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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
« ‹ Q1 2016 › »
 Year Quarter
2011 2012 2013 2014 2015 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16
Argentina27.425.624.322.921.522.522.121.821.521.3
Australia188.0188.8190.1191.8195.3192.5193.4194.3195.3196.3
Austria148.9150.1150.8151.3151.1151.3151.3151.2151.1151.0
Belgium195.4202.2208.1211.7215.9213.1213.9215.1215.9217.6
Brazil55.358.261.564.969.465.967.068.269.470.4
Canada175.5179.1183.5187.9194.0189.3190.7192.3194.0195.5
Chile110.0111.8115.0120.0126.3121.4122.8124.6126.3127.9
China138.8144.6152.6161.7171.8164.1166.5169.1171.8174.7
Colombia42.744.146.149.053.049.850.851.953.054.0
Czechia69.873.778.081.583.782.282.883.383.784.1
Denmark247.9256.2261.6264.6266.4265.2265.6266.1266.4266.7
Finland157.8162.8168.2172.9179.5174.5176.2178.0179.5180.8
France170.3175.3179.4183.4187.8184.5185.6186.7187.8189.0
Germany137.3135.0133.0130.7128.0130.0129.3128.7128.0127.3
Greece116.8125.3132.3137.7141.3138.8139.7140.6141.3142.0
Hong Kong SAR207.8217.7230.4246.7262.0250.8254.7258.1262.0265.6
Hungary115.4119.7122.3122.7120.8122.3122.0121.4120.8120.1
India108.1112.1114.3115.3115.5115.5115.5115.5115.5115.2
Indonesia25.325.827.229.131.229.630.130.631.231.6
Ireland278.0299.3311.8320.6339.6328.2333.5337.1339.6342.0
Israel130.6129.5127.5125.2122.6124.6123.9123.2122.6122.0
Italy121.6125.8129.1131.3132.3131.7132.0132.3132.3132.3
Japan161.5159.1157.1155.1152.9154.6154.1153.5152.9152.4
Korea168.8172.1175.2177.9180.6178.6179.2179.9180.6181.2
Luxembourg352.2368.7381.8394.8407.0398.3401.3404.2407.0408.8
Malaysia158.0156.2156.0155.9156.9156.0156.2156.5156.9157.0
Mexico26.026.627.729.030.829.429.830.330.831.4
Netherlands262.7270.5277.1282.8288.6284.5286.1287.4288.6289.5
New Zealand199.2199.0198.3196.3194.6195.9195.4195.0194.6194.2
Norway213.9219.8224.4228.2234.6229.6231.0232.7234.6236.5
Poland71.275.078.782.185.282.983.784.585.285.9
Portugal217.3225.8232.1234.1232.9234.1233.9233.5232.9232.1
Russia67.670.475.081.288.883.284.986.888.890.6
Saudi Arabia46.545.745.646.549.146.947.548.249.150.1
Singapore155.3158.5165.2173.6181.3175.5177.4179.3181.3183.2
South Africa74.675.276.076.677.276.776.877.077.277.4
Spain221.9229.0231.8231.3227.6230.8229.9228.9227.6226.2
Sweden211.8220.1227.6234.0239.4235.5236.8238.0239.4240.4
Switzerland210.8215.2219.7223.7227.1224.5225.3226.1227.1228.4
Thailand141.4141.0141.6143.6146.3144.2144.8145.5146.3147.1
Türkiye48.252.958.363.769.665.166.668.269.670.9
United Kingdom187.9189.0188.6186.2182.9185.5184.6183.7182.9182.1
United States169.9168.7167.1165.3163.5164.8164.4164.0163.5163.1
Memo:
Euro area167.8170.6172.1173.0174.6173.6174.0174.4174.6174.8
 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