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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
«  Q3 2020 › »
Year Quarter
2015 2016 2017 2018 2019 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Argentina2.02.26.08.62.24.12.25.46.76.6
Australia1.0-1.1-8.0-9.6-13.8-12.4-13.8-10.6-10.0-9.1
Austria-9.4-8.6-8.3-8.5-8.9-9.0-8.9-5.70.42.6
Belgium-8.44.9-11.4-18.0-22.3-16.2-22.3-21.1-11.8-9.2
Brazil8.97.63.22.22.91.72.92.03.96.6
Canada15.313.16.94.73.15.43.15.014.619.2
Chile19.210.81.74.911.29.511.215.621.819.1
China25.420.811.90.4-1.20.2-1.28.311.310.7
Colombia13.08.34.02.0-0.80.3-0.80.83.63.8
Czech Republic3.02.61.42.9-1.7-0.1-1.7-2.3-0.10.2
Denmark-21.6-25.1-30.4-28.4-18.8-20.5-18.8-21.1-17.5-14.5
Finland9.9-4.00.2-3.9-8.5-7.2-8.5-6.4-2.7-2.1
France5.47.23.74.24.86.04.87.821.923.6
Germany-6.3-3.7-1.21.33.94.23.95.49.411.4
Greece-11.7-16.1-23.0-23.2-28.7-29.5-28.7-27.2-22.0-15.9
Hong Kong SAR24.120.830.310.312.714.012.724.527.340.3
Hungary-26.5-28.5-30.3-27.3-24.2-24.9-24.2-19.3-16.4-13.1
India-10.9-16.2-18.4-16.6-14.6-15.5-14.6-12.2-7.9-6.7
Indonesia11.49.46.96.54.44.74.45.13.94.6
Ireland-16.7-43.6-77.4-70.7-87.8-75.2-87.8-86.7-87.1-98.1
Israel-14.5-11.0-8.8-6.9-5.5-6.4-5.5-6.5-5.3-2.7
Italy-13.3-17.0-18.4-18.0-17.0-17.0-17.0-15.7-9.3-6.5
Japan0.64.96.410.213.011.913.014.325.027.1
Korea0.3-1.1-2.90.16.65.06.69.413.816.9
Luxembourg-13.5-35.7-25.5-29.5-37.1-39.1-37.1-38.14.5-29.8
Malaysia9.58.33.55.94.94.04.94.411.313.5
Mexico7.78.56.33.81.72.91.75.46.35.4
Netherlands-3.5-7.6-20.0-28.9-36.5-33.2-36.5-34.2-28.5-27.2
New Zealand-19.3-15.9-17.5-16.3-15.5-15.2-15.5-13.5-10.7-11.5
Norway13.413.1-4.0-18.2-9.9-11.0-9.9-2.84.97.2
Poland-1.3-1.1-7.6-9.0-12.1-10.7-12.1-10.2-10.2-10.5
Portugal-36.2-44.4-46.3-47.7-46.0-45.7-46.0-44.5-34.4-30.5
Russia15.24.6-0.3-6.2-9.4-8.6-9.4-3.2-1.62.2
Saudi Arabia11.610.42.7-4.5-1.1-3.3-1.10.75.88.8
Singapore19.512.67.31.08.32.58.39.314.232.2
South Africa-0.6-3.0-3.3-2.5-2.1-0.3-2.10.21.1-0.2
Spain-49.9-52.3-53.3-50.9-46.0-45.7-46.0-42.7-28.7-24.8
Sweden-2.6-7.2-6.8-5.4-1.9-0.8-1.90.43.64.6
Switzerland9.611.514.92.314.36.814.312.418.120.5
Thailand15.510.56.55.43.73.63.75.910.713.0
Turkey9.89.74.9-1.5-7.4-7.4-7.4-4.82.04.5
United Kingdom-26.0-19.2-14.3-13.5-15.7-14.3-15.7-14.7-5.2-3.7
United States-13.1-9.7-6.9-6.7-5.7-5.6-5.7-2.33.84.9
Memo:
Euro area-8.2-9.2-12.4-12.2-11.9-10.4-11.9-9.7-1.8-0.3
 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