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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 2018 › »
Year Quarter
2013 2014 2015 2016 2017 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Argentina0.7-0.72.02.25.24.15.25.37.810.0
Australia-7.8-4.03.0-0.7-8.8-8.8-8.8-8.7-9.8-10.0
Austria-4.6-9.7-9.5-8.0-9.2-9.2-9.2-9.1-10.2-10.7
Belgium-1.6-7.2-8.55.2-11.6-8.2-11.6-10.8-10.9-11.9
Brazil7.87.69.50.8-3.1-1.7-3.1-3.6-4.9-3.9
Canada8.25.616.114.59.79.99.77.47.04.7
Chile8.014.719.311.82.25.12.2-0.40.82.3
China18.421.020.217.79.613.09.68.75.83.0
Colombia8.411.513.08.33.54.53.52.62.11.2
Czech Republic19.711.34.42.8-0.20.2-0.2-1.0-0.10.8
Denmark-14.5-16.8-19.7-22.4-29.1-27.9-29.1-29.1-28.2-28.5
Finland7.99.710.2-4.2-5.4-4.4-5.4-5.5-5.7-7.5
France2.74.25.46.84.75.64.73.33.22.7
Germany-7.2-8.6-6.8-5.0-2.5-2.4-2.5-2.2-0.50.0
Greece1.3-5.2-11.4-16.4-24.1-22.1-24.1-26.5-27.2-28.2
Hong Kong SAR33.238.624.521.130.530.530.529.722.611.7
Hungary-14.8-18.3-25.6-27.0-29.4-28.4-29.4-29.0-25.2-26.1
India-0.1-3.3-3.8-8.1-8.6-7.8-8.6-6.4-8.0-7.2
Indonesia13.212.211.49.46.86.86.86.06.66.7
Ireland-20.2-24.1-18.9-48.6-87.1-80.4-87.1-100.1-98.2-96.8
Israel-16.2-15.9-14.6-11.4-9.3-8.6-9.3-7.2-6.9-7.0
Italy-4.3-8.6-13.9-16.8-18.0-18.3-18.0-18.2-17.6-17.4
Japan2.02.10.34.96.85.96.86.37.48.7
Korea1.42.21.7-0.2-2.4-1.3-2.4-1.8-0.90.5
Luxembourg-28.5-23.3-23.0-22.3-45.0-34.9-45.0-49.9-56.0-62.9
Malaysia5.87.711.49.74.14.04.14.85.04.3
Mexico6.36.37.78.56.35.46.34.85.33.9
Netherlands1.46.4-1.6-5.1-17.2-12.4-17.2-16.8-21.3-23.1
New Zealand-22.8-22.4-18.6-15.4-15.3-15.7-15.3-15.0-14.1-13.6
Norway-2.4-0.313.211.8-2.60.1-2.6-5.9-9.2-15.0
Poland0.40.2-1.2-1.1-7.8-6.1-7.8-7.5-7.5-8.4
Portugal-12.5-26.6-37.4-45.3-46.9-46.2-46.9-47.9-48.9-47.9
Russia-0.18.67.2-2.6-6.9-6.5-6.9-7.5-7.3-7.5
Saudi Arabia-3.40.311.39.92.64.62.60.7-0.6-2.3
Singapore21.222.718.812.39.07.19.06.81.35.7
South Africa-3.3-3.9-0.7-3.1-3.5-2.6-3.5-3.1-3.2-2.3
Spain-28.5-38.9-47.3-49.6-51.1-49.6-51.1-51.4-49.2-49.0
Sweden3.6-1.4-6.4-11.6-9.3-9.9-9.3-3.3-4.3-4.2
Switzerland9.45.95.69.713.913.013.913.612.711.1
Thailand15.516.115.510.86.76.46.75.55.55.0
Turkey13.310.89.89.95.15.25.14.25.611.3
United Kingdom-24.4-30.3-28.1-20.0-15.3-16.4-15.3-16.7-15.1-15.1
United States-15.5-14.5-12.8-9.3-7.2-7.7-7.2-7.7-6.6-6.9
Memo:
Euro area-8.5-8.4-8.0-9.2-12.5-11.3-12.5-12.6-12.2-12.4
 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