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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 2019 › »
Year Quarter
2014 2015 2016 2017 2018 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
Argentina-0.72.02.25.16.15.27.69.96.15.7
Australia-4.03.0-0.7-8.9-10.1-8.6-9.6-9.7-10.1-10.9
Austria-9.7-9.5-8.0-9.2-11.2-9.4-10.1-10.2-11.2-10.1
Belgium-7.2-8.35.4-11.4-17.0-11.1-10.4-12.6-17.0-17.0
Brazil7.69.50.8-3.1-1.5-3.6-4.9-3.9-1.5-2.5
Canada5.516.014.59.78.38.89.17.58.37.5
Chile14.619.210.91.45.1-0.30.72.05.14.3
China21.120.818.210.50.49.56.53.60.42.7
Colombia11.513.08.34.02.13.12.61.72.11.3
Czech Republic11.34.42.8-0.4-0.7-0.9-0.20.7-0.7-0.8
Denmark-16.8-20.8-23.3-29.6-29.6-30.6-29.7-29.0-29.6-30.6
Finland9.79.9-4.0-2.0-13.0-6.2-6.1-7.3-13.0-9.5
France4.25.44.43.10.81.81.81.50.81.3
Germany-9.1-6.4-4.3-1.31.4-1.3-0.11.11.42.1
Greece-5.1-11.3-16.3-24.0-28.8-26.4-27.0-28.0-28.8-32.5
Hong Kong SAR38.624.521.130.36.730.223.411.96.77.6
Hungary-18.3-25.7-27.5-28.9-26.1-28.8-25.0-25.8-26.1-26.0
India-3.2-3.8-8.4-9.4-7.7-7.3-8.7-7.8-7.7-6.1
Indonesia12.211.49.46.96.46.06.66.76.45.4
Ireland-23.3-19.5-47.1-89.6-97.8-102.3-100.3-100.8-97.8-90.9
Israel-15.8-14.4-11.1-9.3-6.9-7.3-6.9-6.9-6.9-5.9
Italy-8.7-13.9-16.8-18.2-18.0-18.7-18.2-18.0-18.0-18.1
Japan2.10.34.96.810.76.47.59.010.711.1
Korea2.10.7-0.7-2.40.8-1.8-1.10.30.81.9
Luxembourg-23.3-23.0-22.0-53.8-65.2-53.4-59.9-61.5-65.2-72.1
Malaysia7.79.58.33.45.94.16.86.15.95.4
Mexico6.37.78.56.33.74.85.33.93.73.5
Netherlands4.4-3.9-7.8-20.5-26.4-19.1-22.8-23.9-26.4-28.3
New Zealand-22.4-18.6-15.4-15.4-12.4-15.1-14.3-13.8-12.4-12.6
Norway-0.113.413.2-3.9-18.2-7.1-10.7-16.2-18.2-18.9
Poland0.3-1.2-1.1-7.9-9.3-7.4-7.5-8.2-9.3-10.0
Portugal-26.6-37.4-45.3-46.3-47.2-47.4-48.0-47.3-47.2-46.4
Russia8.77.4-2.6-7.0-8.7-8.5-7.8-7.8-8.7-8.2
Saudi Arabia0.611.610.32.7-4.50.4-0.9-2.7-4.5-3.8
Singapore23.219.212.89.35.76.91.85.65.75.2
South Africa-3.9-0.6-3.0-3.4-2.5-2.9-3.0-2.0-2.5-0.1
Spain-38.8-47.4-49.8-51.4-48.3-51.4-48.9-48.3-48.3-45.9
Sweden-1.4-6.4-11.6-9.3-8.2-3.0-3.9-4.4-8.2-5.3
Switzerland5.95.69.313.710.013.412.711.210.010.2
Thailand16.115.510.86.75.55.55.55.05.55.0
Turkey10.89.89.85.1-1.04.15.511.3-1.0-1.4
United Kingdom-30.3-28.1-20.0-15.3-13.8-16.7-14.5-14.0-13.8-18.8
United States-14.5-12.9-9.4-6.8-6.8-7.4-6.5-6.9-6.8-6.9
Memo:
Euro area-8.3-7.8-9.6-12.7-13.5-12.9-12.4-12.3-13.5-13.3
 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