> CTG > Table J-C > Change measure  A B  Structure Help
Credit-to-GDP gaps (actual-trend)  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
Argentina4.77.76.06.6-0.50.5-0.5-2.0-0.7-1.2
Australia-7.5-9.2-13.6-11.5-20.2-18.6-20.2-21.8-22.0-23.8
Austria-8.6-7.6-7.43.10.80.10.8-1.6-3.2-3.2
Belgium-10.8-17.3-16.9-7.7-20.7-16.2-20.7-24.3-27.2-28.3
Brazil-1.5-0.90.06.23.02.13.0-0.11.52.3
Canada7.04.43.220.8-0.83.3-0.8-7.5-13.3-15.4
Chile1.23.79.57.7-7.4-6.2-7.4-13.5-6.9-4.9
China11.80.3-1.37.3-8.3-4.2-8.3-6.0-5.2-6.0
Colombia3.61.6-0.96.1-0.60.7-0.6-1.8-2.9-4.0
Czechia1.42.9-3.5-1.0-4.4-4.0-4.4-5.0-6.1-4.9
Denmark-31.1-28.2-15.3-17.1-20.5-17.3-20.5-32.7-38.2-40.2
Finland-0.1-4.3-8.7-3.4-8.4-6.3-8.4-13.1-16.1-19.4
France3.74.77.028.310.413.510.46.22.81.2
Germany-5.1-1.41.39.37.07.27.05.54.65.4
Greece-23.0-23.1-29.0-13.3-16.9-13.0-16.9-20.5-22.7-24.9
Hong Kong SAR48.222.421.336.02.717.92.711.511.4-2.1
Hungary-29.5-26.5-21.8-9.6-1.2-4.2-1.2-0.32.14.9
India-17.9-23.2-12.5-3.7-13.0-11.9-13.0-10.3-12.8-12.3
Indonesia7.36.95.34.91.52.31.50.71.0-0.2
Ireland-77.8-72.9-93.1-98.4-99.9-104.1-99.9-99.7-98.2-94.3
Israel-8.9-7.2-6.4-1.11.91.11.91.52.71.1
Italy-18.4-18.1-16.9-3.8-8.7-9.2-8.7-10.7-11.6-11.8
Japan6.19.713.828.724.423.524.422.421.721.1
Korea-2.90.35.916.816.517.716.515.915.616.2
Luxembourg-52.3-45.2-16.7-31.8-28.2-29.7-28.2-35.3-40.4-44.0
Malaysia3.45.94.715.05.17.55.11.4-3.4-8.7
Mexico6.33.81.72.7-0.8-0.4-0.8-1.4-1.7-2.2
Netherlands-20.3-29.2-39.0-31.6-32.0-30.5-32.0-34.8-35.4-33.6
New Zealand-17.2-16.1-15.9-10.3-11.8-11.9-11.8-11.7-11.5-13.3
Norway-5.2-17.5-5.219.5-26.6-7.9-26.6-44.0-53.2-64.3
Poland-7.6-9.4-12.1-10.2-14.0-12.9-14.0-15.9-17.5-17.6
Portugal-45.9-47.7-45.1-23.1-25.4-24.1-25.4-26.9-29.5-31.0
Russia-0.3-5.6-9.24.2-10.6-7.2-10.6-13.3-22.1-18.6
Saudi Arabia2.8-6.3-0.816.08.912.78.93.4-1.6-2.9
Singapore8.40.67.222.5-7.0-0.7-7.0-17.9-29.8-26.4
South Africa-4.8-5.3-4.7-4.0-10.0-8.8-10.0-9.3-8.7-7.5
Spain-53.8-50.7-45.6-18.5-22.8-20.2-22.8-25.3-27.2-28.4
Sweden-6.7-10.2-4.93.75.61.65.63.2-1.5-2.3
Switzerland15.12.316.819.413.521.613.514.012.68.6
Thailand7.27.16.124.021.322.321.319.116.513.3
Türkiye4.2-1.9-7.3-1.5-3.4-12.2-3.4-7.6-14.1-21.3
United Kingdom-14.7-17.2-15.82.9-7.3-3.7-7.3-12.7-14.6-14.4
United States-6.6-6.4-5.65.8-1.8-0.4-1.8-2.8-3.4-4.5
Memo:
Euro area-12.7-13.1-12.10.8-5.2-4.2-5.2-7.1-9.0-8.9
 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