Canada: Bank credit to the private sector

* indicates monthly or quarterly data series
 Canada

Bank credit to the private sector as percent of GDP

 Latest value 124.10
 Year 2008
 Measure percent
 Data availability 1960 - 2008
 Average 63.84
 Min - Max 18.02 - 134.12
 Source The World Bank
For that indicator, we provide data for Canada from 1960 to 2008. The average value for Canada during that period was 63.84 percent with a minimum of 18.02 percent in 1961 and a maximum of 134.12 percent in 2006. The latest value from 2008 is 124.1 percent. For comparison, the world average in 2008 based on 177 countries is 50.99 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Canada - Bank credit to the private sector - Recent values chart

Historical chart
Canada - Bank credit to the private sector - historical chart - 1960-2008




Bank credit in Canada and other countries is defined as the credit extended by the banking institutions to the private sector only: both firms and households. It does not include lending to the government.

Credit is essential for the economy to function well. It funds new investments and allows people to purchase houses, cars, and other items. Of course, excessive lending and borrowing usually end up in financial crises but, in principle, credit availability is good for economic development.

If the banking credit to the private sector is about 70 percent of GDP and more, then the country has a relatively well developed financial system. The amount of credit can even exceed 200 percent of GDP in some very advanced economies. In some poor countries, the credit could be less than 15 percent of GDP. In these countries, firms and households essentially do not have access to credit for investment and various purchases.
Definition: Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations (deposit taking corporations except central banks), such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises.

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