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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 2021 › »
Year Quarter
2016 2017 2018 2019 2020 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21
Argentina18.818.620.021.222.322.022.322.522.622.7
Australia201.3203.3204.6204.9205.3205.2205.3205.3205.0204.6
Austria150.6150.1149.5149.0149.9149.5149.9150.4150.7151.0
Belgium224.3228.0229.4230.0231.5231.0231.5232.0231.9231.7
Brazil70.773.675.878.281.480.481.482.483.384.2
Canada200.8206.8212.0216.9224.6222.4224.6226.6228.1229.5
Chile133.3137.7141.2146.3154.0152.5154.0155.4156.3157.0
China182.8192.6200.2206.8215.5213.4215.5217.4219.0220.5
Colombia56.058.460.161.363.262.763.263.764.164.3
Czech Republic85.386.988.689.690.390.190.390.690.790.8
Denmark267.2265.6263.3262.6261.9262.2261.9261.7261.1260.4
Finland183.5186.9190.3192.4194.8194.0194.8195.6196.1196.5
France192.3197.1201.6206.7215.1212.6215.1217.4219.3221.1
Germany125.5123.3121.8121.0121.7121.4121.7122.2122.6122.9
Greece143.1143.4142.4139.7138.2138.2138.2138.3138.4138.2
Hong Kong SAR276.4295.1312.7328.0348.0343.1348.0353.0358.1362.3
Hungary117.5113.2108.5104.0101.3101.8101.3101.1100.7100.4
India108.1106.0103.6101.6100.9100.9100.9100.9100.6100.1
Indonesia33.134.636.237.739.338.939.339.639.940.2
Ireland346.5345.2337.8328.4314.7318.9314.7310.4305.7300.7
Israel121.7119.6117.7115.9114.5114.6114.5114.4114.4114.4
Italy131.9130.5128.5126.2125.7125.6125.7125.8125.7125.6
Japan151.1150.0149.6150.4154.4153.1154.4155.7157.0158.2
Korea182.8184.8187.0190.3196.1194.4196.1197.9199.7201.5
Luxembourg415.1420.2423.9428.2437.0435.6437.0438.3438.3438.0
Malaysia128.3129.3130.6131.9134.8133.8134.8135.8136.4137.0
Mexico34.436.338.039.541.541.141.541.942.142.3
Netherlands294.2296.2295.1291.0286.7287.9286.7285.7284.5283.1
New Zealand193.1191.3188.9186.4184.4184.8184.4184.0183.4182.8
Norway244.1249.4251.3253.3259.6257.8259.6261.1262.1262.4
Poland87.789.590.590.690.690.690.690.590.490.2
Portugal228.7222.6214.7206.0199.6200.9199.6198.5197.2196.0
Russia95.099.5103.1105.4109.5108.5109.5110.4111.0111.5
Saudi Arabia57.660.661.562.466.965.466.968.570.071.3
Singapore188.3193.8198.0202.5210.6208.0210.6212.9215.1216.9
South Africa77.777.777.577.377.477.477.477.377.076.7
Spain221.5213.7204.8195.6189.3190.4189.3188.4187.3186.0
Sweden243.2247.4252.1257.1263.4261.7263.4265.6267.4269.1
Switzerland226.1231.9236.9241.9249.2247.3249.2251.7253.9256.0
Thailand144.7146.1147.3148.5152.4151.0152.4153.9155.3156.7
Turkey74.879.884.587.190.990.090.991.692.192.3
United Kingdom179.3176.8173.9170.6169.6169.6169.6169.5169.2168.9
United States160.1159.0158.0157.0158.1157.6158.1158.6158.9159.0
Memo:
Euro area176.3176.2175.4174.3175.2174.7175.2175.7176.0176.1
 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