Credit to the non-financial sector - TOTAL_CREDIT

Data - BIS

Info

Last observation: Q: 2023-04-01 (N = 1133)

First observation: Q: 1940-04-01 (N = 4)

Last data update: 25 jul 2026, 10:03. Last compile: 17 aoû 2026, 23:34

Structure

FREQ

TC_BORROWERS

TC_LENDERS

VALUATION

UNIT_TYPE

TC_ADJUST

UNIT_MULT

UNIT_MEASURE

TITLE_TS

iso3c, iso2c, Borrowers’ country

TOTAL_CREDIT |>
  arrange(iso3c, date) |>
  group_by(iso3c, iso2c, `Borrowers' country`) |>
  summarise(Nobs = n(),
            start = first(date),
            end = last(date)) |>
  arrange(-Nobs) |>
  mutate(Flag = gsub(" ", "-", str_to_lower(`Borrowers' country`)),
         Flag = paste0('<img src="../../bib/flags/vsmall/', Flag, '.png" alt="Flag">')) |>
  select(Flag, everything()) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F, escape = F) else .}

All

Sweden

All

TOTAL_CREDIT |>
  filter(iso2c %in% c("SE"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

1980-2000

TOTAL_CREDIT |>
  filter(iso2c %in% c("SE"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A",
         date >= as.Date("1980-01-01"),
         date <= as.Date("1998-01-01")) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 2) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.2, 0.85),
        legend.title = element_blank())

Peru

TOTAL_CREDIT |>
  filter(iso2c %in% c("PE"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

Netherlands

TOTAL_CREDIT |>
  filter(iso2c %in% c("NL"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

Denmark

TOTAL_CREDIT |>
  filter(iso2c %in% c("DK"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

France

TOTAL_CREDIT |>
  filter(iso2c %in% c("FR"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

United States

TOTAL_CREDIT |>
  filter(iso2c %in% c("US"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

Korea

All

TOTAL_CREDIT |>
  filter(iso2c %in% c("KR"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         TC_BORROWERS %in% c("G", "H", "N"),
         VALUATION == "M",
         TC_ADJUST == "A") |>
  left_join(tibble(TC_BORROWERS = c("G", "H", "N"),
                   Tc_borrowers = c("Dette publique", "Dette des ménages", "Dette des entreprises"))) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Dette / PIB en Corée du Sud (en % ou plutôt années de PIB)") +
  geom_line(aes(x = date, y = value/100, color = Tc_borrowers)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 10, p = "")) +
  theme(legend.position = c(0.15, 0.85),
        legend.title = element_blank())

1990-

TOTAL_CREDIT |>
  filter(iso2c %in% c("KR"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         TC_BORROWERS %in% c("G", "H", "N"),
         date >= as.Date("1990-01-01"),
         VALUATION == "M",
         TC_ADJUST == "A") |>
  left_join(tibble(TC_BORROWERS = c("G", "H", "N"),
                   Tc_borrowers = c("Dette publique", "Dette des ménages", "Dette des entreprises"))) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Dette / PIB en Corée du Sud (en % ou plutôt années de PIB)") +
  geom_line(aes(x = date, y = value/100, color = Tc_borrowers)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 10, p = "")) +
  theme(legend.position = c(0.15, 0.85),
        legend.title = element_blank())

2005-

TOTAL_CREDIT |>
  filter(iso2c %in% c("KR"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         TC_BORROWERS %in% c("G", "H", "N"),
         date >= as.Date("2005-01-01"),
         VALUATION == "M",
         TC_ADJUST == "A") |>
  left_join(tibble(TC_BORROWERS = c("G", "H", "N"),
                   Tc_borrowers = c("Dette publique", "Dette des ménages", "Dette des entreprises"))) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Dette / PIB en Corée du Sud (en % ou plutôt années de PIB)") +
  geom_line(aes(x = date, y = value/100, color = Tc_borrowers)) +
  scale_x_date(breaks = seq(1940, 2100, 2) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 10, p = "")) +
  theme(legend.position = c(0.15, 0.85),
        legend.title = element_blank())

Spain

TOTAL_CREDIT |>
  filter(iso2c %in% c("ES"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A") |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

All but Non financial sector

Eurozone

TOTAL_CREDIT |>
  filter(iso2c %in% c("XM", "US"),
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A",
         TC_BORROWERS %in% c("P", "H", "N")) |>
  filter(date >= as.Date("2000-01-01")) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`, linetype = iso2c)) +
  scale_x_date(breaks = seq(1940, 2100, 2) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

United States

TOTAL_CREDIT |>
  filter(iso2c == "US",
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A",
         TC_BORROWERS %in% c("P", "H", "N")) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

France

TOTAL_CREDIT |>
  filter(iso2c == "FR",
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A",
         TC_BORROWERS %in% c("P", "H", "N")) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 25),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

Germany

TOTAL_CREDIT |>
  filter(iso2c == "DE",
         UNIT_TYPE == "770",
         TC_LENDERS == "A",
         VALUATION == "M",
         TC_ADJUST == "A",
         TC_BORROWERS %in% c("P", "H", "N")) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Credit to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value/100, color = `Borrowing sector`)) +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 20),
                labels = percent_format(accuracy = 1)) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.2, 0.75),
        legend.title = element_blank())

Non-financial corporations

Table

TOTAL_CREDIT |>
  filter(UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  group_by(iso2c, `Borrowers' country`) |>
  arrange(date) |>
  summarise(date = last(date),
            value = last(value)) |>
  arrange(-value) |>
  mutate(Flag = gsub(" ", "-", str_to_lower(`Borrowers' country`)),
         Flag = paste0('<img src="../../bib/flags/vsmall/', Flag, '.png" alt="Flag">')) |>
  select(Flag, everything()) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F, escape = F) else .}

France, Germany, Italy

TOTAL_CREDIT |>
  filter(iso2c %in% c("FR", "DE", "IT"),
         UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  left_join(colors, by = c("Borrowers' country" = "country")) |>
  rename(`Reference area` = `Borrowers' country`) |>
  mutate(value = value/100) |>
  group_by(date) |>
  filter(n() == 3) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Debt to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value, color = color)) +
  scale_color_identity() + add_flags +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.15, 0.75),
        legend.title = element_blank())

Private non-financial sector (% of GDP)

Table

TOTAL_CREDIT |>
  filter(UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  group_by(iso2c, `Borrowers' country`) |>
  arrange(date) |>
  summarise(date = last(date),
            value = last(value)) |>
  arrange(-value) |>
  mutate(Flag = gsub(" ", "-", str_to_lower(`Borrowers' country`)),
         Flag = paste0('<img src="../../bib/flags/vsmall/', Flag, '.png" alt="Flag">')) |>
  select(Flag, everything()) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F, escape = F) else .}

Luxembourg, Honk Kong SAR, Sweden

TOTAL_CREDIT |>
  filter(iso2c %in% c("LU", "FI", "SE"),
         UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  left_join(colors, by = c("Borrowers' country" = "country")) |>
  rename(`Reference area` = `Borrowers' country`) |>
  mutate(value = value/100) |>
  group_by(date) |>
  filter(n() == 3) |>
  mutate(color = ifelse(iso2c == "HK", color2, color)) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Debt to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value, color = color)) +
  scale_color_identity() + add_flags +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.15, 0.75),
        legend.title = element_blank())

Spain, Ireland

TOTAL_CREDIT |>
  filter(iso2c %in% c("IE", "ES"),
         UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         date >= as.Date("2000-01-01"),
         date <= as.Date("2012-01-01"),
         VALUATION == "M") |>
  left_join(colors, by = c("Borrowers' country" = "country")) |>
  rename(`Reference area` = `Borrowers' country`) |>
  mutate(value = value/100) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Debt to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value, color = color)) +
  scale_color_identity() + add_flags +
  scale_x_date(breaks = seq(1940, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.15, 0.75),
        legend.title = element_blank())

France, Germany, Italy, Spain, United States

TOTAL_CREDIT |>
  filter(iso2c %in% c("FR", "DE", "IT", "ES", "US"),
         UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  left_join(colors, by = c("Borrowers' country" = "country")) |>
  rename(`Reference area` = `Borrowers' country`) |>
  mutate(value = value/100) |>
  group_by(date) |>
  filter(n() == 5) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Debt to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value, color = color)) +
  scale_color_identity() + add_flags +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.15, 0.75),
        legend.title = element_blank())

Japan, United Kingdom, United States

TOTAL_CREDIT |>
  filter(iso2c %in% c("JP", "GB", "US"),
         UNIT_TYPE == "770",
         TC_BORROWERS %in% c("N"),
         TC_LENDERS == "A",
         VALUATION == "M") |>
  left_join(colors, by = c("Borrowers' country" = "country")) |>
  rename(`Reference area` = `Borrowers' country`) |>
  mutate(value = value/100) |>
  group_by(date) |>
  filter(n() == 3) |>
  ggplot() + theme_minimal() + xlab("") + ylab("Debt to GDP (% of GDP)") +
  geom_line(aes(x = date, y = value, color = color)) +
  scale_color_identity() + add_flags +
  scale_x_date(breaks = seq(1940, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(0, 700, 10),
                labels = percent_format(accuracy = 1)) +
  theme(legend.position = c(0.15, 0.75),
        legend.title = element_blank())