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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 2019 › »
Year Quarter
2014 2015 2016 2017 2018 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19
Argentina17.816.715.915.616.215.816.116.216.316.3
Australia194.5198.4202.4204.4205.8205.2205.5205.8206.0206.1
Austria151.3151.1150.7150.1149.2149.7149.4149.2149.0148.8
Belgium212.4217.4225.0230.1232.9231.9232.7232.9233.2233.4
Brazil63.867.470.071.271.971.571.771.972.272.5
Canada185.9191.6198.3204.4210.2207.3208.7210.2211.6212.9
Chile120.0126.1131.7135.9139.3137.4138.3139.3140.3141.4
China166.7176.8187.1196.6204.1200.7202.5204.1205.9207.6
Colombia49.052.756.058.460.259.359.760.260.660.9
Czech Republic82.184.986.988.489.689.089.389.689.990.2
Denmark256.8258.5259.4257.9255.4256.7256.1255.4254.6253.8
Finland174.0180.7184.8188.1190.6189.7190.3190.6191.0191.3
France182.7187.1192.3198.0203.8200.8202.3203.8205.3206.8
Germany116.3114.0112.0110.5109.5109.9109.7109.5109.4109.4
Greece136.0139.6141.6141.8140.4141.2140.8140.4139.7139.0
Hong Kong SAR232.4246.6258.1272.5284.9279.6282.4284.9287.5290.1
Hungary123.3121.5118.4114.1109.7111.9110.8109.7108.5107.4
India63.064.064.564.263.864.063.963.863.863.6
Indonesia27.429.331.132.634.033.233.634.034.334.7
Ireland324.3342.9348.9344.2331.5338.1334.8331.5328.5325.3
Israel127.5124.6122.1119.9118.1119.0118.5118.1117.7117.3
Italy130.7131.7131.3129.9128.0129.0128.5128.0127.5127.0
Japan155.5152.9150.9149.9149.4149.4149.4149.4149.5149.6
Korea177.5180.1182.5184.5186.7185.5186.1186.7187.4188.2
Luxembourg423.8435.0440.6448.3455.7452.6454.2455.7456.6456.7
Malaysia125.2126.9128.3129.3130.6129.9130.3130.6131.0131.3
Mexico30.232.034.436.338.037.237.638.038.438.8
Netherlands283.9289.9293.8295.9295.3295.9295.7295.3294.9294.3
New Zealand196.3194.7193.3191.8190.2190.9190.5190.2189.8189.5
Norway229.7236.1244.1249.6251.2250.9251.1251.2251.3251.4
Poland81.584.687.489.190.189.790.090.190.290.2
Portugal234.1232.9228.8222.6214.8218.9216.9214.8212.7210.7
Russia63.066.769.570.771.371.171.271.371.571.6
Saudi Arabia48.250.855.258.059.258.859.059.259.359.5
Singapore142.3148.7154.8159.7163.9161.7162.8163.9165.0166.1
South Africa73.674.074.474.674.774.674.774.774.975.0
Spain231.5227.8221.5213.8204.9209.4207.2204.9202.7200.5
Sweden234.7240.0243.9247.9252.6250.4251.6252.6253.7254.8
Switzerland219.8223.4227.9233.2238.9236.1237.5238.9240.2241.6
Thailand103.7106.4108.6110.1111.3110.7111.0111.3111.6111.9
Turkey64.270.175.380.585.483.084.585.486.387.0
United Kingdom193.4189.3186.1183.5180.6182.0181.3180.6179.8179.0
United States162.6160.7159.3158.2157.1157.6157.3157.1156.8156.5
Memo:
Euro area173.9175.8176.7177.1176.8177.0176.9176.8176.6176.5
 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