Data / Rankings / Non-financial corporate credit as a share of GDP / Countries

Countries by non-financial corporate credit as a share of GDP

Luxembourg had the highest non-financial corporate credit as a share of GDP of 43 countries in Q2 2023, at 402.6% of GDP. Argentina had the lowest, at 18.7% of GDP. The median was 85.9% of GDP. Source: the Bank for International Settlements.

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Highest402.6Luxembourg
Lowest18.7Argentina
Median85.943 countries

Map of countries, Q2 2023

Argentina: 18.7 % of GDPAustria: 92.2 % of GDPAustralia: 58.8 % of GDPBelgium: 122.7 % of GDPBrazil: 49.9 % of GDPCanada: 117.7 % of GDPSwitzerland: 138.6 % of GDPChile: 90.9 % of GDPChina: 132.8 % of GDPColombia: 31.2 % of GDPCzechia: 52.6 % of GDPGermany: 90.4 % of GDPDenmark: 130.4 % of GDPSpain: 86.3 % of GDPFinland: 119.3 % of GDPFrance: 156.3 % of GDPUnited Kingdom: 64.1 % of GDPGreece: 53 % of GDPHong Kong: 277.6 % of GDPHungary: 78.3 % of GDPIndonesia: 22.8 % of GDPIreland: 134.9 % of GDPIsrael: 70.5 % of GDPIndia: 49.7 % of GDPItaly: 63.1 % of GDPJapan: 112.5 % of GDPSouth Korea: 114.2 % of GDPLuxembourg: 402.6 % of GDPMexico: 20.9 % of GDPMalaysia: 88.3 % of GDPNetherlands: 188.9 % of GDPNorway: 127.6 % of GDPNew Zealand: 70.9 % of GDPPoland: 37.2 % of GDPPortugal: 85.8 % of GDPRussia: 76.4 % of GDPSaudi Arabia: 34.5 % of GDPSweden: 164.5 % of GDPSingapore: 126.5 % of GDPThailand: 85.9 % of GDPTürkiye: 52.9 % of GDPUnited States: 77.3 % of GDPSouth Africa: 33.7 % of GDP
  • Under 50
  • 50 to 64
  • 64 to 86
  • 86 to 110
  • 110 to 130
  • 130 and over
  • No data
% of GDP, Q2 2023. Hatched areas have no value for this period. Source: BIS, BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. Boundaries: Natural Earth (public domain).

All countries, Q2 2023

Luxembourg: 402.6 % of GDPLuxembourg402.6Hong Kong: 277.6 % of GDPHong Kong277.6Netherlands: 188.9 % of GDPNetherlands188.9Sweden: 164.5 % of GDPSweden164.5France: 156.3 % of GDPFrance156.3Switzerland: 138.6 % of GDPSwitzerland138.6Ireland: 134.9 % of GDPIreland134.9China: 132.8 % of GDPChina132.8Denmark: 130.4 % of GDPDenmark130.4Norway: 127.6 % of GDPNorway127.6Singapore: 126.5 % of GDPSingapore126.5Belgium: 122.7 % of GDPBelgium122.7Finland: 119.3 % of GDPFinland119.3Canada: 117.7 % of GDPCanada117.7South Korea: 114.2 % of GDPSouth Korea114.2Japan: 112.5 % of GDPJapan112.5Austria: 92.2 % of GDPAustria92.2Chile: 90.9 % of GDPChile90.9Germany: 90.4 % of GDPGermany90.4Malaysia: 88.3 % of GDPMalaysia88.3Spain: 86.3 % of GDPSpain86.3Thailand: 85.9 % of GDPThailand85.9Portugal: 85.8 % of GDPPortugal85.8Hungary: 78.3 % of GDPHungary78.3United States: 77.3 % of GDPUnited States77.3Russia: 76.4 % of GDPRussia76.4New Zealand: 70.9 % of GDPNew Zealand70.9Israel: 70.5 % of GDPIsrael70.5United Kingdom: 64.1 % of GDPUnited Kingdom64.1Italy: 63.1 % of GDPItaly63.1Australia: 58.8 % of GDPAustralia58.8Greece: 53 % of GDPGreece53Türkiye: 52.9 % of GDPTürkiye52.9Czechia: 52.6 % of GDPCzechia52.6Brazil: 49.9 % of GDPBrazil49.9India: 49.7 % of GDPIndia49.7Poland: 37.2 % of GDPPoland37.2Saudi Arabia: 34.5 % of GDPSaudi Arabia34.5South Africa: 33.7 % of GDPSouth Africa33.7Colombia: 31.2 % of GDPColombia31.2Indonesia: 22.8 % of GDPIndonesia22.8Mexico: 20.9 % of GDPMexico20.9Argentina: 18.7 % of GDPArgentina18.7Luxembourg: 402.6 % of GDPLuxembourg402.6Hong Kong: 277.6 % of GDPHong Kong277.6Netherlands: 188.9 % of GDPNetherlands188.9Sweden: 164.5 % of GDPSweden164.5France: 156.3 % of GDPFrance156.3Switzerland: 138.6 % of GDPSwitzerland138.6Ireland: 134.9 % of GDPIreland134.9China: 132.8 % of GDPChina132.8Denmark: 130.4 % of GDPDenmark130.4Norway: 127.6 % of GDPNorway127.6Singapore: 126.5 % of GDPSingapore126.5Belgium: 122.7 % of GDPBelgium122.7Finland: 119.3 % of GDPFinland119.3Canada: 117.7 % of GDPCanada117.7South Korea: 114.2 % of GDPSouth Korea114.2Japan: 112.5 % of GDPJapan112.5Austria: 92.2 % of GDPAustria92.2Chile: 90.9 % of GDPChile90.9Germany: 90.4 % of GDPGermany90.4Malaysia: 88.3 % of GDPMalaysia88.3Spain: 86.3 % of GDPSpain86.3Thailand: 85.9 % of GDPThailand85.9Portugal: 85.8 % of GDPPortugal85.8Hungary: 78.3 % of GDPHungary78.3United States: 77.3 % of GDPUnited States77.3Russia: 76.4 % of GDPRussia76.4New Zealand: 70.9 % of GDPNew Zealand70.9Israel: 70.5 % of GDPIsrael70.5United Kingdom: 64.1 % of GDPUnited Kingdom64.1Italy: 63.1 % of GDPItaly63.1Australia: 58.8 % of GDPAustralia58.8Greece: 53 % of GDPGreece53Türkiye: 52.9 % of GDPTürkiye52.9Czechia: 52.6 % of GDPCzechia52.6Brazil: 49.9 % of GDPBrazil49.9India: 49.7 % of GDPIndia49.7Poland: 37.2 % of GDPPoland37.2Saudi Arabia: 34.5 % of GDPSaudi Arabia34.5South Africa: 33.7 % of GDPSouth Africa33.7Colombia: 31.2 % of GDPColombia31.2Indonesia: 22.8 % of GDPIndonesia22.8Mexico: 20.9 % of GDPMexico20.9Argentina: 18.7 % of GDPArgentina18.7
% of GDP. Source: BIS, BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. Retrieved 2026-10-12.

Full ranking

RankCountriesQ2 2023
% of GDP		Change on Q2 2022
1Luxembourg Estimated402.6-0.8 pts
2Hong Kong Estimated277.6-11.3 pts
3Netherlands Estimated188.9-16.8 pts
4Sweden Estimated164.5-14.4 pts
5France Estimated156.3-2.8 pts
6Switzerland Estimated138.6-8.3 pts
7Ireland Estimated134.9-12.2 pts
8China Estimated132.8+5.6 pts
9Denmark Estimated130.4+0.6 pts
10Norway Estimated127.6-0.1 pts
11Singapore Estimated126.5+3.2 pts
12Belgium Estimated122.7-12.2 pts
13Finland Estimated119.3-2.7 pts
14Canada Estimated117.7+1.1 pts
15South Korea Estimated114.2+6.1 pts
16Japan Estimated112.5-1.3 pts
17Austria Estimated92.2-5.9 pts
18Chile Estimated90.9-12.7 pts
19Germany Estimated90.4-1.2 pts
20Malaysia Estimated88.3-6.9 pts
21Spain Estimated86.3-8.9 pts
22Thailand Estimated85.9-2.6 pts
23Portugal Estimated85.8-11.4 pts
24Hungary Estimated78.3-6.6 pts
25United States Estimated77.3-3.9 pts
26Russia Estimated76.4+8.4 pts
27New Zealand Estimated70.9-2.3 pts
28Israel Estimated70.5-1.7 pts
29United Kingdom Estimated64.1-8 pts
30Italy Estimated63.1-4.5 pts
31Australia Estimated58.8-3.3 pts
32Greece Estimated53-9.5 pts
33Türkiye Estimated52.9-10.9 pts
34Czechia Estimated52.6-3 pts
35Brazil Estimated49.9-1.2 pts
36India Estimated49.7-2.6 pts
37Poland Estimated37.2-3.6 pts
38Saudi Arabia Estimated34.5+1 pts
39South Africa Estimated33.70 pts
40Colombia Estimated31.2-1.91 pts
41Indonesia Estimated22.8-2.3 pts
42Mexico Estimated20.9-2.6 pts
43Argentina Estimated18.7+0.7 pts

Other periods

About this ranking

Quarter-end gross core debt of public and private non-financial corporations from all lender sectors, divided by nominal GDP over the latest four quarters, in percent.

BIS core debt: loans and debt securities, plus currency and deposits for government. Includes domestic and foreign lenders. Households include non-profit institutions serving households; corporations include public and private non-financial corporations. Gross debt: financial assets are not deducted. Private sectors are unconsolidated; government is consolidated. Market valuation follows national sources; US private debt securities use face value. BIS break adjustments and some historical estimates are retained. Unlike World Bank domestic private credit, it excludes trade credit and covers all lender sectors. Not seasonally adjusted.

Every value in the ranking comes from the same publisher and the same period, so the countries are compared on one definition. Equal values share a rank.

How to cite

Bank for International Settlements (BIS), compiled from central bank and other national sources. BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1. Retrieved 2026-10-12.

Citation styles

The publisher is the author. Invokely is named only as the place the figures were read, where a style asks for it.

APA 7

Bank for International Settlements. (n.d.). BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp (Countries by non-financial corporate credit as a share of GDP, 2023-Q2) [Data set]. Retrieved October 12, 2026, from https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1

MLA 9

BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp, Countries by non-financial corporate credit as a share of GDP, 2023-Q2. Bank for International Settlements, https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1. Invokely, https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2. Accessed 12 Oct. 2026.

Chicago (author-date)

Bank for International Settlements. n.d. BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. Countries by non-financial corporate credit as a share of GDP, 2023-Q2. Dataset. Accessed October 12, 2026. https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1. Also distributed by Invokely, https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2.

Harvard

Bank for International Settlements (no date) BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp, Countries by non-financial corporate credit as a share of GDP, 2023-Q2 [Dataset]. Available at: https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1, via Invokely: https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2 (Accessed: 12 October 2026).

BibTeX
@misc{bank_countries_by_non_financial_2026,
  author = {{Bank for International Settlements}},
  title = {{BIS WS\_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp: Countries by non-financial corporate credit as a share of GDP, 2023-Q2}},
  howpublished = {Data set},
  url = {https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1},
  urldate = {2026-10-12},
  note = {Accessed via Invokely, https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2. Publisher attribution: Bank for International Settlements (BIS), compiled from central bank and other national sources. BIS WS\_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. https://stats.bis.org/api/v2/data/dataflow/BIS/WS\_TC/2.0/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.N.A.M.770.A?format=csv\&startPeriod=1970-Q1. Retrieved 2026-10-12.},
}
RIS
TY  - DATA
AU  - Bank for International Settlements
TI  - BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp: Countries by non-financial corporate credit as a share of GDP, 2023-Q2
PB  - Bank for International Settlements
DB  - Invokely
UR  - https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1
L2  - https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q2.
N1  - Publisher attribution: Bank for International Settlements (BIS), compiled from central bank and other national sources. BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. https://stats.bis.org/api/v2/data/dataflow/BIS/WS_TC/2.0/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.N.A.M.770.A?format=csv&startPeriod=1970-Q1. Retrieved 2026-10-12.
ER  -
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Rank Countries by non-financial corporate credit as a share of GDP using official data, and cite the source.
rank_places {"indicator":"nonfinancial_corporate_credit_gdp","level":"country","limit":10}
GET https://invokely.ai/api/v1/rank?indicator=nonfinancial_corporate_credit_gdp&level=country&limit=10

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Questions

Which country has the highest non-financial corporate credit as a share of GDP?

Luxembourg, with 402.6% of GDP in Q2 2023, according to the Bank for International Settlements.

Which country has the lowest non-financial corporate credit as a share of GDP?

Argentina, with 18.7% of GDP in Q2 2023.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: Bank for International Settlements, BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. Retrieved 2026-10-12.

Non-financial corporate credit as a share of GDP: other rankings

Countries: more rankings