> CTG > Table J-C > Change measure  A B  Structure Help
Credit-to-GDP gaps (actual-trend)  1
Based on total credit to the private non-financial sector, as % of GDP  2
«  Q2 2020 › »
Year Quarter
2015 2016 2017 2018 2019 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Argentina2.02.25.16.33.43.55.03.42.73.8
Australia1.0-1.1-8.1-9.5-13.1-10.4-11.9-13.1-10.0-9.8
Austria-9.5-8.6-8.8-8.6-9.1-7.4-9.0-9.1-6.5-0.7
Belgium-8.44.8-11.8-17.5-21.9-17.8-15.6-21.9-17.2-6.4
Brazil9.90.5-3.1-1.80.1-2.0-1.20.1-0.61.5
Canada15.312.86.52.82.85.25.22.86.014.4
Chile19.210.81.74.911.25.99.511.216.322.9
China25.420.811.80.4-2.10.8-0.4-2.17.510.6
Colombia13.08.34.02.10.41.21.30.42.04.7
Czech Republic3.02.61.42.9-1.70.6-0.2-1.7-2.3-0.3
Denmark-21.6-25.1-30.4-28.4-20.4-24.0-21.6-20.4-22.1-18.4
Finland9.9-4.00.2-3.9-8.7-6.2-7.3-8.7-5.3-1.9
France5.47.23.74.24.85.56.04.87.822.1
Germany-6.2-3.7-1.21.33.93.64.23.95.39.3
Greece-11.4-16.4-23.5-24.6-29.2-29.7-30.4-29.2-27.4-22.1
Hong Kong SAR24.120.830.310.312.711.814.012.724.627.4
Hungary-26.5-28.5-30.3-27.3-24.0-25.0-24.8-24.0-19.3-16.6
India-3.8-8.4-9.4-7.8-7.0-7.5-7.4-7.0-5.6-3.1
Indonesia11.49.46.96.54.45.34.74.45.13.9
Ireland-16.6-43.5-77.4-70.5-87.7-75.8-75.2-87.7-86.7-87.0
Israel-14.5-11.0-8.8-6.9-5.5-5.6-6.4-5.5-6.5-5.3
Italy-13.3-16.7-18.2-17.9-17.0-17.7-17.0-17.0-15.7-9.2
Japan0.65.56.510.813.111.312.013.114.325.2
Korea0.3-1.1-2.90.16.63.15.06.69.413.8
Luxembourg-13.5-35.6-25.5-29.4-37.1-35.0-39.1-37.1-37.3-38.1
Malaysia9.58.33.55.94.94.74.04.94.411.3
Mexico7.78.56.33.82.03.43.12.05.86.6
Netherlands-3.5-7.6-20.0-28.9-36.5-31.7-33.2-36.5-34.2-28.4
New Zealand-18.8-15.5-16.9-14.1-12.8-12.9-12.4-12.8-10.7-8.0
Norway13.413.1-4.0-18.4-9.8-14.8-10.9-9.8-3.34.5
Poland-1.3-1.1-7.6-9.0-12.1-11.0-10.7-12.1-10.3-10.4
Portugal-36.2-44.4-46.3-47.7-46.0-46.5-45.7-46.0-44.5-34.4
Russia15.24.6-0.3-6.2-9.4-9.8-8.6-9.4-3.1-1.6
Saudi Arabia11.610.42.7-4.5-1.1-3.5-3.3-1.10.75.8
Singapore19.412.67.81.88.93.33.18.910.115.9
South Africa-0.6-3.0-3.3-2.5-2.1-0.9-0.3-2.10.21.0
Spain-49.9-52.3-53.3-50.9-46.1-47.1-45.7-46.1-42.8-28.7
Sweden-2.6-7.2-6.7-5.4-1.8-0.5-0.8-1.8-0.21.8
Switzerland9.411.014.38.310.69.89.410.613.420.4
Thailand15.510.56.55.43.84.13.83.85.910.9
Turkey9.89.74.9-1.6-7.4-4.1-7.4-7.4-4.62.0
United Kingdom-26.0-19.2-14.3-13.5-16.6-17.6-15.2-16.6-14.4-5.0
United States-13.1-9.8-7.0-6.9-5.8-6.3-5.7-5.8-2.43.5
Memo:
Euro area-8.2-9.1-12.4-12.1-11.9-11.1-10.4-11.9-9.5-2.0
 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