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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
«  Q2 2019 › »
Year Quarter
2014 2015 2016 2017 2018 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19
Argentina-0.72.02.25.16.17.69.96.15.73.4
Australia-4.02.7-0.7-8.2-9.8-8.8-8.8-9.8-10.6-11.2
Austria-9.4-9.5-8.6-9.0-8.7-9.3-9.0-8.7-8.1-7.1
Belgium-4.0-5.97.0-8.2-19.2-8.7-10.8-19.2-18.5-18.3
Brazil7.69.50.8-3.1-1.6-4.9-3.9-1.6-2.5-1.8
Canada5.516.014.59.78.39.17.58.37.26.6
Chile14.619.210.91.45.10.72.05.14.46.1
China21.120.818.310.70.76.83.80.73.11.5
Colombia11.512.98.34.02.52.82.02.51.61.6
Czech Republic11.34.42.8-0.4-0.7-0.20.7-0.7-0.8-1.3
Denmark-16.8-20.6-23.1-29.9-29.7-29.5-28.8-29.7-29.6-30.3
Finland9.810.0-3.6-1.5-10.1-4.2-6.0-10.1-8.6-10.3
France4.25.47.77.48.68.68.78.68.48.0
Germany-9.1-6.5-4.4-1.41.2-0.20.91.22.13.6
Greece-5.1-11.4-16.4-23.4-24.7-25.0-25.2-24.7-28.6-29.6
Hong Kong SAR38.624.521.130.36.723.511.96.77.68.3
Hungary-18.2-26.3-28.0-29.4-26.0-25.1-25.7-26.0-25.6-23.9
India-3.2-3.8-8.4-9.4-7.7-8.7-7.8-7.7-6.1-7.6
Indonesia12.211.49.46.96.46.66.76.45.45.3
Ireland-23.3-19.5-47.2-89.6-97.8-100.2-100.7-97.8-91.1-90.7
Israel-15.7-14.4-11.1-9.2-6.8-6.9-6.8-6.8-6.0-5.6
Italy-8.5-13.6-16.8-18.2-17.5-17.9-17.7-17.5-17.7-16.8
Japan1.90.35.06.510.06.98.410.010.510.7
Korea2.10.7-0.7-2.40.8-1.10.30.81.93.9
Luxembourg-27.3-30.7-53.8-27.8-37.9-30.8-36.3-37.9-46.8-57.3
Malaysia7.79.58.33.45.96.86.15.95.44.7
Mexico6.37.78.56.33.75.33.93.73.53.3
Netherlands4.3-3.9-7.9-20.5-26.4-22.7-23.9-26.4-26.9-27.8
New Zealand-22.4-18.7-15.6-15.6-12.3-14.6-13.9-12.3-12.5-11.7
Norway-0.113.413.2-4.0-18.6-11.8-17.1-18.6-19.1-17.4
Poland0.3-1.2-1.1-7.8-9.4-7.5-8.2-9.4-10.1-11.2
Portugal-25.9-36.2-44.0-46.5-46.9-47.8-47.1-46.9-46.1-44.8
Russia8.77.4-2.6-7.0-8.7-7.8-7.6-8.7-8.2-8.0
Saudi Arabia0.611.610.32.7-4.5-0.9-2.7-4.5-3.8-3.5
Singapore23.219.212.89.35.71.85.65.75.26.6
South Africa-3.9-0.6-3.0-3.4-2.5-3.0-2.0-2.5-0.1-1.0
Spain-40.9-49.9-52.5-53.3-50.4-50.9-50.2-50.4-47.2-47.2
Sweden-1.3-2.5-8.0-7.7-6.7-2.7-3.0-6.7-3.7-4.0
Switzerland6.05.89.813.310.013.311.510.010.210.7
Thailand16.115.510.86.75.55.55.05.55.04.3
Turkey10.89.89.85.0-1.45.310.9-1.4-1.8-4.2
United Kingdom-30.5-28.7-20.8-15.7-16.2-17.2-17.1-16.2-16.9-15.9
United States-14.5-12.8-9.4-6.8-6.9-6.6-7.0-6.9-7.0-6.5
Memo:
Euro area-8.1-7.6-9.0-11.3-12.0-11.0-10.8-12.0-11.7-11.0
 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