Countries by Private Sector Credit-to-GDP — 2025
Private credit depth (bank lending to the private sector)
This benchmark tracks how large bank credit to households and non-financial firms is relative to a country’s GDP. Higher ratios usually mean deeper financial intermediation (more lending capacity and broader access), but can also signal leverage build-ups when credit expands faster than incomes and productive investment.
Top 10 countries (highest credit-to-GDP)
Top 10 table
| Rank | Country | Credit / GDP |
|---|---|---|
| 1 | Hong Kong | 248.59% |
| 2 | China | 189.61% |
| 3 | South Korea | 176.12% |
| 4 | Denmark | 146.60% |
| 5 | Macao | 146.10% |
| 6 | Cambodia | 130.11% |
| 7 | New Zealand | 129.71% |
| 8 | Sweden | 127.70% |
| 9 | Australia | 127.43% |
| 10 | Japan | 122.28% |
Top 20 chart
Private-sector bank credit (% of GDP) — Top 20. Higher values mean larger private credit stocks relative to annual output.
Fallback: Top 20 (table view)
| Rank | Country | Credit / GDP |
|---|---|---|
| 1 | Hong Kong | 248.59% |
| 2 | China | 189.61% |
| 3 | South Korea | 176.12% |
| 4 | Denmark | 146.60% |
| 5 | Macao | 146.10% |
| 6 | Cambodia | 130.11% |
| 7 | New Zealand | 129.71% |
| 8 | Sweden | 127.70% |
| 9 | Australia | 127.43% |
| 10 | Japan | 122.28% |
| 11 | United Kingdom | 119.74% |
| 12 | Thailand | 118.90% |
| 13 | Qatar | 117.61% |
| 14 | Malaysia | 117.15% |
| 15 | France | 108.56% |
| 16 | Norway | 108.21% |
| 17 | Luxembourg | 94.50% |
| 18 | Finland | 91.93% |
| 19 | Nepal | 91.37% |
| 20 | Iceland | 88.99% |
Interpretation tip: a high ratio can reflect mortgage intensity, strong corporate lending, the presence of financial hubs, or the relative role of banks versus capital markets.
Methodology
Reference year (2025 snapshot logic). Comparable 2025 readings are not yet published globally, so this ranking uses the most recent observation available per country and treats it as a 2025 snapshot. In the dataset used for the ranking table, values are shown for 2023 to keep cross-country comparability consistent.
Definition. “Domestic credit to private sector by banks (% of GDP)” measures bank claims on the private sector as a share of GDP. It covers credit to households and private firms from deposit-taking institutions (excluding central banks) and follows the source methodology for valuation, provisioning, and sector coverage.
Limits & comparability. Ratios can be revised after methodological updates. Financial-center economies can show elevated credit stocks relative to domestic GDP due to cross-border intermediation and balance-sheet effects. The metric focuses on bank credit, so it does not fully capture non-bank lending (shadow banking, fintech credit) or market-based finance (bonds/equity), which can be major substitutes in some countries.
Key insights (how to read the ranking)
- Financial hubs can dominate: very high ratios often coincide with international intermediation and concentrated banking balance sheets.
- Housing finance matters: mortgage-heavy systems can push credit/GDP higher even when corporate lending is moderate.
- Depth ≠ safety: deeper credit supports investment and consumption smoothing, but rapid credit cycles can amplify downturns.
- Context is essential: economies with strong bond markets may show “moderate” bank credit/GDP because firms finance outside banks.
What this means for students, analysts, and investors
- Macro lens: credit/GDP helps frame leverage, financial conditions, and recession sensitivity.
- Country risk: pair credit depth with NPLs, bank capital, house-price dynamics, and external funding reliance.
- Development lens: low ratios can signal constrained private investment and limited financial inclusion, especially under high inflation and informality.
- Market structure: interpret bank credit alongside the role of capital markets, trade credit, and state-owned lenders.
FAQ
Is a higher credit-to-GDP ratio always “better”?
Not always. Higher ratios often reflect better access to finance and a larger lending capacity, but they can also indicate high leverage. The quality of credit (defaults, underwriting standards, funding mix) matters as much as the quantity.
Why do financial hubs often rank at the top?
In hub economies, banks may intermediate cross-border activity and carry large balance sheets relative to domestic GDP. That can lift the ratio even if domestic household/SME borrowing is not exceptionally high.
What does “by banks” exclude?
It excludes most market-based finance (corporate bonds, equity issuance) and many forms of non-bank credit (some shadow-banking channels, certain fintech lending, and institutional lending outside deposit-taking banks).
How should I compare countries with different financial models?
Combine bank credit/GDP with indicators of capital-market depth, household debt service, and corporate financing mix. A “moderate” bank-credit ratio can still coexist with deep overall finance when bonds and equity play a large role.
Can the ratio be distorted by GDP swings or inflation?
Yes. Because it is a stock-to-flow ratio, a sharp GDP drop can mechanically raise credit/GDP even if credit stocks are flat. Inflation, exchange-rate moves, and valuation effects can also affect balance-sheet measures across countries.
What’s a practical next step after reading this ranking?
Check whether credit depth is supported by resilient fundamentals: stable funding, prudent underwriting, healthy bank capital, and sustainable household/corporate debt service—especially when rates rise or growth slows.
Top 100 countries — private-sector credit to GDP
Use search, sorting, and filters to explore the distribution. The Share view shows each country’s share of the sum of ratios inside this Top-100 list (value ÷ sum(values) × 100).
| Rank | Country | Credit / GDP |
|---|---|---|
| 1 | Hong Kong Bank credit to private sector (% of GDP) |
248.59% — |
| 2 | China | 189.61%— |
| 3 | South Korea | 176.12%— |
| 4 | Denmark | 146.60%— |
| 5 | Macao | 146.10%— |
| 6 | Cambodia | 130.11%— |
| 7 | New Zealand | 129.71%— |
| 8 | Sweden | 127.70%— |
| 9 | Australia | 127.43%— |
| 10 | Japan | 122.28%— |
| 11 | United Kingdom | 119.74%— |
| 12 | Thailand | 118.90%— |
| 13 | Qatar | 117.61%— |
| 14 | Malaysia | 117.15%— |
| 15 | France | 108.56%— |
| 16 | Norway | 108.21%— |
| 17 | Luxembourg | 94.50%— |
| 18 | Finland | 91.93%— |
| 19 | Nepal | 91.37%— |
| 20 | Iceland | 88.99%— |
| 21 | Austria | 84.65%— |
| 22 | Netherlands | 84.07%— |
| 23 | Jordan | 81.74%— |
| 24 | Portugal | 80.88%— |
| 25 | Chile | 79.90%— |
| 26 | Germany | 76.99%— |
| 27 | Spain | 76.46%— |
| 28 | Fiji | 75.48%— |
| 29 | Honduras | 74.00%— |
| 30 | Bhutan | 71.29%— |
| 31 | Brazil | 71.08%— |
| 32 | Bolivia | 69.83%— |
| 33 | Mauritius | 69.70%— |
| 34 | Israel | 69.55%— |
| 35 | Belgium | 68.43%— |
| 36 | Panama | 68.36%— |
| 37 | United Arab Emirates | 67.16%— |
| 38 | Malta | 65.30%— |
| 39 | Barbados | 64.07%— |
| 40 | Georgia | 63.34%— |
| 41 | Tunisia | 62.70%— |
| 42 | Cyprus | 62.64%— |
| 43 | Italy | 62.26%— |
| 44 | Slovakia | 61.31%— |
| 45 | Oman | 59.87%— |
| 46 | Aruba | 59.61%— |
| 47 | Morocco | 58.31%— |
| 48 | Estonia | 57.91%— |
| 49 | South Africa | 57.62%— |
| 50 | Palestine | 55.05%— |
| 51 | Cape Verde | 54.87%— |
| 52 | Armenia | 53.57%— |
| 53 | Ecuador | 52.72%— |
| 54 | El Salvador | 52.39%— |
| 55 | Vanuatu | 52.35%— |
| 56 | Paraguay | 52.33%— |
| 57 | Grenada | 51.47%— |
| 58 | Saint Lucia | 50.62%— |
| 59 | Costa Rica | 50.10%— |
| 60 | Namibia | 49.88%— |
| 61 | North Macedonia | 49.76%— |
| 62 | United States | 49.13%— |
| 63 | Jamaica | 49.00%— |
| 64 | Greece | 48.93%— |
| 65 | Philippines | 48.31%— |
| 66 | Burundi | 48.10%— |
| 67 | Czechia | 47.97%— |
| 68 | Croatia | 47.10%— |
| 69 | Bulgaria | 45.19%— |
| 70 | Trinidad and Tobago | 44.65%— |
| 71 | Samoa | 44.07%— |
| 72 | Bosnia and Herzegovina | 43.42%— |
| 73 | Turkey | 43.34%— |
| 74 | Montenegro | 43.02%— |
| 75 | Dominica | 41.77%— |
| 76 | Belize | 41.65%— |
| 77 | Colombia | 41.64%— |
| 78 | Tonga | 41.02%— |
| 79 | Saint Vincent and the Grenadines | 39.70%— |
| 80 | Bahamas | 39.49%— |
| 81 | Mongolia | 38.56%— |
| 82 | Antigua and Barbuda | 38.01%— |
| 83 | Bangladesh | 37.53%— |
| 84 | Guatemala | 36.60%— |
| 85 | Slovenia | 36.40%— |
| 86 | Brunei | 35.87%— |
| 87 | Poland | 34.71%— |
| 88 | Lithuania | 34.39%— |
| 89 | Uzbekistan | 34.36%— |
| 90 | Serbia | 33.01%— |
| 91 | Hungary | 32.41%— |
| 92 | Seychelles | 31.73%— |
| 93 | Maldives | 31.71%— |
| 94 | Kenya | 31.61%— |
| 95 | Burkina Faso | 31.53%— |
| 96 | Senegal | 31.42%— |
| 97 | Indonesia | 31.28%— |
| 98 | Botswana | 29.98%— |
| 99 | Dominican Republic | 29.79%— |
| 100 | Albania | 29.78%— |
“Share” is computed inside this Top-100 list as value ÷ sum(values) × 100. Units are shown as percent of GDP.
Scatter: credit depth vs income level
Credit/GDP vs GDP per capita (PPP). Each dot is a country. Hover to see the label.
Fallback: selected points
| Country | Credit / GDP | GDP per capita (PPP) |
|---|---|---|
| Hong Kong | 248.59% | 66,171 |
| China | 189.61% | 23,846 |
| Denmark | 146.60% | 74,178 |
| Macao | 146.10% | 130,367 |
| Japan | 122.28% | 53,357 |
| Qatar | 117.61% | 119,013 |
| United States | 49.13% | 87,775 |
| Poland | 34.71% | 49,154 |
Visual reading tip: the relationship is not linear. Some economies combine very high credit with high incomes; others have high credit relative to GDP due to financial-center effects or rapid credit expansion.
Interpretation: financial development vs credit risk
Credit-to-GDP is a powerful “financial depth” indicator, but it should be read as a stock-to-flow ratio: outstanding private credit (a stock) relative to annual output (a flow). The same number can reflect healthy intermediation in one country and an imbalanced leverage cycle in another.
Core idea: high credit depth supports investment, working capital, and household smoothing — but it can also raise sensitivity to rate shocks, asset-price reversals, and funding stress.
What high credit-to-GDP can indicate
- Deep banking intermediation: broad access to credit, mature mortgage markets, reliable collateral and enforcement.
- Financial-center balance sheets: banking activity large relative to the domestic real economy, including cross-border business.
- Household leverage exposure: mortgage-driven credit can transmit rate shocks quickly into consumption and housing markets.
- Private investment capacity: in countries with shallow capital markets, banks are a primary channel for capex and working capital.
What low or moderate ratios can mean
- Credit constraints: weak collateral frameworks, high informality, high inflation risk premiums, limited long-term funding.
- Different financing mix: firms rely more on bonds/equity, trade credit, or internal funds; bank credit can be smaller without implying weak finance.
- Post-crisis deleveraging: after banking stress, credit stocks can remain subdued for years even as GDP grows.
Policy takeaways (how to use this ranking responsibly)
- Pair depth with quality: read credit/GDP alongside non-performing loans, provisioning, and bank capital adequacy.
- Watch funding structure: rapid credit growth funded by short-term or foreign-currency liabilities raises rollover and FX risks.
- Separate “hub effects” from domestic leverage: in financial centers, large balance sheets may reflect regional intermediation more than household/SME borrowing.
- Look for cycle indicators: house prices, credit standards, and debt-service ratios help distinguish healthy depth from overheating.
Limitations and caveats
- Non-bank credit: this benchmark focuses on banks and does not fully capture shadow banking, fintech credit, or market-based finance.
- Offshore/financial centers: ratios can be distorted by cross-border activity and GDP denominators that do not reflect the scale of intermediation.
- Revisions and timing: values may be revised after methodological updates, and “latest year” differs across economies.
- Interpretation is contextual: compare with household debt service, corporate leverage, and the structure of the financial system.
Sources
Primary sources and definitions for this indicator:
- World Bank — Domestic credit to private sector by banks (% of GDP) (FD.AST.PRVT.GD.ZS)
- World Bank — Global Financial Development Database (GFDD)
- IMF — Data (including IFS and related macro/financial statistics)
- TheGlobalEconomy — Bank credit to the private sector (% of GDP), country rankings (compiled from World Bank series)
Notes: Data portals may standardize country names differently. Values are presented as percent of GDP; the year used for the ranking table is 2023 for consistency across countries.
