277.275.976.475.975.575.074.7
Spain213.6204.7195.6189.5184.8186.3184.8183.2181.4179.5
Sweden247.9251.5255.6261.5267.5265.9267.5268.8270.0271.1
Switzerland237.6242.8248.4256.6265.8263.9265.8267.8269.6271.2
Thailand150.6151.7153.0157.0162.9161.5162.9164.3165.5166.6
Türkiye79.984.587.090.892.992.292.993.393.493.0
United Kingdom178.4175.7172.7172.5172.5172.9172.5171.7170.9170.0
United States161.1160.1159.1159.9160.8160.7160.8160.8160.8160.7
Memo:
Euro area175.3174.2172.7173.2173.7173.7173.7173.4173.1172.8
 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