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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 2018 › »
Year Quarter
2013 2014 2015 2016 2017 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18
Argentina0.7-0.72.02.25.22.13.04.15.25.4
Australia-7.8-3.63.0-0.4-8.0-4.7-5.4-8.0-8.0-7.9
Austria-4.6-9.6-9.5-7.9-10.6-8.0-9.6-9.9-10.6-11.2
Belgium-2.4-4.8-3.62.3-10.0-0.2-3.7-9.1-10.0-10.9
Brazil7.94.56.8-0.4-4.1-2.0-3.9-2.8-4.1-4.5
Canada7.85.115.313.09.312.811.89.89.37.1
Chile8.114.719.311.92.210.28.55.12.20.2
China19.121.727.324.812.722.419.116.712.714.9
Colombia8.611.613.18.55.27.36.95.95.24.1
Czech Republic19.711.34.42.8-0.12.31.30.3-0.1-0.9
Denmark-14.5-16.7-19.0-25.2-31.9-28.1-30.3-31.8-31.9-31.6
Finland7.99.712.3-2.8-8.0-1.3-4.5-5.7-8.0-8.5
France2.54.43.34.93.66.25.14.43.63.0
Germany-7.3-8.7-6.8-5.0-2.1-3.4-3.3-2.3-2.1-2.1
Greece0.2-5.9-11.1-14.9-22.4-16.5-18.3-20.4-22.4-24.9
Hong Kong SAR33.238.624.521.130.624.932.730.530.629.8
Hungary-14.6-18.3-25.0-28.8-32.1-30.1-30.9-30.9-32.1-32.2
India-0.1-3.3-3.8-8.1-8.6-6.3-8.9-7.8-8.6-6.4
Indonesia13.212.211.39.46.87.97.76.86.86.0
Ireland-20.2-24.1-18.9-47.8-87.2-59.1-70.6-80.6-87.2-100.5
Israel-16.2-15.9-14.6-11.4-9.3-11.6-10.7-8.6-9.3-7.2
Italy-4.5-8.9-13.9-16.3-16.6-16.0-16.6-17.9-16.6-16.9
Japan2.02.10.14.36.65.25.05.66.66.1
Korea1.42.21.7-0.2-2.4-1.2-0.5-1.3-2.4-1.8
Luxembourg-28.1-29.2-10.2-25.6-44.3-24.4-30.1-35.7-44.3-61.9
Malaysia5.87.711.49.74.17.46.23.94.14.8
Mexico6.36.47.88.66.56.45.55.66.55.0
Netherlands1.46.4-1.6-5.1-17.2-7.0-10.0-12.4-17.2-16.8
New Zealand-20.9-20.9-18.1-14.8-14.6-15.1-14.9-14.4-14.6-14.4
Norway-2.5-0.413.211.8-2.87.46.10.2-2.8-5.4
Poland0.40.2-1.2-1.1-7.7-3.1-4.5-6.0-7.7-7.4
Portugal-12.5-26.6-37.4-44.8-46.5-45.2-46.1-46.1-46.5-46.9
Russia-0.18.67.2-2.6-5.6-4.8-4.5-4.9-5.6-6.2
Saudi Arabia-3.40.311.39.83.08.36.94.73.01.0
Singapore21.423.319.615.113.512.014.311.013.510.9
South Africa-3.3-3.9-0.7-3.1-3.5-2.4-2.9-2.6-3.5-3.1
Spain-28.5-38.8-47.0-49.6-50.8-48.6-48.5-49.5-50.8-50.6
Sweden3.4-1.5-6.4-12.8-10.7-9.2-9.9-11.1-10.7-5.0
Switzerland9.45.95.511.19.310.710.310.19.39.2
Thailand15.516.115.110.36.18.17.65.96.15.5
Turkey13.310.89.79.85.09.17.85.25.04.1
United Kingdom-24.4-30.3-28.1-20.0-17.1-20.4-19.3-17.4-17.1-15.6
United States-15.0-14.1-12.7-9.3-7.1-8.8-8.0-7.6-7.1-7.6
Memo:
Euro area-8.9-9.1-9.9-10.1-13.4-10.0-11.4-12.8-13.4-13.2
 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