BIS Statistics Explorer: Table F4.1

Total credit to non-financial corporations (core debt)

As a percentage of GDP ¹

« ‹ Q3 2023 › »	Year					Quarter
« ‹ Q3 2023 › »	2018	2019	2020	2021	2022	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23
Argentina	22.4	22.9	24.3	18.3	17.9	17.9	17.9	18.0	19.0	20.2
Australia	71.5	70.5	69.2	63.3	59.8	61.5	59.8	59.4	59.1	59.8
Austria	93.0	92.5	99.6	101.2	92.7	95.4	92.7	93.4	92.1	91.7
Belgium	151.2	151.0	156.7	143.6	134.8	141.7	134.8	132.5	130.1	128.5
Brazil	46.0	47.0	54.3	52.4	52.1	52.0	52.1	50.7	50.0	51.2
Canada	113.0	117.6	132.8	126.4	115.7	115.9	115.7	116.9	117.3	117.2
Chile	97.6	106.0	109.7	102.4	98.9	105.4	98.9	91.6	91.5	95.5
China	149.1	150.1	160.9	152.0	158.8	158.8	158.8	165.7	166.5	167.1
Colombia	34.3	31.6	37.5	34.1	32.3	32.5	32.3	31.5	31.4	31.3
Czechia	59.9	54.6	55.6	52.0	50.6	52.6	50.6	48.6	47.6	47.7
Denmark	123.2	136.8	126.0	126.9	133.4	134.1	133.4	131.5	125.3	128.5
Finland	120.6	117.9	122.2	121.2	122.1	120.3	122.1	118.4	119.0	118.0
France	146.1	150.9	172.4	162.6	158.0	158.8	158.0	154.4	152.5	151.4
Germany	67.4	68.5	73.8	73.6	72.9	73.5	72.9	72.1	71.7	70.8
Greece	60.8	55.0	66.1	66.8	56.2	60.6	56.2	54.7	54.0	53.7
Hong Kong SAR	262.6	267.6	292.3	275.6	277.9	280.0	277.9	281.3	278.0	271.0
Hungary	64.6	63.9	71.0	79.4	82.5	87.8	82.5	80.4	77.1	76.9
India	48.9	54.5	59.2	53.1	53.6	52.4	53.6	53.8	55.3	54.7
Indonesia	26.1	26.0	26.4	24.6	23.8	24.3	23.8	22.7	22.8	23.2
Ireland	222.9	197.6	180.5	162.1	147.0	156.6	147.0	136.2	133.8	139.4
Israel	68.7	68.1	69.8	71.1	69.4	70.2	69.4	69.5	69.9	69.2
Italy	69.7	68.3	77.4	72.4	67.6	68.3	67.6	66.0	65.7	63.8
Japan	98.0	101.8	115.8	116.0	118.1	117.3	118.1	116.5	115.1	115.0
Korea	95.6	101.3	109.8	114.2	121.1	120.3	121.1	123.0	123.9	124.0
Luxembourg	315.3	327.2	339.2	347.5	315.9	318.8	315.9	314.9	308.4	312.6
Malaysia	96.0	96.0	105.4	101.8	87.8	89.4	87.8	87.2	88.6	89.2
Mexico	25.0	24.4	26.1	24.3	22.7	23.3	22.7	21.6	21.0	21.1
Netherlands	159.3	149.0	148.0	139.9	131.3	139.5	131.3	123.3	121.0	120.9
New Zealand	81.6	78.7	77.0	72.5	71.1	72.2	71.1	69.8	70.0	69.1
Norway	132.8	142.6	164.3	144.0	126.5	125.0	126.5	130.1	134.3	142.1
Poland	46.5	44.4	46.1	43.6	40.6	42.5	40.6	39.8	38.5	38.5
Portugal	101.0	97.4	107.5	103.0	92.0	94.8	92.0	88.7	86.4	86.1
Russia	80.9	79.6	92.3	78.0	72.8	69.2	72.8	75.4	76.5	79.3
Saudi Arabia	30.6	33.2	45.7	42.5	36.7	37.9	36.7	37.3	39.4	41.2
Singapore	138.2	151.1	170.1	149.0	123.0	122.6	123.0	119.5	129.5	128.2
South Africa	37.3	37.4	36.6	31.8	33.0	33.1	33.0	33.3	31.9	32.5
Spain	95.1	92.8	107.6	103.3	92.2	96.1	92.2	88.5	85.1	83.2
Sweden	153.1	161.6	171.3	178.5	180.9	178.6	180.9	157.7	158.9	152.8
Switzerland	119.1	139.0	141.9	149.6	145.9	152.1	145.9	148.4	146.8	146.3
Thailand	75.6	74.8	85.8	88.6	86.2	87.8	86.2	86.0	86.3	86.3
Türkiye	67.9	65.0	71.8	74.8	55.4	60.2	55.4	52.0	55.6	51.0
United Kingdom	71.7	71.3	83.7	76.0	67.3	69.1	67.3	67.6	64.8	64.3
United States	78.1	78.2	86.3	82.8	80.7	81.2	80.7	80.3	79.4	78.4
Memo:
Euro area	102.0	101.2	110.5	106.3	100.8	103.6	100.8	98.3	97.1	96.3
Aggregates based on conversion to US dollars at market exchange rates ¹
G20 (aggregate)	91.2	94.5	109.1	99.3	96.8	92.8	96.8	98.8	96.3	95.0
All reporting economies	92.2	95.9	110.4	100.3	97.8	93.6	97.8	99.6	97.3	95.8
Advanced economies	88.6	91.2	104.0	94.0	91.8	87.3	91.8	92.0	90.3	87.9
Emerging market economies	97.8	103.3	120.7	109.8	106.5	102.7	106.5	110.7	107.5	107.6
Aggregates based on conversion to US dollars at PPP exchange rates ¹
G20 (aggregate)	90.7	92.0	101.5	96.8	95.8	96.7	95.8	98.0	97.7	97.3
All reporting economies	91.1	92.5	101.9	97.3	95.9	96.9	95.9	97.8	97.5	97.1
Advanced economies	90.6	91.4	100.5	96.8	93.3	94.9	93.3	92.1	91.0	90.2
Emerging market economies	91.6	93.5	103.0	97.7	98.1	98.5	98.1	102.3	102.8	102.6

¹ National credit-to-GDP ratios should be interpreted and compared across economies with care, taking into account country specifics.
G20 comprises Argentina, Australia, Brazil, Canada, China, the euro area, India, Indonesia, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom and the United States.
Advanced economies comprise Australia, Canada, Denmark, the euro area, Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom and the United States.
Emerging market economies comprise Argentina, Brazil, Chile, China, Colombia, Czechia, Hong Kong SAR, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, Thailand and Türkiye.
All reporting economies comprise the economies listed under the advanced and emerging market economies.