Rankings / Credit cycle (BIS)
Private non-financial credit
% of GDP
43 economies, each at its own latest reading (2025), ranked highest first. Median 133.
A fixed BIS reporting set of roughly 44 advanced and major emerging economies, not the whole world; property prices reach further. Source: BIS credit, debt-service and property statistics. Construction: country methodology.
| # | Economy | % of GDP | Year |
|---|---|---|---|
| 1 | Luxembourg LUX | 420 | 2025 |
| 2 | Hong Kong HKG | 329 | 2025 |
| 3 | Netherlands NLD | 260 | 2025 |
| 4 | Switzerland CHE | 252 | 2025 |
| 5 | Sweden SWE | 229 | 2025 |
| 6 | Denmark DNK | 225 | 2025 |
| 7 | Norway NOR | 223 | 2025 |
| 8 | Canada CAN | 219 | 2025 |
| 9 | France FRA | 215 | 2025 |
| 10 | China CHN | 201 | 2025 |
| 11 | South Korea KOR | 199 | 2025 |
| 12 | Finland FIN | 177 | 2025 |
| 13 | Australia AUS | 176 | 2025 |
| 14 | Japan JPN | 175 | 2025 |
| 15 | Belgium BEL | 175 | 2025 |
| 16 | Singapore SGP | 171 | 2025 |
| 17 | New Zealand NZL | 161 | 2025 |
| 18 | Malaysia MYS | 158 | 2025 |
| 19 | Thailand THA | 156 | 2025 |
| 20 | United States USA | 140 | 2025 |
| 21 | Germany DEU | 137 | 2025 |
| 22 | United Kingdom GBR | 133 | 2025 |
| 23 | Chile CHL | 131 | 2025 |
| 24 | Portugal PRT | 128 | 2025 |
| 25 | Austria AUT | 126 | 2025 |
| 26 | Spain ESP | 119 | 2025 |
| 27 | Ireland IRL | 116 | 2025 |
| 28 | Israel ISR | 116 | 2025 |
| 29 | Russian Federation RUS | 106 | 2025 |
| 30 | India IND | 102 | 2025 |
| 31 | Greece GRC | 97.4 | 2025 |
| 32 | Italy ITA | 94.3 | 2025 |
| 33 | Brazil BRA | 93.0 | 2025 |
| 34 | Hungary HUN | 90.9 | 2025 |
| 35 | Czech Republic CZE | 85.2 | 2025 |
| 36 | Saudi Arabia SAU | 77.6 | 2025 |
| 37 | South Africa ZAF | 66.6 | 2025 |
| 38 | Poland POL | 56.8 | 2025 |
| 39 | Colombia COL | 54.4 | 2025 |
| 40 | Turkey TUR | 49.0 | 2025 |
| 41 | Indonesia IDN | 40.6 | 2025 |
| 42 | Mexico MEX | 38.7 | 2025 |
| 43 | Argentina ARG | 28.9 | 2025 |
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