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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 2023 › »
 Year Quarter
2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23
Argentina21.322.323.323.422.923.022.922.822.722.7
Australia202.4202.7202.9201.3197.4198.6197.4196.2195.0193.9
Austria149.5148.9149.6151.2150.8151.2150.8150.4149.9149.4
Belgium227.9228.7229.8230.1227.1228.2227.1225.9224.5223.1
Brazil75.377.080.282.884.984.484.985.485.886.3
Canada211.8216.9224.9231.5233.4233.2233.4233.6233.8234.1
Chile139.8144.4151.3154.2155.7155.4155.7155.5155.3155.3
China200.2206.8215.6221.7226.9225.7226.9228.5230.1231.6
Colombia60.461.663.965.665.965.965.965.965.865.7
Czechia88.789.690.490.990.590.790.590.289.889.5
Denmark263.3262.6261.4258.1252.3253.8252.3250.6248.7247.0
Finland190.2192.4194.6196.9197.7197.5197.7197.5197.4197.2
France202.3207.5216.0223.4228.0227.0228.0228.7229.2229.5
Germany121.8121.0121.7122.9123.6123.5123.6123.7123.7123.6
Greece142.8140.1138.7138.7135.2136.6135.2133.7132.1130.5
Hong Kong SAR313.0328.3348.4366.0379.4376.5379.4382.2384.7386.6
Hungary108.7104.2101.5100.8101.4101.4101.4101.3101.0100.6
India107.0104.0103.3101.899.5100.099.599.198.798.4
Indonesia36.237.739.340.440.940.840.940.940.940.9
Ireland337.3328.0314.4294.6273.3278.9273.3267.2261.1255.6
Israel117.0115.3114.0113.8113.7113.8113.7113.6113.4113.3
Italy128.5126.2125.8125.1122.9123.6122.9122.2121.4120.5
Japan149.7150.6154.8159.8164.7163.5164.7165.8166.8167.7
Korea187.0190.3196.0203.0210.2208.4210.2211.8213.5215.1
Luxembourg420.9426.2434.4439.2437.5438.3437.5436.7435.6434.7
Malaysia159.4160.2163.3166.5165.9166.5165.9165.4164.9164.6
Mexico36.838.340.341.341.841.741.841.841.841.7
Netherlands293.0288.7284.5278.8270.4272.8270.4267.5264.4261.4
New Zealand188.9186.4184.5182.3179.6180.4179.6178.6177.7176.7
Norway249.7251.5258.5263.1255.9258.1255.9254.0252.4251.7
Poland90.890.991.090.187.788.587.786.885.884.8
Portugal214.7206.0199.7194.6186.9189.1186.9184.5182.0179.4
Russia103.2105.7110.3112.8111.9112.0111.9111.8111.9112.1
Saudi Arabia57.758.762.767.669.669.369.670.070.571.1
Singapore198.4202.7209.9214.4209.9211.4209.9208.2207.1205.9
South Africa77.477.277.275.974.374.774.374.073.673.3
Spain204.7195.6189.5184.8177.4179.5177.4175.0172.5169.9
Sweden251.5255.6261.5267.5272.2271.1272.2271.9271.5270.8
Switzerland242.8248.4256.6265.8272.4271.2272.4273.7274.7275.8
Thailand151.7153.0157.0162.9167.6166.6167.6168.4169.3170.1
Türkiye84.587.090.892.992.393.092.391.490.889.8
United Kingdom175.7172.7172.5172.5169.0170.0169.0168.0166.7165.5
United States160.1159.1159.9160.8160.5160.7160.5160.2159.9159.5
Memo:
Euro area174.2172.7173.2173.7172.2172.8172.2171.5170.7169.8
 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