Data / Rankings / Private non-financial credit as a share of GDP / Countries

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

Luxembourg had the highest private non-financial credit as a share of GDP of 43 countries in Q2 2023, at 471.7% of GDP. Argentina had the lowest, at 22.6% of GDP. The median was 142.4% of GDP. Source: the Bank for International Settlements.

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Highest471.7Luxembourg
Lowest22.6Argentina
Median142.443 countries

Map of countries, Q2 2023

Argentina: 22.6 % of GDPAustria: 137.9 % of GDPAustralia: 168.3 % of GDPBelgium: 180.5 % of GDPBrazil: 83.5 % of GDPCanada: 218.6 % of GDPSwitzerland: 259.8 % of GDPChile: 137 % of GDPChina: 193.5 % of GDPColombia: 58.7 % of GDPCzechia: 83.4 % of GDPGermany: 141.8 % of GDPDenmark: 214.6 % of GDPSpain: 135.4 % of GDPFinland: 184 % of GDPFrance: 220.5 % of GDPUnited Kingdom: 141.6 % of GDPGreece: 96 % of GDPHong Kong: 373.9 % of GDPHungary: 95.9 % of GDPIndonesia: 38.8 % of GDPIreland: 160.6 % of GDPIsrael: 113.7 % of GDPIndia: 91.6 % of GDPItaly: 101.3 % of GDPJapan: 176 % of GDPSouth Korea: 208.4 % of GDPLuxembourg: 471.7 % of GDPMexico: 37 % of GDPMalaysia: 155.7 % of GDPNetherlands: 288.2 % of GDPNorway: 203.3 % of GDPNew Zealand: 161.5 % of GDPPoland: 61.4 % of GDPPortugal: 142.4 % of GDPRussia: 97.7 % of GDPSaudi Arabia: 62 % of GDPSweden: 252.1 % of GDPSingapore: 171.5 % of GDPThailand: 177.5 % of GDPTürkiye: 64.4 % of GDPUnited States: 150.1 % of GDPSouth Africa: 68.1 % of GDP
  • Under 68
  • 68 to 100
  • 100 to 140
  • 140 to 180
  • 180 to 210
  • 210 and over
  • No data
% of GDP, Q2 2023. Hatched areas have no value for this period. Source: BIS, BIS WS_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp. Boundaries: Natural Earth (public domain).

All countries, Q2 2023

Luxembourg: 471.7 % of GDPLuxembourg471.7Hong Kong: 373.9 % of GDPHong Kong373.9Netherlands: 288.2 % of GDPNetherlands288.2Switzerland: 259.8 % of GDPSwitzerland259.8Sweden: 252.1 % of GDPSweden252.1France: 220.5 % of GDPFrance220.5Canada: 218.6 % of GDPCanada218.6Denmark: 214.6 % of GDPDenmark214.6South Korea: 208.4 % of GDPSouth Korea208.4Norway: 203.3 % of GDPNorway203.3China: 193.5 % of GDPChina193.5Finland: 184 % of GDPFinland184Belgium: 180.5 % of GDPBelgium180.5Thailand: 177.5 % of GDPThailand177.5Japan: 176 % of GDPJapan176Singapore: 171.5 % of GDPSingapore171.5Australia: 168.3 % of GDPAustralia168.3New Zealand: 161.5 % of GDPNew Zealand161.5Ireland: 160.6 % of GDPIreland160.6Malaysia: 155.7 % of GDPMalaysia155.7United States: 150.1 % of GDPUnited States150.1Portugal: 142.4 % of GDPPortugal142.4Germany: 141.8 % of GDPGermany141.8United Kingdom: 141.6 % of GDPUnited Kingdom141.6Austria: 137.9 % of GDPAustria137.9Chile: 137 % of GDPChile137Spain: 135.4 % of GDPSpain135.4Israel: 113.7 % of GDPIsrael113.7Italy: 101.3 % of GDPItaly101.3Russia: 97.7 % of GDPRussia97.7Greece: 96 % of GDPGreece96Hungary: 95.9 % of GDPHungary95.9India: 91.6 % of GDPIndia91.6Brazil: 83.5 % of GDPBrazil83.5Czechia: 83.4 % of GDPCzechia83.4South Africa: 68.1 % of GDPSouth Africa68.1Türkiye: 64.4 % of GDPTürkiye64.4Saudi Arabia: 62 % of GDPSaudi Arabia62Poland: 61.4 % of GDPPoland61.4Colombia: 58.7 % of GDPColombia58.7Indonesia: 38.8 % of GDPIndonesia38.8Mexico: 37 % of GDPMexico37Argentina: 22.6 % of GDPArgentina22.6Luxembourg: 471.7 % of GDPLuxembourg471.7Hong Kong: 373.9 % of GDPHong Kong373.9Netherlands: 288.2 % of GDPNetherlands288.2Switzerland: 259.8 % of GDPSwitzerland259.8Sweden: 252.1 % of GDPSweden252.1France: 220.5 % of GDPFrance220.5Canada: 218.6 % of GDPCanada218.6Denmark: 214.6 % of GDPDenmark214.6South Korea: 208.4 % of GDPSouth Korea208.4Norway: 203.3 % of GDPNorway203.3China: 193.5 % of GDPChina193.5Finland: 184 % of GDPFinland184Belgium: 180.5 % of GDPBelgium180.5Thailand: 177.5 % of GDPThailand177.5Japan: 176 % of GDPJapan176Singapore: 171.5 % of GDPSingapore171.5Australia: 168.3 % of GDPAustralia168.3New Zealand: 161.5 % of GDPNew Zealand161.5Ireland: 160.6 % of GDPIreland160.6Malaysia: 155.7 % of GDPMalaysia155.7United States: 150.1 % of GDPUnited States150.1Portugal: 142.4 % of GDPPortugal142.4Germany: 141.8 % of GDPGermany141.8United Kingdom: 141.6 % of GDPUnited Kingdom141.6Austria: 137.9 % of GDPAustria137.9Chile: 137 % of GDPChile137Spain: 135.4 % of GDPSpain135.4Israel: 113.7 % of GDPIsrael113.7Italy: 101.3 % of GDPItaly101.3Russia: 97.7 % of GDPRussia97.7Greece: 96 % of GDPGreece96Hungary: 95.9 % of GDPHungary95.9India: 91.6 % of GDPIndia91.6Brazil: 83.5 % of GDPBrazil83.5Czechia: 83.4 % of GDPCzechia83.4South Africa: 68.1 % of GDPSouth Africa68.1Türkiye: 64.4 % of GDPTürkiye64.4Saudi Arabia: 62 % of GDPSaudi Arabia62Poland: 61.4 % of GDPPoland61.4Colombia: 58.7 % of GDPColombia58.7Indonesia: 38.8 % of GDPIndonesia38.8Mexico: 37 % of GDPMexico37Argentina: 22.6 % of GDPArgentina22.6
% of GDP. Source: BIS, BIS WS_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp. Retrieved 2026-10-12.

Full ranking

RankCountriesQ2 2023
% of GDP		Change on Q2 2022
1Luxembourg Estimated471.7+0.8 pts
2Hong Kong Estimated373.9-9.6 pts
3Netherlands Estimated288.2-23.3 pts
4Switzerland Estimated259.8-10.8 pts
5Sweden Estimated252.1-19.2 pts
6France Estimated220.5-4.8 pts
7Canada Estimated218.6-1.7 pts
8Denmark Estimated214.6-6.3 pts
9South Korea Estimated208.4+2.6 pts
10Norway Estimated203.3-3.9 pts
11China Estimated193.5+6.2 pts
12Finland Estimated184-5.8 pts
13Belgium Estimated180.5-15.9 pts
14Thailand Estimated177.5-4.8 pts
15Japan Estimated176-2.4 pts
16Singapore Estimated171.5+0.7 pts
17Australia Estimated168.3-8.5 pts
18New Zealand Estimated161.5-8.4 pts
19Ireland Estimated160.6-15.7 pts
20Malaysia Estimated155.7-8.7 pts
21United States Estimated150.1-6.7 pts
22Portugal Estimated142.4-17.9 pts
23Germany Estimated141.8-3.7 pts
24United Kingdom Estimated141.6-12.7 pts
25Austria Estimated137.9-10.2 pts
26Chile Estimated137-11.9 pts
27Spain Estimated135.4-14.8 pts
28Israel Estimated113.7-3.4 pts
29Italy Estimated101.3-7.3 pts
30Russia Estimated97.7+10.5 pts
31Greece Estimated96-18.6 pts
32Hungary Estimated95.9-8.9 pts
33India Estimated91.6-1.6 pts
34Brazil Estimated83.5-0.8 pts
35Czechia Estimated83.4-4.7 pts
36South Africa Estimated68.1+0.3 pts
37Türkiye Estimated64.4-11.5 pts
38Saudi Arabia Estimated62+1.2 pts
39Poland Estimated61.4-8.7 pts
40Colombia Estimated58.7-3.6 pts
41Indonesia Estimated38.8-2.9 pts
42Mexico Estimated37-2.6 pts
43Argentina Estimated22.6+0.3 pts

Other periods

About this ranking

Quarter-end gross core debt of households, NPISHs and 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: P.A.M.770.A, quarterly, private nonfinancial 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.P.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: P.A.M.770.A, quarterly, private nonfinancial credit gdp (Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1

MLA 9

BIS WS_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp, Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1. Invokely, https://invokely.ai/rankings/private-nonfinancial-credit-gdp/countries?period=2023-Q2. Accessed 12 Oct. 2026.

Chicago (author-date)

Bank for International Settlements. n.d. BIS WS_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp. Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1. Also distributed by Invokely, https://invokely.ai/rankings/private-nonfinancial-credit-gdp/countries?period=2023-Q2.

Harvard

Bank for International Settlements (no date) BIS WS_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp, Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1, via Invokely: https://invokely.ai/rankings/private-nonfinancial-credit-gdp/countries?period=2023-Q2 (Accessed: 12 October 2026).

BibTeX
@misc{bank_countries_by_private_non_2026,
  author = {{Bank for International Settlements}},
  title = {{BIS WS\_TC: P.A.M.770.A, quarterly, private nonfinancial credit gdp: Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1},
  urldate = {2026-10-12},
  note = {Accessed via Invokely, https://invokely.ai/rankings/private-nonfinancial-credit-gdp/countries?period=2023-Q2. Publisher attribution: Bank for International Settlements (BIS), compiled from central bank and other national sources. BIS WS\_TC: P.A.M.770.A, quarterly, private nonfinancial 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.P.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: P.A.M.770.A, quarterly, private nonfinancial credit gdp: Countries by private non-financial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1
L2  - https://invokely.ai/rankings/private-nonfinancial-credit-gdp/countries?period=2023-Q2
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/private-nonfinancial-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: P.A.M.770.A, quarterly, private nonfinancial 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.P.A.M.770.A?format=csv&startPeriod=1970-Q1. Retrieved 2026-10-12.
ER  -
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Rank Countries by private non-financial credit as a share of GDP using official data, and cite the source.
rank_places {"indicator":"private_nonfinancial_credit_gdp","level":"country","limit":10}
GET https://invokely.ai/api/v1/rank?indicator=private_nonfinancial_credit_gdp&level=country&limit=10

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Questions

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

Luxembourg, with 471.7% of GDP in Q2 2023, according to the Bank for International Settlements.

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

Argentina, with 22.6% 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: P.A.M.770.A, quarterly, private nonfinancial credit gdp. Retrieved 2026-10-12.

Private non-financial credit as a share of GDP: other rankings

Countries: more rankings