Scatter
Credit Growth Against Economic Growth Since 2015
Private non-financial credit and nominal GDP, both in local currency, latest year, index 2015 = 100
Plays the chart through its history, period by period.
Palanor calculation. Credit: BIS total credit to the private non-financial sector, all lenders, local currency, at the end of each year (BIS statistics, shown with the BIS as source). GDP: World Bank nominal GDP in local currency (CC BY 4.0). Both indexed to 2015. Above the dashed line, credit grew faster than the economy and the credit-to-GDP ratio rose. Argentina and Türkiye are left off the chart because inflation multiplied both measures many times over; their series are in the library. The BIS publishes no Peru series.
Each economy's growth in private credit since 2015 against its growth in nominal GDP. Points above the dashed 45° line borrowed faster than their economies grew, so debt rose relative to income; points below it deleveraged.
17 points
| # | Item | Group | credit, index 2015 = 100 | nominal GDP, index 2015 = 100 |
|---|---|---|---|---|
| 1 | India | Other economies | 266 | 251 |
| 2 | Brazil | Latin America | 242 | 213 |
| 3 | China | Other economies | 215 | 200 |
| 4 | Indonesia | Other economies | 194 | 207 |
| 5 | Chile | Latin America | 192 | 214 |
| 6 | Mexico | Latin America | 185 | 183 |
| 7 | Colombia | Latin America | 184 | 230 |
| 8 | South Korea | Other economies | 177 | 153 |
| 9 | Canada | Other economies | 171 | 163 |
| 10 | Malaysia | Other economies | 165 | 172 |
| 11 | U.S. | Other economies | 157 | 168 |
| 12 | Australia | Other economies | 156 | 170 |
| 13 | Germany | Other economies | 150 | 145 |
| 14 | South Africa | Other economies | 149 | 173 |
| 15 | Japan | Other economies | 139 | 121 |
What this chart reads·17 series
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- Brazil Private Credit, Index 2015 = 100as “Brazil”latest 2025-12-31
- Chile Private Credit, Index 2015 = 100as “Chile”latest 2025-12-31
- Colombia Private Credit, Index 2015 = 100as “Colombia”latest 2025-12-31
- Mexico Private Credit, Index 2015 = 100as “Mexico”latest 2025-12-31
- United States Private Credit, Index 2015 = 100as “U.S.”latest 2025-12-31
- Canada Private Credit, Index 2015 = 100as “Canada”latest 2025-12-31
- United Kingdom Private Credit, Index 2015 = 100as “UK”latest 2025-12-31
- Germany Private Credit, Index 2015 = 100as “Germany”latest 2025-12-31
- Japan Private Credit, Index 2015 = 100as “Japan”latest 2025-12-31
- Australia Private Credit, Index 2015 = 100as “Australia”latest 2025-12-31
- China Private Credit, Index 2015 = 100as “China”latest 2025-12-31
- India Private Credit, Index 2015 = 100as “India”latest 2025-12-31
- South Korea Private Credit, Index 2015 = 100as “South Korea”latest 2025-12-31
- Indonesia Private Credit, Index 2015 = 100as “Indonesia”latest 2025-12-31
- Thailand Private Credit, Index 2015 = 100as “Thailand”latest 2025-12-31
- Malaysia Private Credit, Index 2015 = 100as “Malaysia”latest 2025-12-31
- South Africa Private Credit, Index 2015 = 100as “South Africa”latest 2025-12-31
Sources·17 sources
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Brazil Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.BR.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Chile Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.CL.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Colombia Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.CO.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Mexico Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.MX.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
United States Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.US.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Canada Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.CA.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
United Kingdom Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.GB.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Germany Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.DE.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Japan Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.JP.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Australia Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.AU.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
China Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.CN.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
India Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.IN.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
South Korea Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.KR.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Indonesia Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.ID.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Thailand Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.TH.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Malaysia Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.MY.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
South Africa Private Credit, Index 2015 = 100. Source: Palanor calculation from Bank for International Settlements total credit statistics (WS_TC/Q.ZA.P.A.M.XDC.A). Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.