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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 2019 › »
Year Quarter
2014 2015 2016 2017 2018 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
Argentina17.816.715.915.616.215.615.816.116.216.3
Australia194.5198.4202.5204.4205.5204.7205.0205.3205.5205.7
Austria151.5151.4151.0150.3149.1150.1149.8149.5149.1148.8
Belgium215.4220.1227.2231.7234.3232.4233.2233.9234.3234.6
Brazil63.867.470.071.272.071.471.571.772.072.2
Canada185.9191.6198.3204.4210.2205.9207.3208.7210.2211.6
Chile120.0126.1131.7135.9139.3136.6137.4138.3139.3140.3
China166.5176.6186.9196.3203.8198.4200.4202.2203.8205.5
Colombia49.052.756.058.460.158.959.359.760.160.5
Czech Republic82.184.986.988.489.688.789.089.389.689.9
Denmark256.8258.5259.3257.9255.4257.3256.7256.1255.4254.6
Finland174.1180.7184.8187.9189.8188.5189.1189.6189.8190.1
France182.7187.1191.4196.0199.9197.0198.0199.0199.9200.9
Germany116.3114.0112.0110.5109.6110.2110.0109.8109.6109.5
Greece135.9139.4141.5141.6139.6141.2140.8140.2139.6138.7
Hong Kong SAR232.4246.6258.1272.5284.9276.2279.6282.4284.9287.4
Hungary124.1122.4119.4115.3111.0114.2113.2112.1111.0109.8
India63.064.064.564.263.864.164.063.963.863.8
Indonesia27.429.331.132.634.032.933.233.634.034.3
Ireland324.3342.9348.9344.2331.5341.2338.1334.8331.5328.5
Israel127.5124.6122.1119.9118.1119.4119.0118.5118.1117.7
Italy131.3132.2131.8130.4128.5130.0129.5129.0128.5127.9
Japan156.0153.5151.6150.5150.2150.3150.2150.2150.2150.3
Korea177.5180.1182.5184.5186.7185.0185.5186.1186.7187.4
Luxembourg424.4437.3449.1455.6456.5456.3456.6456.7456.5455.7
Malaysia125.2126.9128.3129.3130.6129.5129.9130.3130.6131.0
Mexico30.232.034.436.338.036.737.237.638.038.4
Netherlands283.9289.9293.8295.9295.3296.0295.9295.7295.3294.8
New Zealand196.3194.7193.4191.9190.3191.4191.0190.6190.3189.9
Norway229.7236.1244.1249.6251.4250.4251.0251.3251.4251.5
Poland81.584.687.489.190.189.489.789.990.190.2
Portugal235.1233.6229.0222.6214.7220.8218.8216.8214.7212.5
Russia63.066.769.570.771.370.971.171.271.371.5
Saudi Arabia48.250.855.258.059.258.558.859.059.259.3
Singapore142.3148.7154.8159.7163.9160.9161.7162.8163.9165.0
South Africa73.674.074.474.674.774.674.674.774.774.9
Spain225.4222.0216.0208.7200.2206.6204.5202.4200.2198.0
Sweden236.6241.2244.3247.7251.9248.8249.9251.0251.9252.8
Switzerland217.8221.5225.9231.2236.8232.6234.1235.4236.8238.1
Thailand103.7106.4108.6110.1111.3110.4110.7111.0111.3111.6
Turkey64.270.175.380.685.581.783.084.685.586.4
United Kingdom195.6191.7188.9186.7184.5186.0185.5185.0184.5183.6
United States162.6160.7159.3158.2157.1157.9157.7157.4157.1156.8
Memo:
Euro area174.3176.1176.8176.8176.0176.6176.5176.3176.0175.8
 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