Global central bank balance sheets show diverging trends as monetary policies adjust to local conditions. The Fed and ECB continue gradual QT, with Eurozone contractions (Germany -1.8%, Spain -5.0%) offsetting Austria's 6.6% expansion. Emerging markets are mixed: Brazil (+5.2%) and China (+8.0%) expand, while Argentina's 16.3% surge reflects peso instability. Switzerland (+8.7%) and Czechia (+12.1%) lead advanced economy growth, likely supporting liquidity. Australia (-9.7%) and Canada (-5.0) show aggressive tightening. The UAE (-3.6%) mirrors oil exporters' caution. Overall, DM liquidity is tightening methodically, while EM expansion persists where growth risks outweigh inflation. Watch China's 8% growth for potential EM spillovers as PBoC remains accommodative amid property sector stress.
| Economy | Latest Month | YoY Growth | History |
|---|---|---|---|
| G7 | |||
| 🇨🇦 Canada | 2026-07 | ↓ 5.0% | 120 months |
| 🇪🇺 Euro Area (ECB) | 2026-07 | ↓ 2.7% | 120 months |
| 🇫🇷 France | 2026-06 | ↓ 1.9% | 120 months |
| 🇩🇪 Germany | 2026-06 | ↓ 1.8% | 120 months |
| 🇯🇵 Japan | 2026-07 | ↓ 10.7% | 120 months |
| 🇬🇧 United Kingdom | 2026-07 | ↑ 0.9% | 120 months |
| 🇺🇸 United States | 2026-07 | ↑ 1.4% | 120 months |
| G10 / Major | |||
| 🇦🇺 Australia | 2026-06 | ↓ 9.7% | 120 months |
| 🇩🇰 Denmark | 2026-07 | ↑ 2.3% | 120 months |
| 🇮🇹 Italy | 2026-06 | ↓ 0.3% | 120 months |
| 🇳🇿 New Zealand | 2026-07 | ↓ 2.3% | 120 months |
| 🇳🇴 Norway | 2026-06 | ↓ 2.1% | 120 months |
| 🇸🇪 Sweden | 2026-06 | ↓ 9.8% | 120 months |
| 🇨🇭 Switzerland | 2026-07 | ↑ 8.7% | 120 months |
| G20 | |||
| 🇦🇷 Argentina | 2026-07 | ↑ 16.3% | 120 months |
| 🇧🇷 Brazil | 2026-06 | ↑ 5.2% | 120 months |
| 🇨🇳 China | 2026-06 | ↑ 8.0% | 120 months |
| 🇮🇳 India | 2026-06 | ↑ 12.3% | 120 months |
| 🇮🇩 Indonesia | 2026-05 | ↑ 6.5% | 120 months |
| 🇲🇽 Mexico | 2026-07 | ↓ 3.4% | 120 months |
| 🇸🇦 Saudi Arabia | 2026-06 | ↑ 0.6% | 120 months |
| 🇿🇦 South Africa | 2026-07 | ↓ 2.6% | 120 months |
| 🇰🇷 South Korea | 2026-05 | ↑ 7.1% | 120 months |
| 🇹🇷 Turkey | 2026-07 | ↑ 18.8% | 120 months |
| Euro Area NCBs | |||
| 🇦🇹 Austria | 2026-06 | ↑ 6.6% | 120 months |
| 🇧🇪 Belgium | 2026-06 | ↑ 1.1% | 120 months |
| 🇭🇷 Croatia | 2026-06 | ↑ 13.3% | 120 months |
| 🇪🇪 Estonia | 2026-06 | ↓ 9.9% | 120 months |
| 🇫🇮 Finland | 2026-07 | ↓ 19.6% | 120 months |
| 🇬🇷 Greece | 2026-07 | ↓ 0.9% | 120 months |
| 🇮🇪 Ireland | 2026-06 | ↓ 4.0% | 120 months |
| 🇱🇻 Latvia | 2026-06 | ↓ 1.9% | 120 months |
| 🇱🇹 Lithuania | 2026-06 | ↑ 25.9% | 120 months |
| 🇱🇺 Luxembourg | 2026-06 | ↓ 8.4% | 120 months |
| 🇳🇱 Netherlands | 2026-06 | ↓ 10.9% | 120 months |
| 🇵🇹 Portugal | 2026-06 | ↑ 6.5% | 120 months |
| 🇸🇰 Slovakia | 2026-06 | ↓ 6.5% | 120 months |
| 🇸🇮 Slovenia | 2026-06 | ↓ 8.1% | 120 months |
| 🇪🇸 Spain | 2026-07 | ↓ 5.0% | 120 months |
| Emerging Markets | |||
| 🇨🇱 Chile | 2026-07 | ↑ 2.8% | 120 months |
| 🇨🇿 Czech Republic | 2026-06 | ↑ 12.1% | 120 months |
| 🇭🇰 Hong Kong | 2026-06 | ↑ 3.9% | 120 months |
| 🇭🇺 Hungary | 2026-06 | ↑ 3.1% | 120 months |
| 🇮🇱 Israel | 2026-05 | ↓ 14.4% | 120 months |
| 🇰🇼 Kuwait | 2026-06 | ↓ 25.7% | 120 months |
| 🇲🇾 Malaysia | 2026-06 | ↑ 4.6% | 120 months |
| 🇲🇰 North Macedonia | 2026-07 | ↑ 5.6% | 120 months |
| 🇵🇪 Peru | 2026-05 | ↑ 4.8% | 120 months |
| 🇵🇭 Philippines | 2025-12 | ↑ 2.5% | 120 months |
| 🇵🇱 Poland | 2026-07 | ↑ 10.8% | 120 months |
| 🇸🇬 Singapore | 2026-07 | ↓ 3.3% | 120 months |
| 🇹🇭 Thailand | 2026-07 | ↑ 6.3% | 120 months |
| 🇦🇪 UAE | 2026-06 | ↓ 3.6% | 120 months |