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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 2021 › »
Year Quarter
2016 2017 2018 2019 2020 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21
Argentina2.06.39.06.87.37.07.35.83.01.1
Australia-0.6-7.5-9.3-13.8-10.7-9.4-10.7-11.3-15.6-17.7
Austria-8.6-8.6-7.6-7.12.81.82.86.11.10.4
Belgium4.9-11.4-18.6-17.2-10.1-10.2-10.1-9.5-18.0-21.5
Brazil7.63.22.13.19.26.59.27.35.66.0
Canada13.06.94.33.019.918.219.914.46.93.9
Chile10.81.24.511.610.220.010.26.6-2.4-3.7
China20.911.90.4-1.37.110.97.13.6-0.2-3.4
Colombia8.34.01.9-0.83.53.73.53.00.5-1.3
Czech Republic2.61.42.9-3.7-0.7-1.1-0.7-0.5-2.6-3.2
Denmark-24.5-31.1-28.2-15.7-17.9-19.0-17.9-17.8-22.6-23.2
Finland-4.0-0.1-3.0-8.9-1.7-3.6-1.7-1.7-5.6-7.6
France7.23.72.65.124.322.724.321.413.110.2
Germany-7.9-5.6-1.80.910.09.010.011.48.87.8
Greece-16.2-22.8-23.1-28.7-13.1-16.6-13.1-10.5-9.9-13.9
Hong Kong SAR29.848.222.421.834.748.034.734.937.417.9
Hungary-27.8-29.5-26.5-21.8-10.5-11.5-10.5-5.2-7.0-4.7
India-16.2-18.4-16.8-14.5-5.7-6.7-5.7-3.9-10.1-12.3
Indonesia10.07.36.95.34.96.04.94.93.62.3
Ireland-42.3-75.5-71.9-93.3-98.4-94.8-98.4-97.9-102.3-103.7
Israel-10.8-9.2-7.3-6.1-0.1-3.1-0.12.01.32.3
Italy-17.0-18.4-18.1-16.9-3.9-5.8-3.9-3.4-7.3-8.5
Japan4.45.89.713.528.127.128.127.725.424.4
Korea-1.2-2.90.46.017.616.117.618.318.418.9
Luxembourg-37.0-44.7-41.9-27.3-25.9-13.9-25.9-28.1-48.8-52.1
Malaysia8.33.45.94.715.113.415.114.97.57.5
Mexico8.56.33.81.62.85.12.82.4-0.3-0.9
Netherlands-8.0-20.2-29.1-38.9-32.8-28.5-32.8-28.6-30.5-32.4
New Zealand-15.7-17.2-16.2-16.1-10.4-12.2-10.4-9.1-13.1-11.5
Norway12.8-4.5-18.2-5.311.211.311.27.1-3.1-15.7
Poland-1.1-7.7-9.0-12.2-10.2-10.7-10.2-10.5-12.5-12.2
Portugal-44.4-45.9-47.7-45.1-23.9-27.3-23.9-20.2-23.1-22.4
Russia4.6-0.3-5.6-8.90.23.40.2-2.2-7.5-8.8
Saudi Arabia10.92.9-6.2-0.118.614.918.620.216.914.2
Singapore14.68.31.18.427.319.727.321.120.512.1
South Africa-3.7-4.9-5.4-4.6-3.6-3.0-3.6-3.6-8.2-8.1
Spain-52.2-53.8-51.3-46.2-19.9-25.2-19.9-17.2-19.2-21.1
Sweden-7.2-6.8-5.2-2.16.05.36.014.07.35.0
Switzerland11.514.92.514.817.418.517.426.022.018.0
Thailand12.37.37.26.123.419.023.424.721.121.9
Turkey9.84.1-1.8-7.3-1.25.2-1.2-2.6-7.9-11.9
United Kingdom-19.8-15.2-17.5-15.8-1.0-3.1-1.0-1.3-5.8-7.5
United States-9.3-6.6-6.4-5.66.75.26.77.22.50.6
Memo:
Euro area-9.3-12.8-13.7-13.10.0-1.20.01.7-3.0-4.5
 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