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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 2022 › »
 Year Quarter
2017 2018 2019 2020 2021 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22
Argentina20.221.322.323.323.523.523.523.323.223.0
Australia203.3204.6205.0205.3203.7204.3203.7203.0202.2201.3
Austria150.1149.5148.9149.8151.2150.9151.2151.3151.4151.4
Belgium226.5227.9228.6229.7230.1230.4230.1229.6228.9228.1
Brazil74.075.377.080.282.982.282.983.484.084.7
Canada206.6211.8216.9224.9231.0229.9231.0231.7232.1232.4
Chile136.2139.5144.2151.2154.1153.7154.1154.3154.7155.3
China192.7200.3206.9215.6221.7220.5221.7223.0224.3225.6
Colombia58.760.461.663.865.765.465.765.966.166.2
Czechia86.988.689.690.490.890.890.890.890.790.7
Denmark265.6263.3262.6262.1260.9261.4260.9259.7258.0256.3
Finland186.9190.2192.3194.6196.7196.4196.7196.8196.6196.3
France197.0201.9207.3216.5225.0223.2225.0226.6228.1229.4
Germany123.4122.0121.3122.0123.2123.0123.2123.4123.6123.8
Greece143.5142.5139.6138.1138.0138.3138.0137.4136.7135.8
Hong Kong SAR295.1312.7327.9348.0365.6362.3365.6369.3373.1376.1
Hungary113.3108.7104.2101.5100.7100.7100.7100.7100.9101.2
India110.6107.0104.0103.3101.8102.4101.8101.3100.6100.0
Indonesia34.636.237.739.340.440.240.440.540.740.8
Ireland345.8338.0328.4314.9295.5300.4295.5290.3285.1280.0
Israel118.4116.8115.0113.6113.5113.5113.5113.5113.5113.5
Italy130.5128.5126.2125.7125.2125.4125.2124.9124.4124.0
Japan150.2149.8150.7154.8159.9158.7159.9161.1162.3163.6
Korea184.8187.0190.3196.0203.0201.3203.0204.8206.5208.3
Luxembourg416.2418.2424.1433.0436.8435.8436.8437.4437.6437.5
Malaysia129.3130.6131.9134.8137.4137.0137.4137.7137.7137.4
Mexico36.338.039.541.542.542.342.542.742.943.0
Netherlands294.2293.0288.7284.5279.8281.2279.8278.2276.6274.9
New Zealand191.3188.9186.4184.5182.3182.9182.3181.7181.1180.3
Norway247.3249.2251.0258.1261.8262.2261.8260.4258.4255.6
Poland89.890.890.990.990.190.490.189.789.188.5
Portugal222.6214.7206.0199.7194.5196.0194.5192.9191.0189.1
Russia99.6103.2105.4109.7112.6112.2112.6112.8112.5112.4
Saudi Arabia60.661.562.466.471.570.571.572.272.773.1
Singapore193.4197.6201.8209.2214.3213.6214.3214.3213.6213.1
South Africa77.777.577.377.376.076.576.075.675.174.8
Spain213.6204.7195.6189.6185.2186.6185.2183.7182.0180.2
Sweden247.5251.1255.4261.3267.7266.0267.7269.2270.4271.7
Switzerland234.9240.5246.4254.9264.6262.6264.6266.6268.5270.2
Thailand146.1147.2148.5152.5158.3156.9158.3159.7160.9162.0
Türkiye79.984.587.190.993.092.393.093.593.593.1
United Kingdom177.0174.2171.1170.7170.6171.0170.6170.0169.2168.4
United States159.1158.1157.1158.1158.8158.8158.8158.7158.6158.5
Memo:
Euro area175.9175.1174.2175.3176.5176.4176.5176.5176.4176.3
 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