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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
« ‹ Q2 2016 › »
 Year Quarter
2011 2012 2013 2014 2015 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16
Argentina27.425.624.322.921.522.121.821.521.321.1
Australia188.0188.8190.1191.8195.3193.4194.3195.3196.3197.3
Austria148.9150.1150.8151.3151.1151.3151.2151.1151.0150.8
Belgium195.4202.2208.1211.7215.9213.9215.1215.9217.6219.4
Brazil55.358.261.564.969.467.068.269.470.471.1
Canada175.5179.1183.5187.9194.0190.7192.3194.0195.5197.2
Chile110.0111.8115.0120.0126.3122.8124.6126.3127.9129.3
China138.8144.6152.6161.7171.8166.5169.1171.8174.7177.5
Colombia42.744.146.149.053.050.851.953.054.054.9
Czechia69.873.778.081.583.782.883.383.784.184.5
Denmark247.9256.2261.6264.6266.4265.6266.1266.4266.7266.9
Finland157.8162.8168.2172.9179.5176.2178.0179.5180.8181.9
France170.3175.3179.4183.4187.8185.6186.7187.8189.0190.3
Germany137.3135.0133.0130.7128.0129.3128.7128.0127.3126.7
Greece116.8125.3132.3137.7141.3139.7140.6141.3142.0142.6
Hong Kong SAR207.8217.7230.4246.7262.0254.7258.1262.0265.6269.3
Hungary115.4119.7122.3122.7120.8122.0121.4120.8120.1119.5
India108.1112.1114.3115.3115.5115.5115.5115.5115.2114.8
Indonesia25.325.827.229.131.230.130.631.231.632.1
Ireland278.0299.3311.8320.6339.6333.5337.1339.6342.0344.3
Israel130.6129.5127.5125.2122.6123.9123.2122.6122.0121.4
Italy121.6125.8129.1131.3132.3132.0132.3132.3132.3132.3
Japan161.5159.1157.1155.1152.9154.1153.5152.9152.4151.8
Korea168.8172.1175.2177.9180.6179.2179.9180.6181.2181.8
Luxembourg352.2368.7381.8394.8407.0401.3404.2407.0408.8410.4
Malaysia158.0156.2156.0155.9156.9156.2156.5156.9157.0157.2
Mexico26.026.627.729.030.829.830.330.831.431.9
Netherlands262.7270.5277.1282.8288.6286.1287.4288.6289.5290.4
New Zealand199.2199.0198.3196.3194.6195.4195.0194.6194.2193.7
Norway213.9219.8224.4228.2234.6231.0232.7234.6236.5238.5
Poland71.275.078.782.185.283.784.585.285.986.6
Portugal217.3225.8232.1234.1232.9233.9233.5232.9232.1231.1
Russia67.670.475.081.288.884.986.888.890.692.2
Saudi Arabia46.545.745.646.549.147.548.249.150.151.3
Singapore155.3158.5165.2173.6181.3177.4179.3181.3183.2185.1
South Africa74.675.276.076.677.276.877.077.277.477.5
Spain221.9229.0231.8231.3227.6229.9228.9227.6226.2224.7
Sweden211.8220.1227.6234.0239.4236.8238.0239.4240.4241.3
Switzerland210.8215.2219.7223.7227.1225.3226.1227.1228.4229.5
Thailand141.4141.0141.6143.6146.3144.8145.5146.3147.1147.9
Türkiye48.252.958.363.769.666.668.269.670.972.1
United Kingdom187.9189.0188.6186.2182.9184.6183.7182.9182.1181.5
United States169.9168.7167.1165.3163.5164.4164.0163.5163.1162.8
Memo:
Euro area167.8170.6172.1173.0174.6174.0174.4174.6174.8175.1
 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