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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
«  Q1 2021 › »
Year Quarter
2016 2017 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
Argentina2.26.18.65.66.34.65.85.86.35.2
Australia-1.1-8.0-9.6-13.9-10.2-10.7-10.1-9.1-10.2-10.8
Austria-8.6-8.3-8.5-8.92.6-6.2-0.51.22.64.3
Belgium4.9-11.4-18.2-21.2-0.3-13.3-4.4-4.1-0.3-0.4
Brazil7.63.22.12.99.42.03.96.69.47.7
Canada13.16.94.73.120.15.715.418.420.114.5
Chile10.81.24.411.510.017.023.119.910.07.7
China20.911.90.4-1.26.98.311.410.86.93.1
Colombia8.34.01.9-0.73.50.93.73.83.53.0
Czech Republic2.61.42.9-3.7-0.7-3.7-2.1-1.1-0.7-0.5
Denmark-24.5-31.1-28.2-16.4-22.3-18.9-15.1-22.4-22.3-21.8
Finland-4.0-0.1-3.8-8.3-4.6-8.5-5.7-5.6-4.6-4.1
France7.23.74.24.122.67.020.122.122.619.8
Germany-6.9-4.5-0.81.911.13.28.210.011.112.3
Greece-16.1-23.0-23.2-28.6-12.9-26.9-22.5-16.8-12.9-9.5
Hong Kong SAR20.830.310.314.628.026.729.542.728.027.5
Hungary-28.2-29.8-26.8-22.2-11.9-17.7-15.8-12.2-11.9-6.9
India-16.2-18.4-16.8-14.4-5.7-12.4-8.1-6.7-5.7-4.0
Indonesia9.46.96.54.43.85.13.94.63.83.5
Ireland-43.9-78.2-72.4-91.8-104.0-90.3-91.5-103.8-104.0-93.4
Israel-10.8-9.2-7.3-6.1-0.1-7.0-5.5-3.1-0.12.7
Italy-17.0-18.4-18.0-16.6-3.6-14.7-8.5-5.7-3.6-3.1
Japan4.76.210.013.328.314.625.127.228.327.5
Korea-1.2-2.90.46.017.68.813.016.117.618.3
Luxembourg-35.7-25.5-29.5-38.2-35.0-70.3-16.4-29.0-35.0-43.9
Malaysia8.33.45.94.715.14.311.113.415.114.8
Mexico8.56.33.81.73.35.46.35.43.32.8
Netherlands-8.0-20.2-29.1-38.9-32.8-35.6-29.7-28.5-32.8-28.9
New Zealand-15.9-17.6-16.3-15.6-7.7-13.5-10.8-11.2-7.7-7.0
Norway13.1-4.0-18.3-5.810.51.08.610.810.56.0
Poland-1.1-7.7-9.0-12.3-10.0-10.2-10.3-10.6-10.0-10.3
Portugal-44.4-45.9-47.6-45.3-27.2-43.9-33.9-30.4-27.2-23.4
Russia4.7-0.2-5.6-8.90.2-2.5-1.43.40.2-0.3
Saudi Arabia10.42.7-4.5-1.112.50.75.88.812.513.8
Singapore12.67.31.08.322.69.314.216.622.617.9
South Africa-3.0-3.9-4.4-3.8-3.6-2.1-1.3-2.6-3.6-1.2
Spain-52.3-53.3-50.9-46.0-19.5-42.5-28.5-24.6-19.5-16.5
Sweden-7.2-6.8-5.2-2.75.8-0.13.34.55.812.0
Switzerland11.514.92.414.019.312.918.419.819.325.1
Thailand10.56.55.43.716.25.910.713.016.217.1
Turkey9.74.1-1.8-7.3-1.2-4.52.75.1-1.2-2.3
United Kingdom-19.2-14.3-13.5-15.7-0.8-13.3-4.3-3.0-0.8-1.6
United States-9.2-6.5-6.3-5.57.0-2.14.05.47.07.5
Memo:
Euro area-9.2-12.4-12.7-12.90.4-11.2-3.5-1.60.41.6
 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