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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
«  Q4 2019 › »
Year Quarter
2014 2015 2016 2017 2018 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
Argentina-0.72.02.25.16.16.15.73.44.83.3
Australia-5.51.0-1.6-8.7-10.1-10.1-10.8-11.3-12.5-13.8
Austria-9.4-9.5-8.6-9.0-8.7-8.7-7.6-6.9-8.8-9.0
Belgium-6.1-8.64.7-5.8-17.2-17.2-16.2-17.4-15.6-16.8
Brazil7.89.90.5-3.1-1.8-1.8-2.7-2.0-1.2-0.1
Canada5.815.312.86.52.82.83.64.04.32.0
Chile14.619.210.81.74.94.93.55.99.511.2
China19.725.420.811.80.30.32.61.0-0.4-2.2
Colombia11.513.08.34.02.12.11.31.31.30.4
Czech Republic11.34.42.8-0.4-0.5-0.5-1.3-1.7-1.8-2.6
Denmark-16.8-20.6-23.9-29.5-31.5-31.5-31.3-32.2-31.4-32.3
Finland9.510.3-3.6-1.3-8.6-8.6-7.7-9.2-10.0-10.5
France4.25.47.27.18.48.48.17.98.05.8
Germany-8.9-6.3-3.6-0.71.61.62.43.84.44.1
Greece-5.1-11.4-16.4-23.4-24.5-24.5-28.5-29.6-30.3-29.3
Hong Kong SAR38.724.521.130.77.47.48.49.411.510.3
Hungary-18.3-26.3-28.1-29.7-26.6-26.6-26.0-24.2-24.1-23.2
India-3.2-3.8-8.4-9.4-7.8-7.8-6.0-7.5-7.5-7.2
Indonesia12.211.49.46.96.56.55.55.34.74.4
Ireland-23.3-19.5-47.2-78.0-91.8-91.8-92.2-89.2-88.6-95.2
Israel-15.7-14.4-11.1-9.2-6.8-6.8-6.0-5.5-6.3-5.7
Italy-8.5-13.6-16.8-18.2-17.6-17.6-18.1-17.2-16.6-17.7
Japan1.90.35.26.310.610.611.111.111.912.9
Korea1.70.3-1.1-2.90.40.41.53.55.47.0
Luxembourg-27.3-30.7-53.9-27.8-37.9-37.9-46.3-56.8-62.1-63.7
Malaysia7.79.58.33.56.06.05.54.74.04.9
Mexico6.37.78.56.33.83.83.63.43.11.9
Netherlands4.3-3.9-7.9-20.5-26.4-26.4-27.3-29.4-30.4-34.4
New Zealand-22.4-18.8-15.5-16.9-14.0-14.0-13.9-12.8-12.5-12.6
Norway-0.113.413.2-3.9-17.8-17.8-17.7-16.0-11.8-11.5
Poland0.3-1.2-1.1-7.8-9.4-9.4-9.9-11.0-10.6-12.4
Portugal-25.9-36.2-44.4-46.3-47.1-47.1-46.6-45.7-45.0-45.3
Russia8.67.3-2.4-7.0-9.2-9.2-9.8-9.6-8.7-7.5
Saudi Arabia0.611.610.42.7-4.5-4.5-3.8-3.5-3.3-1.1
Singapore23.319.312.67.92.22.21.22.52.48.2
South Africa-3.9-0.6-3.0-3.3-2.5-2.50.0-0.9-0.3-2.1
Spain-41.0-49.9-52.6-53.5-49.8-49.8-47.2-46.9-45.5-45.8
Sweden-1.3-2.5-7.7-6.9-4.9-4.9-0.9-0.2-0.5-2.2
Switzerland6.05.79.813.310.010.010.210.710.59.9
Thailand16.115.510.56.55.35.34.84.13.83.8
Turkey10.89.89.85.0-1.4-1.4-1.8-4.1-7.4-7.3
United Kingdom-30.5-28.7-20.8-15.7-14.8-14.8-17.8-15.9-13.1-14.2
United States-14.5-12.8-9.4-6.8-6.7-6.7-6.8-6.3-5.7-5.7
Memo:
Euro area-8.1-7.5-8.8-11.1-11.8-11.8-11.5-10.7-9.9-11.3
 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