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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
« ‹ Q4 2015 › »
 Year Quarter
2010 2011 2012 2013 2014 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
Argentina29.627.425.624.322.922.922.522.121.821.5
Australia186.6188.0188.8190.1191.8191.8192.5193.4194.3195.3
Austria147.1148.9150.1150.8151.3151.3151.3151.3151.2151.1
Belgium189.5195.4202.2208.1211.7211.7213.1213.9215.1215.9
Brazil53.055.358.261.564.964.965.967.068.269.4
Canada171.8175.5179.1183.5187.9187.9189.3190.7192.3194.0
Chile109.3110.0111.8115.0120.0120.0121.4122.8124.6126.3
China133.8138.8144.6152.6161.7161.7164.1166.5169.1171.8
Colombia41.042.744.146.149.049.049.850.851.953.0
Czechia66.269.873.778.081.581.582.282.883.383.7
Denmark239.2247.9256.2261.6264.6264.6265.2265.6266.1266.4
Finland152.4157.8162.8168.2172.9172.9174.5176.2178.0179.5
France165.8170.3175.3179.4183.4183.4184.5185.6186.7187.8
Germany139.5137.3135.0133.0130.7130.7130.0129.3128.7128.0
Greece107.0116.8125.3132.3137.7137.7138.8139.7140.6141.3
Hong Kong SAR196.0207.8217.7230.4246.7246.7250.8254.7258.1262.0
Hungary108.7115.4119.7122.3122.7122.7122.3122.0121.4120.8
India103.2108.1112.1114.3115.3115.3115.5115.5115.5115.5
Indonesia26.125.325.827.229.129.129.630.130.631.2
Ireland255.2278.0299.3311.8320.6320.6328.2333.5337.1339.6
Israel131.0130.6129.5127.5125.2125.2124.6123.9123.2122.6
Italy116.7121.6125.8129.1131.3131.3131.7132.0132.3132.3
Japan164.0161.5159.1157.1155.1155.1154.6154.1153.5152.9
Korea165.8168.8172.1175.2177.9177.9178.6179.2179.9180.6
Luxembourg337.1352.2368.7381.8394.8394.8398.3401.3404.2407.0
Malaysia160.6158.0156.2156.0155.9155.9156.0156.2156.5156.9
Mexico25.426.026.627.729.029.029.429.830.330.8
Netherlands255.7262.7270.5277.1282.8282.8284.5286.1287.4288.6
New Zealand198.0199.2199.0198.3196.3196.3195.9195.4195.0194.6
Norway207.9213.9219.8224.4228.2228.2229.6231.0232.7234.6
Poland67.071.275.078.782.182.182.983.784.585.2
Portugal208.3217.3225.8232.1234.1234.1234.1233.9233.5232.9
Russia65.467.670.475.081.281.283.284.986.888.8
Saudi Arabia46.646.545.745.646.546.546.947.548.249.1
Singapore153.8155.3158.5165.2173.6173.6175.5177.4179.3181.3
South Africa74.074.675.276.076.676.676.776.877.077.2
Spain212.1221.9229.0231.8231.3231.3230.8229.9228.9227.6
Sweden203.6211.8220.1227.6234.0234.0235.5236.8238.0239.4
Switzerland206.9210.8215.2219.7223.7223.7224.5225.3226.1227.1
Thailand144.6141.4141.0141.6143.6143.6144.2144.8145.5146.3
Türkiye43.048.252.958.363.763.765.166.668.269.6
United Kingdom186.2187.9189.0188.6186.2186.2185.5184.6183.7182.9
United States169.9169.9168.7167.1165.3165.3164.8164.4164.0163.5
Memo:
Euro area164.9167.8170.6172.1173.0173.0173.6174.0174.4174.6
 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