articles Ratings /ratings/en/research/articles/191010-sovereign-risk-indicators-11191896 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In This List
COMMENTS

Sovereign Risk Indicators


Sovereign Risk Indicators

"Sovereign Risk Indicators" contains comparative statistics for rated sovereigns. Tables 1-5 include economic measures, monetary data, fiscal and debt indicators, balance-of-payments information, and external balance sheet data. To view the full data set, please click on the "View Expanded Table" tab at the top of each table. A glossary at the end of this article explains the reported concepts.

An interactive version of the Sovereign Risk Indicators can be found at www.spratings.com/SRI. We publish our Sovereign Risk Indicators quarterly. The next edition of the sovereign risk indicators will be published on Dec. 12, 2019.

Table 1  |  View Expanded Table

Sovereign Risk Indicators: Economic Data
Nominal GDP (bil. LC) (bil. LC) Nominal GDP (bil. US$) (bil. US$) GDP per capita (US$) Real GDP growth (%) Real GDP per capita growth (%) Real investment growth (%) Investment/ GDP (%) Savings/ GDP (%) Exports/ GDP (%) Unemployment rate (% of workforce)
LT FC rating 2019e 2019e 2019e 2019e 2019e 2019e 2019e 2019e 2019e 2019e

Abu Dhabi

AA 906.79 246.91 87,268.44 2.00 0.49 N.A N.A N.A N.A 4.00

Albania

B+ 1,699.94 15.61 5,443.40 3.50 3.60 2.50 23.85 17.31 31.88 11.50

Andorra

BBB 2.80 3.14 39,071.10 1.34 1.24 N.A N.A N.A N.A 2.00

Angola

B- 29,267.04 88.88 2,796.38 0.50 (2.71) 3.50 26.26 28.83 39.32 35.00

Argentina

CCC- 21,761.76 418.48 9,268.08 (2.99) (3.88) (17.98) 13.37 12.90 16.10 10.73

Aruba

BBB+ 5.88 3.28 29,282.35 0.80 (0.40) 3.92 20.88 20.46 76.03 7.50

Australia

AAA 1,947.07 1,392.55 54,842.31 1.96 0.31 (1.10) 23.00 22.38 24.16 5.25

Austria

AA+ 398.54 446.71 50,332.85 1.40 0.80 2.30 24.97 27.02 55.76 4.70

Azerbaijan

BB+ 79.42 46.72 4,682.16 2.60 1.79 2.10 21.70 30.82 51.96 5.00

Bahamas

BB+ 12.80 12.80 33,183.70 0.90 (0.32) (4.18) 24.86 13.57 36.08 10.00

Bahrain

B+ 14.88 39.58 25,565.26 2.30 (0.68) 3.60 35.17 31.59 78.72 4.00

Bangladesh

BB- 25,361.77 300.32 1,782.52 8.13 6.90 8.21 31.00 29.25 15.91 4.00

Barbados

SD 10.36 5.18 18,427.57 (0.10) (0.21) 1.80 13.50 8.05 45.35 11.00

Belarus

B 129.18 59.95 6,326.66 1.20 1.20 6.00 28.93 26.65 71.68 4.70

Belgium

AA 463.61 519.64 45,457.37 1.23 0.74 2.40 25.84 24.65 89.07 5.61

Belize

B- 3.95 1.98 4,837.06 2.50 (0.10) 1.80 17.35 9.67 57.69 9.40

Benin

B+ 6,230.19 10.64 900.93 6.50 3.60 12.00 29.34 21.16 34.11 N.A

Bermuda

A+ 6.54 6.54 102,132.19 1.10 1.00 (13.94) 13.94 26.23 50.29 6.50

Bolivia

BB- 301.68 43.66 3,829.28 4.20 2.62 8.50 20.60 15.55 25.99 4.00

Bosnia

B 34.28 19.65 5,635.60 2.50 2.81 4.00 25.17 19.81 40.85 16.00

Botswana

A- 205.56 19.00 7,970.59 4.20 2.16 5.00 29.80 31.71 37.82 17.70

Brazil

BB- 7,145.45 1,808.14 8,559.38 0.83 0.08 1.80 15.60 13.57 14.18 11.84

Bulgaria

BBB- 114.94 65.73 9,370.58 3.30 3.82 9.00 21.70 22.46 63.19 4.80

Burkina Faso

B 8,864.23 15.14 725.82 6.40 3.14 7.00 26.73 19.77 29.94 N.A

Cameroon

B 22,687.48 38.75 1,529.64 4.00 1.34 3.63 22.60 19.11 19.21 N.A

Canada

AAA 2,300.71 1,738.39 46,403.03 1.47 0.38 0.60 22.73 20.57 31.80 5.61

Cape Verde

B 196.98 2.00 3,571.30 5.20 3.95 6.00 40.58 35.16 51.34 12.00

Chile

A+ 200,269.70 290.24 15,299.50 2.42 1.22 4.21 23.06 19.88 29.97 6.88

China

A+ 97,565.27 14,079.20 10,046.83 6.17 5.72 5.15 44.80 45.05 18.67 3.66

Colombia

BBB- 1,044,997.77 316.67 6,915.90 3.19 2.54 4.00 21.65 17.62 16.05 10.00

Congo

B- 6,310.61 10.78 1,946.16 5.00 2.34 7.80 44.75 50.12 80.92 N.A

Congo, D.R.

CCC+ 85,349.41 51.41 592.19 4.50 1.15 12.00 23.24 19.25 34.19 48.10

Cook Islands

B+ 0.54 0.37 31,650.67 3.00 5.64 N.A N.A N.A N.A N.A

Costa Rica

B+ 36,588.80 60.28 11,847.22 2.20 0.99 2.20 19.31 15.99 34.74 12.20

Croatia

BBB- 399.35 60.05 14,759.18 2.90 3.42 6.50 21.91 22.72 51.45 7.90

Curacao

BBB+ 5.65 3.16 20,111.49 (1.50) (1.98) (1.50) 38.04 11.78 63.02 12.00

Cyprus

BBB- 21.82 24.46 28,160.19 3.50 2.99 10.50 20.48 15.73 64.27 7.00

Czech Rep.

AA- 5,614.89 248.08 23,323.69 2.50 2.24 2.70 26.25 26.42 76.41 2.20

Denmark

AAA 2,290.30 344.23 59,209.32 1.70 1.13 (0.50) 22.27 28.49 55.20 5.20

Dominican Rep.

BB- 4,625.54 90.20 8,707.85 5.00 4.07 6.00 25.75 23.95 23.29 15.00

Ecuador

B- 108.40 108.40 6,277.26 (0.50) (1.91) 5.00 28.26 28.26 23.62 5.17

Egypt

B 5,271.63 300.29 3,061.05 5.60 4.52 14.00 16.89 14.80 17.97 7.50

El Salvador

B- 26.78 26.78 4,156.01 2.40 1.87 2.40 20.44 16.21 28.97 6.00

Estonia

AA- 27.26 30.55 23,016.54 3.20 2.99 3.20 26.92 27.87 74.26 4.90

Ethiopia

B 2,654.31 93.54 956.48 7.80 5.27 4.50 35.09 28.21 7.42 N.A

Fiji

BB- 12.23 5.71 6,374.17 2.70 2.09 N.A 16.11 10.02 47.09 4.50

Finland

AA+ 238.40 267.22 48,393.94 1.30 1.14 1.50 23.82 22.51 39.46 6.80

France

AA 2,418.51 2,710.84 40,424.02 1.30 1.10 2.60 23.12 22.33 31.64 8.50

Georgia

BB- 44.60 16.14 4,334.71 4.50 4.67 3.70 32.52 26.07 55.07 10.50

Germany

AAA 3,425.62 3,839.66 46,261.38 0.52 0.27 3.00 21.71 27.96 47.67 3.23

Ghana

B 352.15 68.92 2,287.60 6.50 4.18 6.50 14.42 12.30 34.05 11.20

Greece

B+ 189.91 212.87 19,819.86 2.10 2.11 7.00 13.71 10.69 37.44 17.50

Guatemala

BB- 628.41 82.52 4,664.99 3.30 1.04 6.48 12.45 12.79 17.23 3.00

Guernsey

AA- 3.38 4.24 68,489.57 1.20 1.40 N.A N.A N.A N.A 2.10

Honduras

BB- 623.30 25.07 2,737.92 3.30 1.65 4.25 26.08 22.31 40.06 6.56

Hong Kong

AA+ 2,933.79 374.50 49,772.97 0.22 (0.75) (6.00) 19.86 23.11 181.85 3.03

Hungary

BBB 45,329.56 158.79 16,270.69 4.40 4.60 10.00 28.44 28.75 85.10 3.60

Iceland

A 2,877.69 23.75 66,528.72 (0.50) (2.88) 2.00 23.78 23.72 44.43 4.10

India

BBB- 208,632.92 2,958.55 2,162.48 6.35 5.23 6.52 32.07 29.87 19.62 3.71

Indonesia

BBB 15,922,997.69 1,123.81 4,162.94 5.11 3.96 5.01 34.23 31.78 19.47 5.20

Iraq

B- 248,252.56 210.03 5,177.06 3.00 0.05 (3.60) (7.38) 2.06 80.95 N.A

Ireland

A+ 349.00 391.19 80,024.15 5.80 4.55 15.20 31.17 35.21 124.47 5.20

Israel

AA- 1,400.68 381.24 42,112.02 3.10 1.18 3.00 21.71 24.33 29.47 3.90

Italy

BBB 1,787.63 2,003.69 33,094.57 0.06 (0.04) 1.14 17.83 20.64 32.37 10.26

Jamaica

B+ 2,144.37 16.67 5,770.93 1.50 1.14 1.50 22.22 (2.93) 33.56 9.50

Japan

A+ 561,314.36 5,160.64 40,964.87 0.57 0.85 1.81 24.89 28.05 17.52 2.35

Jersey

AA- 4.79 6.01 55,566.67 1.00 (0.22) N.A N.A N.A N.A 3.45

Jordan

B+ 31.26 44.02 4,129.27 2.20 (0.54) 2.80 18.32 10.67 35.61 19.00

Kazakhstan

BBB- 62,934.19 160.30 8,600.97 3.50 2.16 4.00 26.65 25.20 37.03 4.87

Kenya

B+ 9,958.44 96.81 1,850.44 5.50 2.83 4.00 14.33 9.27 12.37 N.A

Korea

AA 1,914,122.54 1,642.79 31,796.32 1.85 1.73 (2.39) 30.68 32.46 40.30 4.05

Kuwait

AA 41.02 135.83 28,811.09 1.50 (0.49) 5.00 30.46 37.39 52.04 2.20

Latvia

A 31.20 34.97 18,306.00 2.70 3.22 3.50 24.44 23.02 58.25 6.50

Lebanon

B- 86,910.77 57.65 9,244.17 0.20 (1.05) 0.50 19.17 (3.61) 24.24 N.A

Liechtenstein

AAA 6.67 6.75 174,613.01 1.04 0.34 N.A N.A N.A 54.84 1.70

Lithuania

A 47.67 53.44 19,119.83 3.20 3.72 4.00 18.35 17.55 82.04 5.90

Luxembourg

AAA 62.29 69.82 113,708.78 2.50 0.49 4.40 17.82 22.23 216.35 5.20

Malaysia

A- 1,529.81 367.77 11,287.88 4.58 3.95 0.22 22.51 24.72 66.31 3.37

Malta

A- 13.19 14.78 30,458.98 5.10 3.04 2.00 18.44 25.86 140.32 3.90

Mexico

BBB+ 24,441.30 1,253.40 9,902.21 0.43 (0.56) (3.51) 20.25 18.82 41.20 3.53

Mongolia

B 36,352.57 13.66 4,143.12 6.70 4.81 5.50 41.95 27.95 59.67 8.00

Montenegro

B+ 4.81 5.40 8,669.48 3.00 2.95 3.20 31.66 14.32 45.17 15.00

Montserrat

BBB- 0.17 0.06 13,738.25 1.00 0.11 N.A 20.11 12.87 33.00 N.A

Morocco

BBB- 1,158.21 121.50 3,332.24 2.80 1.58 3.00 33.99 29.14 39.04 9.70

Mozambique

SD 947.37 15.22 484.57 2.50 (0.39) 8.00 39.66 10.78 42.86 N.A

Netherlands

AAA 801.54 898.42 51,979.33 1.72 1.12 5.96 21.61 31.22 84.89 3.36

New Zealand

AA 300.07 201.27 41,143.97 2.43 0.83 1.47 23.61 20.20 28.30 4.10

Nicaragua

B- 412.71 12.45 1,907.95 (5.00) (5.98) (3.00) 23.55 27.30 44.86 8.00

Nigeria

B 139,568.76 382.38 1,899.24 2.00 (0.68) 1.50 14.24 15.52 12.86 25.00

North Macedonia

BB- 697.80 12.71 6,118.45 3.00 2.92 7.50 34.90 32.58 62.64 17.50

Norway

AAA 3,637.49 418.34 78,293.29 2.00 1.09 5.00 28.30 34.81 37.38 3.60

Oman

BB 30.21 78.56 16,902.40 0.50 (0.50) 1.50 22.89 15.83 56.97 17.80

Pakistan

B- 38,558.77 282.52 1,378.14 3.29 1.28 (8.87) 15.45 10.67 9.68 6.20

Panama

BBB+ 67.47 67.47 16,011.32 3.50 2.07 3.50 41.14 33.65 49.33 4.60

Papua New Guinea

B 75.31 22.26 2,587.79 3.80 1.67 N.A N.A N.A 48.45 N.A

Paraguay

BB 240,257.42 39.32 5,583.14 0.00 (1.67) 0.00 22.44 22.21 34.97 5.50

Peru

BBB+ 779.65 232.73 7,068.28 2.59 1.38 3.00 22.07 20.69 24.40 6.70

Philippines

BBB+ 19,231.14 368.21 3,407.27 6.03 4.59 8.47 27.52 25.02 30.31 5.12

Poland

A- 2,246.37 586.54 15,443.26 4.30 4.29 6.00 20.80 19.90 55.53 3.90

Portugal

BBB 209.64 234.98 22,879.34 1.80 2.00 6.00 18.85 17.28 44.77 6.20

Qatar

AA- 730.54 200.70 73,574.32 2.34 0.33 4.00 45.13 51.95 50.42 0.12

Ras Al Khaimah (Emirate of)

A 40.39 11.00 28,377.62 2.50 (0.49) N.A N.A N.A N.A 3.80

Romania

BBB- 1,025.19 249.33 12,804.47 3.90 4.21 4.10 25.17 20.08 41.20 4.00

Russia

BBB- 108,898.35 1,662.57 11,328.72 1.29 1.34 2.50 23.25 28.94 29.91 4.90

Rwanda

B+ 9,024.36 10.02 807.64 7.50 4.83 13.00 25.08 15.20 16.97 N.A

Saudi Arabia

A- 2,838.86 757.03 23,115.35 (0.36) (1.35) 2.00 23.04 28.49 37.05 6.00

Senegal

B+ 14,085.71 24.06 1,473.14 6.90 3.79 7.60 29.37 21.84 23.21 N.A

Serbia

BB 5,357.39 51.32 7,386.43 3.00 3.52 7.50 21.99 16.74 51.60 11.00

Sharjah (Emirate of)

BBB+ 102.12 27.82 17,258.25 2.30 1.29 N.A N.A N.A N.A N.A

Singapore

AAA 498.48 363.33 63,598.06 0.98 (0.33) 0.72 27.08 42.70 174.44 2.25

Slovakia

A+ 94.77 106.22 19,485.74 2.70 2.55 2.00 23.22 20.01 99.14 6.00

Slovenia

AA- 48.45 54.30 26,250.49 3.40 3.31 7.50 19.99 25.54 86.50 4.50

South Africa

BB 5,168.94 356.97 6,086.54 0.62 (0.96) (0.53) 18.20 14.07 30.18 28.39

Spain

A 1,248.16 1,399.03 29,921.56 2.19 1.97 2.63 20.65 22.29 34.81 13.94

Sri Lanka

B 15,559.66 83.59 3,830.66 2.65 1.94 4.61 29.17 25.99 21.72 4.70

Suriname

B 29.15 3.90 6,507.94 2.30 0.96 N.A N.A N.A 60.85 6.95

Sweden

AAA 4,963.80 532.13 52,039.91 1.50 0.46 (0.50) 26.00 28.80 48.19 6.30

Switzerland

AAA 705.60 714.11 83,076.89 1.12 0.51 0.87 22.27 32.69 67.26 2.35

Taiwan

AA- 18,087.11 582.13 24,640.28 2.03 1.87 5.78 22.93 32.54 66.28 3.49

Tajikistan

B- 76.47 7.91 849.15 6.30 4.01 8.00 38.90 35.16 16.59 2.30

Thailand

BBB+ 16,993.17 546.40 7,867.64 2.99 2.70 3.30 26.18 31.12 62.30 1.00

Togo

B 3,121.11 5.36 663.28 4.90 2.34 10.00 30.19 25.52 39.62 1.85

Trinidad and Tobago

BBB 156.19 23.04 16,457.54 0.40 (2.52) 0.40 12.37 19.75 41.14 5.50

Turkey

B+ 4,261.63 750.29 9,031.99 (0.50) (1.78) (15.42) 25.22 25.16 31.51 13.50

Turks and Caicos Islands

BBB+ 1.08 1.08 25,764.13 3.20 2.18 3.20 16.98 14.07 73.93 7.00

U.K.

AA 2,170.31 2,722.50 40,735.09 1.17 0.56 0.24 16.99 12.86 30.45 3.90

Uganda

B 123,152.67 32.59 712.73 6.00 2.61 6.00 24.38 16.34 18.26 N.A

Ukraine

B 4,003.12 146.30 3,470.70 3.20 3.77 7.50 19.44 16.62 47.81 8.50

United States

AA+ 21,482.20 21,482.20 65,044.55 2.32 1.58 2.24 20.89 18.54 11.73 3.71

Uruguay

BBB 1,983.74 56.68 16,374.49 0.50 0.14 (3.00) 16.55 15.91 21.00 9.00

Uzbekistan

BB- 505,872.08 57.03 1,684.26 5.20 3.31 5.20 41.24 34.12 25.63 9.30

Venezuela

SD N.A N.A N.A N.A N.A N.A N.A N.A N.A 15.00

Vietnam

BB 6,144,450.95 258.48 2,703.37 6.60 5.54 9.10 25.98 27.86 107.95 2.80

Zambia

CCC+ 306.48 24.59 1,356.10 2.50 (0.49) 4.00 32.79 30.51 34.10 N.A
e--Estimate. f--forecast. N.A.--Not available. N.M.--Not meaningful.

Table 2  |  View Expanded Table

Sovereign Risk Indicators: Monetary Data
CPI growth (%) GDP deflator growth (%) Exchange rate, year-end (LC/$) Banks' claims on resident non-gov't sector growth Banks' claims on resident non-gov't sector/GDP Foreign currency share of claims by banks on residents Foreign currency share of residents' bank deposits Real effective exchange rate growth
LT FC rating 2019e 2019e 2019e 2019e 2019e 2018 2018 2018

Abu Dhabi

AA 2.00 (4.51) 3.67 N.A N.A N.A N.M. N.A

Albania

B+ 1.80 1.00 110.00 1.50 31.75 25.13 53.87 N.A

Andorra

BBB 0.80 0.80 0.88 0.00 141.88 N.A N.A N.A

Angola

B- 15.00 9.50 350.00 12.00 14.49 N.A 46.63 N.A

Argentina

CCC- 54.01 50.03 50.00 37.57 14.90 N.A 29.95 34.67

Aruba

BBB+ 1.73 1.80 1.79 2.61 57.59 N.A 8.28 N.A

Australia

AAA 1.63 3.12 1.43 6.80 170.88 4.49 4.95 (1.12)

Austria

AA+ 1.80 2.00 0.88 2.50 104.97 4.00 N.A 0.22

Azerbaijan

BB+ 3.60 (3.40) 1.70 10.00 18.18 N.A 57.23 5.63

Bahamas

BB+ 2.10 1.97 1.00 0.81 48.71 N.A N.A (7.07)

Bahrain

B+ 2.90 2.50 0.38 7.00 66.57 N.A 48.48 (0.78)

Bangladesh

BB- 5.50 5.50 85.00 13.00 48.14 N.A N.A (1.74)

Barbados

SD 1.90 1.90 2.00 1.75 58.61 N.A 5.83 N.A

Belarus

B 6.00 5.00 2.15 6.00 40.65 54.36 64.87 0.47

Belgium

AA 1.58 1.80 0.88 4.00 95.89 N.A 2.52 1.18

Belize

B- 0.20 1.17 2.00 3.70 54.87 N.A 3.98 (2.67)

Benin

B+ 1.00 1.00 580.49 5.00 24.88 N.A N.A N.A

Bermuda

A+ 1.70 1.68 1.00 2.97 124.66 N.A N.M. N.A

Bolivia

BB- 4.00 4.00 6.91 8.01 62.03 N.A N.A 2.92

Bosnia

B 1.30 1.70 1.73 6.00 55.96 40.46 38.55 0.58

Botswana

A- 3.40 3.90 10.90 7.80 33.54 N.A 16.78 N.A

Brazil

BB- 3.83 3.93 3.95 6.25 53.08 N.A N.A (10.44)

Bulgaria

BBB- 2.50 3.10 1.73 6.00 54.36 23.64 35.94 3.34

Burkina Faso

B 1.30 1.90 580.49 10.00 33.06 N.A N.A N.A

Cameroon

B 2.00 1.50 580.49 6.00 18.95 N.A N.A 1.50

Canada

AAA 1.98 1.64 1.33 4.51 176.17 3.01 0.08 (1.14)

Cape Verde

B 1.40 1.40 97.77 5.00 61.60 N.A 2.26 (0.06)

Chile

A+ 2.24 2.37 685.00 7.83 88.37 N.A N.A (3.01)

China

A+ 2.07 1.81 7.05 9.00 183.55 N.A 2.85 1.37

Colombia

BBB- 3.50 3.30 3,250.00 7.98 47.69 N.A N.A N.A

Congo

B- 2.00 (2.60) 580.49 1.30 20.26 N.A N.A N.A

Congo, D.R.

CCC+ 6.50 9.50 1,684.69 9.41 5.91 N.A N.A 9.63

Cook Islands

B+ 0.90 1.14 1.45 (1.00) 42.56 N.A N.A N.A

Costa Rica

B+ 3.20 3.20 639.69 5.47 70.49 N.A N.A (2.56)

Croatia

BBB- 1.40 1.65 6.73 4.00 57.75 52.84 56.20 1.79

Curacao

BBB+ 2.50 1.50 1.79 0.46 87.14 N.A N.A N.A

Cyprus

BBB- 1.25 1.20 0.88 1.00 136.76 6.11 N.A 1.42

Czech Rep.

AA- 2.60 2.00 22.75 6.00 57.06 5.80 7.87 4.65

Denmark

AAA 1.10 1.30 6.61 3.00 179.69 23.05 32.18 2.42

Dominican Rep.

BB- 1.99 4.00 52.29 9.20 29.14 N.A 36.89 (3.34)

Ecuador

B- 0.50 0.55 1.00 6.83 38.65 N.A N.A N.A

Egypt

B 15.00 12.50 17.80 15.00 27.19 34.60 23.40 N.A

El Salvador

B- (0.12) 2.30 1.00 4.76 55.40 N.A N.A 0.49

Estonia

AA- 2.50 2.95 0.88 4.50 62.20 0.44 5.80 4.19

Ethiopia

B 15.40 8.50 29.18 25.00 36.47 N.A N.A (5.88)

Fiji

BB- 3.50 3.00 2.14 6.00 77.25 N.A N.A 0.66

Finland

AA+ 1.30 1.40 0.88 4.00 95.91 N.A N.A 1.29

France

AA 1.30 1.30 0.88 5.00 105.03 6.62 N.A 0.62

Georgia

BB- 4.00 3.50 2.80 13.00 67.92 42.51 62.10 0.96

Germany

AAA 1.59 1.90 0.88 3.50 88.26 2.65 N.A 3.47

Ghana

B 9.60 10.60 5.35 11.00 13.70 N.A 24.97 0.27

Greece

B+ 0.70 1.00 0.88 (2.50) 86.81 7.28 4.04 (0.12)

Guatemala

BB- 3.11 2.33 7.50 4.85 35.55 N.A N.A N.A

Guernsey

AA- 2.00 2.00 0.78 N.A N.A N.A N.A N.A

Honduras

BB- 4.50 4.97 25.72 9.44 63.03 25.17 27.10 0.92

Hong Kong

AA+ 2.60 3.32 7.84 8.00 237.44 27.90 49.84 (0.17)

Hungary

BBB 3.20 3.20 285.00 6.00 39.41 13.04 20.21 (0.50)

Iceland

A 3.10 2.85 126.00 5.50 138.83 12.26 12.24 (2.62)

India

BBB- 3.57 4.00 71.00 13.00 52.08 N.A 1.30 (5.80)

Indonesia

BBB 3.17 3.00 14,500.00 9.00 38.73 9.79 14.96 (6.04)

Iraq

B- 2.00 (6.00) 1,182.00 5.00 12.61 N.A 23.59 N.A

Ireland

A+ 1.00 0.20 0.88 2.00 47.24 N.A N.A 2.34

Israel

AA- 1.50 2.10 3.70 5.50 74.98 2.85 10.09 (1.32)

Italy

BBB 0.84 1.10 0.88 1.50 94.73 N.A N.A 1.60

Jamaica

B+ 4.30 5.00 130.48 11.28 48.69 N.A 40.41 N.A

Japan

A+ 0.97 1.78 108.00 2.00 149.58 N.A 2.90 (1.22)

Jersey

AA- 2.79 3.00 0.78 N.A N.A N.A N.A N.A

Jordan

B+ 1.50 2.50 0.71 7.00 85.08 7.11 24.17 6.16

Kazakhstan

BBB- 5.70 1.00 401.01 2.81 25.97 12.71 48.42 (2.14)

Kenya

B+ 5.50 6.00 104.90 5.00 27.77 N.A 19.17 (1.27)

Korea

AA 0.71 0.24 1,165.00 4.50 155.42 N.A 4.92 1.75

Kuwait

AA 0.80 (5.50) 0.30 3.50 100.21 N.A 6.02 N.A

Latvia

A 2.80 2.70 0.88 (1.00) 33.70 1.63 8.56 2.91

Lebanon

B- 3.50 2.00 1,507.50 4.00 95.07 17.93 66.07 N.A

Liechtenstein

AAA 0.52 1.20 1.00 3.50 632.36 N.A N.A (4.09)

Lithuania

A 2.50 2.40 0.88 5.00 44.96 0.37 3.83 1.86

Luxembourg

AAA 1.70 1.80 0.88 8.00 108.24 7.84 N.A 1.78

Malaysia

A- 0.91 2.10 4.13 6.50 128.54 2.41 7.56 4.13

Malta

A- 1.80 1.80 0.88 3.00 79.54 1.55 5.42 1.62

Mexico

BBB+ 3.81 3.79 20.00 7.81 32.94 N.A N.M. 0.15

Mongolia

B 7.00 5.46 2,650.00 10.88 58.16 N.A 22.71 3.35

Montenegro

B+ 0.60 1.80 0.88 6.00 51.09 N.A N.A N.A

Montserrat

BBB- 0.20 2.13 2.70 N.A 50.85 N.A 3.99 N.A

Morocco

BBB- 0.40 1.20 9.50 3.00 74.21 N.A 3.82 0.92

Mozambique

SD 4.00 5.50 63.00 5.60 24.54 8.48 27.84 N.A

Netherlands

AAA 2.39 1.80 0.88 2.00 104.09 N.A N.A (0.54)

New Zealand

AA 1.67 1.56 1.52 5.60 162.96 1.19 27.00 (2.78)

Nicaragua

B- 5.50 4.08 33.95 (4.19) 36.68 (3.77) (18.51) N.A

Nigeria

B 11.00 6.00 368.00 8.00 11.55 N.A 25.87 N.A

North Macedonia

BB- 1.40 2.60 54.47 6.00 49.14 40.30 40.04 1.43

Norway

AAA 2.30 1.00 8.30 5.00 149.70 4.41 26.46 (0.22)

Oman

BB 0.50 (4.50) 0.38 6.00 92.47 16.00 15.10 N.A

Pakistan

B- 7.31 6.00 163.00 12.00 21.86 N.A 6.58 (11.85)

Panama

BBB+ 0.20 (0.69) 1.00 3.78 81.65 N.A N.A N.A

Papua New Guinea

B 4.70 2.35 3.40 (7.60) 17.84 N.A 2.50 (0.70)

Paraguay

BB 4.00 3.90 6,198.96 6.50 43.02 N.A N.A 3.25

Peru

BBB+ 2.30 2.40 3.40 9.00 45.12 N.A N.A (2.16)

Philippines

BBB+ 2.79 4.03 52.60 16.00 60.09 N.A 16.59 (2.79)

Poland

A- 2.10 1.80 3.86 7.00 58.32 15.62 11.80 1.26

Portugal

BBB 1.00 1.00 0.88 0.00 114.19 N.A 1.64 1.02

Qatar

AA- 1.50 (0.51) 3.64 5.00 129.81 18.92 39.86 N.A

Ras Al Khaimah (Emirate of)

A 2.50 1.20 3.67 N.A N.A N.A N.A N.A

Romania

BBB- 4.00 4.00 4.20 5.00 26.27 20.82 33.16 2.78

Russia

BBB- 4.50 3.50 66.50 8.00 61.02 12.90 28.51 (7.70)

Rwanda

B+ 3.00 2.50 925.00 18.00 22.20 8.81 27.25 N.A

Saudi Arabia

A- (0.85) (5.80) 3.75 5.00 55.30 7.55 8.70 (1.48)

Senegal

B+ 1.00 1.00 580.49 5.00 31.77 N.A N.A N.A

Serbia

BB 2.20 2.80 105.40 7.00 44.60 42.61 58.29 3.62

Sharjah (Emirate of)

BBB+ 2.00 2.00 3.67 N.A N.A N.A N.A N.A

Singapore

AAA 0.62 0.90 1.37 6.50 125.77 N.A 1.39 (3.82)

Slovakia

A+ 2.40 2.30 0.88 8.50 63.66 0.13 3.29 1.70

Slovenia

AA- 1.90 2.40 0.88 5.30 47.62 N.A 2.16 0.98

South Africa

BB 4.27 5.40 14.60 5.00 77.22 N.A 5.47 1.76

Spain

A 1.10 1.60 0.88 1.00 94.57 1.27 1.15 (0.02)

Sri Lanka

B 5.00 4.90 190.00 15.00 46.68 N.A 14.30 (4.55)

Suriname

B 6.50 6.35 7.50 8.80 30.41 42.95 65.32 N.A

Sweden

AAA 1.80 2.10 9.25 6.00 139.35 2.79 24.43 (4.69)

Switzerland

AAA 0.52 1.20 1.00 3.70 183.39 N.A N.A (4.09)

Taiwan

AA- 0.53 0.21 31.40 4.00 164.68 N.A 13.31 (0.74)

Tajikistan

B- 6.70 5.00 10.09 5.00 11.99 54.92 50.95 (5.31)

Thailand

BBB+ 0.99 0.40 31.40 5.00 122.41 N.A 2.81 3.50

Togo

B 1.00 1.20 580.49 5.00 40.96 N.A N.A 1.20

Trinidad and Tobago

BBB 1.30 1.30 6.78 1.43 48.45 N.A 24.83 (1.69)

Turkey

B+ 15.18 15.00 6.00 5.00 55.61 36.17 43.89 (15.92)

Turks and Caicos Islands

BBB+ 2.10 2.03 1.00 2.06 83.65 N.A N.M. N.A

U.K.

AA 1.92 1.30 0.78 2.58 136.98 23.07 56.19 2.20

Uganda

B 3.75 5.00 3,843.32 10.00 12.52 N.A 35.28 (3.77)

Ukraine

B 8.80 8.40 28.60 6.00 29.16 30.50 42.05 6.40

United States

AA+ 1.93 1.69 1.00 4.70 151.28 N.A N.M. N.A

Uruguay

BBB 7.80 7.60 34.50 8.02 28.03 N.A 73.64 1.51

Uzbekistan

BB- 15.00 18.00 9,500.00 40.00 46.33 53.54 41.04 N.A

Venezuela

SD N.A N.A N.A N.A N.A N.A 0.00 N.A

Vietnam

BB 2.60 2.80 23,700.00 14.00 139.67 N.A 9.65 N.A

Zambia

CCC+ 10.00 7.00 13.00 10.00 12.00 N.A N.A (6.08)
e--Estimate. f--forecast. N.A.--Not available. N.M.--Not meaningful.

Table 3  |  View Expanded Table

Sovereign Risk Indicators: Government Data
GG balance/ GDP (%) Change in Net GG debt/GDP (%) GG Revenues/ GDP (%) GG Expenditures/ GDP (%) GG interest expenditure/ revenues (%) Gross GG debt/GDP (%) Debt/ Revenues (%) Net GG debt/ GDP (%) Liquid assets/ GDP
LT FC rating 2019e 2019e 2019e 2019e 2019e 2019e 2019e 2019e 2019e

Abu Dhabi

AA 9.15 (3.44) 43.41 34.26 0.81 6.73 15.50 (256.80) 263.52

Albania

B+ (2.50) 2.50 27.50 30.00 7.81 67.59 245.80 62.94 4.66

Andorra

BBB 0.59 (0.59) 21.37 20.77 1.96 34.17 159.93 (14.45) 48.62

Angola

B- (0.20) 5.68 18.90 19.10 32.64 82.96 438.88 72.06 10.90

Argentina

CCC- (4.73) 38.89 30.57 35.30 11.63 95.68 312.95 89.51 6.18

Aruba

BBB+ (0.14) 0.14 39.86 40.00 9.91 61.73 154.85 35.67 26.06

Australia

AAA (0.32) 0.43 35.77 36.09 4.14 37.34 104.39 16.78 20.56

Austria

AA+ 0.00 (0.27) 48.30 48.30 3.04 69.96 144.84 66.30 3.65

Azerbaijan

BB+ 3.80 (4.20) 34.30 30.50 2.28 33.75 98.41 (36.95) 70.71

Bahamas

BB+ (4.14) 2.10 20.68 24.82 12.84 54.62 264.17 50.62 4.00

Bahrain

B+ (6.36) 9.76 17.35 23.72 23.40 88.58 510.44 68.76 19.82

Bangladesh

BB- (4.10) 4.10 9.00 13.10 20.10 29.30 325.51 25.23 4.07

Barbados

SD 1.40 1.08 37.87 36.47 6.49 119.17 314.65 112.34 6.83

Belarus

B 1.50 0.84 41.00 39.50 4.95 38.40 93.67 26.63 11.78

Belgium

AA (1.20) 1.90 51.20 52.40 4.13 99.06 193.48 93.12 5.95

Belize

B- (2.20) 2.09 30.00 32.20 9.62 88.81 296.04 84.54 4.27

Benin

B+ (3.70) 3.70 18.80 22.50 11.94 57.46 305.63 44.89 12.57

Bermuda

A+ 0.19 (6.05) 18.71 18.52 9.52 38.11 203.75 (3.50) 41.62

Bolivia

BB- (4.50) 4.50 29.00 33.50 3.99 38.57 133.01 27.42 11.15

Bosnia

B 1.00 0.00 43.20 42.20 1.62 33.44 77.40 22.58 10.86

Botswana

A- (3.00) 3.00 30.00 33.00 1.82 16.57 55.23 2.84 13.73

Brazil

BB- (6.86) 7.71 37.02 43.88 13.23 81.49 220.15 63.00 18.49

Bulgaria

BBB- (0.20) 0.20 37.50 37.70 1.59 21.45 57.21 12.22 9.24

Burkina Faso

B (4.00) 4.50 22.50 26.50 4.73 41.21 183.17 35.47 5.74

Cameroon

B (3.00) 4.00 16.25 19.25 5.95 36.26 223.11 31.25 5.01

Canada

AAA (0.23) 0.23 40.00 40.23 6.38 74.21 185.51 38.71 35.49

Cape Verde

B (3.00) 5.90 28.00 31.00 9.45 116.18 414.91 105.62 10.55

Chile

A+ (1.40) 1.17 23.90 25.30 3.35 26.51 110.94 13.44 13.07

China

A+ (3.00) 4.01 28.50 31.50 1.71 65.64 230.31 52.42 13.22

Colombia

BBB- (1.84) 2.70 25.41 27.26 10.85 46.21 181.85 40.16 6.05

Congo

B- 7.00 (9.00) 31.00 24.00 6.46 83.41 269.08 79.38 4.04

Congo, D.R.

CCC+ (0.50) 1.50 11.00 11.50 2.69 11.37 103.32 10.82 0.54

Cook Islands

B+ (1.90) 2.97 44.37 46.27 1.09 24.56 55.34 (3.59) 28.14

Costa Rica

B+ (5.90) 6.17 26.70 32.60 13.08 56.38 211.17 55.29 1.09

Croatia

BBB- (0.10) 0.10 46.60 46.70 5.05 71.39 153.20 65.80 5.59

Curacao

BBB+ (2.98) 2.98 48.86 51.84 2.40 56.72 116.09 (24.90) 81.63

Cyprus

BBB- 3.00 (3.00) 40.00 37.00 6.06 94.89 237.21 87.97 6.92

Czech Rep.

AA- 0.25 (0.25) 41.60 41.35 1.78 30.40 73.07 20.65 9.75

Denmark

AAA 1.80 (1.00) 52.00 50.20 1.91 32.09 61.71 14.85 17.24

Dominican Rep.

BB- (3.78) 4.72 14.16 17.93 18.57 48.05 339.43 46.19 1.85

Ecuador

B- (1.00) 1.46 30.30 31.30 9.57 50.59 166.95 46.27 4.32

Egypt

B (8.50) 10.00 20.53 29.03 48.83 86.97 423.75 78.84 8.14

El Salvador

B- (0.15) 0.18 23.70 23.84 15.44 65.92 278.19 64.29 1.63

Estonia

AA- (0.30) 0.42 39.25 39.55 0.10 5.68 14.47 (2.23) 7.91

Ethiopia

B (3.20) 3.73 11.00 14.20 4.81 31.02 281.96 27.18 3.84

Fiji

BB- (3.20) 3.20 27.43 30.63 9.34 45.90 167.32 41.54 4.36

Finland

AA+ (0.80) 0.80 53.00 53.80 1.70 56.04 105.73 20.71 35.33

France

AA (3.20) 3.20 52.30 55.50 2.87 96.29 184.12 90.83 5.47

Georgia

BB- (2.50) 5.16 28.50 31.00 4.50 46.56 163.37 42.24 4.32

Germany

AAA 0.60 (0.60) 45.60 45.00 1.92 58.06 127.32 54.26 3.80

Ghana

B (6.20) 9.70 15.50 21.70 35.86 59.10 381.31 55.87 3.24

Greece

B+ 0.50 (0.50) 47.50 47.00 7.05 173.30 364.83 156.26 17.03

Guatemala

BB- (2.64) 2.00 10.57 13.21 14.24 25.51 241.43 17.21 8.31

Guernsey

AA- 0.60 (4.74) 18.16 17.56 1.82 9.77 53.80 (81.36) 91.13

Honduras

BB- (0.17) 2.86 26.17 26.34 12.76 44.60 170.40 33.66 10.94

Hong Kong

AA+ (0.40) 0.40 22.00 22.40 0.01 5.42 24.65 (33.69) 39.11

Hungary

BBB (1.80) 2.21 44.60 46.40 5.46 66.87 149.94 64.27 2.60

Iceland

A 0.10 0.20 43.00 42.90 6.12 35.27 82.02 26.84 8.43

India

BBB- (7.40) 7.57 20.50 27.90 23.62 69.68 339.88 69.65 0.02

Indonesia

BBB (1.90) 1.90 14.90 16.80 9.99 30.29 203.29 27.35 2.94

Iraq

B- (4.80) 4.80 37.00 41.80 3.84 52.56 142.07 40.23 12.34

Ireland

A+ 0.20 (0.20) 25.10 24.90 5.41 59.07 235.35 49.56 9.51

Israel

AA- (3.60) 3.60 37.60 41.20 8.00 61.43 163.37 58.73 2.70

Italy

BBB (2.00) 2.65 46.40 48.40 7.28 133.69 288.14 128.04 5.65

Jamaica

B+ 0.39 0.45 30.19 29.80 21.03 85.11 281.95 78.62 6.50

Japan

A+ (2.80) 2.80 35.60 38.40 5.35 207.46 582.77 149.86 57.61

Jersey

AA- (1.60) (4.81) 25.81 27.41 0.64 5.22 20.23 (119.79) 125.01

Jordan

B+ (0.40) 2.53 35.56 35.96 9.73 76.16 214.14 62.81 13.35

Kazakhstan

BBB- (1.00) (1.95) 19.80 20.80 5.44 23.10 116.67 (17.66) 40.76

Kenya

B+ (7.18) 7.58 16.98 24.16 22.22 55.60 327.47 50.55 5.05

Korea

AA 0.50 1.50 28.00 27.50 2.52 30.91 110.39 21.50 9.41

Kuwait

AA 9.49 (4.03) 64.35 54.86 0.79 14.49 22.51 (427.43) 441.92

Latvia

A (0.75) 2.45 37.50 38.25 1.71 36.34 96.90 29.60 6.73

Lebanon

B- (10.00) 10.00 20.60 30.60 52.16 145.43 705.96 130.09 15.34

Liechtenstein

AAA 2.53 (5.00) 26.58 24.05 0.00 0.49 1.84 (93.27) 93.76

Lithuania

A (0.34) 1.14 35.25 35.59 2.20 36.49 103.52 30.06 6.43

Luxembourg

AAA 1.80 (0.30) 45.10 43.30 0.56 19.42 43.05 (15.16) 34.58

Malaysia

A- (3.40) 3.07 17.80 21.20 14.82 63.73 358.05 57.51 6.22

Malta

A- 1.00 (0.45) 38.20 37.20 3.63 42.91 112.34 35.08 7.83

Mexico

BBB+ (2.33) 3.06 18.82 21.15 10.40 43.52 231.22 41.91 1.62

Mongolia

B 0.60 (0.13) 29.00 28.40 10.23 73.80 254.49 66.43 7.37

Montenegro

B+ (3.00) 4.00 42.00 45.00 5.33 69.81 166.22 63.09 6.72

Montserrat

BBB- (1.84) 0.41 84.34 86.18 0.02 3.60 4.26 (8.07) 11.67

Morocco

BBB- (3.70) 2.94 33.30 37.00 7.39 52.58 157.89 50.49 2.08

Mozambique

SD (6.50) 10.69 26.50 33.00 15.42 113.19 427.15 100.31 12.88

Netherlands

AAA 1.10 (1.10) 43.90 42.80 1.90 47.97 109.26 44.15 3.81

New Zealand

AA (1.81) 1.81 33.31 35.12 4.82 35.28 105.92 19.35 15.93

Nicaragua

B- (3.70) 5.21 23.20 26.90 4.74 59.68 257.25 44.74 14.94

Nigeria

B (3.70) 3.70 7.00 10.70 23.08 23.91 341.52 16.34 7.57

North Macedonia

BB- (3.00) 4.08 30.00 33.00 4.20 47.48 158.28 41.33 6.15

Norway

AAA 7.00 (5.60) 54.00 47.00 1.31 38.35 71.02 (197.53) 235.88

Oman

BB (8.41) 5.40 35.71 44.12 7.32 55.85 156.38 0.41 55.43

Pakistan

B- (8.93) 18.99 12.71 21.64 42.67 84.97 668.53 76.53 8.44

Panama

BBB+ (3.20) 3.55 20.50 23.70 9.47 37.51 182.98 28.78 8.73

Papua New Guinea

B (2.20) 2.34 19.30 21.50 13.12 36.34 188.28 31.41 4.93

Paraguay

BB (1.69) 1.76 18.40 20.10 4.10 21.98 119.42 13.13 8.85

Peru

BBB+ (2.00) 2.00 19.30 21.30 6.60 23.92 123.92 13.48 10.44

Philippines

BBB+ (1.80) 1.80 20.00 21.80 9.81 35.35 176.73 28.13 7.22

Poland

A- (1.50) 1.50 41.30 42.80 3.34 47.56 115.15 44.11 3.44

Portugal

BBB 0.00 (0.00) 43.65 43.65 7.21 119.31 273.32 110.80 8.51

Qatar

AA- 4.10 (4.19) 33.20 29.09 4.28 42.18 127.05 (90.04) 132.21

Ras Al Khaimah (Emirate of)

A 1.60 (1.60) 9.20 7.60 3.57 10.77 117.07 (8.10) 18.87

Romania

BBB- (3.00) 3.00 32.00 35.00 4.02 35.19 109.98 30.43 4.76

Russia

BBB- 1.40 (1.70) 36.00 34.60 2.56 16.58 46.05 3.42 13.16

Rwanda

B+ (5.50) 7.00 22.90 28.40 5.23 49.03 214.09 44.65 4.37

Saudi Arabia

A- (4.79) 5.00 35.74 40.52 2.09 22.12 61.91 (72.75) 94.87

Senegal

B+ (3.00) 3.70 19.50 22.50 10.65 54.37 278.82 50.75 3.62

Serbia

BB (0.50) 1.24 41.60 42.10 5.08 52.79 126.90 47.17 5.62

Sharjah (Emirate of)

BBB+ (2.80) 2.74 13.00 15.80 6.86 24.33 187.17 21.26 3.07

Singapore

AAA 3.00 9.00 23.00 20.00 0.00 133.80 581.75 (42.59) 176.39

Slovakia

A+ (0.80) 1.80 39.50 40.30 3.14 45.28 114.62 42.00 3.28

Slovenia

AA- 0.40 (1.23) 43.70 43.30 4.13 61.16 139.94 48.23 12.93

South Africa

BB (4.70) 5.40 30.44 35.14 12.85 57.81 189.96 53.72 4.09

Spain

A (2.00) 2.30 39.00 41.00 5.66 93.92 240.83 85.61 8.32

Sri Lanka

B (5.00) 8.43 15.70 20.70 36.77 85.42 544.05 84.63 0.79

Suriname

B (6.43) 6.43 22.95 29.38 15.38 70.32 306.39 65.32 5.00

Sweden

AAA 0.20 (0.20) 50.50 50.30 0.96 37.41 74.09 23.03 14.38

Switzerland

AAA 0.85 (0.85) 34.60 33.75 1.11 24.89 71.93 15.17 9.72

Taiwan

AA- (0.50) 0.50 16.00 16.50 6.11 39.59 247.41 34.59 4.99

Tajikistan

B- (3.10) 4.70 27.20 30.30 4.23 47.30 173.90 41.38 5.92

Thailand

BBB+ (1.40) 2.40 21.00 22.40 6.22 35.08 167.04 24.40 10.68

Togo

B (2.50) 2.50 22.70 25.20 7.37 69.46 305.99 57.72 11.74

Trinidad and Tobago

BBB (2.91) 1.46 30.43 33.34 7.76 75.32 247.48 28.43 46.88

Turkey

B+ (4.00) 5.79 29.00 33.00 8.37 32.16 110.91 29.40 2.76

Turks and Caicos Islands

BBB+ 5.14 (3.03) 33.19 28.06 0.07 0.35 1.05 (40.72) 41.07

U.K.

AA (2.10) 2.10 39.20 41.30 6.49 86.05 219.52 82.69 3.36

Uganda

B (5.00) 5.60 13.55 18.55 16.16 38.45 283.77 34.59 3.86

Ukraine

B (2.20) 1.14 40.00 42.20 7.18 55.31 138.27 53.47 1.83

United States

AA+ (4.90) 4.55 30.94 35.84 7.51 90.83 293.60 82.44 8.39

Uruguay

BBB (4.35) 7.75 40.37 44.73 8.73 66.91 165.73 61.88 5.03

Uzbekistan

BB- (2.10) 8.03 29.50 31.60 0.84 27.45 93.06 3.52 23.94

Venezuela

SD N.A N.A N.A N.A N.A N.A N.A N.A N.A

Vietnam

BB (4.60) 4.96 23.70 28.30 8.47 54.34 229.28 47.64 6.69

Zambia

CCC+ (7.00) 11.00 19.00 26.00 27.64 73.51 386.90 72.91 0.60
e--Estimate. f--forecast. N.A.--Not available. N.M.--Not meaningful.

Table 4  |  View Expanded Table

Sovereign Risk Indicators: Balance Of Payments Data
CARs/GDP (%) Real exports growth (%) Current account balance/CARs (%) Usable reserves/CAPs (months) Gross ext. fin. needs/(CAR + use. res.) (%) Net FDI/GDP (%) Net portfolio equity inflow/GDP
LT FC rating 2019e 2019e 2019e 2019e 2019e 2019e 2019e

Abu Dhabi

AA N.A N.A N.A N.A N.A N.A N.A

Albania

B+ 43.03 3.00 (15.19) 5.27 112.67 6.60 0.00

Andorra

BBB N.A N.A N.A N.A N.A N.A N.A

Angola

B- 39.80 (1.46) 6.47 5.87 89.86 (4.00) 0.00

Argentina

CCC- 20.61 8.47 (2.27) 8.05 109.26 1.43 0.00

Aruba

BBB+ 84.52 1.93 (0.50) 0.51 108.12 2.81 0.28

Australia

AAA 28.23 3.47 (2.21) 1.68 222.40 3.53 (2.61)

Austria

AA+ 62.66 2.00 3.28 1.03 179.08 0.00 (1.20)

Azerbaijan

BB+ 57.38 3.20 15.90 2.99 81.43 1.00 (1.50)

Bahamas

BB+ 36.82 (4.25) (30.66) (0.15) 253.82 1.70 (0.09)

Bahrain

B+ 84.98 1.60 (4.21) (0.76) 314.45 1.40 (1.00)

Bangladesh

BB- 21.24 14.85 (8.24) 5.57 85.64 0.85 0.00

Barbados

SD 48.67 (0.10) (11.19) (3.45) 191.13 4.02 0.00

Belarus

B 78.31 3.00 (2.91) 1.14 125.53 2.00 0.00

Belgium

AA 100.05 2.80 (1.19) 0.61 204.02 (0.50) 1.00

Belize

B- 64.93 7.29 (11.83) (0.87) 132.09 5.05 0.00

Benin

B+ 34.22 10.00 (23.92) 2.69 125.35 2.25 0.15

Bermuda

A+ 57.06 2.19 21.54 0.04 213.06 1.53 0.76

Bolivia

BB- 30.20 4.20 (16.71) 6.63 79.18 0.75 1.46

Bosnia

B 58.76 4.20 (9.12) 0.57 133.84 2.30 0.00

Botswana

A- 47.04 1.50 4.05 9.31 61.91 0.60 (2.00)

Brazil

BB- 16.03 0.26 (12.64) 13.77 64.29 3.26 0.00

Bulgaria

BBB- 70.97 1.80 1.08 2.34 105.13 1.90 (0.50)

Burkina Faso

B 36.06 11.00 (19.28) 0.19 138.98 2.75 0.06

Cameroon

B 21.77 5.00 (16.04) 4.29 96.28 2.00 0.00

Canada

AAA 38.47 1.80 (5.62) 1.43 162.26 (2.50) (0.55)

Cape Verde

B 72.64 10.50 (7.47) 0.03 135.33 4.00 0.00

Chile

A+ 34.45 (2.60) (9.23) 4.38 116.41 1.72 0.69

China

A+ 21.10 2.00 1.19 12.95 69.79 0.50 0.40

Colombia

BBB- 22.55 4.00 (17.87) 6.83 97.79 3.05 0.35

Congo

B- 82.87 15.00 6.48 0.61 106.85 5.00 0.00

Congo, D.R.

CCC+ 38.88 7.00 (10.26) 0.36 110.21 3.50 0.01

Cook Islands

B+ 89.16 N.A 17.78 N.A N.A N.A 0.00

Costa Rica

B+ 36.84 2.20 (9.00) 3.72 108.77 3.51 0.00

Croatia

BBB- 58.86 3.30 1.37 6.88 81.92 2.20 (0.50)

Curacao

BBB+ 75.70 6.01 (34.68) 2.65 140.43 5.82 5.82

Cyprus

BBB- 63.42 4.20 (7.50) 0.67 222.92 8.00 0.00

Czech Rep.

AA- 81.73 2.20 0.20 8.45 91.59 1.75 (0.50)

Denmark

AAA 65.65 2.30 9.48 3.24 174.70 (2.40) (1.25)

Dominican Rep.

BB- 32.41 3.00 (5.55) 2.43 99.57 2.97 2.28

Ecuador

B- 26.45 3.00 0.02 1.15 120.49 1.30 0.00

Egypt

B 27.25 4.50 (7.69) 6.03 110.20 2.80 0.14

El Salvador

B- 51.32 2.40 (8.23) 2.88 100.62 1.31 0.00

Estonia

AA- 81.96 3.00 1.16 0.37 142.22 2.00 (0.75)

Ethiopia

B 15.15 3.20 (45.36) 1.94 137.05 3.22 0.00

Fiji

BB- 58.00 8.50 (10.50) 3.11 96.78 5.16 0.00

Finland

AA+ 48.06 1.30 (2.71) 0.94 350.37 1.20 (1.00)

France

AA 42.05 2.30 (1.86) 1.72 325.49 (1.00) 0.40

Georgia

BB- 71.92 4.90 (8.97) 2.52 118.03 5.50 (0.40)

Germany

AAA 56.32 0.97 11.11 1.24 205.18 (1.20) (1.10)

Ghana

B 37.11 3.40 (5.71) 2.36 127.94 3.80 0.00

Greece

B+ 43.51 5.50 (6.95) 0.92 244.03 2.00 1.50

Guatemala

BB- 30.98 (1.79) 1.12 5.97 81.53 1.34 0.28

Guernsey

AA- N.A N.A N.A N.A N.A N.A N.A

Honduras

BB- 62.44 3.40 (6.04) 2.80 90.92 4.66 (0.01)

Hong Kong

AA+ 243.74 (1.48) 1.33 2.75 184.87 5.00 (18.00)

Hungary

BBB 92.75 4.50 0.34 2.50 102.12 2.80 (0.50)

Iceland

A 48.01 (6.10) (0.12) 6.65 87.73 1.80 (3.00)

India

BBB- 23.41 5.00 (9.40) 6.58 92.39 1.30 0.50

Indonesia

BBB 20.37 0.66 (12.02) 5.64 98.90 1.50 1.70

Iraq

B- 42.39 4.30 22.28 1.03 76.99 (2.00) 0.00

Ireland

A+ 148.42 10.70 2.72 0.11 332.78 2.00 25.00

Israel

AA- 35.95 3.80 7.31 10.89 65.82 2.20 (1.10)

Italy

BBB 37.76 3.17 7.44 2.61 227.21 (0.10) 0.60

Jamaica

B+ 54.33 1.50 (5.38) 3.91 98.61 4.24 2.39

Japan

A+ 24.25 (1.38) 13.05 14.31 181.15 (2.70) (2.50)

Jersey

AA- N.A N.A N.A N.A N.A N.A N.A

Jordan

B+ 50.95 2.10 (15.02) 1.64 159.58 3.00 0.00

Kazakhstan

BBB- 39.83 2.50 (3.64) 5.12 90.36 2.20 (0.50)

Kenya

B+ 18.09 0.00 (28.00) 4.39 133.55 1.00 0.00

Korea

AA 42.54 0.07 4.18 8.34 75.32 (0.60) (1.50)

Kuwait

AA 68.70 0.50 10.09 1.40 110.06 (4.50) (5.00)

Latvia

A 66.73 2.25 (2.12) 2.20 169.11 1.50 (1.33)

Lebanon

B- 55.54 2.40 (41.01) 6.77 161.03 2.40 0.00

Liechtenstein

AAA N.A N.A N.A N.A N.A N.A N.A

Lithuania

A 81.44 3.80 (0.98) 1.58 132.67 0.50 (0.50)

Luxembourg

AAA 537.22 4.00 0.82 0.03 518.45 N.M N.M

Malaysia

A- 70.08 0.95 3.15 4.54 96.79 0.30 (0.30)

Malta

A- 229.58 1.70 3.23 0.37 216.37 N.M N.M

Mexico

BBB+ 45.10 1.30 (3.18) 3.63 87.50 1.76 0.19

Mongolia

B 63.37 9.00 (22.09) 3.24 130.97 11.00 0.00

Montenegro

B+ 60.14 6.80 (28.84) 3.77 125.31 9.50 0.00

Montserrat

BBB- 86.87 N.A (8.34) 0.79 129.48 8.55 (1.20)

Morocco

BBB- 45.11 3.90 (10.75) 4.84 96.20 1.80 0.10

Mozambique

SD 47.65 6.00 (60.61) 3.13 173.06 19.00 0.00

Netherlands

AAA 120.58 2.11 7.98 0.46 248.59 (3.00) (5.72)

New Zealand

AA 32.40 2.46 (10.52) 3.62 189.11 3.07 (1.51)

Nicaragua

B- 58.90 1.00 6.36 2.83 92.02 2.43 0.00

Nigeria

B 22.56 3.00 5.67 6.45 98.76 0.30 0.60

North Macedonia

BB- 82.36 6.00 (2.81) 1.29 110.77 2.50 (0.50)

Norway

AAA 49.45 1.20 13.17 4.22 178.55 (1.10) (3.60)

Oman

BB 58.71 0.10 (12.02) 1.15 130.69 2.40 1.40

Pakistan

B- 19.51 13.16 (24.50) 0.96 148.23 0.59 (0.15)

Panama

BBB+ 50.18 6.24 (14.93) 0.65 194.36 7.00 1.19

Papua New Guinea

B 48.95 12.75 46.90 4.64 85.34 2.79 0.95

Paraguay

BB 37.22 0.00 (0.63) 5.01 80.78 1.02 1.27

Peru

BBB+ 26.77 0.50 (5.15) 8.68 73.83 3.14 (1.29)

Philippines

BBB+ 37.64 6.84 (6.66) 6.43 76.87 1.90 0.00

Poland

A- 59.13 4.00 (1.52) 3.99 87.38 0.60 0.00

Portugal

BBB 52.45 3.70 (3.00) 2.36 244.30 2.00 (1.00)

Qatar

AA- 55.07 1.10 12.37 0.94 172.06 (1.50) (5.86)

Ras Al Khaimah (Emirate of)

A N.A N.A N.A N.A N.A N.A N.A

Romania

BBB- 45.11 5.00 (11.29) 4.04 100.41 1.80 (0.10)

Russia

BBB- 32.77 2.00 17.37 10.70 56.36 (1.40) (0.50)

Rwanda

B+ 28.98 5.00 (34.09) 4.06 107.72 3.25 0.00

Saudi Arabia

A- 39.89 (4.88) 13.67 19.03 41.16 (1.40) (2.50)

Senegal

B+ 35.95 7.50 (20.96) 2.78 126.76 2.50 0.04

Serbia

BB 62.68 5.20 (8.37) 3.51 106.99 6.20 (0.02)

Sharjah (Emirate of)

BBB+ N.A N.A N.A N.A N.A N.A N.A

Singapore

AAA 204.59 (0.52) 7.64 5.12 159.49 11.00 (9.60)

Slovakia

A+ 102.19 5.00 (3.14) 0.56 154.37 1.20 (1.00)

Slovenia

AA- 91.94 6.00 6.03 0.24 124.99 2.20 0.50

South Africa

BB 32.28 (1.83) (12.80) 4.77 111.22 (0.40) 1.00

Spain

A 40.74 2.01 4.03 1.55 217.55 0.50 (1.00)

Sri Lanka

B 30.66 (1.96) (10.38) 2.30 128.42 1.40 0.09

Suriname

B 65.64 N.A (1.53) 2.32 98.32 2.05 0.00

Sweden

AAA 57.95 4.00 4.84 2.48 209.56 (0.50) (2.30)

Switzerland

AAA 92.81 2.44 11.22 16.05 120.79 (4.50) (2.00)

Taiwan

AA- 75.41 1.91 12.74 15.01 64.09 (1.50) (1.20)

Tajikistan

B- 44.10 3.00 (8.49) 3.95 104.98 2.00 0.00

Thailand

BBB+ 65.50 (3.10) 7.54 8.68 68.60 (1.00) (1.50)

Togo

B 48.36 3.50 (9.65) 4.32 144.47 1.50 0.00

Trinidad and Tobago

BBB 53.31 0.40 13.84 9.19 65.81 0.47 (0.87)

Turkey

B+ 31.74 6.17 (0.19) 2.02 151.90 1.20 0.00

Turks and Caicos Islands

BBB+ 70.03 3.20 (4.15) N.A 165.78 (2.89) 2.57

U.K.

AA 42.23 1.19 (9.80) 1.64 750.65 1.50 1.00

Uganda

B 24.26 3.00 (33.15) 3.83 110.63 6.08 0.10

Ukraine

B 59.83 3.00 (4.70) 2.66 122.78 1.50 0.00

United States

AA+ 18.18 0.24 (12.93) 1.22 309.67 0.51 (0.81)

Uruguay

BBB 32.62 1.00 (1.97) 6.02 89.94 1.13 (0.12)

Uzbekistan

BB- 38.84 3.10 (18.33) 6.87 86.24 2.10 0.00

Venezuela

SD N.A N.A N.A N.A N.A N.A N.A

Vietnam

BB 112.42 10.00 1.68 2.33 92.49 5.50 0.60

Zambia

CCC+ 38.37 3.00 (5.95) 1.63 127.05 1.30 0.03
e--Estimate. f--forecast. N.A.--Not available. N.M.--Not meaningful.

Table 5  |  View Expanded Table

Sovereign Risk Indicators: External Balance Sheet
Narrow net ext. debt/CARs (%) Narrow net ext. debt / CAPs (%) Net ext. liabilities/CARs (%) Short-term external debt by remaining maturity/CARs Usable reserves (US$ mil.)
LT FC rating 2019e 2019e 2019e 2019e 2019e

Abu Dhabi

AA N.A N.A N.A N.A N.A

Albania

B+ 10.33 8.97 112.83 54.51 3,445.90

Andorra

BBB N.A N.A N.A N.A N.A

Angola

B- 102.40 109.48 90.19 37.41 16,681.45

Argentina

CCC- 229.18 224.10 (19.25) 81.95 41,793.71

Aruba

BBB+ (4.88) (4.85) 109.88 12.26 174.96

Australia

AAA 243.82 238.56 181.08 151.92 54,089.93

Austria

AA+ 109.42 113.13 (12.21) 97.21 23,209.15

Azerbaijan

BB+ (74.82) (88.97) (49.66) 14.41 6,113.01

Bahamas

BB+ 46.97 35.95 410.31 119.07 (179.24)

Bahrain

B+ (35.11) (33.69) (78.27) 189.54 (2,584.98)

Bangladesh

BB- 33.30 30.77 59.77 20.39 32,954.18

Barbados

SD 12.74 11.46 161.84 18.91 (665.41)

Belarus

B 60.55 58.84 70.38 34.91 5,573.44

Belgium

AA 82.38 81.41 (43.08) 113.37 26,583.23

Belize

B- 76.96 68.82 247.66 9.56 (120.59)

Benin

B+ 73.22 59.08 130.06 36.29 1,205.75

Bermuda

A+ (65.30) (83.22) (65.30) 135.16 5.32

Bolivia

BB- 6.13 5.25 47.86 13.55 7,245.02

Bosnia

B 32.18 29.49 92.68 31.60 818.41

Botswana

A- (43.87) (45.72) (48.41) 12.04 6,503.97

Brazil

BB- (2.23) (1.98) 225.86 34.76 381,749.42

Bulgaria

BBB- (34.14) (34.52) 38.25 26.51 10,542.48

Burkina Faso

B 64.80 54.32 116.76 22.31 164.53

Cameroon

B 95.37 82.19 144.56 20.15 3,445.81

Canada

AAA 117.96 111.69 (68.93) 77.01 84,378.79

Cape Verde

B 90.27 83.99 205.83 28.25 36.76

Chile

A+ 44.46 40.70 80.05 53.59 37,831.72

China

A+ (67.19) (68.00) (61.53) 45.37 3,207,083.94

Colombia

BBB- 110.34 93.61 231.09 45.48 51,536.63

Congo

B- 94.59 101.14 402.63 18.39 716.33

Congo, D.R.

CCC+ 13.86 12.57 47.28 3.62 1,404.86

Cook Islands

B+ (22.18) (26.97) (22.18) N.A N.A

Costa Rica

B+ 62.54 57.38 149.92 36.53 7,619.48

Croatia

BBB- 21.77 22.08 87.99 29.63 21,081.21

Curacao

BBB+ (44.67) (33.16) (284.30) 47.46 586.12

Cyprus

BBB- 31.42 29.23 68.88 128.71 1,026.62

Czech Rep.

AA- (7.61) (7.62) 27.13 56.16 141,892.08

Denmark

AAA 49.62 54.81 (101.14) 126.85 51,670.30

Dominican Rep.

BB- 77.82 73.72 185.13 15.29 6,708.27

Ecuador

B- 112.18 112.20 29.79 32.02 5,171.31

Egypt

B 66.34 61.60 197.27 62.11 44,355.00

El Salvador

B- 74.81 69.12 118.96 18.51 4,015.04

Estonia

AA- 17.34 17.54 31.42 47.67 877.69

Ethiopia

B 175.60 120.80 350.05 23.96 3,906.15

Fiji

BB- 14.36 12.99 152.69 13.98 957.79

Finland

AA+ 197.86 192.63 4.47 275.79 10,575.66

France

AA 247.24 242.72 40.32 271.18 166,627.65

Georgia

BB- 86.65 79.51 206.75 36.04 2,912.08

Germany

AAA 52.80 59.40 (121.10) 135.09 198,626.98

Ghana

B 124.52 117.80 258.72 48.88 5,902.72

Greece

B+ 354.56 331.52 332.57 157.05 7,585.62

Guatemala

BB- 28.93 29.26 65.08 22.78 12,753.00

Guernsey

AA- N.A N.A N.A N.A N.A

Honduras

BB- 20.61 19.43 82.58 7.37 4,192.33

Hong Kong

AA+ (53.24) (53.96) (152.10) 128.08 196,597.75

Hungary

BBB 17.81 17.87 53.05 23.66 32,694.08

Iceland

A 50.90 50.84 (22.19) 36.30 5,876.65

India

BBB- 11.85 10.83 71.12 38.41 424,705.06

Indonesia

BBB 100.90 90.07 183.22 38.99 128,520.92

Iraq

B- (8.06) (10.37) 16.45 4.43 8,954.26

Ireland

A+ 229.13 235.55 108.60 238.50 5,214.33

Israel

AA- (50.04) (53.98) (104.76) 28.48 119,091.85

Italy

BBB 223.94 241.94 3.09 180.42 153,808.45

Jamaica

B+ 69.99 66.41 247.61 27.10 3,238.33

Japan

A+ (76.95) (88.50) (258.23) 282.01 1,269,857.25

Jersey

AA- N.A N.A N.A N.A N.A

Jordan

B+ 49.34 42.90 215.38 69.57 3,681.44

Kazakhstan

BBB- (46.99) (45.35) 99.43 26.69 28,333.99

Kenya

B+ 141.89 110.85 156.11 68.06 9,101.88

Korea

AA (35.96) (37.53) (61.44) 29.64 450,584.53

Kuwait

AA (596.53) (663.47) (689.03) 31.70 8,198.31

Latvia

A 48.48 47.47 68.12 98.66 4,545.32

Lebanon

B- 0.42 0.30 142.77 148.08 19,151.24

Liechtenstein

AAA N.A N.A N.A N.A N.A

Lithuania

A 34.18 33.85 36.52 49.28 6,172.32

Luxembourg

AAA 318.69 321.32 (9.00) 420.57 961.58

Malaysia

A- 24.85 25.66 15.56 35.41 94,528.47

Malta

A- 44.55 46.04 (30.74) 126.14 1,098.71

Mexico

BBB+ 35.38 34.29 106.26 11.62 176,462.90

Mongolia

B 184.28 150.94 410.75 52.03 3,609.86

Montenegro

B+ 155.72 120.86 308.65 47.16 1,305.12

Montserrat

BBB- (181.77) (167.78) (127.38) 30.38 3.28

Morocco

BBB- 26.02 23.49 147.47 28.39 26,834.00

Mozambique

SD 274.99 171.21 771.77 84.99 3,135.05

Netherlands

AAA 180.37 196.00 (60.31) 165.39 38,507.50

New Zealand

AA 163.18 147.64 162.84 141.63 19,589.93

Nicaragua

B- 102.84 109.83 220.17 18.72 2,004.15

Nigeria

B 49.09 52.04 91.81 54.49 43,168.41

North Macedonia

BB- 27.39 26.64 68.10 20.16 1,338.44

Norway

AAA (307.51) (354.15) (409.71) 146.22 64,482.67

Oman

BB 26.55 23.70 32.02 32.71 5,635.44

Pakistan

B- 161.38 129.62 236.32 38.42 1,941.85

Panama

BBB+ 70.61 61.44 201.90 91.62 2,589.20

Papua New Guinea

B 102.54 193.10 233.14 49.78 1,812.09

Paraguay

BB (2.17) (2.16) 66.75 14.08 6,963.11

Peru

BBB+ 16.78 15.96 138.20 24.83 48,205.90

Philippines

BBB+ (15.87) (14.88) 40.80 14.13 81,770.83

Poland

A- 36.34 35.80 91.29 15.33 116,386.95

Portugal

BBB 235.87 229.01 197.91 190.73 24,945.93

Qatar

AA- (94.42) (107.75) (192.43) 96.25 12,123.74

Ras Al Khaimah (Emirate of)

A N.A N.A N.A N.A N.A

Romania

BBB- 34.13 30.67 107.52 26.73 41,617.34

Russia

BBB- (72.03) (87.17) (84.67) 15.27 397,173.49

Rwanda

B+ 123.83 92.34 221.79 22.55 1,406.27

Saudi Arabia

A- (148.85) (172.42) (217.49) 11.20 417,893.94

Senegal

B+ 123.71 102.28 151.60 41.30 2,255.56

Serbia

BB 49.40 45.58 141.28 32.48 10,656.39

Sharjah (Emirate of)

BBB+ N.A N.A N.A N.A N.A

Singapore

AAA (60.97) (66.01) (113.99) 129.93 294,558.30

Slovakia

A+ 42.92 41.62 67.91 58.66 5,336.58

Slovenia

AA- 45.52 48.44 14.40 33.36 523.25

South Africa

BB 40.04 35.49 (34.48) 48.27 51,648.27

Spain

A 227.85 237.42 185.66 148.55 69,935.99

Sri Lanka

B 154.35 139.84 205.72 45.20 6,220.55

Suriname

B 56.40 55.55 123.83 16.06 546.82

Sweden

AAA 126.89 133.35 (21.08) 155.56 60,479.43

Switzerland

AAA 16.12 18.15 (139.40) 175.45 842,120.91

Taiwan

AA- (107.80) (123.53) (303.35) 46.80 470,206.06

Tajikistan

B- 88.55 81.62 151.27 34.01 1,195.82

Thailand

BBB+ (21.64) (23.41) 0.44 22.03 243,423.59

Togo

B 112.49 102.58 44.44 91.85 1,095.42

Trinidad and Tobago

BBB (54.61) (63.39) (19.64) 23.11 7,287.42

Turkey

B+ 114.54 114.32 157.06 77.36 38,410.88

Turks and Caicos Islands

BBB+ (30.54) (29.33) (79.43) 61.62 N.A

U.K.

AA 241.06 219.55 32.51 753.59 178,882.10

Uganda

B 85.69 64.35 254.14 24.47 3,458.19

Ukraine

B 91.83 87.71 29.74 46.60 21,489.22

United States

AA+ 319.77 283.15 219.80 232.43 454,708.70

Uruguay

BBB 31.70 31.09 97.54 34.02 9,602.88

Uzbekistan

BB- (37.88) (32.01) (50.24) 26.37 14,030.07

Venezuela

SD N.A N.A N.A N.A N.A

Vietnam

BB 20.24 20.59 75.48 11.82 68,223.82

Zambia

CCC+ 152.13 143.58 329.41 39.40 1,032.46
e--Estimate. f--forecast. N.A.--Not available. N.M.--Not meaningful.

Glossary Of Terms

Economic data

Nominal GDP (bil. US$).  Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production.

Nominal GDP (bil. LC).   Total local currency market value of goods and services produced by resident factors of production.

GDP per capita (US$).   Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production, divided by population.

Real GDP (% change).   Percent change in constant-price GDP.

Unemployment (% of workforce).   Average percent of the labor force not employed and actively searching for work (definitions and coverage vary by country).

Investment/GDP (%).   Expenditure on capital goods including plant, equipment, and housing, plus the change in inventories, as a percent of GDP.

Savings/GDP.   Investment plus the current account surplus (deficit), as a percent of GDP.

Exports/GDP.   Exports of goods and services as a share of GDP.

Real investment growth.   Percent change in constant-price investment.

Monetary data

Consumer price index (% change).  Average percent change in index of prices of a representative set of consumer goods bought by a typical household on a regular basis.

GDP deflator growth.   Percentage annual change in GDP deflator. GDP deflator is the ratio of nominal and real (constant-price) GDP, which serves as a measure of the level of prices of all newly domestically produced goods and services.

Exchange rate, year-end (LC/USD).   The official exchange rate of the sovereign's local currency, expressed in local currency units per USD.

Banks claims on resident nongovernment sectors (% change).   Claims by depository corporations, other than the central bank, on all residents except the general government. The data do not include claims on nonresidents. Depository corporations are usually financial institutions, other than the central bank, whose liabilities are included in the national definition of broad money.

Banks claims on resident nongovernment sectors/GDP.   Claims by depository corporations, other than the central bank, on all residents except the general government. The data do not include claims on nonresidents. Depository corporations are usually financial institutions, other than the central bank, whose liabilities are included in the national definition of broad money. Expressed as a percentage of GDP.

Foreign currency share of claims by banks on residents.   Claims by depository corporations, other than the central bank. Claims in currencies other than the local currency, expressed as a percentage of total claims.

Foreign currency share of residents bank deposits.   Total deposits in banks by residents, in other currencies than local currency.

Real effective exchange rate growth.   Percentage annual change in real effective exchange rate. Real Effective Exchange rate (REER) for an economy is a weighted average of bilateral exchange rates of the economy's currency to the currencies of its trading partners, adjusted for inflation.

General government data

General government.  Aggregate of the national, regional, and local government sectors, including social security, and excluding intergovernmental transactions.

Net debt/GDP (%).   Gross debt minus general government financial assets (cash, deposits, arms-length loans, and minority holdings of traded equities), as a percent of GDP.

Gross debt/GDP (%).   Debt incurred by national, regional, and local governments, either for governmental purposes or for on-lending to a government-owned or private sector entity, as a percent of GDP. Internal holdings, including social security and pension fund investments in government debt, are netted out.

Surplus (deficit)/GDP (%).   General government operating and capital revenue, excluding proceeds from privatization, minus operating and capital and extraordinary expenditures (though generally excluding aid to the financial sector), as a percent of GDP.

Primary balance/GDP (%).   Surplus (deficit) plus interest payments on general government debt, as a percent of GDP.

Revenue/GDP (%).   General government recurrent revenue, from sources such as taxes, fees and charges, interest, and dividends, plus capital revenue (largely grants), as a percent of GDP.

Expenditure/GDP (%).  General government recurrent expenditure, for purposes such as salaries, goods for immediate consumption, interest, subsidies, and other transfers, plus capital spending that increases the value of general government physical assets, plus net lending (where a subsidy is involved), as a percent of GDP.

Interest/revenues (%).   Interest payments on general government debt, as a percent of general government revenues.

Liquid assets / GDP.   Liquid assets (cash, deposits, arms-length loans, and minority holdings of traded equities) expressed as percentage of GDP.

Balance-of-payments data

Current account receipts (CAR)/GDP (%).   CAR, which include proceeds from exports of goods and services, factor income (compensation of employees plus investment income) earned by residents from nonresidents, and official and private transfers to residents from nonresidents, as a percent of GDP.

Real exports (% change).   Percent change in the volume of exports of goods and services, as defined in the national income accounts.

Current account balance/GDP (%).  Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of GDP.

Current account balance/CAR (%).  Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of current account receipts.

Usable reserves/current account payments (months).  Official foreign exchange reserves (including gold at market price) minus items not readily available for foreign exchange operations and repayment of external debt (such as: (1) reserves pledged as security; (2) mark-to market losses on reserves sold forward; (3) reserves deposited with offshore branches of domestic financial institutions; and (4) the monetary base for sovereigns with a currency board or longstanding fixed peg), divided by monthly imports of goods and services, plus factor income earned by nonresidents from residents, plus transfers to nonresidents.

Gross external financing needs (% of CAR plus usable reserves).   Current account payments, plus scheduled principal repayments on external debt, plus the stock of short-term debt (original maturity of less than a year), as a percent of CAR plus usable foreign exchange reserves.

Net foreign direct investment (FDI)/GDP (%).  Direct investment (both equity and loans) by nonresidents net of residents' direct investment (both equity and loans) abroad, as a percent of GDP.

Trade balance/GDP.   Receipts from exports of goods minus payments for imports of goods as a percentage of GDP.

Net portfolio equity inflow/GDP.   The difference between the inflows and outflows of portfolio equity investment by non-residents into the economy, as a percentage of GDP. Portfolio equity investments are cross-border transactions in which a resident of one economy obtains a shares of an enterprise in another economy without obtaining control or significant degree of influence over it.

External balance sheet

Net external liabilities/CAR (%).  Total external debt plus the stock of direct investment (both equity and debt) and portfolio equity investment from abroad minus total external assets, which include official reserves, other public sector foreign assets, financial institutions; deposits with and lending to nonresidents, other private sector deposits with and lending to nonresidents, and the stock of direct and portfolio equity investment placed abroad, as a percent of CAR. A negative number indicates a net asset position.

Narrow net external debt/CAR (%).   The stock of foreign and local currency public and private sector borrowings from nonresidents (including nonresident deposits in resident banks) minus liquid non-equity external assets, which include official foreign exchange reserves, other liquid public sector foreign assets, and financial institutions' deposits with and lending to nonresidents, as a percent of CAR. A negative number indicates net external lending.

Usable reserves.   Official foreign exchange reserves (including gold at market price) minus items not readily available for foreign exchange operations and repayment of external debt (such as: (1) reserves pledged as security; (2) mark-to market losses on reserves sold forward; (3) reserves deposited with offshore branches of domestic financial institutions; and (4) the monetary base for sovereigns with a currency board or longstanding fixed peg).

Short-term external debt by remaining maturity/CARs.   The stock of foreign and local currency public and private sector borrowings from nonresidents (including nonresident deposits in resident banks), either issued at a maturity of below one year or having less than a year remaining to maturity, as a percent of CAR.

This report does not constitute a rating action.

Primary Credit Analyst:Shokhrukh Temurov, CFA, Dubai + 97143727167;
shokhrukh.temurov@spglobal.com
Secondary Contact:Fernanda Nieto, Mexico City;
fernanda.nieto@spglobal.com
Research Contributors:Ashay Gokhale, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Gunjan Saluja, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Hari Krishan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Himani Joshi, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Juili Pargaonkar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Sarthak Maiti, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Shruti Ramakrishnan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back