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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 2018 › »
Year Quarter
2013 2014 2015 2016 2017 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Argentina19.117.816.715.915.615.615.615.615.816.2
Australia192.3194.5198.4202.5204.4204.0204.4204.7205.0205.3
Austria151.1151.5151.4151.0150.3150.5150.3150.1149.8149.5
Belgium211.2215.4220.0227.0231.5230.7231.5232.3233.0233.7
Brazil60.863.867.470.071.271.071.271.471.571.7
Canada182.4186.3192.0198.7204.9203.4204.9206.2207.6208.8
Chile115.9120.3126.3132.0136.3135.5136.3137.0137.8138.7
China157.1166.4176.3186.5195.7193.6195.7197.7199.6201.4
Colombia46.249.052.756.058.357.858.358.859.259.5
Czech Republic77.982.184.986.988.488.188.488.789.089.4
Denmark253.9256.8258.7259.8258.6259.1258.6258.1257.6257.0
Finland169.2174.1180.8184.9187.5186.9187.5188.1188.7189.2
France178.6182.7187.1192.0197.1195.9197.1198.2199.3200.4
Germany117.4115.1112.8110.8109.1109.5109.1108.7108.5108.2
Greece130.7136.0139.6141.6141.7141.9141.7141.3140.8140.3
Hong Kong SAR216.8232.2246.4257.9272.3268.6272.3276.0279.3282.1
Hungary123.6124.0122.4119.5115.4116.5115.4114.2113.2112.1
India61.463.064.064.564.464.564.464.464.364.2
Indonesia25.627.429.331.132.632.232.632.933.233.6
Ireland316.8324.9343.3349.2344.8346.8344.8341.9338.9335.8
Israel130.1127.5124.5121.9119.6120.2119.6119.1118.7118.2
Italy129.2131.3132.3131.8130.5130.9130.5130.0129.6129.2
Japan158.3156.0153.5151.6150.6150.8150.6150.3150.2150.1
Korea183.6186.8190.0193.0195.6195.0195.6196.2196.8197.6
Luxembourg412.2424.3437.4449.1457.9456.4457.9458.9459.5459.6
Malaysia124.6125.2127.1129.0130.3130.0130.3130.6130.9131.2
Mexico28.830.232.034.436.335.836.336.737.237.6
Netherlands277.2282.7289.1293.8296.4296.1296.4296.8296.8296.6
New Zealand198.2196.3194.7193.4191.9192.3191.9191.5191.1190.7
Norway225.6229.4235.8243.5249.1248.0249.1250.0250.6251.0
Poland78.381.584.687.489.188.889.189.489.789.9
Portugal233.4235.1233.6229.0222.6224.4222.6220.7218.7216.6
Russia59.762.966.669.470.770.470.770.971.171.2
Saudi Arabia47.047.950.554.757.557.057.557.958.358.5
Singapore136.9143.7150.1156.1161.0159.7161.0162.1163.0164.1
South Africa73.373.674.074.474.574.574.574.674.574.6
Spain225.8225.5222.0216.1208.8210.8208.8206.7204.6202.4
Sweden230.1236.6241.2244.2247.7246.8247.7248.8249.9251.0
Switzerland214.2217.8221.5225.9231.3229.8231.3232.8234.2235.6
Thailand101.5103.7106.4108.6110.1109.8110.1110.4110.7111.0
Turkey58.864.270.175.380.679.380.681.783.084.6
United Kingdom198.8195.6191.7188.9186.7187.2186.7186.0185.5184.9
United States164.4162.6160.7159.3158.1158.4158.1157.8157.6157.3
Memo:
Euro area173.1174.2176.0176.8176.9177.0176.9176.7176.6176.4
 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