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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
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
< Q4 2017 > >|
Year Quarter
2012 2013 2014 2015 2016 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17
Argentina20.519.117.816.715.915.915.715.615.615.7
Australia191.0192.6194.8198.9203.0203.0203.7204.3204.7205.1
Austria150.6151.1151.6151.1150.4150.4150.3150.1149.9149.5
Belgium201.9208.3212.9217.7223.6223.6225.0226.1227.0227.8
Brazil61.464.467.169.972.072.072.272.472.672.7
Canada178.7183.0187.0192.7199.2199.2200.7202.3203.8205.2
Chile113.0115.9120.3126.3132.0132.0133.2134.5135.5136.3
China146.9154.9164.0174.4186.0186.0188.8191.3193.8196.1
Colombia44.046.149.052.856.256.257.057.758.359.0
Czech Republic72.877.982.184.986.886.887.487.888.288.6
Denmark248.6253.8257.3258.3258.3258.3257.8257.2256.5255.7
Finland163.7169.2174.1180.9185.5185.5186.5187.2187.9188.4
France167.5171.7175.8180.0184.3184.3185.5186.6187.7188.8
Germany119.5117.4115.1112.9110.9110.9110.5110.0109.7109.3
Greece123.8130.2135.3138.7140.9140.9141.3141.5141.5141.4
Hong Kong SAR205.0216.8232.2246.4257.9257.9261.1264.9268.5272.2
Hungary126.8128.9129.0127.0123.6123.6122.5121.3120.0118.6
India59.261.463.064.064.564.564.664.564.564.4
Indonesia24.225.627.429.331.131.131.531.832.232.6
Ireland304.9316.4324.7343.5348.5348.5348.0346.5344.5342.1
Israel132.2130.0127.5124.7122.2122.2121.6121.0120.6120.0
Italy126.4129.6131.6132.4131.9131.9131.7131.4131.0130.6
Japan161.4159.3157.2154.9153.2153.2153.0152.8152.6152.5
Korea180.1183.6186.8190.0193.0193.0193.6194.3195.0195.6
Luxembourg396.2409.3420.6434.8447.1447.1449.9452.3454.4455.8
Malaysia124.5124.6125.1127.2129.1129.1129.5129.8130.1130.3
Mexico27.828.930.332.134.534.535.035.535.936.5
Netherlands247.2248.2247.7248.4247.5247.5247.1246.5245.8244.9
New Zealand194.0193.6191.9190.3189.0189.0188.6188.3187.9187.5
Norway220.9225.6229.4235.8243.8243.8245.3246.8248.0249.0
Poland74.978.381.584.687.487.488.088.588.989.1
Portugal227.2233.4235.1233.6229.1229.1227.7226.1224.4222.7
Russia57.359.762.966.669.469.469.870.270.670.9
Saudi Arabia47.247.047.950.554.754.755.556.356.957.5
Singapore131.5137.1144.0150.5157.1157.1158.6160.1161.5163.1
South Africa72.973.373.674.074.474.474.574.574.574.5
Spain223.1225.8225.4222.0216.2216.2214.5212.8211.0208.9
Sweden222.1229.5235.9240.5243.2243.2244.1244.8245.5246.1
Switzerland210.1214.2217.8221.5226.3226.3227.5228.8230.0231.2
Thailand100.3101.5103.7106.4108.5108.5108.9109.3109.6109.9
Turkey53.458.864.270.175.375.376.878.179.380.5
United Kingdom200.7200.0196.9192.8189.9189.9189.2188.5187.9187.3
United States165.0163.6162.0160.4159.3159.3159.1158.9158.7158.5
Memo:
Euro area170.1171.7172.3173.3173.5173.5173.5173.4173.2173.0