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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
«  Q2 2018 › »
Year Quarter
2013 2014 2015 2016 2017 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18
Argentina19.117.816.715.915.615.615.615.615.615.8
Australia192.6194.8198.8202.9204.9204.1204.5204.9205.4205.7
Austria151.1151.5151.1150.8150.1150.5150.3150.1149.9149.6
Belgium211.2215.4220.0227.0231.5229.8230.7231.5232.2232.9
Brazil60.863.867.470.071.270.771.071.271.471.5
Canada183.0187.0192.7199.2205.2202.3203.8205.2206.6208.0
Chile115.9120.3126.3132.0136.3134.5135.5136.3137.0137.8
China151.6160.6170.2180.0188.6184.6186.7188.6190.9193.1
Colombia46.148.952.555.958.257.157.758.258.659.0
Czech Republic77.982.184.986.988.487.788.188.488.789.0
Denmark253.9256.8258.6259.3257.3258.5257.9257.3256.6256.0
Finland169.2174.1180.8184.9187.6186.2186.9187.6188.2188.8
France178.6182.7187.1192.0197.1194.6195.9197.1198.2199.3
Germany117.4115.1112.8110.8109.1109.9109.5109.1108.7108.5
Greece130.2135.3138.7140.9141.3141.4141.4141.3140.9140.5
Hong Kong SAR216.8232.2246.4257.9272.3264.9268.6272.3276.0279.4
Hungary123.4123.9122.2119.4114.9117.3116.2114.9113.6112.5
India61.463.064.064.664.464.564.564.464.464.3
Indonesia25.627.429.331.132.631.832.232.632.933.2
Ireland316.8324.9343.3349.2344.8348.3346.8344.8341.8338.9
Israel130.1127.5124.5121.9119.6120.7120.2119.6119.2118.7
Italy129.2131.3132.3131.8130.5131.3130.9130.5130.1129.6
Japan158.3156.0153.5151.5150.3150.8150.5150.3150.1149.9
Korea183.6186.8190.0193.0195.6194.3195.0195.6196.2196.8
Luxembourg412.2426.2446.0461.8470.5467.1469.2470.5471.8472.6
Malaysia124.6125.1127.1129.0130.3129.8130.0130.3130.6130.9
Mexico28.830.232.034.436.335.335.836.336.737.2
Netherlands277.2282.7289.1293.8296.4295.5296.1296.4296.8296.7
New Zealand198.2196.3194.6193.1191.5192.4192.0191.5191.1190.7
Norway225.6229.4235.8243.5249.1246.7248.0249.1250.0250.7
Poland78.381.584.687.489.288.588.989.289.589.8
Portugal233.4235.1233.6229.0222.6226.0224.4222.6220.7218.7
Russia59.762.966.669.470.770.170.470.770.971.1
Saudi Arabia47.047.950.554.757.556.357.057.557.958.3
Singapore137.1144.0150.5157.1163.1160.1161.5163.1164.5165.7
South Africa73.373.674.074.474.574.574.574.574.674.5
Spain225.8225.5222.0216.1208.8212.7210.8208.8206.7204.6
Sweden230.1236.6241.2244.2247.5246.0246.7247.5248.6249.6
Switzerland214.2217.8221.5225.9231.3228.5229.8231.3232.8234.2
Thailand101.5103.7106.4108.6110.2109.5109.8110.2110.4110.7
Turkey58.864.270.175.380.678.179.380.681.783.0
United Kingdom198.8195.6191.7188.9186.2187.5186.8186.2185.6185.1
United States164.4162.6160.7159.3158.1158.7158.4158.1157.8157.6
Memo:
Euro area172.9174.0175.8176.8176.8177.0176.9176.8176.7176.5
 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