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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 2020 › »
Year Quarter
2015 2016 2017 2018 2019 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Argentina2.02.25.16.33.45.83.55.03.42.6
Australia1.0-1.6-8.7-9.9-13.5-10.6-10.9-12.4-13.5-10.8
Austria-9.5-8.6-9.0-8.6-9.0-7.6-7.1-9.0-9.0-6.8
Belgium-8.64.7-5.6-17.1-16.6-16.0-17.2-15.5-16.6-15.8
Brazil9.90.5-3.1-1.80.1-2.7-2.0-1.20.1-0.6
Canada15.312.86.52.82.85.35.25.22.85.6
Chile19.210.81.74.911.13.66.09.411.116.1
China25.420.811.80.3-2.22.51.0-0.4-2.27.4
Colombia13.08.34.02.10.41.31.21.30.42.0
Czech Republic3.02.61.42.9-1.71.50.6-0.2-1.7-1.9
Denmark-20.6-23.9-29.5-31.5-31.3-31.2-32.0-31.0-31.3-32.1
Finland9.9-4.00.5-3.8-11.1-8.1-9.8-10.8-11.1-7.3
France5.47.26.97.85.47.47.27.45.47.5
Germany-6.1-3.6-1.11.43.92.23.64.23.95.3
Greece-11.4-16.4-23.6-24.6-29.4-28.5-29.7-30.4-29.4-27.5
Hong Kong SAR24.220.930.310.312.611.111.913.912.624.6
Hungary-26.3-28.1-29.7-26.6-23.6-26.0-24.4-24.4-23.6-19.0
India-3.8-8.4-9.4-7.8-7.0-6.0-7.5-7.4-7.0-5.5
Indonesia11.49.46.96.54.45.55.34.74.45.1
Ireland-19.4-46.2-80.6-93.3-99.3-93.7-91.4-91.9-99.3-99.7
Israel-14.5-11.0-8.8-6.9-5.7-6.1-5.6-6.4-5.7-6.6
Italy-13.5-16.8-18.2-17.6-16.7-17.9-17.3-16.6-16.7-15.3
Japan0.35.26.310.612.911.111.111.912.914.1
Korea0.3-1.1-3.00.06.61.03.15.06.69.4
Luxembourg-30.7-53.8-27.7-37.9-63.7-46.2-56.9-62.3-63.7-48.8
Malaysia9.58.33.56.04.95.54.74.04.94.4
Mexico7.78.56.33.82.03.63.43.12.05.8
Netherlands-3.5-7.6-20.0-28.9-36.5-29.8-31.7-33.2-36.5-34.4
New Zealand-18.8-15.5-16.9-14.0-12.7-13.9-12.8-12.5-12.7-11.2
Norway13.413.2-3.9-17.2-10.7-17.1-15.3-11.1-10.7-3.2
Poland-1.2-1.1-7.8-9.5-12.3-10.1-11.2-10.9-12.3-10.5
Portugal-36.2-44.4-46.3-47.1-45.3-46.6-45.7-45.0-45.3-42.8
Russia15.24.6-0.3-6.2-9.4-8.8-9.9-8.6-9.4-5.0
Saudi Arabia11.610.42.7-4.4-1.1-3.8-3.5-3.3-1.10.6
Singapore19.412.67.82.28.21.22.52.38.29.5
South Africa-0.6-3.0-3.3-2.5-2.10.0-0.9-0.3-2.10.3
Spain-49.9-52.6-53.5-49.6-45.9-47.2-46.8-45.4-45.9-42.9
Sweden-2.5-7.1-6.7-5.5-2.0-1.5-0.6-0.8-2.0-2.6
Switzerland5.79.813.310.09.410.110.510.39.411.6
Thailand15.510.56.55.33.84.84.13.83.86.0
Turkey9.89.85.0-1.4-7.3-1.8-4.1-7.4-7.3-4.7
United Kingdom-28.7-20.8-15.7-14.8-15.8-19.8-17.9-15.1-15.8-14.2
United States-13.0-9.6-6.9-6.8-5.6-6.7-6.1-5.6-5.6-2.2
Memo:
Euro area-7.6-8.8-11.1-11.7-11.3-11.6-10.9-10.0-11.3-9.0
 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