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Credit-to-GDP gaps (actual-trend)  1
Based on total credit to the private non-financial sector, as % of GDP  2
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
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Year Quarter
2012 2013 2014 2015 2016 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17
Argentina-1.30.7-0.72.02.22.22.13.04.65.6
Australia-12.6-7.8-3.63.0-0.5-0.5-4.8-5.6-8.3-8.2
Austria-7.1-4.6-9.6-9.5-7.9-7.9-8.0-9.5-9.9-10.7
Belgium3.4-2.4-4.8-3.62.32.3-0.3-3.8-9.1-10.1
Brazil6.87.94.56.8-0.4-0.4-2.0-3.9-2.8-4.1
Canada6.87.85.115.313.013.012.211.810.39.0
Chile3.48.114.719.311.911.910.28.55.12.2
China13.318.921.527.224.724.722.419.016.612.6
Colombia6.98.812.013.38.78.77.77.46.45.7
Czech Republic17.319.711.34.42.72.73.32.31.40.8
Denmark1.0-16.2-19.6-22.4-27.9-27.9-30.2-32.2-33.4-33.6
Finland8.97.99.712.3-2.7-2.7-0.7-3.9-5.3-8.2
France8.32.84.63.64.74.75.94.94.33.6
Germany-10.1-7.3-8.5-6.7-4.7-4.7-3.1-3.0-2.1-1.9
Greece7.60.2-5.9-11.1-14.9-14.9-16.5-18.3-20.3-22.4
Hong Kong SAR22.233.238.624.521.121.124.832.730.530.6
Hungary-8.1-17.8-20.9-27.1-30.4-30.4-31.8-32.6-32.4-33.5
India1.6-0.1-3.2-3.8-8.1-8.1-6.3-9.0-8.0-8.7
Indonesia10.413.212.211.49.49.47.97.76.96.8
Ireland9.3-20.3-23.4-18.9-49.4-49.4-65.5-82.4-88.4-92.9
Israel-13.8-16.1-15.4-14.3-11.1-11.1-11.3-10.4-8.2-8.9
Italy0.9-4.9-9.3-14.2-16.6-16.6-16.3-16.9-18.1-18.5
Japan1.72.12.71.05.25.26.76.57.58.2
Korea3.21.42.21.7-0.2-0.2-1.2-0.5-1.3-2.4
Luxembourg-18.9-28.1-29.2-10.3-25.6-25.6-24.6-30.2-35.9-44.2
Malaysia-0.45.87.711.69.89.87.56.24.04.1
Mexico4.36.36.37.88.68.66.45.55.66.5
Netherlands-6.7-12.8-13.5-12.4-16.1-16.1-16.8-18.9-20.6-23.9
New Zealand-18.3-21.0-20.9-18.1-14.9-14.9-15.1-15.0-14.6-14.7
Norway4.7-2.5-0.113.29.09.05.04.0-1.0-3.4
Poland1.70.40.2-1.2-1.1-1.1-3.2-4.5-6.0-7.8
Portugal4.2-12.5-26.6-37.4-44.8-44.8-45.2-46.1-46.1-46.5
Russia-3.8-0.18.57.2-2.6-2.6-4.8-4.5-4.9-5.4
Saudi Arabia-8.8-3.40.311.39.89.88.16.74.52.8
Singapore14.421.423.319.615.115.112.014.311.113.5
South Africa-2.9-3.3-3.9-0.7-3.1-3.1-2.4-2.9-2.6-3.4
Spain-16.3-28.5-38.8-47.0-49.5-49.5-48.5-48.4-49.5-50.9
Sweden7.03.4-1.5-6.4-12.8-12.8-9.5-10.1-11.6-12.4
Switzerland15.29.45.95.711.511.510.910.510.09.3
Thailand9.015.516.115.110.310.38.17.66.06.1
Turkey9.713.310.89.89.89.89.17.75.34.3
United Kingdom-17.6-24.7-30.8-29.2-20.0-20.0-20.5-19.1-17.5-16.8
United States-15.2-14.8-13.4-11.6-8.3-8.3-7.9-7.2-6.7-6.3
Memo:
Euro area-4.4-9.1-9.2-9.5-10.8-10.8-10.3-11.7-12.9-13.3