Credit impulse
CREDIT_IMPULSE · Credit
Year-on-year change in the flow of new rouble credit, as a share of GDP. Positive means lending is accelerating.
How to read it
Zero means credit is growing at an unchanged pace, not that it has stopped growing. The measure turns negative when lending decelerates even while the book is still expanding, which is what makes it an early signal.
How it is measured
A second difference: the year's growth in the loan book against the same growth a year earlier, over four-quarter nominal GDP. Not a growth rate - credit growth tracks the level of demand, so credit acceleration tracks its change. Built on the net change in debt rather than the gross lending volume CBR also publishes, because gross volume counts a loan rolled over twice as three loans and rises as maturities shorten.
History
| Date | Value | |
|---|---|---|
| Q2 2026 | +0.25 pp | |
| Q1 2026 | -1.23 pp | |
| Q4 2025 | -3.22 pp | |
| Q3 2025 | -5.28 pp | |
| Q2 2025 | -4.18 pp | |
| Q1 2025 | -2.65 pp | |
| Q4 2024 | -1.77 pp | |
| Q3 2024 | +0.29 pp | |
| Q2 2024 | +1.67 pp | |
| Q1 2024 | +3.22 pp | |
| Q4 2023 | +3.96 pp | |
| Q3 2023 | +4.24 pp |