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 Q3 2023, at 398.8% of GDP. Argentina had the lowest, at 19.8% of GDP. The median was 85.2% of GDP. Source: the Bank for International Settlements.

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Highest398.8Luxembourg
Lowest19.8Argentina
Median85.243 countries

Map of countries, Q3 2023

Argentina: 19.8 % of GDPAustria: 91.6 % of GDPAustralia: 59.1 % of GDPBelgium: 120.7 % of GDPBrazil: 51 % of GDPCanada: 118.1 % of GDPSwitzerland: 137.6 % of GDPChile: 95.6 % of GDPChina: 133.2 % of GDPColombia: 31.01 % of GDPCzechia: 52.1 % of GDPGermany: 89 % of GDPDenmark: 133.3 % of GDPSpain: 84.5 % of GDPFinland: 118.1 % of GDPFrance: 154.7 % of GDPUnited Kingdom: 63.4 % of GDPGreece: 52.5 % of GDPHong Kong: 269.9 % of GDPHungary: 78.5 % of GDPIndonesia: 23.2 % of GDPIreland: 139 % of GDPIsrael: 69.7 % of GDPIndia: 50.1 % of GDPItaly: 60.9 % of GDPJapan: 112.3 % of GDPSouth Korea: 114.7 % of GDPLuxembourg: 398.8 % of GDPMexico: 21 % of GDPMalaysia: 88.9 % of GDPNetherlands: 188.8 % of GDPNorway: 134.2 % of GDPNew Zealand: 69.7 % of GDPPoland: 37.3 % of GDPPortugal: 85.2 % of GDPRussia: 77.9 % of GDPSaudi Arabia: 36 % of GDPSweden: 157.6 % of GDPSingapore: 125.6 % of GDPThailand: 85.8 % of GDPTürkiye: 48.4 % of GDPUnited States: 76.2 % of GDPSouth Africa: 34 % of GDP
  • Under 48
  • 48 to 63
  • 63 to 85
  • 85 to 110
  • 110 to 130
  • 130 and over
  • No data
% of GDP, Q3 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, Q3 2023

Luxembourg: 398.8 % of GDPLuxembourg398.8Hong Kong: 269.9 % of GDPHong Kong269.9Netherlands: 188.8 % of GDPNetherlands188.8Sweden: 157.6 % of GDPSweden157.6France: 154.7 % of GDPFrance154.7Ireland: 139 % of GDPIreland139Switzerland: 137.6 % of GDPSwitzerland137.6Norway: 134.2 % of GDPNorway134.2Denmark: 133.3 % of GDPDenmark133.3China: 133.2 % of GDPChina133.2Singapore: 125.6 % of GDPSingapore125.6Belgium: 120.7 % of GDPBelgium120.7Canada: 118.1 % of GDPCanada118.1Finland: 118.1 % of GDPFinland118.1South Korea: 114.7 % of GDPSouth Korea114.7Japan: 112.3 % of GDPJapan112.3Chile: 95.6 % of GDPChile95.6Austria: 91.6 % of GDPAustria91.6Germany: 89 % of GDPGermany89Malaysia: 88.9 % of GDPMalaysia88.9Thailand: 85.8 % of GDPThailand85.8Portugal: 85.2 % of GDPPortugal85.2Spain: 84.5 % of GDPSpain84.5Hungary: 78.5 % of GDPHungary78.5Russia: 77.9 % of GDPRussia77.9United States: 76.2 % of GDPUnited States76.2Israel: 69.7 % of GDPIsrael69.7New Zealand: 69.7 % of GDPNew Zealand69.7United Kingdom: 63.4 % of GDPUnited Kingdom63.4Italy: 60.9 % of GDPItaly60.9Australia: 59.1 % of GDPAustralia59.1Greece: 52.5 % of GDPGreece52.5Czechia: 52.1 % of GDPCzechia52.1Brazil: 51 % of GDPBrazil51India: 50.1 % of GDPIndia50.1Türkiye: 48.4 % of GDPTürkiye48.4Poland: 37.3 % of GDPPoland37.3Saudi Arabia: 36 % of GDPSaudi Arabia36South Africa: 34 % of GDPSouth Africa34Colombia: 31.01 % of GDPColombia31.01Indonesia: 23.2 % of GDPIndonesia23.2Mexico: 21 % of GDPMexico21Argentina: 19.8 % of GDPArgentina19.8Luxembourg: 398.8 % of GDPLuxembourg398.8Hong Kong: 269.9 % of GDPHong Kong269.9Netherlands: 188.8 % of GDPNetherlands188.8Sweden: 157.6 % of GDPSweden157.6France: 154.7 % of GDPFrance154.7Ireland: 139 % of GDPIreland139Switzerland: 137.6 % of GDPSwitzerland137.6Norway: 134.2 % of GDPNorway134.2Denmark: 133.3 % of GDPDenmark133.3China: 133.2 % of GDPChina133.2Singapore: 125.6 % of GDPSingapore125.6Belgium: 120.7 % of GDPBelgium120.7Canada: 118.1 % of GDPCanada118.1Finland: 118.1 % of GDPFinland118.1South Korea: 114.7 % of GDPSouth Korea114.7Japan: 112.3 % of GDPJapan112.3Chile: 95.6 % of GDPChile95.6Austria: 91.6 % of GDPAustria91.6Germany: 89 % of GDPGermany89Malaysia: 88.9 % of GDPMalaysia88.9Thailand: 85.8 % of GDPThailand85.8Portugal: 85.2 % of GDPPortugal85.2Spain: 84.5 % of GDPSpain84.5Hungary: 78.5 % of GDPHungary78.5Russia: 77.9 % of GDPRussia77.9United States: 76.2 % of GDPUnited States76.2Israel: 69.7 % of GDPIsrael69.7New Zealand: 69.7 % of GDPNew Zealand69.7United Kingdom: 63.4 % of GDPUnited Kingdom63.4Italy: 60.9 % of GDPItaly60.9Australia: 59.1 % of GDPAustralia59.1Greece: 52.5 % of GDPGreece52.5Czechia: 52.1 % of GDPCzechia52.1Brazil: 51 % of GDPBrazil51India: 50.1 % of GDPIndia50.1Türkiye: 48.4 % of GDPTürkiye48.4Poland: 37.3 % of GDPPoland37.3Saudi Arabia: 36 % of GDPSaudi Arabia36South Africa: 34 % of GDPSouth Africa34Colombia: 31.01 % of GDPColombia31.01Indonesia: 23.2 % of GDPIndonesia23.2Mexico: 21 % of GDPMexico21Argentina: 19.8 % of GDPArgentina19.8
% of GDP. Source: BIS, BIS WS_TC: N.A.M.770.A, quarterly, nonfinancial corporate credit gdp. Retrieved 2026-10-12.

Full ranking

RankCountriesQ3 2023
% of GDP		Change on Q3 2022
1Luxembourg Estimated398.8-13.2 pts
2Hong Kong Estimated269.9-8.8 pts
3Netherlands Estimated188.8-17.4 pts
4Sweden Estimated157.6-24.5 pts
5France Estimated154.7-5 pts
6Ireland Estimated139-10.5 pts
7Switzerland Estimated137.6-6.6 pts
8Norway Estimated134.2+12.8 pts
9Denmark Estimated133.3-1.5 pts
10China Estimated133.2+5.8 pts
11Singapore Estimated125.6+6.6 pts
12Belgium Estimated120.7-14 pts
13Canada Estimated118.1+2.4 pts
13Finland Estimated118.1-3.4 pts
15South Korea Estimated114.7+4.2 pts
16Japan Estimated112.3-1.5 pts
17Chile Estimated95.6-9.4 pts
18Austria Estimated91.6-5.3 pts
19Germany Estimated89-4.2 pts
20Malaysia Estimated88.9-0.2 pts
21Thailand Estimated85.8-1.8 pts
22Portugal Estimated85.2-9.1 pts
23Spain Estimated84.5-9 pts
24Hungary Estimated78.5-12.7 pts
25Russia Estimated77.9+9.4 pts
26United States Estimated76.2-3.7 pts
27Israel Estimated69.7-1.2 pts
27New Zealand Estimated69.7-2.9 pts
29United Kingdom Estimated63.4-7.6 pts
30Italy Estimated60.9-5.7 pts
31Australia Estimated59.1-2.7 pts
32Greece Estimated52.5-8 pts
33Czechia Estimated52.1-5.2 pts
34Brazil Estimated51-1 pts
35India Estimated50.1-1.9 pts
36Türkiye Estimated48.4-9.4 pts
37Poland Estimated37.3-4.1 pts
38Saudi Arabia Estimated36+2.3 pts
39South Africa Estimated34-0.7 pts
40Colombia Estimated31.01-1.46 pts
41Indonesia Estimated23.2-1 pts
42Mexico Estimated21-2.3 pts
43Argentina Estimated19.8+2.1 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-Q3) [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-Q3. 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-Q3. 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-Q3. 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-Q3.

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-Q3 [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-Q3 (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-Q3}},
  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-Q3. 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-Q3
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-Q3
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/nonfinancial-corporate-credit-gdp/countries?period=2023-Q3.
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 398.8% of GDP in Q3 2023, according to the Bank for International Settlements.

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

Argentina, with 19.8% of GDP in Q3 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