# Private non-financial credit-to-GDP gap

Difference in percentage points between private non-financial credit as a share of GDP and its long-run trend, estimated by the BIS with a one-sided, backward-looking Hodrick-Prescott filter. A level difference, not a percentage change.

## Key facts

- Private non-financial credit-to-GDP gap in the United States was -11.32 percentage points in Q1 2026, according to the Bank for International Settlements.
- Saudi Arabia had the highest private non-financial credit-to-GDP gap of 43 countries in Q1 2026, at 6.7 percentage points, and Ireland the lowest, at -64.56 percentage points. Source: the Bank for International Settlements.
- Published for 43 places, with figures from Q1 1970 to Q1 2026.
- Figures last updated on 2026-10-12.

- Indicator id: `private_nonfinancial_credit_gap`
- Unit: percentage points
- Note: BIS estimate. Can differ from the credit gap used by national authorities. It supports risk analysis; it is not an automatic lending or policy threshold.
- Web page: https://invokely.ai/en/private-nonfinancial-credit-gap
- API: https://invokely.ai/api/v1/indicators/private_nonfinancial_credit_gap

## Latest figures

| Place | Period | percentage points | Source |
|---|---|---:|---|
| United States | 2026-Q1 | -11.32 | Bank for International Settlements (BIS), compiled from central bank and other national sources. BIS WS_CREDIT_GAP: P.A.C, quarterly, private nonfinancial credit gap. https://stats.bis.org/api/v2/data/dataflow/BIS/WS_CREDIT_GAP/1.0/Q.AD+AE+AF+AG+AI+AL+AM+AO+AQ+AR+AS+AT+AU+AW+AX+AZ+BA+BB+BD+BE+BF+BG+BH+BI+BJ+BL+BM+BN+BO+BQ+BR+BS+BT+BV+BW+BY+BZ+CA+CC+CD+CF+CG+CH+CI+CK+CL+CM+CN+CO+CR+CU+CV+CW+CX+CY+CZ+DE+DJ+DK+DM+DO+DZ+EC+EE+EG+EH+ER+ES+ET+FI+FJ+FK+FM+FO+FR+GA+GB+GD+GE+GF+GG+GH+GI+GL+GM+GN+GP+GQ+GR+GS+GT+GU+GW+GY+HK+HM+HN+HR+HT+HU+ID+IE+IL+IM+IN+IO+IQ+IR+IS+IT+JE+JM+JO+JP+KE+KG+KH+KI+KM+KN+KP+KR+KW+KY+KZ+LA+LB+LC+LI+LK+LR+LS+LT+LU+LV+LY+MA+MC+MD+ME+MF+MG+MH+MK+ML+MM+MN+MO+MP+MQ+MR+MS+MT+MU+MV+MW+MX+MY+MZ+NA+NC+NE+NF+NG+NI+NL+NO+NP+NR+NU+NZ+OM+PA+PE+PF+PG+PH+PK+PL+PM+PN+PR+PS+PT+PW+PY+QA+RE+RO+RS+RU+RW+SA+SB+SC+SD+SE+SG+SH+SI+SJ+SK+SL+SM+SN+SO+SR+SS+ST+SV+SX+SY+SZ+TC+TD+TF+TG+TH+TJ+TK+TL+TM+TN+TO+TR+TT+TV+TW+TZ+UA+UG+UM+US+UY+UZ+VA+VC+VE+VG+VI+VN+VU+WF+WS+YE+YT+ZA+ZM+ZW.P.A.C?format=csv&startPeriod=1970-Q1. Retrieved 2026-10-12. |

## Rankings

- [Countries](https://invokely.ai/rankings/private-nonfinancial-credit-gap/countries.md) (43 places)
- [EU countries](https://invokely.ai/rankings/private-nonfinancial-credit-gap/eu-countries.md) (17 places)