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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 2018 › »
Year Quarter
2013 2014 2015 2016 2017 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18
Argentina19.117.816.715.915.615.715.615.615.615.6
Australia192.6194.8198.9203.0205.2203.7204.3204.7205.2205.6
Austria151.1151.6151.1150.4149.5150.3150.1149.9149.5149.2
Belgium208.3212.9217.7223.6227.8225.0226.2227.0227.8228.5
Brazil64.467.169.972.072.772.272.472.672.772.8
Canada183.0187.0192.7199.2205.2200.7202.3203.8205.2206.6
Chile115.9120.3126.3132.0136.3133.2134.5135.5136.3137.1
China154.7163.9174.3185.9196.0188.7191.3193.7196.0198.4
Colombia46.148.952.555.958.456.557.257.858.458.9
Czech Republic77.982.184.986.988.487.387.788.188.488.7
Denmark253.9256.8258.6259.3257.3259.0258.5257.9257.3256.6
Finland169.2174.1180.9185.5188.3186.4187.1187.8188.3188.7
France171.8175.8179.9184.1188.6185.3186.4187.6188.6189.7
Germany117.4115.1112.8110.7109.1110.3109.9109.5109.1108.7
Greece130.2135.3138.7141.0141.4141.3141.5141.5141.4141.1
Hong Kong SAR216.8232.2246.4257.9272.2261.1264.9268.5272.2276.0
Hungary125.8126.4124.9122.0117.4121.0119.9118.7117.4116.1
India61.463.064.064.664.464.664.564.564.464.4
Indonesia25.627.429.331.132.631.531.832.232.632.9
Ireland316.8324.9343.3349.0344.5348.9348.1346.6344.5341.6
Israel130.1127.5124.5121.9119.6121.3120.7120.2119.6119.1
Italy129.1131.2132.1131.6130.5131.4131.2130.8130.5130.1
Japan158.3156.0153.5151.5150.3151.1150.8150.5150.3150.1
Korea183.6186.8190.0193.0195.6193.6194.3195.0195.6196.2
Luxembourg409.3420.6434.7447.1455.8449.9452.4454.4455.8456.1
Malaysia124.6125.1127.1129.0130.3129.4129.8130.0130.3130.6
Mexico28.930.332.134.536.435.035.435.936.436.9
Netherlands277.2282.7289.1293.8296.4294.8295.5296.1296.4296.7
New Zealand193.6192.0190.4189.0187.6188.7188.3188.0187.6187.2
Norway225.6229.4235.7243.5249.0245.1246.7247.9249.0250.0
Poland78.381.584.687.489.288.088.588.989.289.5
Portugal233.4235.1233.6229.1222.7227.7226.1224.4222.7220.8
Russia59.762.966.669.470.969.870.270.670.971.2
Saudi Arabia47.047.950.554.757.555.656.357.057.558.0
Singapore137.1144.0150.5157.1163.1158.6160.1161.5163.1164.5
South Africa73.373.674.074.474.574.574.574.574.574.6
Spain225.8225.4222.0216.2208.9214.5212.8210.9208.9206.8
Sweden229.5235.9240.5243.2246.3244.1244.9245.6246.3247.3
Switzerland214.2217.8221.5226.1231.0227.4228.6229.8231.0232.2
Thailand101.5103.7106.4108.5109.9108.9109.3109.6109.9110.2
Turkey58.864.270.175.480.676.878.179.380.681.7
United Kingdom198.8195.6191.7188.9186.2188.2187.5186.9186.2185.7
United States164.5162.9161.1159.8158.8159.5159.2159.0158.8158.5
Memo:
Euro area173.1173.9175.0175.4175.0175.4175.4175.2175.0174.8
 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