Moody`s Statistical Handbook

Transcription

Moody’s Statistical Handbook
Country Credit
May 2013
Moody’s Statistical Handbook
Country Credit
May 2013
Project Coordinators
Rebecca Karnovitz
Renzo Merino
Contributors
Mathias Angonin
Petar Atanasov
Cyril Audrin
Maria Paula Carvajal
David Erickson
Polina Gotmann
Cynthia Mar
Daniel Marty
Michail Michailopoulos
Aukse Montvilaite
Kristina Neidnig
Ariane Ortiz Marrufo
Pamela Reyes Herrera
Andrew Schneider
Stefan Triendl
Production Associates
Cassina Brooks
Judy Yuen
Pub ID #153213
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Worldwide Governance Research Indicators Dataset
© by The International Bank for Reconstruction and Development/The World Bank
• ii •
Table of Contents
Page
Sources of Updated Ratings and Information ........................................................................................... vii
Sources and Uses of Statistical Data in Moody’s Sovereign Credit Analysis ............................................... ix
Exchange Rate Regimes ......................................................................................................................... xix
Ratings List ............................................................................................................................................ xxi
Statistics (As of May 10, 2013)
I. Economic Structure and Performance ................................................................................................... 1
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Nominal GDP (US$ Bil.) .............................................................................................................................. 2
Population (Mil.) ........................................................................................................................................ 7
GDP per capita (US$) ............................................................................................................................... 12
GDP per capita (Purchasing Power-Parity basis, US$) .............................................................................. 17
Nominal GDP (% change, local currency) ................................................................................................. 22
Real GDP (% change) .............................................................................................................................. 27
Inflation (CPI, % change Dec/Dec) ........................................................................................................... 32
Unemployment Rate (%) .......................................................................................................................... 37
Gross Investment/GDP............................................................................................................................. 38
Gross Domestic Saving/GDP.................................................................................................................... 43
Nominal Exports of Goods and Services (% change, US$ basis) ............................................................... 48
Nominal Imports of Goods and Services (% change, US$ basis)................................................................ 53
Real Exports of Goods and Services (% change) ...................................................................................... 58
Real Imports of Goods and Services (% change)....................................................................................... 59
Net Exports of Goods and Services/GDP .................................................................................................. 60
Openness of the Economy ....................................................................................................................... 61
Government Effectiveness ....................................................................................................................... 66
II. Government Finance ........................................................................................................................... 71
18.
19.
20.
21.
22.
23.
24.
25.
26.
General Government Revenue/GDP .......................................................................................................... 72
General Government Expenditure/GDP..................................................................................................... 77
General Government Financial Balance/GDP............................................................................................ 82
General Government Primary Balance/GDP .............................................................................................. 87
General Government Debt (US$ Bil.) ........................................................................................................ 92
General Government Debt/GDP................................................................................................................ 97
General Government Debt/General Government Revenue ...................................................................... 102
General Government Interest Payment/General Government Revenue .................................................... 107
General Government Foreign Currency & FC-Indexed Debt/General Government Debt ............................ 112
III. External Payments and Debt ........................................................................................................... 117
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
Nominal Exchange Rate (local currency per US$, Dec)........................................................................... 118
Real Effective Exchange Rate (% change) .............................................................................................. 123
Relative Unit Labor Costs (2005 = 100) ................................................................................................. 128
Current Account Balance (US$ Bil.) ........................................................................................................ 129
Current Account Balance/GDP ............................................................................................................... 134
External Debt (US$ Bil.) ......................................................................................................................... 139
Public Sector External Debt/Total External Debt ..................................................................................... 143
Short-term External Debt/Total External Debt ......................................................................................... 147
External Debt/GDP................................................................................................................................. 151
External Debt/Current Account Receipts ................................................................................................ 155
Interest Paid on External Debt (US$ Bil.) ................................................................................................ 159
Amortization Paid on External Debt (US$ Bil.) ......................................................................................... 163
Net Foreign Direct Investment/GDP ........................................................................................................ 167
Net International Investment Position/GDP ............................................................................................. 172
Official Foreign Exchange Reserves (US$ Bil.)........................................................................................ 177
Net Foreign Assets of Domestic Banks (US$ Bil.) ................................................................................... 182
• iii •
Table of Contents
Page
IV. Monetary, External Vulnerability and Liquidity Indicators................................................................... 187
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
M2 (% change, Dec/Dec) ....................................................................................................................... 188
Monetary Policy Rate (% per annum, Dec 31)........................................................................................ 192
Domestic Credit (% change, Dec/Dec) ................................................................................................... 196
Domestic Credit/GDP............................................................................................................................. 200
M2/Official Foreign Exchange Reserves (X) ............................................................................................ 204
Total External Debt/Official Foreign Exchange Reserves ......................................................................... 208
Debt Service Ratio ................................................................................................................................. 212
External Vulnerability Indicator .............................................................................................................. 216
Liquidity Ratio ....................................................................................................................................... 220
Total Liabilities due BIS Banks/Total Assets Held in BIS Banks ............................................................... 224
"Dollarization" Ratio .............................................................................................................................. 228
"Dollarization" Vulnerability Indicator .................................................................................................... 231
V. Country Statistics.............................................................................................................................. 233
Albania ............................................................................................................................................................................ 234
Angola ............................................................................................................................................................................. 236
Argentina ..........................................................................................................................................................................238
Armenia ............................................................................................................................................................................240
Australia ...........................................................................................................................................................................242
Austria ..............................................................................................................................................................................243
Azerbaijan ........................................................................................................................................................................244
Bahamas ..........................................................................................................................................................................246
Bahrain..............................................................................................................................................................................248
Bangladesh ......................................................................................................................................................................250
Barbados ..........................................................................................................................................................................252
Belarus .............................................................................................................................................................................254
Belgium ............................................................................................................................................................................256
Belize ...............................................................................................................................................................................257
Bermuda ..........................................................................................................................................................................259
Bolivia ..............................................................................................................................................................................261
Bosnia and Herzegovina ...................................................................................................................................................263
Botswana .........................................................................................................................................................................265
Brazil ................................................................................................................................................................................267
Bulgaria ............................................................................................................................................................................269
Cambodia .........................................................................................................................................................................271
Canada .............................................................................................................................................................................273
Cayman Islands ................................................................................................................................................................274
Chile .................................................................................................................................................................................276
China ................................................................................................................................................................................278
Colombia ..........................................................................................................................................................................280
Costa Rica ........................................................................................................................................................................282
Croatia ..............................................................................................................................................................................284
Cuba .................................................................................................................................................................................286
Cyprus ..............................................................................................................................................................................288
Czech Republic .................................................................................................................................................................289
Denmark ..........................................................................................................................................................................291
Dominican Republic ..........................................................................................................................................................292
Ecuador ............................................................................................................................................................................294
Egypt ................................................................................................................................................................................296
El Salvador .......................................................................................................................................................................298
Estonia .............................................................................................................................................................................300
Fiji ....................................................................................................................................................................................301
Finland .............................................................................................................................................................................303
France ..............................................................................................................................................................................304
Georgia .............................................................................................................................................................................305
Germany ...........................................................................................................................................................................307
Ghana ...............................................................................................................................................................................308
Greece ..............................................................................................................................................................................310
Guatemala ........................................................................................................................................................................311
Honduras ..........................................................................................................................................................................313
Hong Kong ........................................................................................................................................................................315
Hungary ............................................................................................................................................................................316
Iceland .............................................................................................................................................................................318
India .................................................................................................................................................................................320
Indonesia ..........................................................................................................................................................................322
Ireland ..............................................................................................................................................................................324
Israel ................................................................................................................................................................................325
• iv •
Table of Contents
Page
Italy ..................................................................................................................................................................................327
Jamaica ...........................................................................................................................................................................328
Japan ...............................................................................................................................................................................330
Jordan ..............................................................................................................................................................................331
Kazakhstan........................................................................................................................................................................333
Kenya ...............................................................................................................................................................................335
Korea ................................................................................................................................................................................337
Kuwait ...............................................................................................................................................................................339
Latvia ...............................................................................................................................................................................341
Lebanon ...........................................................................................................................................................................343
Lithuania ..........................................................................................................................................................................345
Luxembourg .....................................................................................................................................................................347
Macao ..............................................................................................................................................................................348
Malaysia ...........................................................................................................................................................................350
Malta ................................................................................................................................................................................352
Mauritius ..........................................................................................................................................................................353
Mexico .............................................................................................................................................................................355
Moldova ...........................................................................................................................................................................357
Mongolia ..........................................................................................................................................................................359
Montenegro ......................................................................................................................................................................361
Morocco ...........................................................................................................................................................................363
Namibia ............................................................................................................................................................................365
Netherlands ......................................................................................................................................................................367
New Zealand ....................................................................................................................................................................368
Nicaragua .........................................................................................................................................................................369
Nigeria ..............................................................................................................................................................................371
Norway .............................................................................................................................................................................373
Oman ...............................................................................................................................................................................374
Pakistan ...........................................................................................................................................................................376
Panama ............................................................................................................................................................................378
Papua New Guinea ...........................................................................................................................................................380
Paraguay ..........................................................................................................................................................................382
Peru .................................................................................................................................................................................384
Philippines ........................................................................................................................................................................386
Poland ..............................................................................................................................................................................388
Portugal ............................................................................................................................................................................390
Qatar ...............................................................................................................................................................................391
Romania ...........................................................................................................................................................................393
Russia ..............................................................................................................................................................................395
Saudi Arabia .....................................................................................................................................................................397
Senegal ............................................................................................................................................................................399
Singapore .........................................................................................................................................................................401
Slovakia ............................................................................................................................................................................402
Slovenia ...........................................................................................................................................................................403
South Africa ......................................................................................................................................................................404
Spain ................................................................................................................................................................................406
Sri Lanka ..........................................................................................................................................................................407
St. Maarten .......................................................................................................................................................................409
St. Vincent and the Grenadines .........................................................................................................................................411
Suriname ..........................................................................................................................................................................413
Sweden ............................................................................................................................................................................415
Switzerland ......................................................................................................................................................................416
Taiwan ..............................................................................................................................................................................417
Thailand ...........................................................................................................................................................................419
Trinidad & Tobago .............................................................................................................................................................421
Tunisia ..............................................................................................................................................................................423
Turkey ..............................................................................................................................................................................425
Ukraine .............................................................................................................................................................................427
United Arab Emirates .........................................................................................................................................................429
United Kingdom ................................................................................................................................................................431
United States of America ..................................................................................................................................................432
Uruguay ............................................................................................................................................................................433
Venezuela .........................................................................................................................................................................435
Vietnam ............................................................................................................................................................................437
Zambia .............................................................................................................................................................................439
•v•
PAGE INTENTIONALLY LEFT BLANK
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viii ●
Sources and Uses of Statistical Data in Moody's Sovereign Credit Analysis
Moody's Country Credit Statistical Handbook contains historical time series and two years of forecasts for many of the
quantitative indicators and ratios used by Moody's sovereign risk analysts in the process of assigning and monitoring
sovereign creditworthiness. It is published semi-annually in electronic format and in print. The data are drawn from a
number of international sources, including the International Monetary Fund (IMF), the Organization for Economic
Cooperation and Development (OECD), European Commission (Eurostat and Annual Macro-economic Database –
AMECO), the World Bank, and the Bank for International Settlements (BIS). Some indicators, particularly in the area of
government and external debt, require estimation by Moody's analysts, based on data provided by national statistical
sources and international sources. Where possible, we source our input data from Haver Analytics, a provider of
macroeconomic and financial third-party data. Data may be missing for some countries for some indicators due to lack of
data availability or problems of cross-country comparability.
Countries are grouped into two broad categories, "advanced industrial" and "developing", broadly in line with IMF
practices. Within the developing (emerging market) country group there is a further breakdown according to broad rating
ranges, in order to facilitate comparisons among peer groups of similarly rated countries. Within each group, countries are
listed alphabetically. For nominal indicators (such as the current account balance or external debt), we have converted all
values to a U.S. dollar current-exchange-rate basis for purposes of cross-country comparison.
The relevance of specific economic and financial variables can vary according to the broad level of development of
countries. Users of this handbook will therefore notice that the data series presented are somewhat different for the two sets
of countries. For example, more detail on macroeconomic indicators is provided for the more advanced countries while a
larger range of indicators in the external debt and balance-of-payments areas is provided for the developing countries.
Quantitative measures are only a part of the input into sovereign rating decisions. They provide useful information on
an economy’s fundamental structural features and can reveal significant trends and cyclical patterns. They are, however,
necessarily backward looking, while sovereign analysis requires forward-looking evaluations of the risk of default. Therefore,
examination of past experience has to be supplemented by medium-term projections and the construction of a range of
scenarios that stress-test the vulnerability of a country's economic, political and financial situation to shocks generated both
internally and externally.
The data in this handbook fall into four broad categories: 1) Economic Structure and Performance; 2) Government
Finance; 3) External Payments and Debt; and 4) Monetary, External Vulnerability and Liquidity Indicators.
●
ix ●
I. ECONOMIC STRUCTURE AND PEFORMANCE
1. Nominal Gross Domestic Product (US$ Bil.)
Source: IMF, Eurostat, AMECO, Official National Source, Moody's
Gross Domestic Product (GDP) is the standard international measure of the size of an economy. It measures the total value of final
goods and services at current prices from all productive activities located within the boundaries of a country over the year and is
converted to U.S. dollars at current exchange rates. While criticized for not capturing the accumulation of intangible assets (such as
knowledge, organizational innovation and improved product quality) or for ignoring resource depletion and environmental
degradation, GDP remains the only internationally comparable economic standard.
2. Population (Mil.)
Source: World Bank
Country population is, in itself, not a rating factor, as is clear from the fact that a number of very small countries (such as Cayman
Islands, Luxembourg and Bermuda) have very high ratings and others have very low ratings (St. Vincent and the Grenadines, Fiji
and Belize). Nevertheless, it is an essential reference indicator. Demographic features of a country not captured by a static snapshot
of population size are, however, relevant to sovereign credit analysis.
3. GDP per capita (Current Exchange Rates, US$)
Source: Eurostat, AMECO, Official National Source, Moody's
This is simply the ratio of GDP as measured in Table 1 to population (Table 2). Since current exchange rates are being used to
convert local currency values to U.S. dollars, these values can show substantial fluctuations not connected to real changes in relative
incomes. A better measure of relative incomes is provided by the next indicator.
4. GDP per capita (Purchasing-Power-Parity basis, US$)
Source: World Bank, IMF World Economic Outlook (WEO)
This measurement attempts to better capture the relative standard-of-living of a country’s population by adjusting national income
by cost-of-living differences. While such calculations vary, we use the World Bank’s. As an example of how much difference this
adjustment can make, China's nominal per capita GDP at the average market exchange rate for 2011 was $5,360 while the PPP
calculation came to $8,400. (It should be noted that the "dollar" used here is not the actual U.S. dollar traded in the foreignexchange markets, but a hypothetical "international dollar", adjusted for the real differences between what can be purchased, on
average, by one dollar in the United States and what that same dollar would buy in other countries.)
5. Nominal GDP (% change, local currency)
Source: Eurostat, Official National Source, Moody's
The annual percent change in nominal GDP (in local currency) which is the combination of the change in real GDP (Table 6) and
the change in the broadest index of external trade and domestic price movements, the GDP deflator (not shown in this Handbook).
However, a decline in nominal GDP that is caused by deflation reflects structural and monetary policy weaknesses.
6. Real GDP (% change)
Economic growth, as measured by the annual percentage change in GDP adjusted for inflation, is a key indicator of economic
performance. Strong growth provides rising living standards and shock-absorption capacity, although unsustainably rapid growth
can fuel inflationary pressure and excessive external deficits. In addition to the growth rate, sovereign analysts also analyze the
sectors contributing to real growth; for instance, highly indebted countries with large external financing requirements tend to need
rapid growth in exports to keep pace with their external debt service burden.
7. Inflation Rate (Consumer Price Index, % change Dec/Dec)
The change in the level of the price index for a basket of commonly consumed items (the CPI) is one of the most widely used
inflation measures. It is used by some governments to index financial instruments and often enters into the wage-setting process.
Inflation can be an important indicator of excess demand pressure or of supply shocks.
The CPI can be misleading if used in measures of international competitiveness because it measures prices at retail level (not
production costs), is affected by import prices and the exchange rate, contains many items whose prices are regulated or administered, and
includes housing costs, which are treated very inconsistently across countries. Therefore, for many purposes, analysts look at additional price
indicators, such as the GDP deflator, which measures changes in the cost of domestically-generated output, as well as sectoral price indices,
such as those for exports or capital goods. Under extreme conditions of monetary instability hyperinflation can occur. Hyperinflation is
commonly defined when the monthly inflation exceeds 50%; it is most often caused by economic crisis, uncontrolled government spending
and central bank monetization of government deficits. Zimbabwe’s is the most recent case, in which the monthly inflation rate peaked at
1
2,600%. Other cases in the 1990s include Kazakhstan and Bulgaria, with monthly inflation peaks of 57% and 243%.
1
Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute 2011 Annual Report
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8. Unemployment Rate (%)
Source: OECD, Eurostat, AMECO, Moody's
Moody's analysts look at the unemployment rate as an indicator of the size of the output gap and of the under-utilization of
human resources as well as a signal of potential political pressure on governments to take action to stimulate the economy.
Unemployment is measured internationally in a very inconsistent way, depending on how participation in the labor force is
defined (the "discouraged worker" problem); on the treatment of part-time or casual labor; and on the size of the underground
economy. Some countries include only unemployed persons who register for benefits. The OECD and Eurostat have estimated
standardized unemployment rates for member countries, which are used here. In many developing countries, open
unemployment is a far less sensitive indicator of inadequate labor market performance than "underemployment", the presence of
reserves of low-productivity labor, data for which is extremely difficult to obtain.
9. Gross Investment/GDP (%)
Investment, by which economists mean expenditures within a given year on housing, structures and equipment that add to the
country's capital stock, is a vital contributor to the process of economic growth. Countries with a sustained high investment rate,
especially in productive assets in the business sector and in infrastructure, will tend to grow faster over the long- term. However,
a high volume of investment is not in itself sufficient. Also of importance is the efficiency or productivity of investment,
measured by the net contribution made by a dollar of investment to the increase in output that results, sometimes called the
"incremental capital-output ratio" (ICOR).
10. Gross Domestic Saving/GDP (%)
The real investment undertaken within a country is necessarily equal to the sum of the domestic saving generated within its
borders plus the use of foreign saving. (Here, "saving" is defined as the difference between GDP and consumption – private and
public – on an annual basis, not the stock of financial "savings" of the population.) A country that needs a high investment rate in
order to accelerate growth may run into a balance-of-payments constraint, i.e., have to attract an unsustainably high inflow of
foreign capital, if it cannot generate a high enough saving flow out of the incomes of the domestic population.
11. Nominal Exports of Goods and Services (% change, US$ basis)
12. Nominal Imports of Goods and Services (% change, US$ basis)
13. Real Exports of Goods and Services (% change)
Source: OECD, Eurostat, AMECO, Official National Source
14. Real Imports of Goods and Services (% change)
Source: OECD, Eurostat, AMECO, Official National Source
In evaluating sovereign credit risk, the performance of an economy in international competition is a vital factor. It is primarily
by selling domestically-produced goods and services to nonresidents that countries acquire the foreign currency needed to
service external interest and principal payments in a timely fashion. It is important not to define "exports" and "imports" too
narrowly to include only merchandise, i.e. tangible goods. Services, such as those provided by the tourism industry, cultural
industries, finance and transportation, can be a key element for many countries. In these tables, the data show annual growth or
decline of the aggregate export and import totals. For the advanced industrial countries (Tables 13 and 14), changes in real
(price-adjusted) volumes are presented. Because of data deficiencies, particularly involving the export- and import-price indices
required for consistently separating values from volumes, the data for the developing countries (Tables 11 and 12) are presented
in nominal terms, converted to U.S. dollars at annual average exchange rates. All of these data come from the national accounts,
not from the balance of payments, and do not include such items as workers' remittances, interest earnings/payments on
assets/liabilities or dividends paid to nonresident direct investors.
15. Net Exports of Goods and Services/GDP (%)
For developed countries where the current account can be defined, the ratio of net exports of goods and services to GDP is the
best measure of the degree to which the country supplements domestic saving with foreign saving in financing capital investment.
(A negative number, characteristic of the United States and the United Kingdom reveals a net capital-importing country, while
positive numbers, such as for Germany and Japan, signify the net export of capital.)
16. Openness of the Economy (Sum of Exports and Imports of Goods and Services/GDP) (%)
Integration of a country with the world economy through trade and investment is an important channel for the transfer of
technology, skills, and management, as well as a powerful force for greater competition in local markets. Many studies have
shown a significant correlation between openness and above-average rates of economic growth. This indicator is one of the most
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widely used measures of openness, focusing on the trade channel. However, two important distortions qualify its use. First, the
goods and services encompassed in the numerator (foreign trade) are valued at international dollar prices, while the denominator
(GDP) includes the large non-tradable goods sector and domestic services. The latter may be significantly undervalued in the
national accounts (as shown in the sometimes very large differences between GDP per capita on a current-exchange-rate basis
and the same aggregate on a purchasing-power-parity basis). In addition, a country that has a large export sector mainly
dependent on imports of materials, semi-finished products, and capital goods, will measure high on this indicator, but the value
added in foreign trade may be quite small.
Large continental-scale economies, such as the United States, Brazil, and India, would be expected to have a lower
degree of openness, while distance from major markets and the resulting transport cost barriers could also reduce trade below
what other factors might imply.
17. Government Effectiveness (Index ranging from about -2.50 to 2.50)
Source: World Bank
This indicator is one of six measures of governance quality compiled by the World Bank. The index of government effectiveness
combines responses on the quality of public services and the bureaucracy that provides them, the competence and political
independence of civil servants, and the credibility of the government's commitment to its policies. The index is a composite
based on as many as 15, but a median of fewer than 10, different measures of government effectiveness drawn from polls and
surveys published by a variety of official and private sources. This indicator, with higher values suggesting greater government
effectiveness, provides a useful, albeit partial measure of the maturity and responsiveness of government institutions.
II. GOVERNMENT FINANCE
Source: IMF, OECD, Eurostat, AMECO, Official National Source, Moody's
18. General Government Revenue/GDP (%)
19. General Government Expenditure/GDP (%)
20. General Government Financial Balance/GDP (%)
21. General Government Primary Balance/GDP (%)
22. General Government Debt (US$ Bil.)
23. General Government Debt/GDP (%)
24. General Government Debt/General Government Revenue (%)
25. General Government Interest Payment/General Government Revenue (%)
26. General Government Foreign-Currency and Foreign-Currency-Indexed Debt/General Government Debt (%)
The fiscal balances and debt stocks of the various levels of government are among the most important indicators examined by
sovereign risk analysts. The ability of government to extract revenues from the population of taxpayers and users of services, the
elasticity of revenue with respect to the growth or decline of national income, and the rigidity of the composition of government
expenditures are key factors that determine the credit profile of a government.
Government finance is one of the most complex areas with respect to coverage, definitions and measurement. Budgetary
and accounting practices, organizational structure, degree of government ownership of commercial enterprises, and extent of
government guarantees all vary quite widely across countries. One of the most widely used categorical classifications is "general
government", as defined by the IMF in its Government Financial Statistics (GFS) standards. This includes the consolidated budgets
of the central, state/regional and local governments, along with the social security system and other extra-budgetary funds engaged
in non-commercial activities. Excluded are the lending and refinancing and the assets/liabilities of the monetary authorities and the
state-owned or -guaranteed enterprises, except for any net financial transfers made as subsidies to these enterprises. This is the
coverage concept underlying the fiscal and government debt tables presented in this handbook.
Tables 18 and 19 present ratios of revenues and expenditures to GDP respectively. Table 20 presents the financial balance
(surplus or deficit) in relation to GDP. Deficits on this balance, the difference between total revenues and total expenditures, can be
met only by running down assets or from borrowing, thereby, adding to debt. Table 21 presents the ratio of the primary budget
balance to GDP, which is the difference between total revenues and total expenditures excluding interest payments on debt. The
primary balance plays a key role in the dynamics of debt growth or reduction. The extent of growth (or reduction) of the
government’s debt burden can be determined by: 1) the initial debt stock; 2) the average real interest rate on government borrowing;
3) the real rate of growth of GDP; and 4) the primary budget balance. Achievement of a primary surplus (often a sizable one) is
generally a prerequisite for stabilizing a runaway (or "debt trap") situation.
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Table 22 presents the total direct debt of the general government held by the public at year-end expressed in U.S.
dollars. It includes all short- and long-term obligations regardless of the currency of denomination and the residency of the
holder. The data for the developing countries are obtained primarily from official national sources and the IMF, while those for
the advanced industrial countries primarily come from official national sources and the European Commission (Eurostat and
AMECO). Although this table presents the only strictly consistent cross-country measure of government debt, there are several
important limitations. First, it is difficult in some developing countries to separate general government cleanly from the broader
public sector, which includes state-owned or supported enterprises. Second, in some countries it is more appropriate to focus on
the broad public sector than the general government. The reason is that in a crisis, governments may decide to assume the debt
of state companies that have served as conduits for external sovereign borrowing or that provide essential public services. Third,
general government debt measurements do not reflect explicit or implicit contingent liabilities, such as guarantees, potential
bailouts of financial institutions or the unfunded future liabilities of state pension and health-care systems.
Finally, the comparability of general government debt across countries is affected by differences in accounting practices.
The IMF's GFS system is the standard most developing countries are increasingly utilizing and the one the OECD strives to
apply to its member countries. However, the European nations, including the accession states, are increasingly adopting the
European Systems of Accounts (ESA95). A crucial difference between the two accounting systems is the treatment of particular
debt components, especially pension liabilities which are excluded under ESA95 accounting rules. Because OECD data include
the funded portion of government pension liabilities, the OECD overstates government debt for such countries compared to
countries with large unfunded public pension liabilities which are excluded from the government debt figures under ESA95
accounting. Differences also arise with respect to the exclusion of certain obligations (e.g., trade credits under the Maastricht
definition) and the valuation of government securities (e.g., nominal value versus market value versus issue price plus accrued
interest). Moreover, implementation of ESA95 has not been consistent among the European countries. Notwithstanding these
limitations, Moody's has decided to publish Eurostat government debt statistics because they are the statistical source for the
European Union and the one widely watched by investors, analysts and the governments themselves. Moody's takes into account
such data discrepancies when making cross-country comparisons. Moody's also uses detailed debt data available from official
national sources to analyze the financial risks embedded in a government's debt profile.
Table 23 shows the most commonly used measure for scaling government debt to the size of the economy, the
debt/GDP ratio. As a cross-country comparative indicator, it is subject to all the limitations described above. Table 24 (General
Government Debt/General Government Revenue) presents another way to view the burden of public debt. It is, arithmetically,
just the ratio of Debt/GDP (Table 23) to Revenue/GDP (Table 18). The value of this indicator is that a government whose debt
appears low when measured against GDP can still have a serious debt problem if it is unable to capture enough of the country's
income through taxation or other types of revenue. Table 25 (General Government Interest Payments/General Government
Revenue) focuses on the degree to which past debt accumulation and the interest rate paid on government debt drains revenue
towards debt service and away from the provision of government services.
Table 26 (General Government Foreign-Currency and Foreign-Currency-Indexed Debt/Total General Government
Debt) measures the extent to which central and subnational governments in each country have recourse to issuing in currencies
other than their own or to indexing domestic-currency debt to the exchange rate. These practices often reflect either a lack of a
domestic currency securities market that is able or absorb government debt or a lack of investor confidence in the domestic
currency resulting from expectations of a high risk of inflation. A high ratio can signal potential debt-servicing stress in the event
of a major exchange-rate adjustment, even when other measures like Debt/GDP or Debt/Revenue may appear low.
III. EXTERNAL PAYMENTS AND DEBT
27. Nominal Exchange Rate (local currency per US$, Dec.)
Source: IFS, ECB, Official National Source
28. Real Effective Exchange Rate (% change)
Sources: JP Morgan, Official National Source, Moody's
These two indictors involve relative international price competitiveness at the country level. The real effective exchange rate
(REER) and the relative growth rates of the domestic economy and major foreign markets are the main factors influencing a
country's export and import volumes. The belief that a country's REER is "overvalued" or perceptions that it has been rising
exceptionally quickly can lead market participants to expect a devaluation and occasionally lead to a self-fulfilling currency crisis.
In addition, an over- or under-valued REER can sometimes be an indicator of a structural misalignment of resources.
Measuring the REER is complex for two reasons. First, it involves weighting exchange rates by measures of the multicountry pattern of trade (utilizing export volumes, import volumes, or a combination as weights). Second, results can differ
greatly depending on which price indices are used as representative of domestic costs of the goods that enter international trade
(consumer prices, wholesale prices, manufactured goods prices, export prices, etc.). When consumer prices are used, for example,
trends in domestic prices of nontradables, which comprise the bulk of consumer purchases, may distort measurement of the true
situation facing importers and exporters of tradables.
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REERs are available only for a subgroup of rated countries and come from two main sources, JP Morgan and the IMF.
The JP Morgan REER index relies on available measures of the prices of domestically produced finished manufactured goods
(excluding primary food and energy), while the IMF index is based on consumer prices. Therefore, cross-country comparisons
are difficult, but changes over time for individual countries should still give a rough indication of the evolution of relative costs.
29. Relative Unit Labor Costs (Index: 2005 = 100)
Source: OECD, AMECO
This is an alternative indicator of country competitiveness in international trade, available for advanced industrial countries. It
starts with changes in nominal domestic labor compensation (not final prices), adjusted for productivity growth, and converts
these relative domestic cost movements to a common currency using market exchange rates. It has the virtue of focusing directly
on tradable goods but leaves out differences in non-labor costs (such as the cost of capital) and in materials costs. It is available,
however, only for the manufacturing sector.
30. Current Account Balance (US$ Bil.)
The current account of the balance of payments records all cross-border non-capital transactions between residents and
nonresidents, including exports and imports of goods and services, transfers (such as official grants and workers' remittances),
and flows of dividend and interest payments on foreign assets and liabilities. The balance of the current account sums up all of
these cross-border flows and is positive if receipts from abroad exceed payments and negative if the reverse is the case. The
current account balance is measured here in U.S. dollars. Because of exchange rate changes between the dollar and the domestic
currency and between the dollar and currencies of other trading partners, it should be noted when interpreting these values that
they could move quite differently if measured in terms of non-dollar currencies.
31. Current Account Balance/GDP (%)
Sources: Eurostat, AMECO, Official National Source, Moody's
Because the nominal current account will vary with the scale of an economy, dividing it by GDP allows for cross-country
comparisons. The current account (when in deficit) gives an indication of how much foreign capital a country requires in order
to close the gap between domestic saving and investment. Large and persistent current-account deficits can lead to a buildup of
external debt, unless the deficits are financed by inflows of direct investment or equity positions in local companies. Rapidlygrowing countries with high investment rates can sustain large deficits for many years if the investments create export capacity
which can generate the flows of foreign earnings needed to service a growing debt.
Large, relatively closed, countries may have misleadingly low current account deficits, when divided by GDP. In these
cases, it is particularly important to relate the size of the imbalance to total current-account receipts to get a better idea of the
extent to which a country should mobilize the foreign exchange necessary for debt service.
32. External Debt (US$ Bil.)
Source: IMF, Official National Source, Moody's
This measures debt owed by residents of a country to non-residents (cross border) whether denominated in foreign or local
currency. Historically, total foreign currency debt was often the central indicator of sovereign risk analysis. This was appropriate
in a period characterized by the prevalence of fixed exchange rates, capital controls, and underdeveloped domestic debt markets.
However, in a world of globalizing capital markets in which nonresident investors are increasingly willing to take positions in
domestic currency debt, the withdrawal of funding by nonresidents either for domestic-currency or foreign-currency obligations
can be a trigger for a currency (and perhaps banking) crisis. In particular, fear of growing fiscal and/or current-account
imbalances can lead nonresident (and also resident) investors to flee from domestic-currency assets, triggering massive
depreciation and asset market declines.
No consistently standardized and comprehensive data source on external debt yet exists. Moody's analysts use creditorside and debtor-side information from national governments, the World Bank, OECD, and BIS to put together estimates of
debt. While data are currently given here only for the developing countries, we plan to expand the coverage to developed
nations in future editions.
Even though external debt is the primary analytical focus, Moody's analysts take special note of those country
situations where domestic residents hold a significant portion of the country's internationally-issued foreign-currency bonds,
often as a hedge against currency instability.
33. Public Sector External Debt/Total External Debt (%)
Sovereign ratings address the ability and willingness of the government to meet its obligations. Therefore, it is important to
know how much of a country's total external debt represents the debt of public sector borrowers – as distinct from the debt of
the private sector. Public sector external debt is defined as the total liabilities of the general government, the monetary
authorities, and financial and non-financial corporations that are subject to control by government and monetary authorities.
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34. Short-Term External Debt/Total External Debt (%)
Source: BIS, Official National Source, Moody's
A key risk factor – beyond the sheer size of external debt – is its maturity composition. Analysts examine the full range of the
amounts due to be repaid in future years. "Humps" or "bulges" in amounts due to be repaid may cause severe refinancing
difficulties, rollover risk, or a sudden stops in creditor lending. A simple measure of maturity risk – useful as a starting point – is
the proportion of debt that has an original maturity of one year or less.
35. External Debt/GDP (%)
Because countries of different size would naturally be expected to have debt of different size, division by GDP allows for
consistency in international comparisons. The ratio of external debt to GDP is one contributing factor to the future flow of
interest payments that the residents of the country will have to pay over time to nonresidents, relative to the capacity of the
country to generate income. (The other is the average interest rate paid on the debt.)
As with the ratio of the current-account balance to GDP, the ratio of external debt/GDP can be somewhat misleading
for large, relatively closed, economies. A relatively low external debt/GDP does not clearly signal a debt problem, which may
arise if exports/GDP are also relatively low.
36. External Debt/Current Account Receipts (%)
This is the most widely used general measure of the foreign debt burden. It is sometimes called the "debt/exports" ratio, where
"exports" is shorthand for "current-account receipts", which is the sum of foreign earnings associated with transactions defined
as part of the current account. Ceteris paribus, a country with a high ratio is more likely to face a disruption of its capacity to
service debt when faced with adverse external or internal shocks, such as a deterioration in the terms-of-trade, a political crisis, a
decline in demand in major export markets, a change in country-specific risk perception, or a rise in international interest rates.
However, even a low ratio can be compatible with debt payment problems if debt costs are very high, principal repayments are
bunched, or debt can't be refinanced because of a confidence shock.
37. Interest Paid on External Debt (US$ Bil.)
38. Amortization Paid on External Debt (US$ Bil.)
In addition to an analysis of the external stock of debt, both in absolute terms and in relation to GDP and external receipts
(Tables 32, 35, and 36), it is also important to measure and evaluate the flows of payments due on that debt stock. Tables 37 and
38 show the interest due and amortization paid in any given year. Together they represent the resources required for full and
timely debt service, whether coming from external receipts, existing reserves, or new borrowing. In the case of amortization,
however, it should be noted that figures for past years show actual repayments and may, therefore, include prepayments as well
as scheduled repayments.
39. Net Foreign Direct Investment/GDP (%)
This indicator measures the difference in the annual inflows and outflows of Foreign Direct Investment (FDI) in relation to
GDP. Since inflows are recorded as positive and outflows as negative, the typical developing country shows up here as having a
positive net FDI while most advanced industrial countries, except for resource-rich countries like Australia, have a negative net
flow.
FDI, defined as equity inflows involving control over productive assets, is generally viewed from two different
perspectives. On the one hand, it is a major instrument for technology and skills transfer and for introducing greater
competition into domestic markets. It also helps build up an export base by tying a country more closely into global production
chains. On the other hand, FDI is important, along with more fragmented equity inflows that do not bring control, as a
financing item in the balance-of-payments, allowing a country's investment to exceed its domestic saving without a
corresponding buildup of external debt.
FDI, however, is not an unalloyed positive. The dividends, royalties, and service fees generated by the foreign capital
put in place can themselves be a major item in the current account. In addition, FDI is often accompanied by intercompany
loans that add to external debt.
40. Net International Investment Position/GDP (%)
Source: Official National Source, Moody's
This is an estimate of the difference between the market value of a country's foreign assets and that of its liabilities, relative to
GDP. (A positive number represents a net asset position). The US is a large net debtor, while Japan, China and Germany are
large net creditors.
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However, the balance of payments effects may not be straightforwardly implied from the net international investment
position. For the US, for example, the net flows of interest and dividends (including reinvested earnings) registered in the
current account have typically shown a much lower net deficit than would be expected on the basis of the balance-sheet figures.
This implies either that the value of the stock of US capital abroad is underestimated and/or that the return on US investments
abroad is much greater than the return on foreign capital in the US.
41. Official Foreign Exchange Reserves (US$ Bil.)
Source: IFS, Official National Source, Moody's
Foreign exchange reserves held by a country's central bank are the first line of defense against withdrawal of foreign credit. They
are measured at end of year in U.S. dollars at current exchange rates. Moody's analysts do not include Special Drawing Rights
(SDRs) or gold in the figures presented. It should be kept in mind that annual fluctuations in reserves are very much affected by
their currency composition. With most countries still holding the bulk of their reserves in dollars and much of international
trade carried out in dollars, it is appropriate to measure them in dollars. If another currency should grow over time to play a
more important role in trade and in reserve holdings, some composite or basket method of common measurement might
become necessary.
Central bank reserves are only one component of international liquidity. It is also important to take into account the
liquid high-credit-quality foreign-currency assets of the commercial banks as well as the foreign currency assets of the corporate
sector. Countries with freely floating exchange rates and stable financial systems may need lower reserves than those actively
managing their exchange rates or facing the risk of a banking crisis. The currency crises of 1997-1999 have led many emerging
market governments and central banks to hold higher levels of reserves to protect themselves against volatility in perceptions of
currency and default risk on the part of creditors. In addition, apparent reserve levels can be misleading if the central bank has
sold foreign exchange forwards or has placed reserves in the foreign branches of the country's own banks. More accurate and
more frequent reserve disclosure is one of the main efforts of the IMF's in improving data dissemination.
42. Net Foreign Assets of Domestic Banks (US$ Bil.)
As mentioned above, a country's international liquidity – broadly defined – includes not only the official foreign exchange
reserves but also the net foreign asset position of the country's banks. This is the difference between the claims of domestic
banks on nonresidents and their liabilities to them. It can therefore be either positive – a net addition to liquidity – if assets
exceed liabilities or negative, in which case the net bank position is a potential call on the official reserves.
IV. MONETARY, EXTERNAL VULNERABILITY AND LIQUIDITY INDICATORS
This section includes a number of indicators that are of use in evaluating a country's vulnerability to a currency or banking crisis
(or a combination of both). They look at short-term external debt in relation to available international liquidity and at the
growth of the monetary and credit aggregates that could provide the foundation for an attack on the domestic currency or a
withdrawal of funding from the banking system. While we currently only present these ratios for developing countries, we will
expand the coverage to all countries in future editions.
43. M2 (% change, Dec/Dec)
Rapid growth of the stock of money circulating within a country may be an indicator of future inflationary pressure that can
undermine confidence in the currency and lead to a run into foreign currency assets. Or it may simply be a sign of deepening
financial intermediation. The analyst needs to look at this variable in the context of a country's overall financial development.
When an international equivalent of M2 (M1, that is all physical money, demand deposits, and Negotiable Order of Withdrawal
Accounts, plus all time-related deposits, savings deposits, and non-institutional money-market funds) is not available, the
measure used here is the sum of what the IFS labels "Money" and "Quasi-Money". The former consists of currency outside
banks and demand deposits (other than those of the central government). The latter is comprised of time, savings, and foreign
currency deposits of residents, again excluding central government. Their sum is generally very close to what most national
monetary authorities call M2.
44. Monetary Policy Rate (% per annum, Dec. 31)
Source: Official National Source
Interest rates are among the most important macroeconomic variables, influencing saving, investing, lending, and borrowing
decisions across the entire economy. In particular, a rapid run-up to very high interest rates – often associated with simultaneous
currency depreciation – can severely stress debtors, whether government or corporate, raising the risk of bankruptcy and default.
While there is a panoply of rates differentiated by maturity, credit risk, financial instrument, sector, etc. the monetary policy rate
would impact all of them and is unaffected by regulatory ceilings on interest rates or other financial distortions in the banking sector.
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We use the central bank's monetary policy target rate, the objective or reflective reference rate which guides the
central bank or monetary authority in using its monetary policy instruments to change the money supply and thus influence
liquidity levels in the domestic market. In cases where the central bank does not target a specific rate (such as countries in a
currency union, dollarized economies and/or countries with fixed exchange rate regimes), we use other rates such as deposit rates,
overnight lending rates, or other lending rates.
45. Domestic Credit (% change, Dec/Dec)
The rapid growth of domestic credit granted by the banking system – to all sectors of the economy – is either a signal of an
impending credit boom or it is characteristic of a deepening of the financial intermediation. Acceleration of the growth rate of
credit may therefore be a leading indicator of the emergence of high nonperforming loans in the banking system, which could
lead to a loss of confidence by domestic and external depositors.
46. Domestic Credit/GDP (%)
The ratio of domestic credit to GDP is a useful indicator of the depth of financial intermediation reached in the evolution of the
financial system and also of the degree to which the provision of credit is dominated by banks. A rapid increase may, like the
previous indicator, signal a buildup of loan loss potential while, on the other hand, efforts to develop the institutional
foundations for nonbank sources of credit (pension funds, insurance companies, asset management companies, bond markets,
etc.) may slow its growth.
47. M2/Official Foreign Exchange Reserves (X)
The ratio of M2 to the central bank's reserves provides an indicator of how strong the pressure could be – in a currency/banking
crisis – deriving from efforts on the part of money holders to flee out of the domestic currency into foreign currency assets. Of
course, "capital flight" does not have to involve broad money; it can be fueled by sales of domestic equities, bonds, and other
assets. Nevertheless, M2/Reserves is a starting point for dimensioning the potential run on the most liquid assets in the financial
system.
48. Total External Debt/Official Foreign Exchange Reserves (%)
This ratio is a rather blunt but useful measure of the burden of external debt. It parallels the debt service ratio below, but is a
ratio of stocks rather than flows.
49. Debt Service Ratio (Interest + Current-Year Repayment of Principal/Current Account Receipts) (%)
The debt service ratio takes account of most of the factors mentioned above – interest cost, maturity structure, debt stock, and
foreign-exchange receipts. However, it does not signal problems associated with a high level of short-term debt (debt with less
than one-year maturity). In a confidence crisis, short-term debt may not be renewed and the debt service ratio may understate
the degree of pressure being exerted on the country's reserve position.
In addition, it should be noted that all of these debt stock or debt service indicators are geared to the current account
of the balance of payments, not to the capital account. In this world of increasingly open financial markets, portfolio shifts and
substitutions affecting the capital account can force or threaten default even for countries that have low debt service ratios.
50. External Vulnerability Indicator (Short-term External Debt + Currently Maturing Long-Term External
Debt + Total Nonresident Deposits Over One Year/Official Foreign Exchange Reserves) (%)
This ratio is one indicator of whether a country's immediately available foreign exchange resources are sufficient to allow it to
make all external debt payments, even if there is a complete refusal of creditors to roll over debt due within a given year. Also
included in the numerator are deposits in domestic banks by nonresidents with a maturity greater than one year (those below
one year are already included as part of short-term debt). This is included because, in a general run on the currency, depositors
may attempt to withdraw longer-term deposits even if they have to pay a penalty to do so.
This ratio thus measures capacity to withstand a sudden loss of investor confidence resulting from heightened risk
perception or a general liquidity squeeze in the emerging markets. A high ratio can be a signal of vulnerability, resulting either
from excessive short-term debt or a serious bunching of repayments on long-term debt, possibly exacerbated by insufficient
reserves. However, the detailed composition of short-term debt must also be examined, since some countries that are major
commodity exporters may have a high volume of trade-related short-term debt, which is not vulnerable to withdrawal to the
same degree as interbank credit lines.
51. Liquidity Ratio (Liabilities to BIS Banks Due within One Year/ Total Assets Held in BIS Banks) (%)
Source: BIS
This liquidity ratio makes use of information on the assets and liabilities of BIS-reporting banks vis-à-vis each country.
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Deficiencies in international data availability mean that any such indictor has some flaws, but this is the one that
Moody's analysts find useful. The numerator encompasses all short-term liabilities of domestic institutions that are claims of
banks located in BIS-reporting countries. It leaves out, therefore, liabilities held by nonbank creditors in BIS countries and those
held in non-BIS countries. The denominator counts foreign assets of domestic institutions placed in BIS banks (including the
portion of the central bank's reserves placed as deposits in BIS banks) but leaves out the reserves held as securities and any claims
on non-BIS banks.
This indicator displayed very high values in 1996-97 for some of the countries that experienced a crisis, including
Thailand, Korea, Russia, and Indonesia. Like all such indicators, however, it has historically yielded some false positives where it
predicted a crisis that did not take place (South Africa). As mentioned earlier, a detailed examination of the confidence-sensitivity
of the components of the short-term liabilities is necessary. Also, a debt crisis may result not so much from the short-term
liquidity situation as from a high level of required repayments on long-term debt. Consequently, it is important to use this ratio
in tandem with the conventional debt service ratio (Table 49) and the external vulnerability indicator (Table 50).
52. Total Liabilities Due BIS Banks/Total Assets Held in BIS Banks (%)
Source: BIS
This ratio is an expansion of the previously defined Liquidity Ratio (Table 51) to include all liabilities of domestic banks to
nonresident BIS-reporting banks – regardless of maturity. The difference between the two gives a measure of domestic bank
utilization of medium- to long-term financing provided by foreign banks. To the extent that loss of confidence in the country's
banking system is reflected all along the yield curve – not just through refusal to roll over short-term credit lines, this ratio will
give the appropriately expanded measure of risk.
53. "Dollarization" Ratio (Total Foreign-Currency Deposits in Domestic Banks/Total Deposits in Domestic
Banks) (%)
In a number of developing countries, recurrence of currency crises and lack of confidence in the ability (or willingness) of the
government to maintain reasonable stability in the functioning of the domestic currency as a store of wealth have led residents to
place a portion of their financial assets in foreign-currency-denominated instruments. This is sometimes called "currency
substitution" or "currency co-circulation". It is colloquially called "dollarization", although the currency used may alternatively
be euros, yen, U.K. pounds, or any other hard currency. The largest part of these assets is placed as deposits in domestic banks,
due both to the superior liquidity of deposits and to the underdevelopment of domestic capital markets. Dollarization is
therefore measured here as the percentage of total deposits in domestic banks that is denominated in foreign currency.
Dollarization reflects the public's perception of the credibility of government fiscal and monetary policies and can itself be a
source of additional risk. Data presented here are for developing countries rated Baa1 and lower.
54. "Dollarization" Vulnerability Indicator (Foreign-Currency Deposits in Domestic Banks/Official ForeignExchange Reserves + Foreign Assets of Domestic Banks) (%)
This indicator is intended to provide a measure of the additional risk of payments crisis and default deriving from the presence
of a large amount of "dollarization" in the domestic banking system. The numerator is total foreign-currency deposits, which
can be potentially withdrawn from the system if perception of the risk of a banking crisis rises. The denominator represents one
measure of the system's capacity to withstand such a run by drawing on both the Central Bank's holdings of foreign-currency
and the banking system's on-balance-sheet foreign assets, most of which are placed as liquid short-term deposits in foreign banks.
●
xviii ●
Exchange Rate Regimes
May 2013
No separate legal tender
U.S. Dollar: Ecuador, El Salvador, Panama; Euro: Montenegro
Currency Board Arrangement
Bosnia and Herzegovina, Bulgaria, Cayman Islands, Hong Kong, Lithuania (ERM2), Macao, St.
Vincent & the Grenadines (ECCU)
Conventional Peg
Bahamas, Bahrain, Barbados, Belize, Bermuda, Cuba, Denmark (ERM2), Fiji, Jordan, Kuwait,
Latvia, Morocco, Namibia, Oman, Qatar, Saudi Arabia, Senegal (WAEMU), St. Maarten, United
Arab Emirates, Venezuela
Stabilized Arrangement
Azerbaijan, Bolivia, Cambodia, Jamaica, Lebanon, Pakistan, Suriname, Trinidad and Tobago,
Tunisia, Ukraine, Vietnam
Crawling Pegs
Botswana, Honduras, Nicaragua
Crawl-like Arrangement
Argentina, Bangladesh, China, Croatia, Egypt, Kazakhstan, Sri Lanka
Other Managed Arrangement
Angola, Belarus, Costa Rica, Malaysia, Nigeria, Paraguay, Russia, Singapore
Floating
Albania, Armenia, Brazil, Colombia, Dominican Republic, Georgia, Ghana, Guatemala, Hungary,
Iceland, India, Indonesia, Israel, Kenya, Korea, Mauritius, Mexico, Moldova, Mongolia, Papua New
Guinea, Peru, Philippines, Romania, South Africa, Switzerland, Taiwan, Thailand, Turkey,
Uruguay, Zambia
Free Floating
Australia, Canada, Chile, Czech Republic, Japan, New Zealand, Norway, Poland, Sweden, United
Kingdom, United States, European Monetary Union: Austria, Belgium, Cyprus, Estonia, Finland,
France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia,
Slovenia, Spain
●
xix ●
●
xx ●
Ratings List
●
xxi ●
●
xxii ●
Country Ceilings & Government Bond Ratings
May 24, 2013
GOVERNMENT BOND RATINGS
COUNTRY CEILINGS
FOREIGN CURRENCY
Country
FOREIGN
CURRENCY
LOCAL
CURRENCY
Bonds
Albania
B1 / STA
B1 / STA
-
-
Alderney (Channel Islands)
LOCAL CURRENCY
Bank
Deposits
Bonds
Deposits
Ba2
B2
Ba1
Ba1
Aaa
Aaa
Aaa
-
Andorra
-
-
A3
A3
A3
A3
Angola
Ba3 / POS
Ba3 / POS
Ba1
B1
Baa3
Baa3
Argentina
B3 / NEG
B3 / NEG
B3
Caa1
Ba3
Ba3
Armenia
Ba2 / NEG
Ba2 / NEG
Baa3
Ba3
Baa1
Baa1
Australia
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Austria
Aaa / NEG
Aaa / NEG
Aaa
Aaa
Aaa
Aaa
Azerbaijan
Baa3 / STA
Baa3 / STA
Baa3
Baa3
Baa3
Baa3
Bahamas
Baa1 / NEG
Baa1 / NEG
A2
Baa1
A1
A1
-
-
Aa3
A2
-
-
Baa1 / NEG
Baa1 / NEG
A2
Baa1
A1
A1
Bahamas-Offshore Banks
Bahrain
Bahrain-Offshore Banks [1]
-
-
A1
A1
-
-
Bangladesh
Ba3 / STA
Ba3 / STA
Ba2
B1
Baa3
Baa3
Barbados
Ba1 / NEG
Ba1 / NEG
Baa2
Ba2
Baa1
Baa1
Belarus
B3 / NEG
B3 / NEG
B3
Caa1
Ba3
B1
Belgium
Aa3 / NEG
Aa3 / NEG
Aaa
Aaa
Aaa
Aaa
Belize
Caa2 / STA
Caa2 / STA
B2
Caa3
B2
B2
Bermuda
Aa3 / NEG
Aa3 / NEG
Aa2
Aa3
Aa2
Aa2
Bolivia
Ba3 / STA
Ba3 / STA
Ba2
B1
Ba1
Ba1
Bosnia and Herzegovina
B3 / STA
B3 / STA
B3
B3
B3
B3
Botswana
A2 / STA
A2 / STA
Aa3
A2
Aa3
Aa3
Brazil
Baa2 / POS
Baa2 / POS
Baa1
Baa2
A1
A1
Bulgaria
Baa2 / STA
Baa2 / STA
Aa3
Baa2
Aa3
Baa2
Cambodia
B2 / STA
B2 / STA
B1
B3
Ba1
Ba1
Canada
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Cayman Islands
Aa3 / STA
-
Aa2
Aa3
Aa2
Aa2
Cayman Islands-Offshore Banks
-
-
Aaa
Aaa
Aaa
-
Chile
Aa3 / STA
Aa3 / STA
Aa1
Aa3
Aaa
Aaa
China
Aa3 / STA
Aa3 / STA
Aa3
Aa3
Aa3
Aa3
Colombia
Baa3 / STA
Baa3 / STA
Baa2
Baa3
A1
A1
Costa Rica
Baa3 / STA
Baa3 / STA
Baa2
Ba1
Aa2
Aa3
Croatia
Ba1 / STA
Ba1 / STA
Baa1
Ba2
A3
A3
Cuba
Caa1 / STA
-
Caa1
Caa2
Ba3
-
Cyprus
Caa3 / NEG
Caa3 / NEG
Caa2
Caa2
Caa2
Caa2
Czech Republic
A1 / STA
A1 / STA
Aa3
A1
Aa3
Aa3
Denmark
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Dominican Republic
B1 / STA
B1 / STA
Ba2
B2
A1
A1
[1] Wholesale Banks
●
xxiii ●
May 24, 2013
COUNTRY CEILINGS
FOREIGN CURRENCY
LOCAL CURRENCY
Country
FOREIGN
CURRENCY
LOCAL
CURRENCY
Bonds
Bank
Deposits
Bonds
Deposits
Ecuador
Caa1 / STA
-
B3
Caa2
-
-
Egypt
Caa1 / NEG
Caa1 / NEG
B3
Caa2
Ba3
Ba3
El Salvador
Ba3 / STA
-
Ba1
Ba1
-
-
Estonia
A1 / STA
A1 / STA
Aa2
Aa2
Aa2
Aa2
Fiji
B1 / STA
B1 / STA
Ba3
B2
Ba2
Ba2
Finland
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
France
Aa1 / NEG
Aa1 / NEG
Aaa
Aaa
Aaa
Aaa
Georgia
Ba3 / STA
Ba3 / STA
Ba1
B1
Baa3
Baa3
Germany
Aaa / NEG
Aaa / NEG
Aaa
Aaa
Aaa
Aaa
Ghana
B1 / STA
B1 / STA
Ba2
B2
Ba2
Ba2
Greece
C/-
C/-
Caa2
Caa2
Caa2
Caa2
Ba1 / STA
Ba1 / STA
Baa3
Ba2
A3
A3
-
-
Aaa
Aaa
Aaa
-
B2 / NEG
B2 / NEG
Ba3
B3
Ba3
Ba3
Guatemala
Guernsey (Channel Islands)
Honduras
Hong Kong
Aa1 / STA
Aa1 / STA
Aaa
Aa1
Aaa
Aaa
Hungary
Ba1 / NEG
Ba1 / NEG
Baa2
Ba2
Baa2
Baa2
Iceland
Baa3 / STA
Baa3 / STA
Baa3
Baa3
Baa2
Baa2
India
Baa3 / STA
Baa3 / STA
Baa2
Baa3
A1
A1
Indonesia
Baa3 / STA
Baa3 / STA
Baa2
Baa3
A3
A3
Ireland
Ba1 / NEG
Ba1 / NEG
A3
A3
A3
A3
Isle of Man
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
-
Israel
A1 / STA
A1 / STA
Aa1
A1
Aa1
Aa2
Italy
Baa2 / NEG
Baa2 / NEG
A2
A2
A2
A2
Jamaica
Caa3 / STA
Caa3 / STA
B3
Ca
B2
B2
Japan
Aa3 / STA
Aa3 / STA
Aaa
Aaa
Aaa
Aaa
-
-
Aaa
Aaa
Aaa
-
Jersey (Channel Islands)
Jordan
Ba2 / NEG
Ba2 / NEG
Baa3
Ba3
Baa1
Baa1
Kazakhstan
Baa2 / STA
Baa2 / STA
Baa2
Ba1
A3
A3
B1 / STA
B1 / STA
Ba2
B2
Ba1
Ba1
Kenya
Korea
Aa3 / STA
Aa3 / STA
Aa1
Aa3
Aa1
Aa1
Kuwait
Aa2 / STA
Aa2 / STA
Aa2
Aa2
Aa2
Aa2
Latvia
Baa2 / POS
Baa2 / POS
A3
Baa2
A3
A3
B1 / STA
B1 / STA
Ba3
B1
Ba1
Ba1
-
-
Aaa
Aaa
Aaa
-
Lithuania
Baa1 / STA
Baa1 / STA
Aa2
Baa1
Aa1
Aa1
Luxembourg
Aaa / NEG
Aaa / NEG
Aaa
Aaa
Aaa
Aaa
Macao
Aa3 / STA
Aa3 / STA
Aa1
Aa3
Aaa
Aaa
Malaysia
A3 / STA
A3 / STA
A1
A3
A1
A1
Malta
A3 / NEG
A3 / NEG
A1
A1
A1
A1
Baa1 / STA
Baa1 / STA
A2
Baa1
A1
A1
Lebanon
Liechtenstein
Mauritius
[1] Wholesale Banks
●
xxiv ●
May 24, 2013
COUNTRY CEILINGS
FOREIGN CURRENCY
LOCAL CURRENCY
Country
FOREIGN
CURRENCY
LOCAL
CURRENCY
Bonds
Bank
Deposits
Bonds
Deposits
Mexico
Baa1 / STA
Baa1 / STA
A1
Baa1
A1
A1
Moldova
B3 / STA
B3 / STA
B2
Caa1
Ba2
Ba2
Monaco
-
-
Aaa
Aaa
Aaa
-
Mongolia
B1 / STA
B1 / STA
Ba2
B2
Baa1
Baa2
Montenegro
Ba3 / STA
-
Baa1
B1
-
-
Morocco
Ba1 / NEG
Ba1 / NEG
Baa2
Ba2
Baa1
Baa1
Namibia
Baa3 / STA
Baa3 / STA
A3
Baa3
A1
A1
Netherlands
Aaa / NEG
Aaa / NEG
Aaa
Aaa
Aaa
Aaa
New Zealand
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Nicaragua
B3 / STA
B3 / STA
B2
Caa1
B2
B2
Nigeria
Ba3 / STA
Ba3 / STA
Ba1
B1
Baa3
Baa3
Norway
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Oman
A1 / STA
A1 / STA
Aa2
A1
Aa2
Aa2
Pakistan
Caa1 / NEG
Caa1 / NEG
B3
Caa2
B1
B1
Panama
Baa2 / STA
-
A3
A3
-
-
-
-
Aa2
Aa2
-
-
Panama-Offshore Banks
Papua New Guinea
B1 / STA
B1 / STA
Ba2
B2
Ba1
Ba1
Paraguay
Ba3 / STA
Ba3 / STA
Ba1
B1
Ba1
Ba1
Peru
Baa2 / POS
Baa2 / POS
A3
Baa2
A2
A2
Philippines
Ba1 / STA
Ba1 / STA
Baa2
Ba1
A2
A2
Poland
A2 / STA
A2 / STA
Aa3
A2
Aa3
Aa3
Portugal
Ba3 / NEG
Ba3 / NEG
Baa3
Baa3
Baa3
Baa3
Qatar
Aa2 / STA
Aa2 / STA
Aa2
Aa2
Aa2
Aa2
Romania
Baa3 / NEG
Baa3 / NEG
A3
Baa3
A3
A3
Russia
Baa1 / STA
Baa1 / STA
A2
Baa1
A1
A1
-
-
Aaa
Aaa
Aaa
-
San Marino
-
-
Aaa
Aaa
Aaa
-
Saudi Arabia
Sark (Channel Islands)
Aa3 / STA
Aa3 / STA
Aa3
Aa3
Aa3
Aa3
Senegal
B1 / STA
B1 / STA
A2
A2
A2
A2
Singapore
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Slovakia
A2 / NEG
A2 / NEG
Aa2
Aa2
Aa2
Aa2
Slovenia
Ba1 / NEG
Ba1 / NEG
Baa2
Baa2
Baa2
Baa2
South Africa
Baa1 / NEG
Baa1 / NEG
A2
Baa1
A1
A1
Spain
Baa3 / NEG
Baa3 / NEG
A3
A3
A3
A3
Sri Lanka
St. Maarten
B1 / POS
-
-
-
-
-
Baa1 / STA
Baa1 / STA
A2
Baa1
A1
A1
St. Vincent & the Grenadines
B2 / STA
B2 / STA
Ba3
Ba3
Ba3
Ba3
Suriname
Ba3 / POS
Ba3 / POS
Ba1
B1
Ba1
Ba1
Sweden
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
Switzerland
Aaa / STA
Aaa / STA
Aaa
Aaa
Aaa
Aaa
[1] Wholesale Banks
●
xxv ●
May 24, 2013
COUNTRY CEILINGS
FOREIGN CURRENCY
LOCAL CURRENCY
Country
FOREIGN
CURRENCY
LOCAL
CURRENCY
Bonds
Bank
Deposits
Bonds
Deposits
Taiwan
Aa3 / STA
Aa3 / STA
Aa3
Aa3
Aa3
Aa3
Thailand
Baa1 / STA
Baa1 / STA
A2
Baa1
Aa2
Aa2
Trinidad and Tobago
Baa1 / STA
Baa1 / STA
A1
Baa1
A1
A1
Tunisia
Ba1 / RUR-
Ba1 / RUR-
Baa2
Ba2
Baa2
Baa2
Turkey
Baa3 / STA
Baa3 / STA
Baa1
Baa3
A3
A3
Ukraine
B3 / NEG
B3 / NEG
B3
Caa1
B2
B2
United Arab Emirates
Aa2 / STA
Aa2 / STA
Aa2
Aa2
Aa2
Aa2
United Kingdom
Aa1 / STA
Aa1 / STA
Aaa
Aaa
Aaa
Aaa
United States of America
Aaa / NEG
Aaa / NEG
Aaa
Aaa
Aaa
Aaa
Uruguay
Baa3 / POS
Baa3 / POS
Baa1
Baa3
Baa1
Baa1
Venezuela
B2 / NEG
B1 / NEG
B2
B3
Ba3
Ba3
Vietnam
B2 / STA
B2 / STA
B1
B3
Ba2
Ba2
Zambia
B1 / STA
B1 / STA
Ba2
B2
Baa3
Baa3
[1] Wholesale Banks
●
xxvi ●
I. Economic Structure
and Performance
•1•
1. Nominal GDP (US$ Bil.)
(Advanced Industrial Countries)
Country
Rating
•2•
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand [1]
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
536.5
254.4
312.3
887.8
13.2
212.6
9.9
164.5
1,795.8
2,428.6
195.0
161.4
159.3
1,517.5
4,302.9
29.2
5.2
539.4
87.4
224.9
162.3
96.0
45.9
28.5
885.6
314.7
334.6
1,855.8
11,142.2
654.8
291.8
362.2
1,018.1
15.6
244.7
12.0
189.2
2,058.4
2,730.0
230.3
169.1
186.7
1,737.8
4,655.8
34.1
5.8
610.7
103.0
260.0
185.6
112.7
56.2
33.8
1,046.0
362.1
374.2
2,196.9
11,853.2
733.6
305.3
377.7
1,164.2
16.7
257.7
13.9
195.8
2,138.6
2,768.9
240.3
181.6
202.9
1,788.0
4,571.9
37.7
6.1
639.1
111.7
304.1
192.0
125.4
61.4
35.8
1,131.9
370.6
384.7
2,295.8
12,623.0
779.6
325.3
400.3
1,309.9
18.1
274.4
16.8
208.0
2,257.8
2,905.5
262.0
193.5
223.2
1,874.7
4,356.7
42.6
6.5
678.3
111.4
340.0
202.0
145.8
69.1
39.0
1,237.5
399.1
405.2
2,453.0
13,377.2
944.5
375.6
460.3
1,458.0
21.7
311.4
22.0
246.3
2,586.1
3,328.6
305.9
211.6
258.7
2,130.2
4,356.3
51.4
7.6
783.7
139.6
393.5
232.1
177.8
84.2
47.4
1,443.5
462.5
450.5
2,825.5
14,028.7
1,034.2
415.8
509.4
1,542.5
25.2
343.9
23.9
272.8
2,842.9
3,637.9
342.9
219.3
263.1
2,316.4
4,849.2
55.0
8.8
874.2
117.7
453.9
252.9
190.6
98.3
54.8
1,599.7
486.2
524.3
2,648.9
14,291.6
976.4
384.8
474.7
1,368.9
23.5
310.5
19.2
239.9
2,627.4
3,308.3
322.0
214.0
224.6
2,117.3
5,035.2
50.2
8.3
798.7
127.9
378.9
234.8
188.8
87.5
49.5
1,460.2
405.8
509.5
2,183.9
13,973.6
1,244.8
380.0
472.4
1,616.0
23.1
313.1
19.0
237.1
2,570.4
3,312.0
294.8
228.7
207.6
2,059.1
5,495.3
52.9
8.4
781.1
145.4
420.9
229.4
231.7
87.4
47.2
1,391.7
463.1
550.7
2,266.1
14,498.9
1,490.5
418.5
514.9
1,781.1
25.0
333.7
22.2
263.6
2,778.7
3,608.1
290.2
248.7
224.1
2,196.8
5,897.0
59.3
9.1
837.8
166.1
490.7
238.1
265.6
96.2
50.3
1,479.9
539.0
660.8
2,428.7
15,075.7
1,540.7
398.4
483.7
1,819.1
23.0
314.2
21.9
250.0
2,607.5
3,399.0
249.1
263.3
210.3
2,013.1
5,964.0
57.1
8.7
772.2
172.3
501.1
212.7
276.5
91.9
45.6
1,349.3
524.8
632.4
2,435.0
15,684.8
1,582.1
419.7
504.8
1,855.8
21.7
328.4
23.9
264.0
2,703.8
3,556.4
240.1
280.2
221.6
2,060.6
5,244.1
60.6
9.2
799.1
183.3
529.6
217.0
299.8
97.6
46.5
1,386.0
558.7
611.0
2,380.3
16,312.1
1,618.1
417.1
497.3
1,932.7
20.0
325.3
24.6
263.0
2,650.8
3,517.3
221.1
296.6
220.7
2,010.4
5,086.1
60.7
9.2
785.8
190.5
558.1
212.0
326.2
98.2
45.1
1,353.3
570.1
655.4
2,418.6
16,964.6
Median
224.9
260.0
304.1
325.3
375.6
415.8
378.9
380.0
418.5
398.4
419.7
417.1
Mean
989.8
1,096.2
1,147.5
1,203.9
1,315.4
1,389.5
1,313.9
1,367.2
1,465.2
1,459.4
1,475.8
1,494.8
Notes:
[1]
National account years ending March 31, e.g. 2005 refers to fiscal year 2005/06
(Developing Countries Aaa to A3)
Country
Rating
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Median (Aaa to A3)
•3•
Mean (Aaa to A3)
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.2
7.5
2.3
76.1
1,650.8
95.3
118.6
643.8
47.8
7.9
113.9
21.5
216.8
23.5
221.5
310.8
124.3
4.5
9.0
2.4
99.3
1,942.8
114.0
126.4
722.0
59.4
10.3
128.2
24.7
252.8
31.7
258.7
340.0
147.8
4.9
9.9
2.8
123.1
2,283.5
130.1
133.7
844.9
80.8
11.8
143.5
30.9
303.9
44.5
328.5
364.8
180.6
5.4
10.1
2.9
154.7
2,787.2
148.4
145.1
951.8
101.6
14.6
162.7
36.8
341.6
60.9
376.9
376.3
222.0
5.9
10.9
3.2
173.1
3,494.5
180.5
166.3
1,049.2
114.7
18.1
193.6
41.9
425.1
79.7
416.0
393.1
257.9
6.1
11.1
3.2
179.6
4,532.2
225.4
201.5
931.4
147.4
20.7
231.0
60.7
529.4
115.3
519.8
400.2
314.5
5.8
10.1
3.0
172.0
5,069.7
197.2
194.8
834.1
106.0
21.3
202.3
48.2
430.9
97.8
429.1
377.5
259.7
5.8
13.7
2.9
217.6
5,951.3
198.5
218.0
1,014.9
119.9
28.4
246.8
58.8
469.8
127.3
526.8
428.2
283.9
5.6
15.3
3.0
251.2
7,204.2
216.1
243.7
1,114.5
161.0
36.8
287.9
70.0
515.8
173.3
669.5
464.0
342.0
5.6
14.4
3.1
268.3
8,227.1
195.7
241.0
1,129.6
175.5
43.6
303.5
76.8
489.6
192.4
727.3
474.0
358.9
5.6
15.3
3.2
282.7
9,324.5
196.1
267.9
1,272.5
174.1
49.4
330.3
79.3
516.8
208.9
745.6
501.7
369.4
5.8
16.4
3.3
297.6
10,622.1
187.7
280.2
1,388.5
175.2
55.4
361.6
82.2
520.5
227.7
761.5
531.0
381.6
95.3
114.0
130.1
148.4
173.1
201.5
194.8
217.6
243.7
241.0
267.9
280.2
216.9
251.4
295.4
347.0
413.2
495.9
497.6
583.1
692.6
760.4
843.7
935.2
•4•
(Developing Countries Baa1 to Baa3)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
7.4
6.9
9.7
552.4
20.7
94.6
17.5
11.0
617.6
234.8
30.8
11.1
18.7
5.8
700.3
4.9
12.9
61.4
59.5
430.3
168.2
0.5
142.6
11.2
303.0
12.0
8.8
7.1
11.2
663.7
25.3
117.1
18.6
13.3
721.6
256.8
43.2
13.7
22.7
6.6
759.5
6.6
14.2
69.7
75.8
590.9
219.1
0.6
161.3
13.3
392.2
13.7
13.5
7.7
13.5
882.0
28.9
146.5
20.0
16.3
834.2
285.9
57.1
15.9
26.1
6.5
848.8
7.3
15.5
79.4
99.2
764.0
247.1
0.7
176.4
15.9
483.0
17.4
21.0
8.0
15.8
1,089.3
33.2
162.8
22.5
16.7
949.1
364.6
81.0
19.9
30.2
6.7
952.2
8.0
17.1
92.3
122.7
989.9
261.0
0.7
207.1
18.4
530.9
19.6
33.0
8.3
18.5
1,366.8
42.1
207.5
26.3
20.4
1,238.7
432.2
104.8
28.7
39.3
7.8
1,035.8
8.8
19.8
107.3
170.6
1,299.7
286.2
0.7
247.0
21.6
647.1
23.4
48.9
8.2
22.1
1,653.5
51.8
244.3
29.8
16.8
1,224.1
510.2
133.4
33.5
47.5
9.6
1,094.5
8.8
23.0
126.9
204.3
1,660.8
273.1
0.8
272.6
27.9
730.3
30.4
44.3
7.7
19.3
1,620.2
48.6
233.9
29.4
12.1
1,365.4
539.6
115.3
25.9
37.0
8.8
883.6
8.9
24.1
127.0
164.3
1,222.6
284.0
0.8
263.7
19.7
614.6
30.2
52.9
7.8
21.5
2,143.1
47.7
287.0
36.3
12.6
1,710.9
709.2
146.9
24.1
36.6
9.7
1,034.1
11.0
27.1
153.9
164.8
1,524.9
363.2
0.8
318.9
20.9
731.1
38.8
66.0
7.8
25.9
2,476.7
53.5
336.4
41.0
14.1
1,872.8
846.3
183.1
28.5
42.9
11.2
1,159.1
12.5
31.3
176.7
182.6
1,899.1
401.8
0.8
345.7
23.5
774.8
46.4
68.7
8.1
27.0
2,253.1
51.0
369.6
45.1
13.7
1,857.1
878.0
200.5
28.4
42.1
11.4
1,177.2
12.8
36.3
199.5
169.4
2,029.8
384.3
0.9
365.6
23.9
788.9
49.9
74.7
8.5
29.1
2,371.7
53.7
399.0
48.7
15.1
2,030.9
944.0
220.1
30.9
45.8
12.3
1,336.0
13.2
41.5
223.1
179.6
2,208.0
392.4
0.9
412.2
25.3
856.7
57.4
81.8
8.9
30.3
2,629.7
56.3
425.8
53.3
15.3
2,336.4
1,044.1
239.6
31.5
46.9
13.0
1,521.3
13.9
46.7
245.2
197.9
2,381.2
411.6
0.9
454.1
26.4
934.1
61.4
19.7
24.0
27.5
31.7
40.7
50.3
46.4
50.3
59.7
59.9
66.0
71.6
136.4
163.3
196.5
232.3
286.3
326.4
298.1
370.6
425.4
426.6
462.7
511.8
Median (Baa1 to Baa3)
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Series break in 2005
Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
(Developing Countries Ba1 to Ba3)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
14.0
2.8
51.9
3.2
8.1
34.1
15.0
4.0
21.9
83.5
10.2
1.7
49.8
78.4
6.6
83.9
1.6
27.5
19.8
3.6
56.5
3.5
8.8
41.0
15.8
5.1
24.0
101.9
11.4
2.1
56.9
87.8
8.0
91.4
1.9
31.2
30.6
4.9
60.4
3.9
9.5
44.8
17.1
6.4
27.2
110.3
12.6
2.3
59.5
112.2
8.7
103.1
2.2
32.3
45.2
6.4
62.0
4.2
11.4
49.9
18.6
7.7
30.2
112.5
15.1
2.7
65.6
145.4
10.7
122.2
2.6
34.4
60.4
9.2
68.4
4.5
13.1
59.3
20.1
10.2
34.1
136.1
17.1
3.7
75.2
166.5
13.8
149.4
2.9
38.8
84.2
11.7
79.6
4.3
16.7
69.6
21.4
12.8
39.1
154.2
22.0
4.5
88.9
208.1
18.6
174.2
3.5
44.7
75.5
8.6
89.4
4.4
17.3
62.2
20.7
10.8
37.7
126.6
23.8
4.1
90.9
169.4
16.0
168.3
3.9
43.4
82.5
9.3
100.4
4.2
19.6
58.9
21.4
11.6
41.3
128.0
26.4
4.1
90.8
196.3
20.0
199.6
4.3
44.2
104.1
10.1
111.9
4.3
23.9
61.8
23.1
14.4
47.0
138.7
28.9
4.5
99.2
244.5
26.0
224.8
4.0
45.9
118.1
10.0
115.6
4.3
26.4
56.4
23.8
15.8
50.5
125.6
31.2
4.3
96.8
258.6
26.0
250.3
4.8
45.1
129.8
10.5
128.5
4.4
28.8
58.3
25.1
16.8
54.4
126.1
34.0
4.6
103.9
311.3
31.9
284.1
5.3
47.2
143.0
10.7
147.5
4.6
31.6
58.1
26.5
18.6
58.7
119.9
36.6
4.6
107.8
345.6
36.6
318.5
5.7
49.8
Median (Ba1 to Ba3)
14.5
17.8
22.2
24.4
27.1
30.6
30.8
33.9
37.4
38.2
40.6
43.2
Mean (Ba1 to Ba3)
27.7
31.7
36.0
41.5
49.1
58.8
54.1
59.1
67.6
70.2
78.1
84.7
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
•5•
Notes:
[1]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06
•6•
(Developing Countries B1 to C)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana [2]
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
St. Vincent and the Grenadines
Ukraine
Venezuela
Vietnam
Zambia
5.7
129.6
17.8
1.0
8.4
4.7
38.8
20.2
32.4
81.4
2.3
11.2
8.2
9.4
14.9
19.7
2.0
1.6
5.3
83.3
3.5
6.9
18.9
0.5
50.1
83.5
39.6
4.3
7.3
153.1
23.1
1.1
10.6
5.3
41.3
22.4
36.6
78.8
2.7
14.6
8.9
10.2
16.1
21.4
2.6
2.0
5.8
98.0
3.9
8.0
20.7
0.5
64.9
112.5
45.4
5.4
8.2
183.2
30.2
1.1
11.6
6.3
46.1
33.4
41.5
89.8
3.0
17.4
9.8
11.2
18.7
21.4
3.0
2.5
6.3
109.5
4.9
8.7
24.4
0.6
86.1
145.5
52.9
7.2
9.0
214.3
37.0
1.2
13.6
7.3
57.0
35.8
46.8
107.4
3.1
20.4
10.9
11.9
22.5
22.2
3.4
3.4
6.8
127.4
5.5
9.4
28.3
0.6
107.8
183.5
60.9
10.7
10.7
262.5
45.3
1.3
17.1
8.6
63.3
40.9
51.0
130.3
3.4
24.8
12.4
12.8
27.2
25.0
4.4
4.3
7.4
143.0
6.3
11.3
32.4
0.7
142.7
230.4
71.0
11.5
13.0
328.5
60.8
1.4
21.1
10.4
65.7
45.2
61.8
162.4
3.6
28.5
13.9
13.7
30.5
29.7
6.1
5.7
8.3
163.8
8.0
13.4
40.7
0.7
180.0
315.6
91.1
14.6
12.1
308.7
49.2
1.3
19.8
10.4
67.3
46.5
61.6
188.6
2.9
26.0
14.6
12.2
30.6
34.7
5.4
4.6
8.2
162.1
8.1
12.8
42.1
0.7
117.2
329.4
97.2
12.8
12.0
370.3
55.2
1.4
16.8
11.2
69.4
50.9
67.9
218.5
3.2
32.2
15.8
13.2
32.2
37.1
5.8
6.2
8.6
176.7
9.7
12.9
49.6
0.7
136.4
393.8
106.4
16.2
13.0
448.2
59.7
1.4
18.2
12.8
72.8
55.4
78.2
235.6
3.8
39.6
17.7
14.5
34.1
39.0
7.0
8.8
9.6
210.9
12.9
14.4
59.2
0.7
163.4
316.5
123.7
19.2
12.5
477.0
63.3
1.5
16.9
14.3
77.3
58.9
84.7
256.7
4.0
40.8
19.0
15.1
40.9
41.3
7.3
10.8
10.5
231.5
15.7
14.0
59.4
0.7
176.3
382.5
141.7
20.8
13.1
509.6
77.1
1.6
17.7
15.8
82.0
60.8
91.5
245.7
4.2
46.3
20.6
15.2
46.5
43.8
7.5
13.0
11.1
244.5
16.9
15.4
68.4
0.7
177.2
355.1
157.4
21.7
13.2
537.9
91.6
1.7
18.1
17.5
87.2
63.6
98.9
268.8
4.6
52.6
21.8
15.7
51.8
46.7
8.0
16.1
11.8
271.3
18.9
15.9
78.0
0.8
186.4
314.3
173.8
23.1
Median (B1 to C)
10.3
12.6
14.5
17.0
20.9
24.8
22.9
24.5
26.6
30.8
32.8
34.9
Mean (B1 to C)
25.2
29.4
35.2
41.7
50.1
62.1
60.2
68.9
74.7
82.0
85.0
89.6
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
GDP figures rebased following SNA 1993 compilation methodology
•7•
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
19.9
8.1
10.4
31.7
1.0
5.4
1.4
5.2
62.2
82.5
11.0
6.7
4.0
57.6
127.7
0.5
0.4
16.2
4.0
4.6
10.4
4.1
5.4
2.0
42.0
9.0
7.3
59.6
290.1
20.1
8.2
10.4
32.0
1.0
5.4
1.3
5.2
62.7
82.5
11.1
6.8
4.1
58.2
127.8
0.5
0.4
16.3
4.1
4.6
10.5
4.2
5.4
2.0
42.7
9.0
7.4
59.9
292.8
20.4
8.2
10.5
32.3
1.0
5.4
1.3
5.2
63.2
82.5
11.1
6.8
4.2
58.6
127.8
0.5
0.4
16.3
4.1
4.6
10.5
4.3
5.4
2.0
43.4
9.0
7.4
60.2
295.5
20.7
8.3
10.5
32.6
1.0
5.4
1.3
5.3
63.6
82.4
11.1
6.9
4.3
58.9
127.8
0.5
0.4
16.3
4.2
4.7
10.6
4.4
5.4
2.0
44.1
9.1
7.5
60.6
298.4
21.0
8.3
10.6
32.9
1.1
5.5
1.3
5.3
64.0
82.3
11.2
6.9
4.4
59.4
127.8
0.5
0.4
16.4
4.2
4.7
10.6
4.6
5.4
2.0
44.9
9.1
7.6
61.0
301.2
21.4
8.3
10.7
33.3
1.1
5.5
1.3
5.3
64.4
82.1
11.2
7.0
4.4
59.8
127.7
0.5
0.4
16.4
4.3
4.8
10.6
4.8
5.4
2.0
45.6
9.2
7.6
61.4
304.1
21.8
8.4
10.8
33.7
1.1
5.5
1.3
5.3
64.7
81.9
11.3
7.0
4.5
60.2
127.6
0.5
0.4
16.5
4.3
4.8
10.6
5.0
5.4
2.0
45.9
9.3
7.7
61.8
306.8
22.1
8.4
10.9
34.1
1.1
5.5
1.3
5.4
65.1
81.8
11.3
7.1
4.5
60.5
127.5
0.5
0.4
16.6
4.4
4.9
10.6
5.1
5.4
2.0
46.1
9.4
7.8
62.3
309.3
22.3
8.4
11.0
34.5
1.1
5.6
1.3
5.4
65.4
81.8
11.3
7.1
4.6
60.7
127.8
0.5
0.4
16.7
4.4
5.0
10.6
5.2
5.4
2.0
46.2
9.4
7.9
62.7
311.6
22.6
8.4
11.0
34.9
1.1
5.6
1.3
5.4
65.8
81.7
11.3
7.1
4.6
60.9
127.9
0.5
0.4
16.8
4.4
5.0
10.5
5.3
5.4
2.0
46.2
9.5
8.0
63.2
313.9
22.9
8.5
11.1
35.2
1.1
5.6
1.3
5.4
66.2
81.6
11.3
7.2
4.6
61.1
128.2
0.5
0.4
16.8
4.5
5.1
10.6
5.4
5.4
2.0
46.1
9.6
8.1
63.8
316.1
23.1
8.5
11.2
35.6
1.1
5.6
1.3
5.5
66.5
81.6
11.3
7.3
4.7
61.4
128.4
0.5
0.4
16.8
4.5
5.1
10.6
5.5
5.4
2.1
46.0
9.6
8.2
64.3
318.4
Median
Mean
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
8.1
8.2
8.2
8.3
8.3
8.3
8.4
8.4
8.4
8.4
8.5
8.5
30.7
30.9
31.1
31.3
31.5
31.8
31.9
32.1
32.3
32.5
32.6
32.8
Country
Rating
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Median (Aaa to A3)
•8•
Mean (Aaa to A3)
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.1
1.8
0.0
15.9
1,288.4
10.2
6.7
47.9
2.5
0.5
25.1
2.5
38.2
0.7
22.3
22.6
3.6
0.1
1.9
0.0
16.1
1,296.1
10.2
6.8
48.0
2.8
0.5
25.6
2.6
38.2
0.8
23.2
22.7
3.8
0.1
1.9
0.1
16.3
1,303.7
10.2
6.9
48.1
3.0
0.5
26.1
2.6
38.2
0.9
24.0
22.8
4.1
0.1
1.9
0.1
16.4
1,311.0
10.3
7.1
48.4
3.2
0.5
26.6
2.7
38.1
1.0
24.8
22.9
4.2
0.1
1.9
0.1
16.6
1,317.9
10.3
7.2
48.6
3.4
0.5
27.1
2.7
38.1
1.2
25.5
23.0
4.5
0.1
2.0
0.1
16.8
1,324.7
10.4
7.3
49.0
3.4
0.5
27.5
2.8
38.1
1.4
26.2
23.0
4.8
0.1
2.0
0.1
16.9
1,331.3
10.5
7.5
49.2
3.5
0.5
27.9
2.9
38.2
1.6
26.8
23.1
5.1
0.1
2.0
0.1
17.1
1,337.7
10.5
7.6
49.4
3.6
0.5
28.4
2.5
38.2
1.7
27.4
23.2
5.2
0.1
2.0
0.1
17.2
1,344.1
10.5
7.8
49.8
3.7
0.6
28.9
3.0
38.5
1.8
28.1
23.2
5.4
0.1
2.1
0.1
17.4
1,350.9
10.5
7.9
50.0
3.8
0.6
29.3
3.1
38.5
1.8
28.7
23.3
5.5
0.1
2.1
0.1
17.7
1,357.6
10.6
8.1
50.3
3.9
0.6
29.8
3.2
38.5
1.9
29.4
23.4
5.7
0.1
2.1
0.1
18.1
1,364.4
10.6
8.2
50.6
4.0
0.6
30.3
3.3
38.6
2.0
30.1
23.5
5.9
6.7
6.8
6.9
7.1
7.2
7.3
7.5
7.6
7.8
7.9
8.1
8.2
87.6
88.2
88.8
89.4
89.9
90.5
91.0
91.5
92.0
92.6
93.1
93.7
Notes:
[1]
Population below 50,000 prior to 2004 appears as 0.0 due to rounding
Country
Rating
•9•
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten [1]
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Mean (Baa1 to Baa3)
Notes:
[1]
Population below 50,000 appears as 0.0 due to rounding
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.2
0.3
0.8
181.6
7.8
41.7
4.2
0.3
1,105.9
221.8
14.9
2.3
3.5
1.2
103.9
2.0
3.1
26.9
21.7
144.6
46.1
0.0
65.4
1.3
66.3
3.3
8.3
0.3
0.8
183.9
7.8
42.4
4.2
0.3
1,123.0
224.6
15.0
2.3
3.4
1.2
105.2
2.0
3.2
27.2
21.7
143.8
46.7
0.0
66.1
1.3
67.2
3.3
8.4
0.3
0.9
186.0
7.7
43.0
4.3
0.3
1,140.0
227.3
15.1
2.3
3.4
1.2
106.5
2.1
3.2
27.6
21.6
143.2
47.2
0.0
66.7
1.3
68.1
3.3
8.5
0.3
1.0
188.0
7.7
43.7
4.4
0.3
1,157.0
229.9
15.3
2.3
3.4
1.3
107.8
2.1
3.3
27.9
21.6
142.5
47.7
0.0
67.3
1.3
69.1
3.3
8.6
0.3
1.0
189.8
7.7
44.4
4.5
0.3
1,174.0
232.5
15.5
2.3
3.4
1.3
109.2
2.2
3.4
28.2
21.5
142.1
48.3
0.0
67.8
1.3
70.0
3.3
8.8
0.3
1.1
191.5
7.6
45.0
4.5
0.3
1,190.9
235.0
15.7
2.3
3.4
1.3
110.6
2.2
3.4
28.5
21.5
142.0
48.8
0.0
68.3
1.3
70.9
3.3
8.9
0.3
1.2
193.2
7.6
45.7
4.6
0.3
1,207.7
237.4
16.1
2.3
3.3
1.3
112.0
2.2
3.5
28.8
21.5
141.9
49.3
0.0
68.7
1.3
71.8
3.3
9.1
0.3
1.2
194.9
7.5
46.3
4.7
0.3
1,224.6
239.9
16.3
2.2
3.3
1.3
113.4
2.3
3.5
29.1
21.4
142.4
50.0
0.0
69.1
1.3
72.8
3.4
9.2
0.3
1.2
196.7
7.3
46.9
4.7
0.3
1,241.5
242.3
16.6
2.1
3.0
1.3
114.8
2.3
3.6
29.4
21.4
143.0
50.6
0.0
69.5
1.3
73.6
3.4
9.3
0.4
1.3
198.4
7.3
47.6
4.8
0.3
1,258.6
244.8
16.7
2.0
3.0
1.3
116.2
2.4
3.7
29.7
21.4
142.5
51.2
0.0
70.0
1.3
73.7
3.4
9.5
0.4
1.3
200.1
7.2
48.2
4.9
0.3
1,275.9
247.3
16.9
2.0
3.0
1.3
117.6
2.4
3.7
30.0
21.4
142.0
51.8
0.0
70.4
1.3
74.7
3.4
9.6
0.4
1.3
201.9
7.0
48.7
5.0
0.3
1,293.5
249.8
17.1
2.0
3.0
1.3
119.0
2.5
3.8
30.3
21.4
141.5
52.4
0.0
70.9
1.3
75.7
3.4
8.0
8.0
8.1
8.1
8.1
8.2
8.3
8.3
8.3
8.3
8.4
8.3
80.0
81.0
82.0
83.0
83.9
84.9
85.9
87.0
87.9
88.9
89.9
90.9
• 10 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
15.4
3.1
136.5
0.3
8.8
4.4
6.0
4.3
12.1
10.1
5.2
0.6
29.8
133.1
5.7
82.3
0.5
9.8
16.0
3.1
138.6
0.3
9.0
4.4
6.0
4.3
12.4
10.1
5.4
0.6
30.1
136.4
5.8
83.9
0.5
9.9
16.5
3.1
140.6
0.3
9.1
4.4
6.1
4.4
12.7
10.1
5.5
0.6
30.4
139.8
5.9
85.5
0.5
10.0
17.0
3.1
142.4
0.3
9.3
4.4
6.1
4.4
13.0
10.1
5.6
0.6
30.7
143.3
6.0
87.1
0.5
10.1
17.5
3.1
144.0
0.3
9.5
4.4
6.1
4.4
13.4
10.1
5.7
0.6
31.0
147.0
6.1
88.7
0.5
10.2
18.0
3.1
145.5
0.3
9.6
4.4
6.1
4.4
13.7
10.0
5.8
0.6
31.3
150.7
6.2
90.2
0.5
10.3
18.6
3.1
147.0
0.3
9.8
4.4
6.2
4.4
14.0
10.0
6.0
0.6
31.6
154.5
6.3
91.7
0.5
10.4
19.1
3.1
148.7
0.3
9.9
4.4
6.2
4.5
14.4
10.0
6.1
0.6
32.0
158.4
6.5
93.3
0.5
10.5
19.6
3.1
150.5
0.3
10.1
4.4
6.2
4.5
14.8
10.0
6.3
0.6
32.3
162.5
6.6
94.9
0.5
10.7
20.3
3.1
152.0
0.3
10.2
4.4
6.3
4.5
15.1
10.0
6.4
0.6
32.6
164.8
6.7
96.5
0.5
10.8
21.0
3.2
153.7
0.3
10.4
4.4
6.3
4.5
15.5
10.0
6.5
0.6
32.9
169.3
6.8
98.1
0.6
10.9
21.7
3.2
154.7
0.3
10.6
4.4
6.3
4.5
15.9
9.9
6.7
0.6
33.3
173.9
6.9
99.8
0.6
11.0
7.4
7.5
7.6
7.7
7.8
7.9
8.1
8.2
8.3
8.3
8.4
8.4
26.0
26.5
27.0
27.4
27.9
28.4
28.9
29.4
29.9
30.3
30.8
31.4
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 11 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
3.1
38.0
9.8
0.3
3.8
13.0
11.2
9.0
12.8
67.3
0.8
20.6
6.6
2.6
33.8
3.7
3.6
2.5
5.3
153.1
5.8
10.3
19.4
0.1
47.8
25.7
80.5
10.9
3.1
38.3
9.7
0.3
3.8
13.2
11.2
9.1
13.0
68.6
0.8
21.1
6.7
2.6
34.7
3.8
3.6
2.5
5.4
155.9
5.9
10.6
19.6
0.1
47.5
26.2
81.4
11.2
3.1
38.7
9.7
0.3
3.8
13.4
11.3
9.3
13.2
70.0
0.8
21.6
6.9
2.7
35.6
3.8
3.6
2.5
5.4
158.6
6.1
10.9
19.8
0.1
47.1
26.7
82.4
11.5
3.2
39.0
9.6
0.3
3.8
13.5
11.3
9.4
13.4
71.3
0.8
22.2
7.0
2.7
36.5
3.8
3.6
2.6
5.5
161.5
6.2
11.2
20.1
0.1
46.8
27.1
83.3
11.8
3.2
39.4
9.6
0.3
3.8
13.7
11.3
9.5
13.6
73.6
0.8
22.7
7.2
2.7
37.5
3.8
3.6
2.6
5.6
164.4
6.4
11.5
20.3
0.1
46.5
27.6
84.2
12.1
3.2
39.7
9.5
0.3
3.8
13.8
11.3
9.7
14.1
75.2
0.8
23.3
7.3
2.7
38.5
3.8
3.6
2.7
5.6
167.4
6.5
11.8
20.5
0.1
46.3
28.1
85.1
12.4
3.2
40.1
9.5
0.3
3.8
14.0
11.3
9.8
14.3
76.9
0.9
23.8
7.4
2.7
39.5
3.9
3.6
2.7
5.7
170.5
6.7
12.1
20.7
0.1
46.1
28.5
86.0
12.7
3.2
40.4
9.5
0.3
3.8
14.1
11.3
9.9
14.5
78.7
0.9
24.4
7.6
2.7
40.5
3.9
3.6
2.8
5.8
173.6
6.9
12.4
20.9
0.1
45.9
29.0
86.9
12.9
3.2
40.8
9.5
0.4
3.8
14.3
11.3
10.1
14.7
80.4
0.9
25.0
7.8
2.7
41.6
4.0
3.6
2.8
5.9
176.7
7.0
12.8
21.0
0.1
45.7
29.4
87.8
13.5
3.2
41.1
9.5
0.4
3.8
14.5
11.3
10.1
14.9
82.5
0.9
25.6
7.9
2.7
42.7
4.0
3.6
2.8
6.0
179.9
7.2
13.1
21.1
0.1
45.5
29.9
88.8
13.8
3.3
41.5
9.4
0.4
3.8
14.7
11.2
10.2
15.1
84.2
0.9
26.2
8.1
2.7
43.9
4.1
3.6
2.8
6.0
183.2
7.4
13.5
21.3
0.1
45.2
30.4
89.7
14.1
3.3
42.1
9.4
0.4
3.8
14.9
11.2
10.2
15.3
85.8
0.9
26.8
8.2
2.7
45.0
4.1
3.6
2.8
6.1
186.8
7.5
13.8
21.5
0.1
45.0
30.9
90.6
14.5
Median (B1 to C)
10.0
10.2
10.3
10.4
10.4
10.5
10.5
10.6
10.7
10.7
10.7
10.7
Mean (B1 to C)
21.5
21.8
22.1
22.4
22.8
23.1
23.4
23.8
24.2
24.5
24.9
25.3
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
3. GDP per capita (US$)
Country
Rating
• 12 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
26,964
31,330
30,098
28,028
13,178
39,443
7,285
31,553
28,851
29,425
17,690
23,977
39,850
26,343
33,690
64,660
13,067
33,243
20,222
49,264
15,540
23,320
8,537
14,290
21,083
35,131
45,592
31,154
38,407
32,533
35,710
34,753
31,821
15,327
45,282
8,925
36,190
32,829
33,084
20,824
24,928
45,879
29,873
36,442
74,488
14,426
37,509
24,584
56,628
17,677
27,046
10,432
16,904
24,501
40,261
50,642
36,695
40,482
35,969
37,102
36,046
36,030
16,156
47,547
10,340
37,330
33,851
33,575
21,641
26,650
48,786
30,508
35,781
81,002
15,220
39,159
27,166
65,767
18,203
29,401
11,395
17,859
26,081
41,041
51,733
38,122
42,715
37,666
39,336
37,954
40,211
17,288
50,462
12,515
39,496
35,490
35,271
23,497
28,224
52,382
31,807
34,102
90,100
16,087
41,498
25,931
72,960
19,083
33,117
12,810
19,423
28,051
43,948
54,142
40,481
44,833
44,942
45,246
43,318
44,279
20,410
57,021
16,416
46,571
40,400
40,461
27,328
30,552
59,372
35,878
34,095
107,073
18,682
47,839
31,341
83,556
21,877
38,744
15,605
23,566
32,164
50,558
59,662
46,330
46,571
48,364
49,875
47,561
46,296
23,427
62,597
17,808
51,345
44,165
44,306
30,518
31,426
59,440
38,715
37,972
112,469
21,289
53,159
30,657
95,190
23,810
39,385
18,181
27,141
35,115
52,731
68,555
43,147
46,997
44,831
45,994
43,972
40,587
21,533
56,226
14,306
44,939
40,596
40,393
28,535
30,562
50,371
35,176
39,474
100,836
20,089
48,315
27,120
78,458
22,084
37,860
16,146
24,476
31,807
43,640
65,792
35,331
45,551
56,416
45,293
43,360
47,354
20,926
56,445
14,180
44,204
39,498
40,500
26,049
32,357
46,404
34,043
43,117
104,442
20,147
47,013
32,494
86,096
21,561
45,639
16,095
23,273
30,207
49,377
70,376
36,396
46,869
66,768
49,682
46,721
51,650
22,410
59,904
16,568
48,912
42,465
44,111
25,682
35,173
48,973
36,177
46,136
114,464
21,952
50,187
36,690
99,062
22,551
51,235
17,816
24,737
32,050
57,040
83,514
38,707
48,383
68,216
47,202
43,800
52,169
20,905
56,179
16,308
46,184
39,632
41,607
21,963
36,857
45,893
33,059
46,613
109,834
20,812
45,963
38,172
99,901
20,160
52,052
17,018
22,351
29,197
55,239
79,040
38,500
49,975
69,238
49,523
45,339
52,651
19,745
58,463
17,851
48,548
40,872
43,570
21,173
38,839
47,924
33,699
40,907
116,484
22,071
47,442
40,425
104,251
20,546
55,560
18,087
22,751
30,035
58,195
75,520
37,337
51,501
69,993
48,992
44,314
54,239
18,184
57,675
18,340
48,133
39,853
43,118
19,499
40,697
47,201
32,751
39,615
116,661
21,979
46,648
41,239
108,462
20,046
59,531
18,220
21,975
29,392
59,083
80,114
37,637
53,483
Median
28,851
32,829
35,781
35,490
40,461
44,165
40,393
43,117
46,136
43,800
43,570
43,118
Mean
28,318
32,299
34,213
36,488
41,719
44,884
40,517
42,073
46,197
44,648
45,812
46,106
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
66,453
4,104
48,237
4,783
1,281
9,336
17,728
13,451
18,787
17,252
4,546
8,529
5,675
32,777
9,916
13,748
35,017
70,848
4,836
48,780
6,172
1,499
11,157
18,566
15,029
21,586
21,821
5,011
9,601
6,620
41,700
11,146
14,986
39,305
76,543
5,295
53,600
7,565
1,752
12,707
19,293
17,550
27,015
24,497
5,499
11,806
7,963
50,146
13,662
16,023
43,989
84,863
5,327
54,420
9,412
2,126
14,449
20,574
19,677
31,907
29,537
6,119
13,784
8,956
58,428
15,198
16,450
52,486
92,110
5,675
57,536
10,428
2,652
17,464
23,167
21,589
33,733
35,701
7,155
15,369
11,152
65,018
16,310
17,122
57,468
95,170
5,685
57,991
10,715
3,421
21,625
27,573
19,028
42,824
39,986
8,399
21,808
13,886
79,606
19,865
17,372
65,992
90,161
5,100
54,190
10,158
3,808
18,803
26,019
16,959
30,410
40,125
7,236
16,734
11,295
59,669
16,006
16,329
51,270
89,739
6,850
52,674
12,727
4,449
18,869
28,601
20,540
33,481
52,166
8,691
23,351
12,304
74,901
19,193
18,488
54,411
85,891
7,531
52,695
14,563
5,360
20,585
31,375
22,388
43,723
66,215
9,977
23,380
13,384
98,032
23,841
19,979
63,626
85,971
7,003
54,329
15,418
6,090
18,568
30,436
22,592
46,354
76,718
10,351
24,871
12,705
104,623
25,317
20,328
67,008
86,562
7,333
55,566
15,970
6,868
18,561
33,153
25,299
44,750
85,041
11,085
24,883
13,407
109,247
25,370
21,452
67,008
88,653
7,753
56,666
16,443
7,785
17,732
34,026
27,463
43,818
93,364
11,941
25,005
13,494
114,461
25,328
22,638
67,009
Median (Aaa to A3)
13,451
14,986
16,023
16,450
17,464
21,625
16,959
20,540
23,380
24,871
25,299
25,328
Mean (Aaa to A3)
18,331
20,509
23,230
26,101
28,803
32,409
27,898
31,261
35,444
36,981
38,327
39,622
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 13 •
Country
Rating
• 14 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
898
22,417
12,747
3,041
2,642
2,263
4,211
37,890
558
1,058
2,068
4,794
5,413
4,757
6,740
2,455
4,138
2,280
2,735
2,976
3,648
15,150
2,182
8,601
4,568
3,646
1,062
22,522
13,637
3,610
3,249
2,769
4,390
45,370
643
1,143
2,874
5,939
6,595
5,334
7,221
3,233
4,456
2,559
3,495
4,108
4,695
17,862
2,442
10,133
5,833
4,145
1,604
24,157
15,140
4,742
3,733
3,419
4,633
54,885
732
1,258
3,771
6,928
7,644
5,219
7,971
3,491
4,776
2,881
4,584
5,337
5,234
18,490
2,644
12,115
7,088
5,252
2,473
24,585
16,501
5,795
4,313
3,748
5,141
54,814
820
1,586
5,292
8,678
8,910
5,374
8,830
3,766
5,202
3,313
5,684
6,947
5,468
19,300
3,078
13,912
7,687
5,907
3,851
25,286
17,770
7,201
5,498
4,733
5,911
65,566
1,055
1,859
6,771
12,588
11,648
6,182
9,483
4,081
5,907
3,808
7,918
9,146
5,930
18,657
3,643
16,326
9,246
7,043
5,574
24,691
20,069
8,633
6,798
5,536
6,598
53,029
1,028
2,172
8,514
14,762
14,140
7,600
9,893
4,013
6,752
4,458
9,498
11,700
5,598
19,549
3,993
20,939
10,297
9,108
4,950
22,832
16,367
8,384
6,403
5,243
6,400
38,038
1,131
2,273
7,165
11,466
11,095
6,929
7,887
3,951
6,956
4,413
7,651
8,616
5,758
19,116
3,838
14,713
8,554
9,037
5,843
22,657
17,491
10,993
6,335
6,314
7,791
39,505
1,397
2,957
9,000
10,763
11,127
7,577
9,118
4,832
7,692
5,292
7,687
10,709
7,266
22,389
4,614
15,546
10,050
11,573
7,190
22,442
21,645
12,594
7,286
7,309
8,680
44,118
1,509
3,493
11,058
13,838
14,148
8,743
10,097
5,369
8,769
6,009
8,539
13,284
7,943
22,052
4,972
17,452
10,521
13,785
7,390
23,037
21,157
11,358
6,983
7,772
9,409
42,678
1,475
3,587
12,016
14,014
14,007
8,828
10,132
5,413
9,919
6,718
7,921
14,248
7,508
22,717
5,224
17,927
10,699
14,770
7,862
23,803
22,359
11,852
7,459
8,279
9,975
46,904
1,592
3,817
13,064
15,314
15,334
9,436
11,362
5,494
11,150
7,440
8,393
15,554
7,575
23,517
5,853
18,954
11,465
16,921
8,520
24,598
22,796
13,027
8,046
8,743
10,665
47,380
1,806
4,179
14,021
15,626
15,790
9,953
12,784
5,666
12,334
8,094
9,249
16,833
7,853
24,394
6,407
19,835
12,335
18,056
3,647
4,268
4,997
5,576
6,907
8,573
7,408
8,395
9,433
10,025
11,256
12,335
Mean (Baa1 to Baa3)
6,303
7,281
8,374
9,120
10,658
11,344
9,583
10,635
12,033
12,189
13,105
13,807
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Notes:
[1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
905
917
380
12,061
917
7,690
2,504
922
1,812
8,247
1,949
2,716
1,674
589
1,168
1,020
3,318
2,790
1,239
1,168
408
12,943
977
9,237
2,620
1,187
1,932
10,085
2,133
3,307
1,893
644
1,388
1,089
3,791
3,140
1,858
1,598
430
14,421
1,044
10,090
2,825
1,470
2,140
10,937
2,300
3,601
1,959
803
1,482
1,205
4,480
3,218
2,655
2,080
435
15,485
1,230
11,229
3,054
1,761
2,319
11,173
2,689
4,299
2,138
1,015
1,779
1,403
5,209
3,394
3,449
2,995
475
16,482
1,386
13,376
3,295
2,318
2,554
13,534
2,990
5,842
2,426
1,133
2,261
1,685
5,746
3,798
4,667
3,787
547
15,969
1,733
15,694
3,496
2,919
2,859
15,363
3,757
7,183
2,838
1,381
2,982
1,932
6,847
4,331
4,069
2,803
608
16,105
1,774
14,044
3,354
2,441
2,689
12,636
3,987
6,569
2,874
1,097
2,518
1,836
7,473
4,162
4,324
2,995
675
15,550
1,977
13,331
3,458
2,614
2,873
12,795
4,326
6,510
2,841
1,239
3,106
2,140
8,278
4,194
5,307
3,271
744
15,763
2,374
14,032
3,709
3,218
3,184
13,909
4,618
7,110
3,074
1,505
3,958
2,370
7,535
4,297
5,821
3,177
761
15,644
2,574
12,844
3,801
3,528
3,338
12,597
4,879
6,748
2,968
1,569
3,895
2,595
8,743
4,182
6,189
3,329
836
15,822
2,763
13,210
3,995
3,741
3,508
12,671
5,200
7,226
3,153
1,839
4,693
2,896
9,553
4,323
6,598
3,359
954
16,312
2,992
13,166
4,195
4,144
3,695
12,058
5,471
7,245
3,241
1,987
5,283
3,192
10,232
4,509
Median (Ba1 to Ba3)
1,743
1,913
2,049
2,487
2,992
3,627
3,114
3,282
3,833
3,848
4,159
4,352
Mean (Ba1 to Ba3)
2,866
3,288
3,659
4,075
4,764
5,460
5,058
5,179
5,554
5,537
5,830
6,035
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 15 •
Notes:
[1]
• 16 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
1,833
3,410
1,819
3,611
2,211
358
3,459
2,245
2,525
1,209
2,834
543
1,246
3,592
441
5,421
548
649
1,006
544
607
666
975
4,452
1,049
3,246
492
397
2,338
3,994
2,378
3,738
2,634
405
3,672
2,449
2,809
1,149
3,330
690
1,316
3,856
464
5,804
721
798
1,082
629
660
759
1,054
4,813
1,367
4,292
558
486
2,597
4,736
3,126
3,821
2,839
471
4,092
3,606
3,141
1,283
3,655
805
1,418
4,241
526
5,823
831
991
1,165
690
798
801
1,230
5,071
1,829
5,457
642
626
2,849
5,491
3,849
4,025
3,216
538
5,056
3,806
3,491
1,506
3,747
921
1,556
4,479
616
5,903
951
1,332
1,235
789
885
838
1,410
5,610
2,303
6,763
731
911
3,376
6,667
4,736
4,099
3,965
632
5,616
4,293
3,749
1,771
4,077
1,090
1,727
4,782
727
6,640
1,230
1,642
1,338
870
991
983
1,596
6,278
3,069
8,349
843
957
4,081
8,271
6,376
4,233
4,813
749
5,829
4,675
4,394
2,160
4,303
1,226
1,901
5,103
792
7,795
1,696
2,135
1,465
978
1,222
1,136
1,989
6,404
3,891
11,249
1,070
1,183
3,796
7,707
5,176
4,049
4,440
744
5,972
4,743
4,316
2,453
3,432
1,090
1,958
4,508
775
8,984
1,526
1,685
1,428
951
1,209
1,058
2,035
6,153
2,545
11,550
1,130
1,006
3,731
9,162
5,819
4,057
4,365
795
6,161
5,131
4,691
2,776
3,747
1,319
2,084
4,898
794
9,499
1,632
2,262
1,483
1,018
1,415
1,040
2,376
6,172
2,974
13,587
1,224
1,252
4,044
10,994
6,306
4,059
4,753
897
6,470
5,511
5,331
2,930
4,322
1,585
2,282
5,342
819
9,857
1,971
3,152
1,642
1,193
1,841
1,131
2,812
6,291
3,576
10,752
1,408
1,425
3,863
11,601
6,691
4,151
4,514
987
6,866
5,848
5,695
3,112
4,567
1,595
2,400
5,561
958
10,310
2,037
3,839
1,766
1,286
2,181
1,071
2,819
6,514
3,879
12,795
1,596
1,507
4,033
12,285
8,171
4,193
4,719
1,073
7,293
5,955
6,072
2,920
4,793
1,770
2,552
5,573
1,061
10,793
2,112
4,619
1,847
1,335
2,300
1,145
3,212
6,700
3,919
11,683
1,755
1,538
4,019
12,777
9,731
4,236
4,807
1,173
7,754
6,201
6,467
3,131
5,102
1,964
2,643
5,726
1,149
11,347
2,243
5,699
1,937
1,452
2,501
1,152
3,627
6,914
4,142
10,173
1,917
1,596
Median (B1 to C)
1,228
1,341
1,624
1,929
2,420
3,026
2,499
2,875
3,364
3,851
3,976
4,081
Mean (B1 to C)
1,835
2,080
2,368
2,672
3,075
3,611
3,444
3,767
4,025
4,286
4,479
4,699
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
4. GDP per capita (Purchasing Power-Parity basis, US$)
Country
Rating
• 17 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
29,792
31,318
30,295
31,231
21,805
30,438
13,400
27,627
27,204
28,360
22,506
29,748
34,785
27,282
27,934
60,705
19,694
31,713
23,552
38,278
19,463
37,783
13,604
20,529
24,764
30,431
34,566
29,775
38,225
31,324
32,845
31,177
32,781
23,208
32,280
14,773
29,862
28,090
29,679
23,861
32,987
36,769
27,528
29,388
64,929
19,941
33,185
24,628
42,470
19,853
41,875
14,653
22,270
25,956
32,495
35,903
31,686
40,292
32,523
33,626
32,189
35,033
24,408
33,193
16,548
30,708
29,453
31,115
24,348
36,440
38,896
28,280
30,441
68,290
21,019
35,104
25,305
47,626
21,369
45,374
16,175
23,476
27,392
32,703
36,964
32,958
42,516
34,140
36,535
34,193
36,863
26,292
35,999
19,138
33,097
31,274
33,503
26,733
40,003
42,474
30,359
31,763
78,383
22,193
38,026
27,115
53,778
22,937
49,373
18,357
25,423
30,333
35,658
40,882
35,066
44,623
36,206
38,053
35,636
38,352
28,485
37,693
21,583
36,148
33,007
35,538
27,743
43,389
45,482
32,039
33,397
84,494
23,484
40,705
28,618
55,807
24,188
53,048
20,862
27,213
32,212
38,457
44,735
35,877
46,349
37,179
39,783
37,025
38,987
31,816
39,830
22,065
38,080
34,041
37,119
29,604
44,956
42,741
33,372
33,589
84,393
25,303
42,915
29,159
61,342
24,939
52,286
23,210
29,074
33,158
39,615
47,946
36,062
46,760
40,016
38,888
36,573
37,801
31,503
38,268
19,470
35,541
33,657
35,631
29,201
44,262
40,151
32,216
31,746
79,352
25,599
40,986
29,929
54,191
24,888
50,896
22,546
26,715
32,002
37,257
46,877
34,386
45,305
39,125
40,401
37,834
39,075
31,780
40,588
20,092
36,030
34,262
37,652
27,520
47,169
40,883
32,110
33,625
84,764
26,672
41,673
30,194
56,976
25,519
57,791
23,149
26,509
31,575
39,251
48,720
35,298
46,612
41,974
42,172
38,723
40,420
32,254
40,933
21,997
37,455
35,247
39,456
25,858
50,551
40,868
32,672
33,668
88,797
27,504
42,779
31,082
60,392
25,564
60,688
24,095
26,943
32,087
41,484
51,227
35,598
48,112
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median
29,748
31,177
32,189
34,140
35,877
37,119
35,631
37,652
38,723
—
—
—
Mean
28,855
30,575
32,189
34,983
37,200
38,495
37,098
38,374
39,676
—
—
—
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
10,338
—
10,955
3,199
18,765
22,261
20,180
35,632
26,668
10,470
16,895
11,987
57,932
18,610
22,769
41,398
—
11,130
—
11,817
3,599
20,063
23,571
21,624
36,008
33,999
11,257
18,143
13,009
67,767
19,378
24,942
44,089
—
11,542
—
12,802
4,115
21,264
23,340
22,783
36,956
37,236
12,011
19,548
13,784
66,510
20,406
26,657
44,477
—
12,360
—
13,681
4,760
23,231
23,957
24,246
38,548
42,926
12,852
20,879
15,053
73,881
21,065
28,880
48,522
—
13,146
—
14,580
5,564
25,415
25,705
26,101
39,363
49,279
13,816
22,458
16,748
76,204
21,502
31,384
50,130
—
13,639
—
15,298
6,202
25,885
25,600
26,689
40,729
50,766
14,561
25,427
18,019
77,591
22,327
32,204
50,832
—
12,974
—
15,194
6,827
25,645
25,933
26,680
37,704
51,067
14,297
25,591
18,795
77,446
22,100
31,840
45,914
—
13,805
—
16,084
7,554
25,358
27,048
28,613
36,291
63,835
15,183
31,341
20,033
88,313
22,747
35,595
45,759
—
14,746
—
17,270
8,400
26,332
28,809
29,834
38,332
77,079
16,051
28,148
21,085
97,987
24,268
37,720
47,729
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
18,765
20,063
21,264
23,231
25,415
25,600
25,645
27,048
28,148
—
—
—
Mean (Aaa to A3)
21,871
24,026
24,895
26,990
28,760
29,718
29,200
31,837
34,253
—
—
—
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 18 •
Country
Rating
• 19 •
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3,097
28,989
23,212
7,522
8,213
6,430
7,986
30,762
1,819
2,696
6,920
10,623
12,033
9,081
10,670
4,409
7,757
5,490
7,681
9,254
7,525
—
5,763
16,665
8,865
8,084
3,478
29,634
25,137
8,076
8,870
6,856
8,409
33,790
1,986
2,875
7,744
11,731
12,968
9,788
11,296
5,002
8,423
5,854
8,731
10,251
7,994
—
6,236
18,422
10,238
8,732
4,496
31,199
27,723
8,509
9,809
7,305
9,042
34,889
2,209
3,102
8,699
13,040
14,197
10,158
12,191
5,205
9,167
6,387
9,361
11,853
8,597
—
6,675
20,058
11,465
9,683
6,174
32,537
29,925
9,036
11,063
7,924
9,985
35,849
2,454
3,340
9,836
14,973
16,032
10,817
13,402
5,648
10,094
7,025
11,118
14,949
9,267
—
7,179
23,349
12,944
10,377
7,855
33,469
32,720
9,769
12,344
8,588
10,913
37,131
2,733
3,615
10,897
17,147
18,158
11,712
14,064
6,010
11,450
7,789
12,665
16,743
9,955
—
7,700
25,079
13,939
11,344
8,711
32,934
34,859
10,405
13,916
8,957
11,283
39,718
2,861
3,876
11,366
18,090
19,559
12,551
14,741
6,231
12,676
8,650
14,982
20,276
10,427
—
8,010
26,220
15,058
12,390
9,448
31,227
27,220
10,415
13,617
9,094
11,146
37,410
3,101
4,066
11,350
15,928
16,948
13,035
14,322
6,128
13,124
8,744
14,643
19,227
10,291
—
7,876
25,586
14,455
12,814
9,873
31,215
27,129
11,180
13,892
9,393
11,579
35,506
3,404
4,304
12,092
15,943
18,120
13,607
15,161
6,458
14,000
9,477
14,778
20,261
10,520
—
8,500
25,669
15,830
14,004
10,062
32,198
27,735
11,640
15,083
10,033
12,157
36,483
3,650
4,636
13,099
18,951
21,480
14,420
16,588
6,801
15,589
10,234
15,983
21,921
10,960
—
8,646
25,074
17,110
15,078
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,986
8,731
9,361
10,377
11,450
12,551
13,035
13,892
15,078
—
—
—
10,062
10,901
11,801
13,012
14,152
15,150
14,449
14,876
15,824
—
—
—
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2,568
3,071
1,003
15,873
3,387
13,422
5,125
2,952
3,773
15,349
3,688
7,121
3,129
1,485
3,433
2,671
5,207
6,244
2,837
3,486
1,079
16,886
3,560
14,440
5,348
3,220
3,903
16,188
4,016
7,650
3,334
1,647
3,585
2,872
5,743
6,748
3,355
4,096
1,165
17,965
3,772
15,332
5,702
3,611
4,062
16,975
4,289
8,238
3,508
1,750
3,901
3,051
6,129
7,182
4,053
4,781
1,266
19,139
4,010
16,795
6,092
4,043
4,310
18,275
4,678
10,309
3,861
1,871
4,093
3,255
6,496
7,734
4,962
5,588
1,371
19,747
4,243
18,687
6,481
4,684
4,601
18,923
5,095
12,243
4,038
1,999
4,514
3,509
6,954
8,383
5,609
6,096
1,472
20,179
4,530
20,215
6,678
4,903
4,739
20,432
5,463
13,650
4,313
2,112
4,721
3,672
7,332
8,874
5,657
5,292
1,561
19,320
4,668
19,158
6,521
4,751
4,709
20,249
5,686
12,807
4,531
2,232
4,533
3,701
7,563
9,167
5,729
5,428
1,649
—
4,818
18,727
6,622
5,036
4,759
20,734
5,767
12,977
4,682
2,367
5,125
3,944
7,891
9,410
5,920
5,789
1,777
—
5,099
19,487
6,831
5,465
4,928
21,661
5,907
13,432
4,952
2,533
5,501
4,119
8,355
9,317
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
3,561
3,744
4,079
4,494
5,029
5,536
5,475
5,428
5,789
—
—
—
Mean (Ba1 to Ba3)
5,528
5,919
6,338
6,948
7,557
8,055
7,895
7,392
7,710
—
—
—
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 20 •
• 21 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
5,199
8,721
6,578
5,824
5,356
1,165
—
5,588
5,506
4,304
3,863
1,632
2,850
6,702
1,200
8,992
1,916
2,327
2,664
1,809
1,734
1,490
3,057
7,837
4,498
7,412
1,782
1,028
5,628
9,689
7,589
6,067
5,844
1,305
—
5,735
6,057
4,514
4,173
1,928
3,051
6,953
1,263
9,801
2,121
2,616
2,848
1,963
1,787
1,579
3,269
8,376
5,224
8,857
1,952
1,089
6,102
10,833
8,640
6,254
6,341
1,508
—
6,380
6,510
4,762
4,323
2,030
3,277
7,083
1,346
10,170
2,362
2,862
3,030
2,145
1,866
1,677
3,550
8,852
5,583
9,924
2,161
1,158
6,796
12,023
9,871
6,542
7,163
1,704
—
7,185
6,930
5,157
4,515
2,168
3,534
7,659
1,440
10,631
2,562
3,161
3,217
2,309
1,929
1,728
3,903
9,824
6,226
11,067
2,388
1,238
7,179
13,325
11,086
6,600
7,899
1,911
—
7,907
7,166
5,505
4,567
2,316
3,785
7,891
1,546
11,858
2,723
3,531
3,433
2,466
2,077
1,814
4,251
10,438
6,954
12,181
2,636
1,319
8,179
14,413
12,535
6,752
8,688
2,061
—
8,390
7,739
5,901
4,669
2,503
3,953
7,895
1,564
12,995
3,005
3,867
3,564
2,515
2,212
1,872
4,563
10,806
7,311
12,895
2,834
1,387
8,574
14,599
12,749
6,596
8,543
2,066
—
8,676
7,756
6,093
4,623
2,560
3,842
7,747
1,586
14,104
2,866
3,805
3,513
2,593
2,311
1,885
4,732
10,700
6,339
12,447
2,993
1,455
8,631
15,910
13,852
6,637
8,635
2,180
—
9,290
7,977
6,344
4,602
2,733
3,898
7,770
1,646
15,097
3,094
4,010
3,599
2,655
2,456
1,925
5,097
10,470
6,678
12,155
3,185
1,552
8,866
17,554
14,938
6,722
9,076
2,358
—
9,796
8,669
6,455
4,757
3,113
4,047
8,065
1,710
15,449
3,369
4,742
3,812
2,745
2,676
1,967
5,582
10,715
7,208
12,749
3,412
1,621
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
3,863
4,173
4,323
4,515
4,567
4,669
4,732
5,097
5,582
—
—
—
Mean (B1 to C)
4,112
4,492
4,842
5,291
5,717
6,114
6,139
6,373
6,747
—
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
Country
Rating
• 22 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.8
2.0
2.8
5.3
6.8
2.0
12.1
1.3
2.9
0.7
10.1
-3.1
7.6
3.1
-0.1
7.7
3.9
2.5
6.9
3.9
2.1
3.0
10.3
8.6
7.4
4.1
0.8
6.4
4.7
7.6
4.3
5.5
6.5
7.7
4.7
11.1
4.6
4.3
2.2
7.4
4.8
6.7
4.2
1.0
6.3
1.1
3.0
7.0
10.1
4.1
13.9
11.2
7.8
7.4
4.6
3.3
5.6
6.4
7.9
4.5
4.2
6.5
7.0
5.4
15.5
3.4
3.8
1.3
4.2
7.2
8.6
2.8
0.0
10.3
6.1
4.5
5.5
11.8
3.3
9.6
9.2
5.7
8.1
4.1
3.0
5.2
6.5
7.8
5.6
5.1
5.3
7.7
5.6
19.8
5.3
4.7
4.0
8.1
6.5
9.0
3.9
0.6
12.0
5.4
5.2
5.1
11.3
4.3
10.9
11.5
8.1
8.4
6.3
6.0
5.6
6.0
9.0
5.8
5.3
5.4
9.7
3.9
20.0
8.5
4.9
5.0
7.0
9.8
6.2
4.1
1.2
10.6
7.1
5.8
8.3
5.8
5.3
15.7
11.7
11.4
6.9
6.2
6.4
5.9
4.9
9.2
3.2
3.1
5.1
8.4
3.4
1.0
3.2
2.5
1.9
4.5
3.4
-5.2
1.3
-2.3
-0.3
7.0
4.0
0.8
11.0
1.6
0.6
8.8
7.7
3.3
2.5
5.0
2.0
1.9
1.5
-2.3
-1.6
-4.9
-1.8
-5.0
-15.2
-7.2
-2.5
-4.0
-0.9
-2.8
-9.9
-3.5
-6.0
-3.6
0.1
-3.6
2.2
-6.9
-2.0
1.9
-6.1
-4.5
-3.7
-3.1
-2.4
-2.7
-2.2
8.4
3.7
4.5
6.4
3.3
5.8
4.1
3.8
2.7
5.1
-3.9
7.1
-2.9
2.1
2.4
10.8
5.8
2.7
4.6
6.8
2.6
15.0
4.9
0.1
0.1
7.5
3.6
4.6
3.8
6.5
5.0
3.9
5.9
3.3
1.7
11.4
6.0
3.1
3.9
-6.1
9.0
2.9
1.7
-2.4
6.8
3.8
2.2
3.8
8.1
-1.0
5.8
4.9
1.6
1.4
4.9
2.2
3.4
4.0
3.0
3.1
1.7
3.1
-0.5
1.6
6.6
2.7
1.6
2.0
-7.1
5.5
1.6
-0.8
1.1
4.2
3.0
-0.2
2.7
6.0
-3.3
3.4
3.4
-2.0
-1.3
1.6
1.1
1.7
4.0
5.3
2.6
1.7
2.9
-8.0
1.8
6.6
2.9
1.0
1.9
-6.1
6.5
2.6
-0.3
0.0
3.3
3.6
0.8
6.7
5.4
-0.6
6.7
3.5
-0.6
0.1
3.7
1.5
2.5
3.8
5.8
3.6
2.7
4.4
-4.0
3.3
7.1
3.8
2.2
3.1
-4.0
6.0
3.8
1.7
1.5
4.4
4.1
2.5
4.6
7.2
1.8
7.0
4.9
1.0
1.8
3.6
2.4
3.4
4.6
Median
3.9
5.6
5.5
6.0
6.2
3.2
-3.1
4.1
3.8
1.7
2.6
3.6
Mean
4.5
6.0
6.0
7.1
7.5
3.4
-3.5
4.3
3.7
1.7
2.1
3.2
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand [1]
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.3
8.0
3.7
8.9
13.4
4.7
0.9
6.5
23.1
12.9
9.4
7.5
4.3
21.5
13.8
2.7
13.2
7.1
13.1
5.3
15.0
17.7
9.0
5.0
7.8
22.8
29.4
12.5
14.5
9.7
34.8
20.6
6.3
18.9
8.6
20.7
14.3
13.8
16.4
6.4
5.9
4.6
34.7
14.8
11.6
25.3
6.4
40.3
26.8
3.3
22.2
11.2
16.5
5.4
19.1
18.8
7.6
7.8
5.0
24.9
23.4
9.8
19.1
7.8
36.7
14.7
4.3
22.9
8.9
13.6
7.7
10.3
19.6
9.2
5.7
7.3
10.6
24.5
11.5
13.9
11.0
30.9
10.4
5.4
16.2
3.6
13.0
0.8
3.8
18.5
5.1
5.8
5.3
21.6
14.6
15.7
45.0
8.4
44.6
25.0
-2.2
21.9
-5.0
-4.7
-4.9
2.8
10.0
-2.3
5.9
3.8
-23.0
2.3
-7.4
-20.6
5.4
-15.2
-17.4
-1.1
-17.4
-0.7
29.1
-2.8
15.1
16.3
0.8
6.3
10.2
12.7
33.4
11.5
21.9
5.4
30.2
22.8
8.6
9.3
-3.6
12.0
1.8
9.4
15.5
0.9
7.1
5.3
29.2
30.0
10.8
19.0
7.9
36.1
27.1
0.9
20.4
0.4
5.0
3.1
7.4
11.6
0.2
6.6
3.0
10.6
18.0
6.4
9.8
4.4
11.0
8.6
2.7
5.0
1.0
10.0
3.3
8.2
11.2
0.9
5.2
5.0
-0.9
13.3
6.7
3.2
2.5
8.6
2.5
4.8
2.9
3.6
9.8
3.0
7.9
11.3
2.4
6.0
6.0
0.1
12.3
7.5
3.7
3.9
9.0
2.1
6.0
3.3
Median (Aaa to A3)
8.0
13.1
14.3
14.7
10.6
13.0
-4.7
11.5
10.8
6.4
4.8
6.0
Mean (Aaa to A3)
9.5
14.7
16.2
15.0
12.7
14.7
-5.2
13.5
13.5
6.7
5.2
5.8
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 23 •
Country
Rating
• 24 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.9
-0.1
14.8
15.0
7.9
11.0
15.2
3.1
12.1
10.5
22.1
11.7
9.3
11.9
8.4
5.3
5.4
6.9
29.9
22.1
8.7
—
8.6
25.6
29.8
17.5
19.4
2.1
15.3
14.2
11.2
13.0
16.6
10.5
14.2
14.0
27.3
16.5
10.1
11.5
13.5
14.4
9.6
11.5
25.3
28.9
11.2
22.2
9.7
18.3
22.9
15.6
46.8
8.6
19.8
10.6
14.2
10.5
17.1
10.3
13.9
20.8
29.3
21.3
14.9
5.8
7.9
8.2
9.1
10.0
16.8
26.9
11.0
9.1
9.3
20.0
16.1
8.2
49.7
3.4
17.8
10.4
13.8
12.9
20.7
13.9
16.3
20.4
34.6
23.6
15.0
11.5
12.2
17.0
10.8
15.5
19.3
24.6
12.5
8.3
10.6
15.5
16.9
10.9
51.3
4.4
16.5
12.3
16.2
12.3
18.1
12.0
16.1
18.3
25.8
32.3
19.2
14.3
9.1
14.9
15.5
11.0
20.7
23.5
14.1
0.0
8.7
18.1
11.2
16.6
41.5
-0.9
19.9
13.9
15.1
11.4
15.5
13.1
12.9
25.3
24.9
9.3
12.8
12.4
7.6
17.5
16.2
10.6
23.7
24.2
11.9
7.7
6.5
28.0
12.7
15.8
-11.3
-6.4
-12.9
6.8
-1.4
5.1
7.3
1.2
15.1
13.3
5.9
-18.7
-17.8
2.9
-2.0
2.9
4.7
3.0
-2.6
-6.0
6.6
0.0
-0.4
-29.1
0.2
7.2
19.3
0.7
11.4
16.4
3.2
8.0
13.3
2.5
20.3
15.0
27.3
-2.2
3.6
5.8
9.5
7.6
12.3
13.7
4.5
19.3
10.5
7.1
11.8
6.9
15.4
14.2
22.6
0.2
20.4
9.9
6.8
14.1
8.7
6.3
15.1
15.1
24.0
11.7
11.6
8.0
10.1
12.2
15.8
11.9
6.3
20.5
9.7
0.0
4.3
8.2
18.1
15.1
3.7
4.1
4.7
6.3
3.0
6.9
9.3
4.7
13.3
11.0
11.3
8.7
6.4
6.5
7.7
16.1
16.0
8.2
5.5
12.2
8.1
3.0
7.8
2.1
9.2
13.0
7.9
4.5
7.5
8.9
3.8
7.3
9.6
6.6
13.4
11.5
9.7
5.3
5.9
9.7
6.9
10.1
14.4
8.8
6.3
8.2
8.8
3.5
7.8
5.3
11.9
11.0
9.5
4.5
4.0
9.7
5.6
7.9
9.6
7.4
16.1
12.2
8.0
6.1
6.7
9.5
7.4
9.8
12.6
8.8
6.6
9.4
9.7
3.7
8.0
4.6
10.8
10.8
11.7
14.2
12.5
15.2
15.8
13.5
0.7
11.0
11.6
7.7
8.1
8.4
Mean (Baa1 to Baa3)
13.2
15.3
15.3
16.8
16.6
15.8
-1.0
10.7
11.8
8.0
8.2
8.4
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
• 25 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
109.2
19.2
10.0
4.2
9.2
9.6
5.2
14.9
7.1
9.5
6.4
11.0
7.1
42.2
17.1
8.3
30.0
7.5
58.7
17.4
10.8
7.7
12.4
8.1
5.0
14.7
9.4
10.3
11.9
10.6
5.9
15.2
13.4
12.6
21.6
9.8
61.6
17.6
11.3
11.8
10.6
7.8
8.2
18.3
9.1
6.5
10.3
8.7
4.5
26.2
12.4
10.9
19.6
7.8
35.9
18.4
12.1
7.4
19.0
9.1
8.5
18.7
10.6
7.5
19.6
18.4
9.4
27.0
11.2
10.5
18.0
9.3
27.7
18.6
13.7
6.8
12.3
9.4
8.4
23.2
13.9
5.6
13.6
24.7
6.7
11.9
15.7
9.9
11.9
8.8
36.2
13.3
15.5
-3.1
17.1
7.9
6.6
12.2
13.0
6.2
28.5
15.1
11.8
17.8
16.3
12.0
20.3
10.8
-5.2
-12.0
12.6
1.2
0.9
-4.3
-3.6
-5.7
4.1
-3.5
8.5
-3.4
6.3
2.3
-2.0
4.0
10.2
6.4
26.6
10.1
12.9
-3.4
13.2
-1.5
3.7
15.3
8.2
3.8
10.9
4.1
4.3
16.9
20.0
12.2
11.8
7.9
29.0
9.2
14.7
1.7
20.6
2.0
7.8
17.4
9.8
4.8
9.1
4.2
5.0
28.2
14.6
8.1
9.2
2.0
15.2
5.8
14.8
0.7
9.7
0.0
3.0
7.4
8.1
1.4
8.1
2.8
4.0
7.2
3.8
8.6
20.8
9.2
10.0
10.5
13.3
1.5
9.2
0.8
5.6
9.4
7.9
2.7
9.2
4.3
5.9
19.0
15.2
9.8
10.7
8.4
10.8
10.8
13.6
3.1
9.1
2.1
5.5
10.8
8.0
4.0
7.6
4.6
6.4
11.0
9.7
9.8
8.5
8.1
9.5
11.4
10.7
11.7
12.1
13.2
1.1
10.5
9.2
7.3
9.2
8.3
18.2
14.2
14.6
15.0
13.5
14.3
0.9
9.8
11.0
7.3
8.5
8.0
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
Country
Rating
• 26 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.5
20.3
39.9
6.0
4.9
10.5
6.9
33.3
13.6
10.2
9.0
29.0
10.6
15.7
9.7
3.4
22.4
18.2
8.0
9.5
7.7
7.2
11.4
4.3
18.4
24.5
14.5
25.9
8.2
19.1
36.7
6.9
15.1
15.7
6.4
47.1
12.8
16.2
7.7
35.1
13.1
14.3
12.6
8.6
16.0
28.7
14.8
15.7
0.8
6.4
14.7
8.3
29.1
58.4
16.6
26.5
8.5
18.8
30.2
5.5
9.3
20.1
11.6
12.2
13.4
11.0
7.6
20.5
13.8
12.4
11.1
0.0
17.5
27.9
14.6
15.2
19.2
8.2
17.3
5.5
27.9
43.0
17.3
23.3
8.3
23.0
21.8
8.8
16.0
15.9
23.7
16.6
12.8
14.7
5.6
18.6
12.3
12.0
14.6
3.5
18.9
33.5
12.7
17.3
11.9
6.6
19.8
10.8
23.3
29.5
16.1
20.3
9.7
24.1
22.6
5.2
15.5
17.4
11.1
14.7
9.0
20.6
2.1
23.8
13.2
12.9
13.0
12.5
19.4
24.2
15.2
13.8
11.3
10.5
21.8
12.1
32.5
25.6
17.4
19.8
12.6
27.1
33.6
6.8
15.1
19.8
3.8
15.5
21.1
20.2
5.5
30.3
12.4
12.7
14.9
18.9
17.8
31.7
16.4
18.1
14.9
10.8
23.2
2.1
31.5
37.0
29.8
18.7
5.7
10.9
5.9
-1.1
-0.8
2.6
2.4
6.5
-0.3
16.4
-1.1
21.3
5.0
7.0
12.3
16.7
-4.0
-1.1
3.7
24.2
3.4
0.9
9.6
-3.8
-3.7
4.4
11.7
17.8
7.9
25.9
19.7
3.7
-11.2
9.2
3.1
13.3
10.2
15.8
8.1
25.8
8.6
8.0
7.7
7.1
19.0
28.8
10.5
16.3
18.2
5.9
15.9
0.4
18.5
43.8
19.4
20.2
5.6
27.7
80.7
3.5
3.6
10.7
5.0
11.4
15.2
13.6
8.8
29.9
11.7
7.6
18.6
5.1
14.6
32.0
17.8
21.8
16.0
6.4
16.8
2.0
20.3
33.5
28.1
20.2
3.3
17.5
77.5
5.8
0.4
10.9
6.1
9.3
8.3
12.5
6.4
22.4
7.3
8.1
14.4
6.0
6.7
30.9
14.5
14.5
6.7
5.2
15.9
3.6
8.2
20.8
16.3
14.6
3.6
23.6
27.2
4.5
3.0
9.3
6.2
8.7
8.1
11.5
5.5
21.5
8.8
8.1
13.0
6.0
8.7
24.0
11.4
14.0
8.9
6.9
15.2
2.8
5.0
36.4
11.1
13.7
5.5
26.7
22.3
4.5
3.5
11.2
6.3
9.2
8.0
17.2
6.3
20.1
8.7
7.8
11.2
6.5
9.7
21.8
11.7
13.8
11.4
7.7
14.4
3.2
9.3
30.0
10.4
13.9
Median (B1 to C)
11.0
15.0
14.2
15.9
14.9
17.9
4.7
11.9
14.9
8.8
8.8
10.0
Mean (B1 to C)
14.5
18.3
15.8
16.0
16.1
18.7
6.2
13.6
17.4
13.4
11.7
11.9
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana [2]
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Country
Rating
• 27 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.3
0.9
0.8
2.0
1.9
0.4
7.8
2.0
0.9
-0.4
5.9
3.1
3.9
0.0
1.7
1.7
0.7
0.3
4.1
1.0
-0.9
4.6
4.8
2.9
3.1
2.3
0.0
3.8
2.5
3.8
2.6
3.3
3.2
4.2
2.3
6.3
4.1
2.5
1.2
4.4
8.7
4.4
1.7
2.4
4.4
-0.3
2.2
3.7
4.0
1.6
9.2
5.1
4.4
3.3
4.2
2.4
2.9
3.4
3.3
2.4
1.8
3.1
3.9
2.4
8.9
2.9
1.8
0.7
2.3
7.4
5.9
0.9
1.3
5.3
3.6
2.0
3.4
2.6
0.8
7.4
6.7
4.0
3.6
3.2
2.7
2.8
3.1
2.6
3.7
2.7
2.7
4.1
3.4
10.1
4.4
2.5
3.7
5.5
7.0
5.4
2.2
1.7
4.9
2.6
3.4
1.7
2.3
1.4
8.6
8.3
5.8
4.1
4.3
3.8
2.6
2.7
4.8
3.7
2.9
2.1
5.1
1.6
7.5
5.3
2.3
3.3
3.5
6.5
5.4
1.7
2.2
6.6
4.1
3.9
3.5
2.7
2.4
9.0
10.5
7.0
3.5
3.3
3.8
3.6
1.9
2.4
1.4
1.0
1.1
3.6
-0.8
-4.2
0.3
-0.1
1.1
-0.2
2.1
-2.1
-1.2
-1.0
-0.7
3.9
1.8
-1.8
0.1
0.0
1.7
5.8
3.4
0.9
-0.6
2.2
-1.0
-0.4
1.5
-3.8
-2.8
-2.8
-1.9
-5.7
-14.1
-8.5
-3.1
-5.1
-3.1
-2.5
-5.5
-5.5
-5.5
-4.1
-2.6
-3.7
1.5
-1.6
-2.9
-0.8
-4.9
-7.8
-3.7
-5.0
-1.9
-4.0
-3.2
2.6
2.1
2.4
3.2
1.3
1.6
3.3
3.3
1.7
4.2
-4.9
6.8
-0.8
1.7
4.7
2.9
2.9
1.6
0.2
0.5
1.9
14.8
4.4
1.2
-0.3
6.6
3.0
1.8
2.4
2.4
2.7
1.8
2.6
0.5
1.1
8.3
2.8
1.7
3.0
-7.1
4.9
1.4
0.4
-0.6
1.7
1.7
1.0
2.2
1.2
-1.6
5.2
3.2
0.6
0.4
3.7
1.9
1.0
1.9
3.6
0.8
-0.2
1.8
-2.4
-0.5
3.2
-0.2
0.0
0.7
-6.4
1.5
0.9
-2.4
2.0
0.3
0.8
-1.0
2.8
3.2
-3.2
1.3
2.0
-2.3
-1.4
0.8
1.0
0.3
2.3
2.8
0.6
0.0
1.6
-10.0
0.7
3.0
0.4
-0.4
0.4
-5.3
3.0
1.3
-1.8
1.0
0.7
1.4
-0.6
2.5
2.3
-2.0
3.0
0.9
-1.9
-1.4
2.2
1.1
0.5
2.1
3.0
1.8
1.0
2.6
-6.0
1.6
4.0
1.6
0.5
1.5
-3.6
4.0
2.4
0.2
1.5
1.5
2.0
0.8
2.4
3.6
0.5
3.5
2.8
-0.1
0.6
2.8
1.7
1.4
2.6
Median
2.0
3.4
3.1
3.7
3.6
0.3
-3.7
2.4
1.7
0.8
0.7
1.6
Mean
2.2
3.6
3.4
4.1
4.3
0.6
-3.9
2.7
1.7
0.3
0.3
1.5
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand [1]
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.5
4.6
2.0
3.8
10.0
3.8
1.5
2.8
17.3
12.6
5.8
0.4
3.9
6.3
7.9
3.7
16.4
2.3
2.7
0.9
7.0
10.1
4.7
4.9
4.6
10.8
26.9
6.8
3.4
5.3
17.7
4.7
6.2
10.1
1.7
4.6
6.5
6.2
11.3
6.8
4.9
4.0
10.1
8.6
5.0
4.0
3.6
7.5
7.3
4.7
8.6
5.5
8.0
4.6
5.7
12.7
7.0
5.8
5.2
7.5
14.4
5.6
5.5
6.2
26.2
5.6
5.4
8.8
2.7
8.7
4.3
5.2
14.2
5.7
5.9
5.1
6.0
14.3
6.3
6.7
6.8
18.0
6.0
6.0
6.6
0.8
3.9
-0.2
3.3
9.6
3.1
4.1
2.3
2.5
3.4
4.8
13.2
5.1
17.7
8.4
0.7
5.3
-5.1
-7.8
-6.3
-1.0
9.2
-4.5
1.1
0.3
-7.1
1.7
-1.5
3.3
1.6
12.0
1.8
-1.8
-4.8
-2.2
8.6
-2.9
5.8
10.4
2.5
5.0
6.3
-2.4
27.5
7.2
5.6
3.9
16.7
7.4
10.8
1.3
-2.8
6.1
0.9
5.9
9.3
1.9
4.6
3.7
6.3
21.8
5.1
4.5
4.5
13.0
8.5
4.1
5.2
-2.0
3.7
1.5
5.6
7.8
-1.3
3.2
2.0
5.1
9.9
5.6
5.0
1.9
5.2
6.8
1.3
3.9
-1.0
5.5
1.5
5.0
8.0
-0.3
3.6
2.5
1.0
8.2
5.0
4.2
1.4
5.5
4.5
3.0
3.1
1.5
5.8
1.4
4.8
7.5
1.8
3.8
3.5
2.3
7.5
5.2
3.5
2.5
5.0
4.2
4.2
3.6
Median (Aaa to A3)
3.9
5.3
6.2
5.8
6.0
3.9
-1.0
5.8
5.1
3.9
3.6
3.8
Mean (Aaa to A3)
6.2
7.6
6.2
8.2
7.6
5.2
-0.5
6.6
6.0
3.8
3.6
4.0
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 28 •
Country
Rating
• 29 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.2
-1.3
7.2
1.2
5.5
3.9
6.4
2.4
8.1
4.8
9.3
7.6
10.3
6.3
1.3
4.2
4.2
4.0
5.2
7.3
2.9
5.0
7.1
14.4
5.3
0.8
10.2
0.9
5.6
5.7
6.7
5.3
4.3
7.8
7.0
5.0
9.6
8.9
7.4
4.3
4.1
12.3
7.5
5.0
8.5
7.2
4.6
4.5
6.3
7.8
9.4
5.0
26.4
3.4
7.9
3.2
6.4
4.7
5.9
7.2
9.5
5.7
9.7
10.1
7.8
2.7
3.2
2.5
7.2
6.8
4.2
6.4
5.3
4.8
4.6
5.8
8.4
7.5
34.5
2.5
6.7
3.9
6.5
6.7
8.8
4.7
9.6
5.5
10.7
11.2
7.8
5.6
5.2
7.1
8.5
7.7
7.9
8.2
5.6
5.2
5.1
13.4
6.9
4.1
25.0
1.4
8.4
6.1
6.4
6.9
7.9
6.0
9.3
6.3
8.9
9.6
9.8
5.7
3.3
5.4
12.1
8.9
6.3
8.5
5.5
4.5
5.0
4.8
4.7
6.5
10.8
-2.3
6.3
5.2
6.2
3.5
2.7
1.2
6.7
6.0
3.2
-3.3
2.9
5.5
1.2
3.4
10.1
9.8
7.3
5.2
3.6
1.6
2.5
3.4
0.7
7.2
9.3
-4.9
3.2
-0.3
-5.5
1.7
-1.0
-6.6
8.6
4.6
1.2
-17.7
-14.8
3.1
-6.0
-1.1
3.9
0.9
-6.6
-7.8
-1.5
-0.9
-2.3
-4.4
-4.8
2.2
5.0
0.2
4.7
7.5
0.4
4.0
5.0
-4.1
9.3
6.2
7.3
-0.9
1.5
4.2
5.3
6.0
7.6
8.8
-1.1
4.5
3.1
0.0
7.8
0.2
9.0
8.9
0.1
1.6
2.1
2.7
1.8
6.6
4.4
2.9
6.2
6.5
7.5
5.5
5.9
3.5
3.9
4.9
10.6
6.9
2.2
4.3
3.5
-1.5
0.1
-2.6
8.8
6.5
2.2
1.8
3.9
0.9
0.8
4.0
5.1
1.6
5.0
6.2
5.0
5.6
3.6
3.3
3.9
5.0
10.7
6.3
0.7
3.4
2.5
0.5
6.4
0.2
2.2
3.9
2.9
2.5
5.3
3.0
1.4
4.3
4.3
2.0
5.9
6.0
5.5
3.8
3.2
3.7
3.1
4.0
9.0
6.0
1.5
2.5
2.7
1.0
5.0
1.5
3.8
3.5
4.0
2.5
3.3
3.5
2.9
4.6
4.4
2.8
6.4
6.3
5.6
4.1
3.7
4.4
3.5
4.0
7.5
6.3
2.4
3.5
3.5
1.1
5.0
1.5
3.7
3.7
5.3
6.5
6.1
6.8
6.4
3.6
-1.1
4.8
4.1
3.7
3.6
3.7
Mean (Baa1 to Baa3)
5.6
6.6
6.8
8.1
7.4
4.3
-1.8
4.2
4.0
3.6
3.7
4.0
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [1]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.4
14.0
5.3
2.0
2.7
5.4
2.3
11.1
2.5
3.9
4.2
2.5
6.3
10.3
4.3
5.0
6.2
5.5
11.2
10.5
6.3
1.4
4.2
4.1
1.9
5.9
3.2
4.8
8.6
4.4
4.8
10.6
4.1
6.7
7.3
6.0
20.6
13.9
6.0
4.0
4.4
4.3
3.6
9.6
3.3
4.0
8.1
4.2
3.0
5.4
2.1
4.8
4.9
4.0
18.6
13.2
6.6
5.7
4.8
4.9
3.9
9.4
5.4
3.9
8.1
8.6
7.8
6.2
4.8
5.2
5.8
5.7
23.2
13.7
6.4
1.7
4.5
5.1
3.8
12.3
6.3
0.1
8.2
10.7
2.7
7.0
5.4
6.6
5.1
6.2
13.8
6.9
6.2
0.3
6.2
2.1
1.3
2.3
3.3
0.9
7.2
6.9
5.6
6.0
6.4
4.2
4.1
4.5
2.4
-14.2
5.7
-4.1
3.4
-6.9
-3.1
-3.8
0.5
-6.8
5.5
-5.7
4.8
7.0
-4.0
1.1
3.0
3.1
3.4
2.2
6.1
0.3
4.1
-2.3
1.4
6.3
2.9
1.3
2.3
2.5
3.6
8.0
13.1
7.6
4.1
3.2
3.1
4.7
6.7
0.8
5.2
0.0
2.0
7.2
4.2
1.6
2.6
2.5
5.0
7.4
4.3
3.9
4.7
-1.9
7.4
7.2
6.3
0.0
5.2
-2.0
1.6
6.5
3.0
-1.7
2.8
0.5
2.4
6.6
-1.2
6.6
3.1
3.6
9.4
6.0
5.9
0.2
4.8
-1.2
1.7
6.3
3.4
0.2
3.2
1.5
3.5
7.0
10.0
6.0
4.5
3.7
7.2
5.5
6.1
1.1
4.9
0.3
2.0
7.0
3.3
1.0
3.5
2.1
3.8
7.3
4.6
5.8
4.5
4.5
Median (Ba1 to Ba3)
4.6
5.3
4.3
5.7
6.3
5.0
0.8
3.3
4.1
3.0
4.1
4.5
Mean (Ba1 to Ba3)
5.4
5.9
6.1
7.1
7.2
4.9
-0.7
3.9
3.6
3.2
4.2
4.1
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 30 •
Notes:
[1]
Country
Rating
• 31 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.8
8.8
7.0
9.3
3.9
8.5
3.8
-0.3
2.7
3.2
0.8
5.1
4.5
3.7
2.9
1.7
6.6
7.0
2.5
4.7
2.9
6.7
5.9
7.3
9.5
-8.1
7.3
5.1
5.7
9.0
11.4
4.6
6.3
10.3
5.8
1.3
8.2
4.1
5.4
5.3
6.2
1.3
5.1
7.5
7.4
10.6
5.3
7.5
2.9
5.9
5.4
4.6
12.1
18.5
7.8
5.4
5.7
9.2
9.4
3.0
3.9
13.3
11.2
9.3
5.3
4.5
-1.3
6.0
6.1
0.9
5.7
0.7
7.5
7.3
4.3
9.0
5.4
5.6
6.2
3.0
3.0
10.3
8.4
5.3
5.4
8.5
10.0
4.7
6.0
10.8
12.1
10.7
4.4
6.8
1.9
6.1
6.6
2.9
6.5
1.4
4.8
12.5
4.2
5.8
2.3
2.5
7.7
6.0
7.4
9.8
8.2
6.2
5.9
8.7
8.6
1.2
6.2
10.2
7.3
8.5
2.2
7.1
-0.9
4.5
6.2
1.4
7.0
8.4
3.0
7.0
5.0
6.8
7.1
4.9
6.8
3.0
7.6
8.8
8.5
6.2
7.5
6.8
10.2
3.8
5.7
6.7
4.1
5.3
6.4
7.2
1.0
9.3
4.2
-0.8
1.5
8.6
7.8
8.6
4.0
3.7
6.6
3.7
6.0
-0.5
2.3
5.4
6.3
5.7
3.3
0.8
0.2
0.0
-3.0
0.1
1.4
3.5
1.0
4.7
-1.3
5.8
-2.4
-3.1
2.7
9.0
-6.0
-1.3
-2.2
1.7
6.1
2.4
3.5
-2.2
-14.8
-3.0
5.3
6.4
3.8
9.2
7.7
2.7
1.4
6.0
2.4
7.8
3.3
5.1
0.1
7.9
3.7
-1.4
5.8
7.0
7.1
6.5
3.6
3.1
7.6
4.3
8.0
-2.3
4.1
-1.6
6.8
7.6
3.1
8.9
5.5
2.0
1.0
7.1
2.3
4.5
8.0
1.8
1.9
14.0
3.7
1.5
4.4
1.5
6.8
17.4
5.4
3.0
11.3
2.1
8.2
0.4
5.2
4.1
6.0
6.8
1.2
1.9
1.5
5.2
-0.5
6.5
2.9
3.9
4.6
2.2
2.5
7.2
3.3
0.1
4.2
1.5
-0.8
12.2
5.2
3.7
9.2
3.5
6.4
1.5
0.2
5.6
5.0
7.3
1.7
3.0
2.0
2.5
0.5
6.7
3.2
3.0
3.9
2.0
2.7
7.8
3.2
0.3
5.0
2.0
3.0
13.0
4.1
3.5
5.5
4.2
6.5
1.4
0.0
3.0
5.2
7.7
2.6
3.0
2.5
2.5
1.8
7.2
3.3
4.0
3.5
3.3
2.2
8.0
3.0
1.2
5.0
2.5
3.2
12.5
4.2
3.5
6.0
4.8
6.7
1.8
2.0
2.5
5.4
7.9
Median (B1 to C)
4.9
5.8
5.7
6.2
6.8
5.7
0.9
4.7
4.4
3.6
3.1
3.3
Mean (B1 to C)
4.6
6.8
6.0
6.5
6.0
5.2
0.7
4.5
5.3
3.8
3.8
4.1
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia [2]
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
7. Inflation (CPI, % change Dec/Dec)
Country
Rating
• 32 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.4
1.2
1.7
2.1
2.5
1.2
1.1
1.2
2.2
1.1
3.1
-1.9
3.0
2.6
-0.4
2.1
2.4
1.7
1.5
0.6
2.3
0.7
9.4
4.7
2.6
1.3
0.6
1.2
1.9
2.5
2.9
2.3
2.1
4.2
0.9
5.0
0.1
2.1
2.2
3.1
0.3
2.4
2.0
0.2
2.2
2.8
1.1
2.7
1.1
2.4
1.3
5.8
3.3
3.2
0.3
1.3
1.6
3.3
2.8
1.6
2.9
2.1
2.2
2.2
3.6
1.1
1.5
1.4
3.6
1.3
2.0
2.0
-0.4
2.5
3.6
2.0
3.2
1.8
2.7
1.3
3.9
2.4
3.7
0.9
1.0
1.9
3.4
3.3
1.4
1.6
1.8
1.6
1.7
5.1
1.2
1.5
1.4
2.9
2.3
3.0
1.9
0.3
2.3
0.8
1.0
2.7
2.2
2.4
0.8
3.7
3.0
2.7
1.6
0.6
3.0
2.5
2.9
3.6
3.1
2.5
3.9
2.4
9.6
1.9
2.6
3.2
3.9
3.8
3.3
2.6
0.7
3.4
3.3
1.9
3.2
2.8
2.8
3.7
2.5
5.7
4.2
3.4
2.0
2.1
4.1
3.7
1.3
2.6
1.2
2.1
2.4
7.0
3.4
1.0
1.1
2.0
2.1
1.4
2.3
0.4
1.1
4.9
1.9
3.4
2.1
0.7
5.5
3.5
1.8
1.4
0.9
0.7
3.1
0.1
2.1
1.0
0.3
1.3
2.0
1.2
-1.7
1.8
0.9
0.7
2.6
1.5
-2.6
1.0
-1.7
1.8
-0.6
1.1
2.0
2.0
0.0
-0.5
0.0
2.1
0.8
0.6
0.3
2.8
2.7
2.8
2.3
3.1
2.4
1.6
2.8
5.7
2.8
1.8
1.3
5.2
2.9
-0.2
1.8
-0.4
2.8
3.2
1.9
4.0
2.8
2.5
4.6
1.3
2.2
3.0
2.3
0.5
3.7
1.5
3.0
3.2
3.5
2.3
3.9
2.4
3.7
2.6
2.5
2.0
2.4
5.7
1.5
3.3
-0.2
3.2
2.1
2.4
1.8
0.2
3.7
5.5
4.6
2.1
2.4
2.3
-0.7
4.2
3.0
2.2
2.8
2.3
0.9
1.1
1.9
3.5
3.5
1.3
2.1
0.8
3.8
1.7
2.3
-0.1
2.3
2.8
2.8
0.9
1.4
1.9
4.3
3.4
3.1
2.9
-0.1
-0.4
2.7
1.7
2.5
2.1
1.4
1.6
1.7
1.2
3.2
2.5
1.2
1.5
-0.6
4.2
1.6
1.4
0.5
2.0
2.3
2.0
1.3
1.8
0.9
3.7
2.0
2.1
1.2
1.7
-0.2
2.6
2.0
2.8
2.0
1.8
1.9
1.8
1.8
3.3
2.2
1.3
1.6
-0.2
3.8
1.9
1.5
1.5
1.9
2.1
2.1
1.7
1.6
1.3
3.2
2.2
1.5
1.3
2.0
0.2
2.3
2.1
Median
1.7
2.2
2.1
1.9
3.2
2.0
1.0
2.5
2.5
2.2
1.7
1.9
Mean
1.9
2.2
2.2
2.1
3.3
2.2
0.9
2.5
2.7
2.1
1.8
1.9
Australia
Austria
Belgium
Canada
Cyprus
Denmark [1]
Estonia
Finland [1]
France
Germany
Greece
Hong Kong
Ireland [1]
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia [1]
Slovenia [1]
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
Harmonized Index of Consumer Prices (HICP)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.2
6.4
0.6
1.1
3.2
1.0
-1.9
3.4
1.0
-1.4
1.2
0.2
1.6
2.3
0.6
0.4
3.1
3.8
7.9
11.2
2.4
2.4
2.8
1.2
3.1
1.3
2.8
2.1
0.7
4.4
6.8
0.3
1.5
5.0
2.5
11.3
0.0
3.7
1.6
2.2
2.4
2.6
4.1
5.6
3.2
1.9
0.8
8.8
0.7
2.0
6.2
3.4
8.5
1.6
2.6
2.8
1.7
-0.1
2.1
3.1
4.6
3.1
3.4
1.4
11.8
2.2
1.0
9.3
3.6
8.2
1.7
7.8
6.5
5.4
3.4
3.6
5.5
7.1
2.3
5.9
4.2
13.8
4.2
3.1
11.1
4.9
13.7
3.9
7.1
1.0
3.6
3.8
4.1
10.6
6.1
4.5
12.6
3.3
15.0
9.9
1.3
12.3
1.0
5.8
-1.3
-1.5
1.9
1.0
3.9
2.7
4.0
0.7
1.0
3.5
3.8
-4.9
5.1
-0.2
1.6
2.7
7.4
0.3
3.0
4.6
2.3
2.7
3.1
4.0
3.9
2.1
3.3
2.9
-2.4
5.3
1.3
0.9
2.9
9.2
1.9
4.4
4.1
2.4
2.2
4.2
4.7
6.8
3.0
4.0
4.5
1.9
5.0
2.1
0.9
1.9
7.4
1.6
1.5
2.5
2.4
1.6
1.4
2.9
5.8
1.2
2.9
2.2
1.9
4.5
1.6
0.7
2.1
6.0
1.8
2.6
3.0
1.1
2.1
2.5
3.3
4.8
2.2
3.3
1.2
3.0
3.7
2.0
1.6
2.0
5.8
1.6
3.0
3.5
1.5
2.3
3.0
3.8
4.5
2.4
3.3
1.7
4.0
3.6
1.9
1.9
Median (Aaa to A3)
1.1
2.8
2.5
2.8
5.4
4.9
1.6
2.9
4.0
1.9
2.5
3.0
Mean (Aaa to A3)
1.5
3.5
3.5
3.7
5.7
6.9
1.7
2.8
3.8
2.6
2.7
2.9
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait [1]
Macao [1]
Malaysia
Oman [1]
Poland
Qatar [1]
Saudi Arabia [1]
Taiwan
United Arab Emirates [1]
• 33 •
Notes:
[1]
Annual average
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 34 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.6
2.1
1.7
9.3
5.6
6.4
9.8
2.8
3.7
5.2
6.8
3.7
-1.3
3.9
4.0
2.6
0.0
2.5
14.1
12.0
-1.6
1.6
1.7
3.0
18.4
10.2
10.4
1.9
2.2
7.6
4.0
5.5
13.1
3.9
3.8
6.4
6.7
7.3
2.8
5.6
5.2
4.3
1.2
3.5
9.2
11.7
2.2
2.1
3.0
5.6
9.4
7.6
5.5
1.8
2.6
5.7
6.5
4.8
14.1
4.1
5.5
17.1
7.6
7.0
3.0
3.9
3.3
3.5
3.4
1.5
8.8
10.9
2.0
3.1
5.8
7.2
7.7
4.9
11.4
2.2
2.0
3.1
6.5
4.5
9.4
7.0
6.8
6.6
8.4
6.8
4.4
11.9
4.0
6.0
2.2
1.1
5.0
9.0
4.8
2.3
3.6
9.1
9.7
6.4
19.5
2.9
3.3
4.5
12.5
5.7
10.8
5.9
5.5
5.8
18.8
14.1
8.1
8.7
3.8
7.1
6.4
3.9
6.7
11.9
7.6
2.3
3.1
7.6
8.4
8.5
15.4
4.5
3.5
5.9
7.8
7.6
13.9
18.1
9.6
11.1
9.5
10.6
8.6
6.7
6.5
10.9
6.8
6.7
6.4
13.3
9.3
4.6
0.4
14.5
10.1
9.2
0.7
1.6
2.8
4.3
0.6
1.9
4.1
7.5
14.9
2.8
6.2
-1.2
0.0
1.5
3.6
7.0
1.9
0.2
4.8
8.8
6.0
0.7
3.5
1.3
6.5
5.9
7.9
1.5
2.0
5.9
4.5
3.1
5.8
2.5
9.7
7.0
7.8
2.5
5.1
6.1
4.4
3.1
4.9
2.1
8.0
8.8
3.4
3.2
3.1
13.4
6.4
6.9
5.6
3.2
-0.4
6.5
2.8
3.7
4.7
5.3
6.3
3.8
7.4
4.1
3.4
4.8
3.8
7.2
6.3
4.7
3.1
6.1
6.4
4.6
3.5
5.3
10.4
8.6
-0.3
2.3
1.2
5.8
4.2
2.4
4.5
4.2
8.0
4.3
6.0
1.6
2.9
3.2
3.6
6.3
5.7
2.6
5.0
6.6
5.7
2.5
3.6
7.2
6.2
7.5
5.0
2.0
2.6
5.9
2.8
2.9
4.8
4.1
10.8
6.0
6.6
1.9
2.5
6.0
3.8
5.8
5.0
2.2
4.2
6.4
5.8
2.5
3.0
4.0
7.0
7.5
5.5
2.0
2.1
6.2
3.4
3.2
5.0
3.9
10.2
5.8
6.6
2.2
3.0
5.1
3.9
5.4
4.8
2.0
3.5
6.0
5.8
2.6
2.4
4.0
6.4
7.0
3.7
5.3
5.2
6.2
6.9
8.9
3.1
5.0
4.8
4.3
4.5
4.4
Mean (Baa1 to Baa3)
5.1
5.6
5.8
5.9
7.8
8.9
3.8
5.4
5.0
4.3
4.7
4.5
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Annual average
Country
Rating
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan [2]
Montenegro [3]
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
• 35 •
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
76.6
8.6
5.0
0.3
4.0
1.7
2.5
7.1
5.9
5.7
1.6
6.7
1.8
23.8
9.3
2.5
13.1
4.4
31.0
2.0
5.6
4.3
4.7
2.7
5.4
7.5
9.2
5.5
3.4
4.3
0.5
10.0
2.7
7.1
9.1
1.2
18.5
-0.2
7.4
7.3
5.0
3.7
4.3
6.1
8.6
3.3
3.5
1.8
2.1
11.6
9.7
5.9
15.4
3.9
12.2
5.2
7.5
5.7
3.1
2.1
4.9
8.8
5.8
6.5
6.3
2.0
3.3
8.5
12.5
4.1
4.7
3.3
11.8
6.6
9.2
4.8
11.7
5.8
4.9
11.0
8.7
7.4
4.7
8.0
2.0
6.6
6.1
3.7
8.8
5.1
13.2
5.2
10.0
7.2
11.8
2.8
5.5
5.6
9.4
3.5
13.9
6.9
4.2
15.1
7.6
7.8
9.3
4.1
14.0
6.5
2.2
4.3
0.2
2.0
-0.2
3.0
-0.3
5.6
-0.7
1.5
-1.5
13.9
2.0
4.4
1.3
4.1
15.3
9.5
8.7
6.6
7.1
1.8
2.1
11.2
5.4
4.7
5.0
0.7
2.2
11.7
7.5
3.6
10.3
4.0
11.4
4.7
10.2
9.5
6.9
2.1
5.1
2.0
6.2
4.1
4.4
2.8
0.9
10.3
5.1
4.2
15.3
4.9
9.0
3.2
8.6
4.5
4.6
4.7
0.8
-1.4
3.4
5.0
4.8
5.1
2.6
12.0
5.0
2.9
4.4
5.2
8.0
4.0
7.5
4.8
4.4
3.2
3.9
3.5
4.5
3.0
5.9
2.8
2.5
9.5
5.2
3.9
4.5
5.0
8.0
4.0
7.8
5.0
4.2
2.3
3.5
4.4
4.7
3.0
3.2
2.6
2.5
7.0
5.1
4.0
4.0
4.0
5.4
5.0
5.4
5.4
6.6
7.4
2.1
6.0
5.0
4.6
4.5
4.0
10.0
6.5
6.5
5.9
7.0
8.0
3.5
6.5
6.1
4.7
4.8
4.4
Notes:
[1]
[2]
[3]
Annual average
Total Retail Price Index (RPI) for 2003 to 2007; Total Consumer Price Index (CPI) for 2008 to 2012
Country
Rating
• 36 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.3
3.7
25.5
2.3
0.6
0.5
-1.0
42.6
6.1
3.2
4.2
31.0
6.8
14.1
8.3
1.3
15.7
4.7
6.5
2.6
8.4
-1.4
7.3
2.2
8.2
27.0
3.0
17.2
2.1
6.1
14.6
3.1
0.5
5.6
3.0
28.7
1.9
8.1
3.3
16.1
9.2
13.7
16.3
1.7
12.5
10.6
9.3
7.0
2.4
1.7
12.9
1.7
12.3
19.0
9.6
17.5
2.0
12.3
8.0
4.2
4.3
6.7
3.7
7.4
3.1
8.8
2.7
13.6
7.7
12.9
7.6
-0.7
10.0
9.2
9.6
9.8
4.7
1.3
7.5
3.9
10.3
14.2
8.7
15.9
2.6
9.8
6.5
2.9
4.6
2.8
5.7
5.0
2.9
4.2
3.1
10.7
5.3
5.6
15.6
5.6
14.1
4.8
9.4
7.1
-1.0
4.0
13.5
4.8
11.6
16.8
6.6
8.2
3.0
8.5
12.0
4.1
4.9
10.8
2.8
8.9
3.3
11.0
4.3
12.8
8.9
16.8
12.0
4.1
13.1
14.1
16.9
7.4
3.2
6.1
18.7
8.3
16.6
22.4
12.6
8.9
2.2
7.2
13.4
4.4
3.8
12.5
-0.1
4.5
8.8
11.7
6.6
18.3
10.8
16.9
26.8
10.8
7.3
23.2
13.8
19.3
11.3
4.3
13.9
8.7
22.3
30.9
20.0
16.6
3.7
7.7
9.9
-0.4
0.0
5.3
-0.1
5.8
4.3
16.2
6.8
16.2
3.0
10.2
5.3
1.2
0.4
1.9
0.9
9.6
5.7
-2.8
5.0
-1.6
12.3
25.1
6.5
9.9
3.3
10.9
10.0
0.0
3.1
3.1
1.6
6.2
3.3
11.7
5.0
8.8
6.5
11.8
4.5
4.5
8.1
14.3
9.2
11.8
7.2
4.3
6.8
2.0
9.1
27.2
11.8
7.9
1.7
9.5
108.7
2.5
3.1
4.9
2.5
7.8
5.4
11.1
7.7
8.8
5.6
6.0
18.9
5.0
7.8
9.4
8.0
13.3
6.8
2.7
4.9
4.7
4.6
27.5
18.1
7.2
2.4
10.8
21.7
0.6
1.9
3.0
3.2
3.9
4.2
8.6
1.5
8.9
5.4
8.0
3.2
6.6
4.1
14.2
6.6
11.3
1.6
1.1
9.2
1.0
-0.2
20.0
6.8
7.3
2.6
11.5
20.0
2.0
1.7
3.5
3.0
5.5
4.2
8.2
4.0
8.4
5.6
7.8
7.0
6.7
4.3
10.0
7.3
9.1
4.0
1.6
7.0
2.4
2.8
29.0
4.5
6.0
2.9
10.0
16.0
2.0
2.3
4.0
3.0
5.0
4.5
13.7
4.0
8.2
5.7
6.5
5.0
2.4
5.6
8.5
7.0
10.0
4.0
1.6
6.7
2.5
4.7
27.0
5.5
6.0
Median (B1 to C)
5.4
8.7
7.7
5.6
8.9
11.5
5.3
7.0
7.0
4.8
5.6
5.2
Mean (B1 to C)
9.1
9.0
7.5
6.9
9.9
12.5
6.0
7.6
11.6
6.3
6.8
6.6
Albania
Argentina [1]
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon [3]
Moldova
Mongolia
Nicaragua
Pakistan [4]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
Official figures
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Annual average
Annual average
8. Unemployment Rate (%)
Country
Rating
• 37 •
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.9
4.3
8.2
7.6
4.1
5.4
10.0
9.0
8.9
9.8
9.8
7.9
4.6
8.4
5.3
3.8
7.7
4.1
4.8
4.2
7.1
4.0
17.7
6.7
11.4
6.6
3.7
5.0
6.0
5.4
5.0
8.3
7.2
4.6
5.5
9.6
8.8
9.3
10.5
10.5
6.8
4.5
8.0
4.7
5.0
7.2
5.1
4.0
4.3
7.5
3.4
18.4
6.3
10.9
7.4
3.9
4.7
5.5
5.1
5.2
8.4
6.8
5.4
4.8
7.9
8.4
9.3
11.3
9.9
5.6
4.4
7.7
4.4
4.6
7.3
5.3
3.8
4.5
8.6
3.1
16.4
6.5
9.2
7.6
3.8
4.8
5.1
4.8
4.7
8.2
6.3
4.5
3.9
6.0
7.7
9.2
10.2
8.9
4.8
4.5
6.8
4.1
4.6
6.9
4.3
3.8
3.4
8.6
2.6
13.5
6.0
8.5
7.0
3.3
5.4
4.6
4.4
4.4
7.5
6.0
3.9
3.8
4.7
6.9
8.4
8.7
8.3
4.0
4.7
6.1
3.8
4.2
6.5
3.6
3.7
2.5
8.9
2.1
11.2
4.8
8.3
6.1
2.8
5.3
4.6
4.3
3.8
7.1
6.1
3.7
3.4
5.6
6.4
7.8
7.5
7.7
3.5
6.4
6.8
4.0
4.8
6.0
3.1
4.2
2.6
8.5
2.2
9.6
4.4
11.4
6.2
2.6
5.6
5.8
5.6
4.8
7.8
8.3
5.4
6.0
13.8
8.2
9.5
7.8
9.5
5.2
12.0
7.8
5.1
5.2
6.9
3.7
6.2
3.2
10.6
3.0
12.1
5.9
18.0
8.3
3.7
7.6
9.3
5.2
4.4
8.2
8.0
6.3
7.4
16.9
8.4
9.7
7.1
12.6
4.3
13.9
8.4
5.0
4.6
6.9
4.5
6.6
3.6
12.0
2.2
14.5
7.3
20.1
8.6
3.5
7.8
9.6
5.1
4.2
7.2
7.4
7.9
7.6
12.5
7.8
9.6
6.0
17.7
3.4
14.7
8.4
4.6
4.8
6.5
4.4
6.5
3.3
12.9
2.0
13.6
8.2
21.7
7.8
2.8
8.0
8.9
5.2
4.4
7.6
7.2
11.8
7.5
10.2
7.7
10.2
5.5
24.3
3.3
14.7
10.6
4.4
5.1
6.4
5.3
6.9
3.2
15.9
2.0
14.0
8.9
25.0
8.0
2.9
8.0
8.1
5.3
4.7
8.1
7.2
15.2
7.5
9.7
8.2
11.0
5.5
27.0
3.4
13.7
12.0
4.3
5.6
6.4
6.9
6.3
3.3
17.9
2.0
14.4
10.0
27.4
7.9
3.0
8.1
7.7
5.5
4.7
8.1
7.0
16.5
7.4
9.0
8.1
11.2
5.5
28.0
3.3
12.8
12.5
4.3
5.7
6.3
7.2
5.9
3.2
18.2
2.0
14.1
10.3
26.9
7.7
2.9
8.0
7.2
9. Gross Investment/GDP
Country
Rating
• 38 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
26.5
23.1
19.4
20.6
17.0
19.6
33.1
19.4
18.5
17.9
24.5
22.4
23.3
20.9
22.4
22.1
17.7
19.3
23.9
18.1
23.5
16.1
24.6
25.4
27.4
17.1
20.7
16.8
18.7
27.1
22.8
20.9
21.5
19.8
20.4
33.1
20.0
19.2
17.6
22.5
22.4
24.7
21.0
22.5
21.7
18.2
19.0
25.2
20.3
24.0
21.7
26.3
27.5
28.3
17.0
21.0
17.1
19.7
28.0
22.7
21.9
22.8
19.8
20.8
33.8
21.9
20.0
17.3
21.4
21.1
27.2
20.9
22.5
22.4
21.0
19.0
25.2
21.5
23.5
20.0
28.9
27.2
29.5
17.7
21.9
17.0
20.3
27.3
22.3
22.4
23.6
20.6
22.7
38.7
21.3
20.9
18.1
24.6
22.3
28.1
21.8
22.7
20.3
21.9
20.0
22.7
23.0
23.1
21.1
28.0
28.9
30.9
18.7
22.7
17.4
20.6
28.5
23.1
23.0
24.0
21.6
23.4
38.6
22.9
22.0
19.3
26.7
21.4
26.2
22.1
22.9
21.0
21.6
20.4
24.8
25.8
22.8
22.2
27.8
31.9
31.0
20.3
22.5
18.3
19.6
28.9
22.8
24.0
24.0
23.3
22.4
30.0
22.3
21.9
19.3
24.0
21.0
21.8
21.6
23.0
21.5
20.0
20.5
21.9
24.5
23.2
29.3
27.7
31.8
29.1
20.2
22.1
17.1
18.1
27.4
21.0
19.8
21.8
19.4
16.9
18.5
18.6
18.9
16.5
18.6
21.8
15.0
18.9
19.7
16.5
18.2
18.4
18.2
22.3
20.2
25.0
19.5
22.1
24.0
16.5
19.3
14.1
14.7
26.9
21.6
20.6
23.3
19.8
16.8
20.3
18.6
19.3
17.5
17.5
23.9
11.6
20.1
19.8
19.4
16.9
18.0
19.7
23.3
20.2
21.4
22.6
21.1
22.8
18.7
20.0
15.0
15.5
27.4
23.2
21.7
23.6
17.5
17.6
24.8
20.9
20.6
18.3
16.1
24.1
10.1
19.5
20.0
21.1
12.9
18.1
19.9
24.1
17.8
22.2
23.9
20.1
21.5
19.6
20.8
14.6
15.5
28.9
22.8
21.0
24.5
13.1
17.5
27.6
18.8
19.7
17.2
13.6
26.0
10.0
17.6
20.6
21.6
12.4
17.3
19.6
25.0
16.0
27.0
20.8
17.0
19.6
18.6
20.6
14.3
16.2
29.2
22.7
20.4
24.2
12.4
17.6
28.4
18.4
19.2
17.2
13.9
26.1
10.2
16.7
21.1
21.3
12.8
16.6
20.1
25.7
15.3
22.6
20.7
15.6
18.9
19.6
20.5
14.0
17.0
29.1
22.3
20.5
24.6
12.2
17.5
29.0
17.9
19.3
17.4
14.8
25.9
11.0
17.0
21.3
19.8
13.3
16.4
20.8
25.7
15.5
22.1
20.8
15.6
19.0
19.8
21.1
13.9
17.2
Median
20.7
21.5
21.9
22.4
22.9
22.4
18.9
19.8
20.1
19.6
19.2
19.3
Mean
21.4
22.2
22.7
23.3
24.0
23.4
19.4
19.7
19.9
19.5
19.3
19.3
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand [1]
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
30.1
—
21.8
41.0
27.0
16.8
29.9
16.6
14.3
24.6
22.3
18.7
34.9
21.3
19.9
21.4
—
31.5
—
20.3
43.0
27.1
16.9
29.9
18.2
16.8
24.5
25.6
20.1
33.4
19.9
23.7
19.3
—
27.2
—
22.0
41.6
26.5
18.3
29.7
16.4
26.5
22.4
23.1
19.3
33.8
20.2
22.7
19.2
—
25.9
—
20.7
41.8
27.7
18.2
29.6
16.2
34.4
22.7
26.2
21.1
34.1
22.2
22.7
18.2
—
30.8
—
20.6
41.7
29.8
18.8
29.4
20.5
37.5
23.4
31.7
24.4
33.7
26.5
22.1
23.8
—
34.4
—
26.0
43.9
28.9
17.9
31.2
17.6
31.0
21.5
33.6
23.9
29.3
27.3
22.4
22.6
—
37.9
—
20.3
47.5
23.8
15.4
26.3
18.0
18.9
17.8
25.4
20.3
35.9
31.7
17.7
26.8
—
35.4
—
22.4
48.0
24.8
14.7
29.5
20.3
13.3
23.1
24.9
21.0
30.4
30.7
22.4
29.6
—
38.7
—
23.5
49.2
24.5
17.6
29.5
15.6
13.8
23.6
28.6
22.1
25.4
27.0
20.7
28.1
—
35.6
—
25.0
48.3
23.6
19.3
27.6
17.2
14.7
25.5
29.0
20.7
25.9
26.6
19.9
24.5
—
35.8
—
27.1
47.6
22.6
19.4
27.0
18.4
15.0
26.1
31.8
19.9
27.0
28.6
20.6
23.2
—
36.2
—
28.3
47.2
22.5
19.5
26.2
19.7
15.5
26.2
32.2
19.9
27.5
30.8
20.6
24.4
Median (Aaa to A3)
21.8
23.7
22.7
22.7
26.5
27.3
23.8
24.8
24.5
25.0
26.1
26.2
Mean (Aaa to A3)
24.1
24.7
24.6
25.5
27.6
27.4
25.6
26.0
25.9
25.5
26.0
26.4
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 39 •
Country
Rating
• 40 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
53.2
22.1
20.9
15.8
21.2
18.7
20.6
19.8
26.2
19.5
28.9
28.4
21.4
23.7
22.9
19.4
19.0
18.4
22.0
20.9
16.7
—
25.0
25.2
17.6
15.2
58.0
21.2
24.9
17.1
22.7
19.4
23.1
23.5
32.5
22.4
26.3
32.8
22.3
24.4
24.9
19.1
18.7
17.9
23.7
20.9
18.1
—
26.8
19.9
19.4
17.5
41.5
25.3
24.5
16.2
27.6
20.2
24.3
28.2
34.3
23.6
30.1
33.6
23.6
22.7
24.4
19.7
18.4
17.9
23.3
20.1
18.0
—
31.4
30.2
20.0
17.7
29.9
30.3
24.4
16.8
32.1
22.4
26.4
35.6
35.9
24.1
33.4
39.1
26.0
26.7
26.2
22.3
19.5
20.0
26.5
21.2
19.7
—
28.3
15.6
22.1
19.5
21.5
28.2
27.0
18.3
34.1
23.0
24.7
29.0
38.0
24.9
35.5
40.0
31.2
26.9
26.5
23.7
24.1
22.8
31.0
24.2
21.2
—
26.4
12.9
21.1
19.5
18.7
24.5
33.9
20.7
37.5
23.5
27.6
24.6
35.5
27.7
27.5
31.2
27.1
27.3
26.9
25.4
27.6
26.9
31.3
25.5
22.7
—
29.1
11.1
21.8
23.2
18.9
23.9
27.3
17.8
29.4
22.4
16.3
13.9
36.3
31.1
29.4
20.5
11.4
21.3
23.8
22.3
25.6
20.7
25.4
18.9
19.5
—
21.2
15.5
14.9
19.7
18.1
21.5
31.0
20.2
22.9
22.1
20.6
12.5
37.0
32.0
25.3
19.8
17.8
23.6
23.9
21.1
24.4
25.3
25.6
22.6
19.2
—
25.9
14.7
19.5
18.8
19.1
24.0
24.7
19.7
21.9
23.7
21.6
14.3
35.4
32.0
22.8
25.3
20.5
26.0
25.1
20.0
26.2
25.5
26.9
25.5
19.5
—
26.6
15.2
23.6
19.5
22.6
26.5
26.5
17.6
23.8
23.5
21.2
14.6
35.3
33.2
23.6
25.9
17.1
24.3
24.7
21.2
28.0
26.9
27.0
26.0
19.4
—
29.8
15.3
20.3
19.8
22.4
30.0
26.0
18.1
24.0
24.5
21.3
13.4
36.3
32.0
24.4
26.7
16.9
23.3
25.5
21.7
28.0
27.0
28.5
26.6
20.4
—
30.7
15.5
20.8
19.5
22.2
30.5
26.0
19.0
23.5
25.3
21.5
14.5
36.6
32.5
25.1
27.2
16.8
24.4
26.0
22.1
27.0
27.5
30.4
27.5
20.6
—
30.9
16.0
22.7
19.4
20.9
22.4
23.6
26.0
24.9
26.9
21.2
22.1
23.7
23.8
24.4
25.1
Mean (Baa1 to Baa3)
22.5
23.9
24.7
25.8
26.2
26.4
21.9
22.6
23.4
23.8
24.1
24.6
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
13.8
24.3
23.4
18.1
13.2
27.1
17.0
31.3
20.3
23.6
20.8
15.4
27.4
8.6
17.0
23.0
26.9
23.3
9.9
24.9
24.0
18.9
11.1
26.5
16.2
31.9
20.8
25.9
27.4
16.6
29.1
7.4
16.6
21.6
15.2
23.3
8.8
30.5
24.5
19.0
14.4
27.0
16.1
33.5
19.7
24.5
34.1
17.7
28.8
5.5
17.0
21.6
17.7
21.7
15.4
35.9
24.7
19.9
14.0
29.1
16.8
30.9
20.8
24.1
30.1
25.4
29.4
8.3
17.1
18.0
9.4
23.4
13.5
37.8
24.5
20.8
15.1
29.1
16.3
32.1
20.8
22.4
30.4
33.8
32.5
9.2
15.8
17.3
11.2
23.7
16.2
40.9
24.2
17.3
17.5
30.4
15.2
26.0
16.4
23.5
25.7
40.7
38.1
8.3
16.4
19.3
15.6
25.7
15.2
34.7
24.4
15.0
16.9
24.9
13.4
13.0
13.1
18.0
24.4
27.1
35.6
12.1
13.8
16.6
21.8
24.6
12.7
32.9
24.4
14.2
17.0
20.9
13.3
21.6
13.9
18.7
23.1
22.8
35.0
13.6
16.2
20.5
19.8
26.3
11.4
27.3
25.2
14.8
19.3
20.4
14.4
26.2
14.6
19.5
24.6
19.5
36.0
15.8
16.2
21.7
21.1
23.2
11.4
23.8
25.4
15.0
18.8
19.4
14.2
29.0
14.8
17.4
25.4
18.5
37.5
19.8
14.3
19.4
20.3
23.7
13.2
22.2
25.8
15.6
19.9
19.1
14.5
27.1
15.2
16.7
27.3
20.3
35.8
23.3
14.2
20.0
18.7
24.1
14.4
22.3
26.3
16.3
19.6
19.5
14.7
26.5
15.7
15.8
27.3
19.7
34.7
24.3
13.7
20.5
16.8
24.5
Median (Ba1 to Ba3)
21.9
21.2
20.6
22.1
21.6
21.4
17.4
20.1
20.0
19.4
20.0
19.6
Mean (Ba1 to Ba3)
20.8
20.4
21.2
21.8
22.6
23.2
20.3
20.4
20.6
20.4
20.7
20.7
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 41 •
Notes:
[1]
Country
Rating
• 42 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
38.7
14.1
25.0
20.5
28.4
20.1
8.5
15.0
19.6
17.0
21.9
23.0
25.3
26.2
16.5
20.1
23.2
31.9
21.9
16.8
19.9
22.3
22.0
27.6
22.0
15.2
35.4
25.5
33.4
18.7
28.7
19.6
26.6
16.2
8.8
14.9
20.2
16.9
23.3
28.4
29.7
26.5
17.1
22.8
26.4
31.0
24.1
16.6
20.0
21.6
25.3
26.6
21.2
21.8
35.5
24.9
35.8
20.9
28.5
21.1
26.3
18.5
10.8
16.5
21.6
18.0
24.0
29.0
27.6
26.9
16.9
21.8
30.8
37.5
25.9
19.1
19.8
24.5
26.8
26.6
22.6
23.0
35.6
23.7
36.2
23.0
32.2
18.9
20.5
22.5
11.7
18.4
22.5
18.7
24.1
21.6
28.3
28.4
17.9
22.1
32.7
35.6
26.5
22.1
19.8
24.7
28.0
28.5
24.8
26.9
36.8
22.1
36.3
24.2
34.1
19.6
26.4
21.2
10.2
18.9
22.7
20.9
21.1
20.1
33.7
26.5
19.0
27.8
38.1
38.0
29.5
22.5
19.6
29.3
28.0
27.2
28.2
30.3
43.1
22.0
40.0
25.1
37.6
27.1
28.3
18.6
14.8
18.3
26.4
22.4
23.5
21.5
36.1
24.4
19.2
30.2
39.2
43.0
29.7
22.1
20.0
31.3
27.6
29.2
27.9
26.8
39.7
21.1
35.7
21.2
37.3
22.0
20.9
21.4
11.2
14.8
25.0
19.2
21.0
20.7
20.6
21.0
19.9
34.2
23.1
34.5
23.0
18.2
19.9
22.4
24.4
24.2
17.1
25.8
38.1
21.0
31.9
24.5
41.2
18.0
21.9
17.4
10.4
16.5
27.2
19.5
17.0
25.7
21.9
20.2
19.8
33.2
23.5
40.6
21.9
15.6
17.8
22.9
27.6
25.5
18.5
22.0
38.9
22.6
30.7
26.2
37.6
19.0
15.8
17.1
11.7
16.4
28.5
17.1
16.0
24.3
27.4
21.3
18.7
26.7
24.2
62.1
23.4
13.1
15.6
27.3
30.0
25.4
20.7
23.1
32.6
25.0
28.5
20.9
34.5
19.0
19.3
17.2
11.4
16.4
29.2
16.7
18.0
25.9
25.5
25.7
18.9
24.7
23.4
60.6
25.4
12.5
17.0
27.8
30.6
26.5
18.3
26.0
33.0
25.1
28.4
20.2
37.6
19.5
19.7
17.8
12.4
14.3
28.7
15.7
20.0
25.6
25.8
26.1
19.1
24.0
22.7
58.6
25.0
12.5
19.0
28.5
31.6
27.6
19.2
26.0
30.0
24.8
27.2
23.0
37.5
19.8
19.0
18.3
12.4
15.8
28.4
14.1
20.0
24.1
23.7
27.0
19.5
24.5
22.1
56.8
24.5
12.1
20.0
29.3
32.7
28.1
19.4
25.0
28.0
24.5
Median (B1 to C)
21.9
23.1
23.8
23.6
26.5
27.0
21.3
21.9
23.8
24.9
24.4
23.9
Mean (B1 to C)
22.3
23.1
24.3
24.9
26.4
27.5
23.5
23.7
24.2
24.2
24.3
24.2
Albania
Argentina
Belarus
Belize
Bosnia and Herzegovina [1]
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Series break in 2004; IMF estimates prior to 2004
10. Gross Domestic Saving/GDP
Country
Rating
• 43 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
23.8
26.4
24.8
24.5
15.8
25.9
25.7
26.2
19.4
21.8
12.2
31.5
37.8
21.4
24.1
45.9
17.8
25.6
23.6
31.0
16.7
42.7
22.7
25.2
25.0
24.0
27.2
14.5
14.2
24.5
26.8
25.8
26.0
17.3
25.2
26.0
26.5
19.6
22.7
12.4
31.1
38.1
21.7
24.5
45.9
15.9
26.4
23.5
33.7
15.7
47.0
23.6
26.2
24.3
25.2
27.8
14.4
14.5
26.1
26.6
25.9
26.7
17.2
25.7
27.3
25.9
19.3
22.5
12.1
33.3
38.1
20.8
23.9
48.0
17.8
27.5
21.9
37.7
14.1
49.4
24.2
26.8
24.3
25.6
28.5
14.1
14.6
26.4
27.6
26.3
26.4
16.9
25.9
28.5
26.0
19.8
23.8
13.2
33.4
37.7
21.0
23.9
51.1
17.1
27.7
21.3
40.2
14.4
51.1
24.0
28.4
24.6
26.8
30.7
14.8
14.8
26.6
29.1
26.8
26.0
15.3
25.7
29.4
28.0
20.4
26.3
12.6
32.1
35.5
21.9
24.6
53.2
20.3
28.6
22.9
39.5
14.8
53.4
26.7
30.2
24.3
27.8
32.5
15.6
14.5
28.3
28.6
24.9
25.8
12.2
25.5
25.9
26.0
19.8
25.6
9.5
31.2
30.3
20.8
23.2
51.5
18.2
28.8
20.4
41.8
13.1
49.6
25.3
29.3
23.3
27.0
33.2
14.8
13.1
26.7
25.4
22.5
20.2
13.7
20.8
23.5
20.1
17.1
21.4
7.1
29.3
30.3
18.3
20.0
48.6
16.0
25.4
20.6
34.6
12.8
50.6
19.1
24.2
22.1
23.0
30.3
12.7
11.9
28.1
25.9
22.9
21.3
13.6
22.4
26.8
19.7
17.1
23.1
8.3
29.3
30.8
18.1
21.0
51.4
18.3
26.1
21.0
35.2
12.5
52.3
22.3
22.1
20.6
24.9
31.2
13.0
11.9
28.8
26.8
23.0
22.3
13.1
22.8
29.4
20.2
17.8
23.3
8.0
27.2
33.7
18.0
19.0
52.3
17.9
27.0
20.1
37.4
13.4
51.5
24.6
21.3
20.7
25.8
31.5
13.5
11.7
27.0
26.8
22.2
22.5
13.1
22.0
28.6
18.9
17.6
23.0
8.6
26.3
34.8
18.8
18.6
51.9
18.2
26.1
19.5
38.2
15.5
51.1
25.1
21.0
20.7
24.7
30.8
12.2
12.6
29.6
27.2
22.1
21.7
16.5
21.5
28.6
17.8
17.2
22.6
8.6
28.7
35.9
19.2
17.6
52.9
18.7
27.8
20.0
38.2
17.1
50.2
26.5
22.1
22.4
25.7
30.8
11.2
13.6
31.9
28.4
22.2
22.6
17.6
21.7
29.3
17.8
17.0
23.0
7.8
31.1
37.1
19.4
17.8
53.5
19.3
29.5
20.7
38.0
18.2
49.1
27.8
22.9
23.5
26.3
31.0
12.4
13.7
Median
24.5
25.2
25.7
26.0
26.6
25.6
21.4
22.3
22.8
22.2
22.1
22.9
Mean
24.7
25.2
25.7
26.3
27.1
25.8
23.1
23.8
24.2
24.0
24.5
25.2
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand [1]
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
39.4
—
25.8
43.6
25.8
16.2
32.3
34.3
49.2
43.7
40.2
16.1
68.1
41.8
29.4
31.0
—
39.7
—
29.6
46.6
28.0
17.1
34.4
42.7
57.3
44.3
40.4
17.7
69.5
46.8
29.5
29.8
—
42.5
—
30.4
47.4
29.2
18.0
31.9
52.1
58.7
44.3
48.5
18.5
69.7
52.3
28.6
34.9
—
44.2
—
35.0
50.1
30.7
18.5
31.1
57.5
63.3
44.5
51.0
19.2
69.1
51.9
30.3
36.0
—
42.8
—
33.8
51.8
32.5
17.3
31.5
55.6
65.1
43.3
48.3
21.6
71.3
51.5
31.2
31.7
—
36.6
—
27.9
53.2
31.3
16.8
31.6
58.5
64.8
43.8
55.0
19.9
74.5
55.4
29.1
31.8
—
27.4
—
27.9
52.3
27.9
18.1
30.2
48.0
63.4
38.1
41.4
20.4
66.3
41.0
28.5
32.5
—
35.9
—
28.7
52.0
28.1
17.0
32.4
55.2
69.4
40.3
48.6
19.8
73.1
47.4
32.7
36.1
—
34.9
—
26.8
51.1
28.7
17.2
31.8
62.1
72.4
39.5
53.0
20.9
67.8
53.6
30.6
41.5
—
27.8
—
25.3
50.7
28.9
18.2
31.4
65.0
73.3
37.4
57.2
21.0
69.4
53.9
29.1
37.5
—
32.1
—
28.7
50.1
28.5
18.6
30.1
62.5
71.6
33.6
55.8
21.2
63.7
53.0
29.1
36.9
—
32.1
—
31.3
49.5
28.6
19.3
28.3
61.5
71.6
33.6
52.8
21.4
58.0
53.8
28.3
36.9
Median (Aaa to A3)
34.3
39.7
42.5
44.2
42.8
36.6
32.5
36.1
39.5
37.4
33.6
33.6
Mean (Aaa to A3)
35.8
38.2
40.5
42.2
41.9
42.0
37.6
41.1
42.1
41.7
41.0
40.5
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan [1]
• 44 •
Notes:
[1]
Gross National Saving
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 45 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
27.6
24.2
39.1
18.7
10.8
15.3
18.8
16.7
26.0
23.7
34.3
15.8
15.6
25.6
21.4
12.0
24.1
18.8
14.5
31.4
18.7
—
32.0
39.6
16.6
18.3
31.3
23.2
44.1
21.0
11.3
17.1
19.9
17.9
29.9
24.9
34.9
17.2
15.2
22.6
23.1
18.9
22.4
21.5
14.7
32.6
17.7
—
31.7
34.2
16.8
20.2
47.5
22.5
47.6
19.8
12.5
18.3
18.9
15.9
30.8
27.5
38.9
19.1
16.5
17.5
22.9
22.8
24.8
23.8
13.1
33.2
17.5
—
30.9
55.8
16.5
19.6
54.4
19.5
50.3
19.7
14.6
19.5
20.3
17.4
32.0
28.7
44.1
17.5
15.9
16.2
24.9
24.4
26.7
28.7
14.4
33.8
17.2
—
32.4
40.4
17.1
18.1
56.9
20.9
52.4
19.8
14.4
19.8
19.9
18.3
32.8
28.1
43.8
19.8
18.0
17.6
24.9
21.9
31.4
29.5
17.1
33.9
18.4
—
34.4
41.6
15.9
18.5
58.1
16.8
56.3
20.9
17.0
21.0
17.8
21.8
31.4
31.0
46.3
17.5
15.2
14.1
24.7
22.1
36.8
27.1
18.2
33.3
19.6
—
32.6
51.3
17.3
18.4
46.1
14.9
48.7
17.7
20.5
20.2
16.9
22.5
30.9
31.7
41.0
19.0
9.7
11.9
22.3
13.0
43.3
24.3
19.3
24.6
18.2
—
31.3
41.5
13.8
19.6
49.8
13.3
49.9
19.2
21.0
20.3
17.9
22.6
32.8
34.4
43.9
18.5
15.8
12.3
22.7
10.8
26.1
28.0
19.8
29.8
18.6
—
33.3
34.3
14.0
18.2
48.5
11.5
60.5
19.0
21.9
22.9
16.7
22.9
32.0
36.4
45.1
20.5
17.7
13.1
23.8
13.0
26.6
29.4
21.6
32.9
18.5
—
32.3
41.5
14.9
18.7
50.0
13.3
58.5
16.2
20.1
22.3
17.1
20.9
31.3
36.6
42.0
22.6
17.8
12.5
23.6
15.8
27.4
27.9
21.9
32.2
17.1
—
31.0
41.7
15.2
18.7
49.7
17.3
59.3
18.6
20.5
21.2
17.6
21.0
30.3
36.6
40.5
22.9
18.1
12.2
23.4
15.2
28.0
26.6
23.0
31.5
16.5
—
32.1
43.3
13.8
18.5
49.3
18.8
57.2
18.6
19.3
24.0
17.7
21.5
31.4
36.7
39.3
23.4
18.0
13.7
23.4
15.2
27.0
27.3
24.0
30.8
15.6
—
32.3
43.2
15.7
18.6
18.8
21.5
22.5
20.3
20.9
21.8
20.5
21.0
22.9
22.3
22.9
23.4
Mean (Baa1 to Baa3)
22.4
23.4
25.4
25.9
26.8
27.5
24.9
25.1
26.5
26.1
26.3
26.5
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
20.3
6.5
18.6
14.7
12.4
19.4
1.1
17.9
5.9
19.8
0.3
-1.0
24.5
13.0
31.3
23.3
17.0
19.9
25.9
7.4
19.5
9.8
15.9
20.3
-1.1
12.7
5.7
22.3
-2.7
0.6
24.2
19.3
29.2
23.4
7.9
20.8
38.6
14.0
20.0
9.8
17.7
20.8
-2.4
15.7
3.8
22.4
-7.4
0.2
23.2
18.0
28.3
23.5
11.3
21.3
53.1
17.7
20.2
14.9
22.9
22.4
-3.7
5.9
3.9
23.2
-5.7
-4.3
24.0
29.9
26.2
22.4
13.6
21.6
43.9
18.2
20.4
15.8
22.9
21.8
-6.1
7.4
4.1
23.3
-7.3
-8.5
23.4
12.7
25.1
22.1
17.5
21.8
41.3
18.2
20.3
9.5
24.6
22.7
-7.6
-2.7
1.7
24.0
-1.1
-13.8
24.7
23.4
20.7
21.4
25.6
22.6
14.7
6.3
20.1
11.3
19.9
21.4
-2.0
-6.1
3.9
22.9
3.1
-6.2
24.7
12.5
20.1
22.2
27.2
21.7
32.1
4.9
20.1
9.0
24.0
20.5
-3.6
4.1
3.4
25.2
1.9
-5.6
25.2
26.1
19.3
25.0
34.8
21.0
34.6
3.4
19.3
6.6
25.4
20.3
-4.1
7.8
3.9
26.2
-3.6
-6.5
23.3
33.2
16.5
24.9
27.4
15.9
31.8
-1.4
19.4
13.5
23.4
20.1
-4.2
10.1
4.1
25.2
-4.5
-4.9
22.3
27.9
18.6
22.3
25.3
14.5
31.7
-0.4
19.6
13.7
24.0
19.8
-4.3
10.9
3.4
27.1
-4.8
-2.6
23.1
30.6
18.4
22.4
22.6
15.5
31.1
2.5
19.0
13.8
23.2
20.3
-4.3
12.8
3.4
29.0
-3.6
-1.8
24.3
29.1
18.8
22.6
18.6
16.4
Median (Ba1 to Ba3)
17.5
17.6
17.9
20.9
19.3
21.0
17.3
20.3
17.9
19.0
19.0
18.7
Mean (Ba1 to Ba3)
14.7
14.5
15.5
17.1
15.5
15.3
13.2
16.0
15.2
14.6
15.0
15.3
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname [2]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 46 •
Notes:
[1]
[2]
• 47 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji [2]
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
St. Vincent and the Grenadines [3]
Ukraine
Venezuela
Vietnam
Zambia
13.9
25.4
21.5
7.9
-11.4
9.1
7.8
14.6
17.5
14.3
19.6
7.0
11.2
11.3
4.7
6.9
-10.3
16.5
1.7
17.4
35.3
10.2
16.0
13.4
24.6
32.3
30.6
12.4
11.0
26.1
25.7
10.9
-12.4
8.5
9.5
15.7
18.6
15.6
14.0
7.4
11.0
12.2
6.6
7.3
-4.0
21.3
3.3
17.6
33.3
9.0
16.4
9.8
28.8
38.8
33.4
22.7
11.1
26.8
27.2
13.7
-12.4
9.9
13.5
11.0
20.8
15.7
13.9
3.8
9.1
7.0
7.2
8.2
-9.9
32.7
3.0
15.2
29.6
9.1
17.9
10.2
23.5
42.2
34.5
21.6
12.6
28.6
29.3
19.8
-6.0
15.6
12.0
10.4
23.4
17.1
4.7
6.1
7.3
7.9
7.1
16.8
-13.9
41.5
3.8
14.2
36.6
7.2
17.0
9.8
21.9
41.3
36.5
30.5
9.6
28.5
29.7
17.9
-1.6
16.1
12.9
9.8
24.0
16.3
6.8
6.6
5.6
4.8
6.7
21.0
-13.5
39.4
4.9
15.4
32.4
6.9
17.6
-0.5
22.5
36.4
33.3
23.3
10.5
28.9
31.5
19.7
-0.6
14.9
11.1
4.6
26.7
16.8
5.5
3.5
3.0
-5.3
8.4
20.9
-13.6
30.0
3.8
11.0
32.7
5.0
13.9
-2.3
20.0
36.6
27.8
18.0
9.1
26.5
28.0
18.0
1.0
15.9
13.2
6.8
23.2
12.6
12.9
10.8
2.8
3.1
5.6
24.4
-13.5
27.2
7.8
10.7
20.2
5.5
17.9
-5.0
15.4
23.4
31.3
23.9
8.8
27.8
28.7
19.9
-12.5
12.4
14.8
5.3
23.3
14.3
4.1
11.8
4.0
2.0
4.6
23.6
-15.8
33.0
7.3
9.7
20.1
7.5
19.3
-5.0
15.6
32.9
34.9
34.4
7.7
28.4
38.4
19.9
-5.6
11.1
14.7
6.1
25.8
13.0
9.0
10.5
6.3
-1.6
4.5
14.1
-16.7
37.7
7.5
8.0
18.5
10.8
15.4
-3.7
14.5
33.3
32.8
34.0
7.5
22.7
38.3
18.2
-4.3
12.1
13.0
7.2
24.6
9.1
10.5
10.8
5.1
6.0
2.4
8.6
-17.2
29.6
7.8
4.4
18.4
9.8
17.0
-3.2
9.9
28.8
39.4
34.3
7.7
22.0
35.4
18.9
-4.1
11.0
14.0
7.4
24.6
8.6
10.4
11.1
4.2
6.2
3.5
7.9
-15.7
35.2
6.7
4.8
17.7
10.7
17.7
-3.2
13.3
31.3
35.5
35.0
7.9
22.1
34.2
20.2
-3.0
10.9
13.5
8.9
24.6
8.5
11.4
12.9
4.7
6.4
4.0
9.9
-14.1
39.1
6.5
4.9
16.4
11.5
17.8
-2.6
12.6
30.2
33.0
35.4
Median (B1 to C)
13.6
13.1
13.6
14.9
15.7
12.5
13.1
13.3
12.1
10.2
10.9
11.5
Mean (B1 to C)
13.6
14.9
14.9
16.4
15.5
13.7
13.5
13.8
14.1
13.2
13.5
13.8
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
Country
Rating
• 48 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
10.9
21.0
18.6
8.3
18.7
17.4
30.9
15.8
16.0
20.7
25.1
10.7
14.4
18.2
14.0
25.5
17.7
20.5
19.1
14.9
22.3
16.3
40.8
27.0
23.8
23.0
15.8
14.0
3.8
22.9
22.4
19.1
16.1
20.4
15.1
29.0
18.5
15.7
21.3
31.9
16.3
17.5
18.2
20.4
29.9
10.1
19.3
21.0
19.8
16.2
24.1
20.2
27.4
16.4
21.5
17.4
16.9
13.4
19.8
9.4
8.1
12.8
7.8
13.7
22.9
8.4
4.8
8.7
8.3
12.0
6.0
5.7
6.4
12.9
4.3
9.7
7.0
23.3
2.0
16.6
11.8
13.9
7.1
7.9
8.6
10.4
10.6
14.7
11.5
8.8
8.0
7.5
13.2
13.0
15.7
8.2
15.6
8.7
10.5
7.1
11.9
7.7
23.2
26.0
11.0
0.3
15.1
17.5
18.0
24.7
16.7
12.0
13.6
12.5
15.4
12.7
15.9
20.7
17.5
7.7
20.0
13.8
20.9
19.2
13.8
18.7
20.0
10.4
18.2
18.7
9.7
25.0
21.4
17.7
19.5
12.5
19.7
13.7
25.4
27.0
19.4
17.6
18.9
6.5
13.0
26.8
11.4
13.9
6.3
10.5
15.7
14.8
13.3
10.3
11.6
13.7
6.2
5.7
7.2
11.1
10.5
14.3
14.7
9.6
22.3
9.9
14.9
12.2
12.9
9.1
8.5
16.2
3.8
11.1
-16.4
-21.8
-20.1
-26.7
-17.1
-21.4
-26.5
-29.9
-19.9
-19.9
-25.1
-10.7
-7.7
-23.7
-25.6
-17.8
-15.5
-17.9
-16.6
-28.5
-19.8
-16.6
-24.7
-21.9
-17.6
-25.2
-9.8
-20.3
-14.0
34.0
6.7
9.2
20.1
1.0
6.6
21.0
6.6
7.0
11.0
5.7
22.6
2.7
8.9
30.4
11.2
17.8
11.6
23.0
12.3
9.1
27.4
13.8
7.3
8.3
17.7
11.0
9.9
16.2
24.2
16.6
15.0
16.4
11.8
13.0
34.6
12.5
14.0
16.3
10.9
11.5
10.9
15.6
7.1
14.7
13.9
13.8
19.1
19.5
18.6
16.7
22.8
16.9
18.4
17.5
18.8
14.0
13.5
-3.4
-4.7
-5.5
0.2
-3.4
-3.9
-0.5
-7.6
-2.4
-3.2
-7.5
5.5
-1.9
-3.7
-2.3
-6.8
-3.1
-3.0
-1.3
0.4
-3.2
0.8
1.8
-6.2
-3.0
-5.0
-4.4
-2.2
4.3
1.8
5.8
4.1
1.5
-1.6
4.9
8.4
5.0
5.3
7.4
2.1
9.8
6.4
4.9
-5.1
6.7
5.0
6.2
5.7
4.3
4.5
4.4
7.6
4.5
7.3
7.8
-2.0
-4.0
5.4
3.9
1.2
0.4
7.6
-5.2
1.4
3.5
1.4
1.4
2.6
3.3
11.4
0.6
0.9
3.2
4.6
1.6
1.3
6.6
4.9
1.1
8.6
3.6
0.1
0.4
2.8
8.2
3.1
7.4
Median
18.2
19.3
8.7
12.7
18.7
11.4
-19.9
11.0
15.6
-3.1
5.0
2.8
Mean
18.8
19.9
10.4
13.1
17.3
12.0
-20.0
13.5
16.2
-2.6
4.3
3.2
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
• 49 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar [1]
Saudi Arabia
Taiwan
-47.0
29.3
—
18.1
32.7
24.6
10.5
19.3
46.6
14.6
7.9
8.8
27.3
24.3
27.5
9.7
27.9
10.4
21.2
—
46.4
35.7
27.5
20.4
29.6
35.7
31.3
22.1
18.2
31.2
40.2
33.3
21.1
35.1
8.4
18.3
—
25.4
27.1
16.8
9.5
12.4
52.8
1.5
12.6
42.4
18.9
42.3
42.0
9.2
29.9
32.3
0.7
—
37.0
26.9
18.6
8.6
13.8
28.8
17.6
12.6
15.4
22.3
32.0
20.3
12.2
24.9
1.7
11.0
-0.9
15.2
26.4
23.9
14.1
16.5
9.2
28.6
12.6
13.7
25.7
25.6
10.6
10.7
22.5
-8.7
-0.2
8.6
-4.7
17.8
18.0
15.1
12.2
35.3
19.2
11.8
49.8
21.9
47.2
29.5
3.1
33.3
-9.1
-36.1
-9.9
-14.3
-15.7
-20.0
-16.5
-16.0
-36.0
-0.3
-19.6
-31.2
-19.5
-28.9
-37.4
-19.2
-18.8
4.5
31.3
4.8
29.5
30.8
13.7
19.0
27.9
22.2
49.8
25.1
36.7
16.8
49.2
29.6
34.0
11.5
2.3
37.9
7.0
15.3
19.7
19.2
12.2
17.7
48.7
36.9
13.9
29.5
17.1
56.4
43.7
11.7
30.7
-3.2
-4.8
5.0
-3.8
7.7
-3.1
-0.9
2.2
13.4
14.7
0.7
10.1
-2.8
18.0
8.1
-1.1
7.3
0.0
9.6
5.0
4.0
9.5
1.1
12.6
10.5
-3.7
12.0
4.0
0.6
6.5
-2.4
-1.5
7.2
5.4
3.2
6.1
5.2
5.1
9.6
-1.6
5.3
7.1
-1.0
13.0
12.0
0.1
3.7
-0.7
1.0
7.6
4.2
Median (Aaa to A3)
21.8
30.4
18.6
19.5
14.1
17.8
-19.2
27.9
19.2
2.2
5.0
5.1
Mean (Aaa to A3)
17.6
28.7
23.1
20.2
15.7
18.2
-20.5
25.7
24.7
4.0
4.7
4.7
Notes:
[1]
Balance of Payments
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 50 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
14.6
-1.1
14.7
16.1
32.3
8.1
14.5
12.8
23.7
11.9
29.0
23.6
27.6
9.2
2.6
38.4
-0.6
17.7
27.1
24.7
28.2
12.1
15.0
29.3
18.8
17.8
38.6
8.9
29.5
31.7
30.9
25.2
5.2
20.0
39.4
15.6
51.8
28.5
23.3
7.7
13.8
22.9
16.6
36.7
31.3
34.1
23.4
22.3
21.7
23.3
32.6
33.0
96.9
10.2
29.6
22.4
-10.8
25.7
12.6
14.5
27.0
17.7
35.0
26.9
27.4
9.2
13.9
11.7
21.8
33.2
20.8
32.2
16.8
7.2
13.7
45.6
14.3
20.1
64.7
2.2
16.9
17.3
73.5
16.3
14.3
3.9
24.3
16.2
35.9
16.6
18.9
6.2
15.8
23.5
12.6
32.2
20.7
24.1
15.8
4.3
17.6
19.7
14.0
12.4
61.4
9.3
10.5
16.7
23.2
19.5
15.9
31.8
26.6
12.4
24.7
36.1
19.0
10.8
8.7
23.2
22.3
18.4
26.2
17.4
15.0
3.6
18.9
4.6
20.0
14.8
42.7
-2.2
22.6
23.7
20.5
26.7
5.7
5.6
14.2
19.5
47.4
18.3
33.8
13.2
6.1
5.0
21.9
10.9
24.4
32.6
8.8
-0.4
14.9
41.0
20.9
34.7
-28.8
-17.9
-26.0
-21.3
-23.5
-13.7
-8.4
-14.4
-5.2
-14.3
-36.5
-21.2
-29.1
-15.2
-20.5
-10.7
0.1
-12.0
-19.1
-34.3
-20.9
-6.7
-13.5
-50.5
-17.9
-7.0
25.6
3.6
13.9
31.0
18.7
22.0
11.5
10.6
37.1
33.7
34.2
13.6
23.7
17.9
28.5
25.4
-4.2
28.9
16.1
30.4
28.2
4.4
26.1
21.8
8.2
24.1
29.5
7.6
28.3
26.4
29.9
39.2
10.9
17.5
19.2
27.9
43.0
29.7
33.8
17.9
16.6
7.3
41.0
29.1
25.2
29.4
18.4
10.4
17.0
33.2
19.8
19.6
-6.1
6.6
-0.8
-3.9
-4.6
6.3
10.6
-2.8
0.8
-4.5
4.3
3.6
6.2
4.3
5.8
-3.3
15.4
0.2
-7.3
3.6
-7.7
3.2
3.0
0.1
12.3
3.3
2.7
5.8
7.3
8.0
6.0
10.4
10.3
11.4
7.5
2.3
3.4
9.5
10.6
4.6
6.5
3.8
16.0
5.0
6.3
0.9
2.4
2.1
11.1
3.2
-1.3
10.2
7.1
4.0
0.4
8.5
4.9
7.9
11.8
2.8
8.0
8.9
5.8
2.6
6.9
6.6
7.0
5.9
15.0
11.0
11.7
4.2
5.4
2.0
11.5
2.9
9.2
12.0
16.9
24.3
20.5
16.7
18.7
20.0
-17.9
22.8
25.8
3.1
6.1
6.9
Mean (Baa1 to Baa3)
18.0
25.7
22.9
20.8
19.7
19.7
-18.8
20.6
24.2
1.9
6.4
7.1
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius [3]
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
Excludes re-exports
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
13.8
29.4
8.7
13.8
20.8
33.9
8.0
28.0
3.4
22.2
6.3
15.3
17.2
-7.6
6.9
4.0
26.5
14.8
42.1
17.8
18.4
4.1
32.2
21.1
4.6
27.3
14.4
25.9
23.3
67.0
17.1
34.8
20.6
12.2
66.4
21.4
76.0
32.7
14.6
19.2
24.1
7.8
2.9
33.8
5.5
12.7
11.4
12.8
15.0
34.1
15.9
7.1
54.7
10.2
37.3
5.6
17.4
13.3
40.9
12.5
8.7
17.7
10.6
20.3
22.3
35.4
16.7
76.4
24.0
19.7
-0.7
9.1
34.1
18.4
15.1
5.4
14.6
17.5
9.2
24.7
15.7
26.5
14.4
22.4
19.8
-10.5
25.1
13.5
13.5
25.6
43.7
-0.7
19.6
2.3
37.1
16.7
10.7
15.4
10.9
13.8
33.8
9.6
23.9
47.8
29.3
-0.5
24.3
25.6
-35.5
-23.7
7.3
-10.9
-17.5
-22.2
-16.8
-12.6
-6.5
-22.0
-12.0
-25.5
-21.7
-37.1
-18.8
-15.6
-15.1
-21.5
24.1
44.1
6.4
4.5
30.7
2.8
15.9
27.0
17.9
13.2
15.5
7.3
15.6
71.5
34.3
28.0
37.5
10.0
32.2
24.9
38.8
4.5
30.3
11.6
16.6
28.6
19.4
13.9
4.1
26.6
17.0
34.8
15.8
0.4
16.0
2.2
6.7
3.6
12.8
3.5
26.4
-6.2
3.6
16.3
11.5
-6.1
3.2
-1.2
-1.2
6.5
-2.7
8.6
1.7
0.5
4.4
3.3
9.8
5.0
13.8
5.7
8.4
4.3
9.0
6.1
16.2
7.2
7.2
0.7
28.6
8.5
5.0
-0.2
4.3
-0.1
13.3
5.0
13.3
-0.9
7.8
7.8
9.7
0.5
6.6
5.7
4.0
5.0
9.8
7.2
1.0
5.4
Median (Ba1 to Ba3)
14.3
21.3
14.8
17.5
16.6
18.1
-18.2
16.9
16.8
3.5
6.6
5.5
Mean (Ba1 to Ba3)
14.7
26.2
21.7
21.5
16.9
20.2
-18.2
22.6
18.7
4.9
8.0
5.9
Angola [1]
Armenia
Bangladesh [2]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname [1]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 51 •
Notes:
[1]
[2]
Balance of Payments
Country
Rating
• 52 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
33.1
16.0
24.5
7.5
34.6
10.9
20.1
6.7
19.5
11.4
25.8
18.1
7.5
8.4
14.6
8.8
20.4
17.9
11.9
26.2
34.3
19.9
9.6
-3.1
24.0
0.0
19.2
16.3
38.5
17.1
35.3
1.6
34.2
28.8
31.6
5.8
22.6
25.7
8.7
12.6
16.4
10.6
19.2
28.8
25.7
45.0
21.2
10.1
15.8
19.4
11.6
6.7
42.6
44.0
29.6
67.0
15.9
16.7
15.0
13.9
20.1
18.8
46.4
9.9
27.6
23.2
12.9
12.2
11.1
3.8
23.4
9.7
13.4
22.5
15.4
11.9
27.3
7.9
8.1
8.7
7.4
41.7
20.7
20.8
20.4
15.5
22.9
22.2
27.6
23.7
10.1
6.9
23.8
24.4
-3.2
31.2
6.3
20.7
16.6
2.0
1.6
36.8
19.1
12.9
27.5
2.0
8.0
5.7
13.3
16.1
22.7
66.0
34.0
21.8
24.3
2.7
26.1
13.1
20.7
9.8
14.7
18.3
6.2
18.1
8.1
6.2
19.5
20.9
31.0
24.4
18.0
4.6
11.6
19.7
10.5
0.1
27.4
7.0
21.5
14.6
26.9
24.4
34.2
10.3
20.4
20.2
4.9
-2.3
29.5
33.2
17.0
17.6
7.7
13.1
15.3
27.4
24.4
20.3
23.0
3.7
16.4
21.8
7.4
-1.0
32.0
35.6
27.7
9.6
-8.0
-18.0
-32.8
-13.7
-19.7
-8.1
-14.9
-10.2
-24.5
-13.4
-28.8
6.6
-19.1
-27.3
-12.2
-2.8
-19.7
-24.1
-3.2
-1.2
-23.3
-10.9
-11.3
-8.5
-35.6
-38.8
-9.8
-18.9
8.6
21.9
20.5
13.9
13.7
-2.5
34.0
13.6
25.4
-3.1
23.1
24.7
25.7
-0.9
21.2
15.2
14.5
47.2
25.1
15.1
15.6
3.2
23.6
-4.5
27.3
88.7
26.8
84.2
15.1
21.7
61.7
14.2
17.1
14.1
-9.5
18.2
23.7
3.0
25.6
54.1
21.9
7.9
9.3
20.9
37.9
77.2
25.1
24.2
24.6
13.0
23.0
1.5
28.4
-15.7
32.7
23.3
-8.2
-2.0
6.6
2.4
10.4
19.3
4.7
5.2
9.8
-2.1
4.7
15.3
5.3
4.0
5.2
4.5
0.2
-11.8
14.6
-3.4
-10.1
-6.1
-0.7
3.0
1.0
4.1
18.5
-11.8
7.2
8.5
2.5
-0.6
14.1
14.6
3.9
20.3
8.5
5.3
3.2
26.3
10.6
4.5
9.7
10.6
4.3
-1.0
13.0
1.3
13.7
10.1
11.8
5.2
3.2
1.5
14.2
4.8
1.3
3.4
9.8
0.3
14.5
14.7
7.0
10.0
11.3
9.6
5.8
27.7
11.1
4.9
4.0
7.2
4.8
22.5
12.0
-2.8
23.8
3.4
9.6
4.1
5.6
1.5
10.0
21.6
Median (B1 to C)
17.1
21.9
15.2
17.8
18.0
20.3
-14.3
20.9
21.8
4.0
7.9
8.4
Mean (B1 to C)
16.6
24.1
17.4
18.0
16.3
18.6
-16.2
22.2
21.9
3.0
8.3
9.2
Albania
Argentina [1]
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon [1]
Moldova [1]
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam [1]
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Balance of Payments
Country
Rating
• 53 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
20.9
24.4
18.8
8.9
18.1
15.5
31.4
23.5
18.6
23.0
22.8
10.8
13.1
20.0
11.4
20.5
23.0
20.8
20.5
15.7
17.1
11.0
31.0
30.3
25.2
22.3
14.8
12.4
8.0
23.9
22.3
20.2
14.2
23.3
19.2
27.6
20.3
17.9
18.4
18.6
17.2
19.4
17.5
19.2
32.3
13.7
17.8
26.6
19.9
20.9
26.6
21.6
29.7
23.2
18.4
17.4
19.1
16.4
13.5
9.3
9.8
14.4
7.9
14.7
21.5
17.0
9.0
9.3
4.6
10.1
10.4
9.0
12.6
12.3
5.5
8.3
13.1
14.7
5.5
15.1
14.4
12.1
11.8
10.0
10.0
10.0
12.7
10.1
9.6
9.1
11.6
10.1
18.1
19.0
15.0
9.8
15.9
16.0
11.4
9.9
15.0
10.1
20.6
27.4
13.1
-1.0
13.1
12.3
18.1
23.1
16.8
15.4
14.1
10.1
13.9
10.5
20.4
19.7
17.6
9.3
25.8
15.9
20.5
18.2
15.9
15.3
28.0
10.7
19.5
16.3
7.6
24.6
16.8
17.1
18.0
25.1
16.6
11.7
21.2
29.2
20.1
19.7
15.4
7.3
6.0
19.8
11.4
18.2
7.6
21.6
14.0
6.7
17.3
12.4
13.9
14.2
6.6
6.1
9.4
21.4
13.0
15.0
14.9
11.1
11.8
15.3
21.6
13.9
14.2
6.5
10.7
13.0
1.7
7.7
-17.4
-21.2
-22.3
-18.8
-24.0
-23.4
-36.6
-27.1
-19.9
-18.6
-25.3
-9.9
-14.8
-24.2
-26.9
-20.9
-14.9
-17.2
-25.0
-21.6
-22.6
-19.9
-26.3
-27.2
-27.2
-26.0
-11.5
-22.2
-22.7
24.5
8.2
10.3
21.8
1.9
3.2
21.5
7.9
7.7
10.7
-6.1
24.4
1.5
14.3
23.7
12.6
13.1
11.3
23.0
14.4
7.5
25.1
13.3
9.4
8.6
19.1
11.3
11.9
19.2
22.9
19.1
16.6
13.7
7.1
14.7
40.7
18.3
16.0
18.6
3.5
12.8
7.8
13.3
23.3
16.0
9.8
13.4
20.0
15.2
6.7
18.2
21.6
16.8
12.4
17.6
19.8
11.7
13.0
8.2
-5.6
-5.5
2.7
-12.3
-2.0
3.4
-7.9
-5.1
-4.3
-17.1
6.9
-3.6
-12.2
4.7
-6.9
-3.7
-2.3
3.5
-0.2
-12.6
3.5
-2.8
-9.7
-8.4
-5.2
-3.2
0.1
3.1
5.5
5.4
3.6
3.1
-10.2
6.0
8.8
4.7
5.0
8.5
-7.1
8.7
6.1
0.6
-7.7
5.8
4.6
3.1
6.2
5.5
-1.3
5.8
6.1
1.1
-0.8
7.7
-1.9
-2.4
4.3
5.1
0.4
0.4
6.0
-7.7
0.9
3.3
0.8
2.1
2.7
-5.2
10.3
0.2
1.4
0.3
4.1
1.6
0.1
6.5
6.4
-1.3
8.6
2.4
-0.8
-2.4
2.3
8.3
-1.0
7.4
Median
20.0
19.4
10.4
13.1
17.6
13.0
-22.3
11.9
16.0
-3.6
4.7
1.6
Mean
19.1
20.8
11.3
13.7
17.6
12.8
-21.9
12.9
15.9
-3.3
2.9
2.2
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.6
28.8
—
12.9
36.9
24.6
3.7
16.9
18.2
13.7
4.7
26.2
22.7
23.0
15.4
11.1
20.5
10.1
33.4
—
26.0
35.2
23.2
17.9
24.4
16.7
22.0
23.3
35.7
29.0
24.1
20.5
30.3
36.0
0.4
-4.7
—
29.4
17.3
13.4
10.1
16.5
18.7
7.5
10.2
0.3
14.1
58.8
31.2
8.0
19.7
11.3
-2.3
—
17.0
19.7
18.3
7.1
18.0
7.5
21.4
12.6
22.1
25.3
64.8
38.8
9.8
20.3
13.1
27.0
3.9
20.7
21.3
24.7
18.8
16.3
32.3
33.3
13.6
42.8
28.8
31.2
28.0
8.2
47.1
-3.5
26.5
5.4
28.4
19.2
18.2
14.2
19.0
17.7
10.3
6.7
34.6
25.2
13.3
21.6
8.1
32.3
-8.4
-11.0
-9.3
-28.3
-9.7
-22.6
-24.9
-23.9
-18.5
-19.4
-19.3
-26.0
-27.0
-12.3
-8.3
-25.4
-14.8
-1.4
20.3
-1.2
35.8
36.6
15.9
20.9
31.4
12.5
33.7
31.4
14.3
20.3
4.7
7.5
40.7
10.4
-5.2
29.2
2.0
26.2
24.8
18.3
21.0
19.3
13.1
38.6
15.2
18.5
16.8
47.4
13.6
12.7
21.8
-0.5
-5.4
5.0
4.2
6.2
-4.3
0.7
0.2
15.6
10.6
5.2
15.1
-5.9
24.9
5.2
-2.6
6.9
2.9
4.1
4.9
6.0
10.1
0.7
11.4
11.0
4.1
15.0
9.1
11.3
4.4
7.1
5.0
7.0
4.8
2.4
4.5
5.1
5.2
10.1
-1.5
3.9
6.5
5.7
15.0
14.5
7.2
3.2
10.4
5.0
6.6
6.0
Median (Aaa to A3)
17.5
24.3
13.8
18.1
24.7
18.2
-19.3
20.3
18.5
5.0
6.0
5.7
Mean (Aaa to A3)
18.0
25.5
15.7
19.5
24.2
17.5
-18.2
19.6
19.6
4.8
7.0
6.5
Bermuda [1]
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar [1]
Saudi Arabia
Taiwan
• 54 •
Notes:
[1]
Balance of Payments
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 55 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
52.8
3.2
10.3
4.8
37.1
6.1
6.0
28.2
21.1
5.2
14.5
29.6
28.2
11.7
1.5
60.1
-0.9
10.7
33.3
21.7
33.0
21.3
15.2
5.7
32.8
11.0
32.3
9.4
31.7
24.9
31.8
18.5
8.2
28.4
46.5
30.2
42.8
34.1
25.7
15.3
14.8
7.4
19.7
15.9
35.2
27.5
36.3
15.6
26.4
23.1
41.0
37.2
11.0
22.6
25.9
22.0
0.3
23.1
17.1
36.2
31.9
20.9
34.8
21.8
25.9
14.9
12.4
5.3
17.9
22.5
26.2
25.5
17.5
26.2
24.0
18.9
19.2
23.0
14.2
19.4
12.4
22.9
62.8
21.4
15.6
17.2
25.2
9.2
28.7
32.5
24.0
14.6
14.8
13.3
11.5
20.5
26.7
26.5
23.1
-0.2
10.3
13.4
19.6
25.4
15.9
1.6
9.2
29.6
27.4
22.8
13.1
10.2
31.7
17.5
36.3
35.7
26.5
9.6
9.9
38.3
22.9
31.2
35.6
34.7
15.6
4.8
10.6
8.3
21.5
13.7
21.7
-0.8
28.9
37.6
22.4
20.6
16.9
-14.2
15.9
33.7
10.6
5.9
28.6
21.8
8.5
5.2
19.4
42.9
20.5
30.9
8.6
6.9
25.4
24.5
16.4
50.7
-10.7
-16.3
-30.2
-19.0
-32.9
-13.8
-25.6
-32.5
-1.1
-21.5
-21.3
-38.2
-38.9
-19.2
-22.5
3.0
-12.0
-24.6
-32.2
-31.6
-24.7
-10.0
-24.3
-27.0
-27.5
-21.9
6.9
5.8
15.3
41.3
3.4
19.4
21.3
8.5
29.6
41.0
10.9
12.7
23.4
20.3
26.9
22.1
21.4
35.3
12.6
28.6
25.1
-2.8
33.6
-6.9
30.4
23.5
45.2
12.9
6.0
22.6
25.8
30.6
16.9
22.5
26.3
29.9
20.6
36.9
34.7
20.5
16.6
7.4
41.9
24.8
22.2
28.4
20.0
4.2
22.9
46.6
29.3
24.5
1.5
7.3
3.1
0.8
0.6
8.2
8.6
1.4
2.2
7.4
15.3
1.0
1.7
2.2
5.1
-4.4
8.4
11.5
-7.7
8.6
0.1
3.3
8.0
-11.3
-1.6
14.1
3.4
4.6
3.6
9.5
2.6
10.2
9.4
8.9
5.1
-1.8
2.7
10.2
10.0
4.0
7.0
4.8
15.0
11.0
7.0
10.3
5.4
3.2
12.6
8.0
6.9
15.0
3.8
2.5
3.7
10.0
4.4
9.9
10.3
4.0
6.0
8.1
5.7
2.6
6.9
5.8
7.2
5.9
13.0
10.0
13.7
10.9
8.5
3.0
12.0
1.7
9.0
12.8
14.8
26.9
22.3
19.5
19.5
20.5
-23.4
21.3
23.7
2.6
7.0
7.0
Mean (Baa1 to Baa3)
19.4
26.1
21.0
20.2
20.5
19.6
-22.2
19.6
24.6
3.7
7.2
7.4
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
24.3
26.9
14.8
9.5
-2.5
31.7
10.0
28.7
6.7
26.1
9.1
4.5
20.3
0.0
14.8
1.3
26.2
14.2
20.8
15.4
13.0
14.7
8.5
17.4
8.2
33.3
14.6
25.2
35.0
50.4
24.6
-0.9
25.3
7.7
52.6
18.4
42.4
30.7
18.4
16.3
32.6
8.1
7.9
33.9
10.6
10.0
26.1
14.5
15.5
33.4
21.7
7.9
53.8
4.9
7.6
18.3
12.4
5.7
22.2
13.5
13.5
33.6
13.5
17.9
11.6
54.7
15.4
45.9
30.3
10.8
-17.0
12.6
61.5
43.8
16.8
4.0
18.7
18.9
13.4
33.5
14.0
23.6
18.7
49.2
29.6
61.4
23.5
9.6
16.8
25.2
63.9
31.5
25.2
9.8
41.9
18.0
9.7
26.8
6.8
14.4
22.5
33.6
34.0
2.2
42.8
5.9
16.3
27.7
-3.0
-21.6
3.7
-16.2
-10.5
-28.0
-25.0
-29.5
-18.9
-26.5
-14.4
-36.2
-20.2
-0.2
-22.7
-18.1
-9.6
-20.7
-15.3
12.8
5.8
5.6
18.4
-5.2
14.8
16.6
19.9
11.8
10.8
-4.2
8.3
26.1
44.4
30.1
4.8
14.6
23.9
14.4
40.9
9.2
35.2
10.5
17.2
28.7
18.5
14.0
16.8
14.7
23.6
20.3
22.1
10.8
36.8
6.2
10.7
2.1
15.4
-7.8
8.9
-7.9
3.1
15.7
10.3
-7.0
7.6
-6.5
2.5
4.2
-0.9
4.9
5.0
3.5
6.7
-0.1
9.3
6.0
20.5
2.1
9.6
-0.3
11.1
3.6
16.5
4.0
2.2
3.5
24.6
11.6
9.2
-0.8
6.5
-5.3
15.8
6.0
17.2
0.5
9.2
3.4
10.7
-1.3
5.3
-3.1
-1.0
8.5
11.2
10.3
4.2
4.7
Median (Ba1 to Ba3)
14.5
17.9
17.3
13.5
21.2
23.8
-19.6
12.3
17.8
3.9
6.3
5.6
Mean (Ba1 to Ba3)
14.8
21.3
21.6
17.9
26.8
24.1
-17.6
12.2
20.2
3.6
7.7
5.7
Angola [1]
Armenia
Bangladesh [2]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname [1]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 56 •
Notes:
[1]
[2]
Balance of Payments
• 57 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon [1]
Moldova [1]
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam [1]
Zambia
30.4
39.8
25.1
5.9
26.6
12.6
10.4
-13.4
0.4
-0.3
34.1
27.8
9.4
1.9
11.7
12.1
33.1
14.5
7.7
21.0
9.8
27.8
8.4
12.4
28.7
-17.1
24.8
16.2
26.3
47.5
39.7
-5.2
17.7
21.9
19.3
3.1
19.5
17.9
21.3
24.0
21.8
8.4
23.2
21.0
22.0
29.6
15.8
6.6
21.3
20.2
18.8
12.7
31.2
54.3
25.1
21.0
19.4
25.0
3.9
12.9
11.3
21.0
33.9
32.3
23.7
31.0
10.8
23.5
10.6
17.9
26.0
3.0
29.2
14.2
16.9
49.4
35.8
15.7
10.4
7.0
20.2
38.1
17.4
21.0
12.7
17.2
33.0
7.5
3.2
20.8
24.6
14.5
16.3
26.5
9.8
25.6
11.3
16.5
22.8
1.5
15.3
13.8
12.9
38.1
17.4
9.2
15.5
11.9
22.2
36.4
21.2
22.5
34.4
29.5
28.2
4.9
29.2
13.9
6.0
14.2
13.7
19.1
0.1
21.6
19.8
8.9
20.6
27.7
38.0
35.1
18.5
3.2
17.2
33.9
9.8
23.4
35.4
42.1
37.9
40.4
24.0
27.1
37.1
20.8
23.3
11.3
43.3
14.3
33.9
37.6
22.8
25.5
16.2
24.7
23.9
33.2
32.0
53.1
20.1
28.1
14.6
30.0
22.8
7.1
37.0
14.8
26.8
20.9
-11.0
-27.2
-27.1
-17.8
-27.0
-6.6
-35.4
-20.7
-18.6
-5.2
-34.1
-13.4
-28.6
-35.3
-9.9
4.2
-30.1
-30.2
-20.5
-15.6
-8.8
-24.9
-25.4
-9.9
-43.0
1.6
-12.6
-30.8
-2.1
37.9
23.3
3.5
3.3
2.1
18.7
24.1
32.8
0.9
20.9
34.4
20.5
3.2
12.5
11.2
14.7
46.6
17.6
3.8
11.4
-1.3
30.0
0.3
30.0
2.9
19.8
49.2
15.6
28.5
31.0
16.6
18.8
14.1
-4.4
12.4
18.7
9.4
14.2
33.1
24.7
18.7
20.0
5.8
31.9
111.0
24.0
17.9
23.8
15.7
46.3
-0.7
35.3
-10.1
25.1
42.5
-13.6
-4.1
-0.7
4.1
5.3
16.4
7.2
2.1
11.4
9.0
3.0
11.1
4.8
6.0
10.1
9.5
1.3
-2.4
16.6
17.6
24.0
-1.2
-2.6
4.4
5.6
40.8
12.9
23.0
4.9
12.1
12.1
-0.9
9.0
15.5
7.3
8.7
9.5
0.6
2.0
27.2
11.6
8.0
9.0
9.1
2.3
-3.4
12.0
-0.5
10.6
9.2
13.8
6.1
0.6
-7.5
17.2
9.1
0.0
4.6
11.8
-1.5
11.8
17.9
9.1
9.2
11.0
3.4
8.8
18.2
11.9
8.3
6.5
5.2
5.8
11.8
10.0
-3.5
10.8
3.4
14.6
3.5
5.2
5.0
11.1
17.6
Median (B1 to C)
12.5
21.1
19.8
16.4
21.1
24.4
-20.6
16.1
18.8
5.8
9.0
9.0
Mean (B1 to C)
15.1
21.7
20.8
17.9
22.4
25.9
-20.1
16.9
22.8
7.9
7.7
8.3
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Balance of Payments
13. Real Exports of Goods and Services (% change)
Country
Rating
• 58 •
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-1.8
1.5
0.5
-1.7
-0.4
-1.0
7.7
-1.9
-1.3
2.5
2.9
12.8
0.7
-1.2
9.5
6.8
-2.8
1.5
2.2
-0.1
3.6
14.2
15.9
3.1
3.7
4.2
-0.9
2.8
1.6
4.1
10.1
6.1
5.5
5.5
2.8
14.5
8.2
4.8
10.7
17.3
15.4
7.6
6.3
14.0
11.1
2.5
7.9
6.1
1.0
4.1
19.1
7.4
12.4
4.2
10.8
7.9
4.8
9.5
3.1
7.4
3.8
2.2
4.9
8.0
18.6
7.0
2.9
7.7
2.5
10.6
4.4
3.4
6.2
4.4
0.7
6.0
-0.5
0.5
0.2
12.4
10.0
10.6
2.5
6.6
7.7
9.1
6.8
3.3
7.7
5.4
0.9
3.6
9.0
6.1
12.2
5.2
13.1
4.3
9.4
5.0
8.4
9.9
12.9
14.8
7.3
1.9
-0.8
11.6
10.8
21.0
12.5
6.7
9.0
10.1
12.1
9.0
3.3
8.9
5.2
1.1
6.2
2.8
3.7
8.2
2.3
8.0
7.1
8.3
8.4
6.2
8.7
9.0
3.7
6.4
4.3
1.4
7.5
9.0
14.3
13.7
6.7
5.7
9.9
-2.5
9.3
3.6
1.4
2.1
-4.5
-0.5
3.3
1.0
5.8
-0.3
2.8
1.7
2.5
-1.1
-2.8
1.4
4.4
2.1
2.0
-1.0
0.1
-0.1
5.0
3.1
4.0
-1.0
1.7
2.9
1.2
6.1
2.3
-15.6
-11.1
-12.8
-10.7
-9.5
-20.6
-21.3
-12.1
-12.8
-19.4
-10.2
-3.8
-17.5
-24.2
-10.9
-8.4
-7.7
2.3
-4.2
-10.9
-7.6
-16.3
-16.7
-10.0
-13.8
-7.7
-8.2
-9.1
5.3
8.7
9.6
6.5
3.8
3.0
22.9
7.5
9.6
13.7
5.2
16.8
6.2
11.4
24.4
7.7
18.1
11.2
3.7
0.4
10.2
18.6
16.0
10.1
11.3
11.4
7.8
6.4
11.1
-0.8
7.2
5.5
4.6
4.4
6.5
23.4
2.8
5.3
7.8
0.3
3.7
5.1
5.9
-0.4
5.5
0.8
3.9
2.7
-1.8
7.2
3.5
12.7
7.0
7.6
7.1
3.8
4.5
6.7
6.7
1.7
0.7
1.6
2.3
0.9
5.6
-1.4
2.5
3.7
-2.4
1.8
2.9
2.3
-0.3
-3.1
5.2
3.3
2.1
2.2
3.3
0.3
8.6
0.3
3.1
0.7
1.1
-0.2
3.4
5.6
1.1
0.8
2.6
-5.1
1.1
4.5
0.7
1.2
3.1
2.7
3.9
2.3
1.6
7.0
0.9
4.0
2.0
4.2
2.5
1.2
1.2
3.0
1.3
4.1
2.9
2.6
1.3
3.3
6.1
3.7
3.3
5.6
-2.2
4.0
6.0
3.8
4.8
5.4
3.5
6.5
3.5
3.8
7.0
3.5
5.6
3.9
6.2
3.8
3.9
4.5
6.2
3.2
3.8
3.2
2.6
4.0
5.2
14. Real Imports of Goods and Services (% change)
Country
Rating
• 59 •
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
10.6
4.5
0.5
4.2
-0.3
-1.6
11.2
3.2
0.8
5.5
3.0
11.3
-1.2
2.1
3.9
6.9
3.9
1.8
8.2
1.2
-0.5
9.6
7.4
6.7
6.2
3.7
0.7
2.6
4.4
15.0
9.8
6.1
8.5
10.3
7.7
14.7
7.4
5.9
8.2
5.7
13.8
8.7
4.8
7.9
11.8
4.7
5.7
15.8
9.7
7.6
22.9
8.3
13.3
9.6
6.6
7.2
7.0
11.1
8.6
6.4
5.0
7.3
3.7
11.1
18.9
11.4
5.6
6.2
-1.5
8.0
8.4
3.5
4.2
4.2
2.8
5.4
5.6
7.9
2.3
11.3
12.3
6.7
7.7
7.0
6.6
6.9
6.1
7.2
5.2
5.0
5.3
6.8
13.4
13.9
7.9
5.1
11.8
11.1
9.1
6.9
7.9
4.5
12.8
16.1
8.8
-2.3
9.1
7.2
11.1
17.8
12.2
10.2
9.0
6.8
10.1
6.1
13.0
7.1
5.5
5.8
13.4
4.3
6.3
7.0
5.5
5.4
14.5
9.1
7.9
5.2
2.3
9.3
0.5
5.6
9.3
10.0
5.5
8.1
9.2
16.7
8.0
9.0
6.2
-1.7
2.4
11.2
0.0
3.5
0.8
8.5
3.3
-7.0
7.5
0.9
3.4
0.9
2.2
-3.0
-3.0
0.3
6.1
1.3
2.3
2.7
3.9
2.3
9.6
3.1
3.7
-5.2
3.5
-0.3
-1.8
-2.7
-8.9
-13.3
-10.6
-12.4
-18.6
-12.3
-32.0
-17.2
-9.6
-8.0
-20.2
-9.0
-9.7
-13.4
-15.7
-14.1
-8.2
-7.1
-14.1
-12.5
-10.0
-11.2
-18.9
-19.5
-17.2
-14.3
-5.2
-11.0
-13.5
14.4
8.8
8.9
13.6
4.8
3.2
21.0
6.9
8.9
11.1
-6.2
17.4
3.6
12.6
11.1
12.1
12.7
10.2
10.9
9.0
8.0
15.9
14.9
7.9
9.2
12.0
7.4
8.0
12.5
10.5
7.2
5.6
5.8
-0.7
5.6
25.0
6.0
4.9
7.4
-7.3
4.6
-0.3
0.5
5.9
8.6
-2.0
3.6
6.6
3.8
-5.9
3.6
10.1
5.2
-0.9
6.3
4.2
0.0
4.8
6.8
0.8
0.6
2.9
-7.2
2.5
9.1
-3.7
-0.3
1.8
-13.8
2.8
0.3
-7.7
5.3
-2.7
4.4
3.1
1.4
3.3
-6.9
3.2
2.8
-4.3
-5.0
-0.1
2.3
2.7
2.4
6.6
0.7
0.2
3.6
-15.0
2.2
5.1
0.6
0.6
4.2
-6.5
4.1
2.0
-2.2
5.5
0.9
3.1
-1.0
4.1
3.4
-3.5
1.8
3.1
-2.1
-3.4
2.7
2.7
1.3
2.3
6.6
2.9
3.3
4.7
-6.3
3.5
5.9
3.3
4.8
5.5
-5.0
4.8
3.0
3.8
5.0
4.6
4.3
2.6
6.1
4.9
2.4
4.7
5.1
2.0
1.3
3.5
2.7
2.6
5.2
15. Net Exports of Goods and Services/GDP
• 60 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
-2.6
3.5
5.4
3.8
-1.2
6.3
-7.5
6.8
0.9
3.9
-12.3
9.1
16.0
0.5
1.7
23.8
0.2
6.3
1.0
12.9
-6.8
27.9
-1.9
-0.2
-2.4
6.8
6.4
-2.3
-4.5
-2.8
3.8
4.9
4.4
-2.4
4.9
-7.1
6.5
0.4
5.0
-10.1
8.7
14.9
0.7
2.0
24.2
-2.3
7.4
-0.3
13.4
-8.3
25.7
-2.8
-1.3
-4.0
8.2
6.8
-2.7
-5.2
-1.8
4.0
3.9
3.9
-2.5
4.9
-6.5
4.1
-0.6
5.2
-9.3
12.2
11.7
-0.1
1.4
25.5
-3.1
8.5
-1.9
16.2
-9.4
29.4
-4.7
-0.4
-5.3
7.8
6.6
-2.8
-5.7
-1.1
5.1
3.8
2.7
-3.7
3.2
-10.2
4.7
-1.0
5.6
-11.4
11.2
9.6
-0.8
1.3
30.8
-4.7
7.7
-1.5
17.2
-8.7
29.7
-4.0
-0.5
-6.4
8.1
8.0
-2.6
-5.8
-1.8
5.7
3.8
2.1
-6.2
2.3
-9.2
5.1
-1.5
7.0
-14.1
10.7
9.0
-0.3
1.7
32.3
-1.2
8.2
-1.1
13.7
-8.0
31.0
-1.1
-1.7
-6.7
7.5
9.9
-2.7
-5.1
-0.8
5.8
0.9
1.7
-11.1
3.2
-4.0
3.8
-2.1
6.3
-14.5
10.2
9.1
-0.8
0.2
30.0
-1.8
8.3
-1.7
17.3
-10.1
21.6
-2.4
-2.5
-5.8
6.8
11.1
-2.3
-5.0
-0.4
4.5
2.7
-1.5
-5.7
3.9
5.8
1.6
-1.8
4.9
-11.5
7.5
16.1
-0.5
0.4
32.2
-2.2
7.0
1.5
12.3
-7.4
25.2
-0.5
2.0
-1.9
6.5
11.0
-1.5
-2.8
1.1
4.2
2.3
-1.9
-6.2
5.6
6.7
1.3
-2.2
5.6
-9.3
5.4
18.8
-1.9
1.2
32.1
1.4
8.2
1.5
11.9
-7.7
29.5
-0.2
1.0
-2.2
6.2
11.2
-2.1
-3.5
1.3
3.3
1.2
-1.3
-4.3
5.2
3.9
-0.7
-2.8
5.1
-8.1
3.1
21.7
-1.5
-0.9
31.2
5.0
8.9
1.4
13.3
-4.4
27.6
0.6
1.2
-0.8
6.2
10.8
-1.6
-3.8
-1.1
3.8
1.2
-2.0
0.1
4.4
0.5
-0.6
-2.1
5.7
-5.0
0.2
24.1
1.2
-2.0
30.4
5.8
8.8
0.0
13.2
-0.5
22.2
5.0
4.0
1.0
6.2
10.3
-2.3
-3.6
-1.8
4.1
1.7
-2.5
4.2
3.9
0.1
-0.6
-2.0
5.4
-4.7
2.7
24.6
2.5
-1.7
31.6
8.4
11.4
-0.2
12.7
1.7
19.0
6.3
6.5
3.5
6.3
10.4
-2.8
-3.4
-2.1
4.5
1.7
-2.1
5.4
4.2
0.3
-0.1
-2.3
5.6
-4.6
5.2
25.3
2.4
-1.2
33.7
6.1
12.7
-0.2
12.3
2.7
19.0
7.5
7.3
4.5
6.5
10.4
-1.5
-3.5
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
16. Openness of the Economy
• 61 •
Sum of Exports and Imports of Goods and Services/GDP
Country
Rating
2003
2004
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Median
Mean
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
37.5
93.0
142.5
70.2
96.3
84.4
145.9
70.6
50.9
67.5
52.3
327.2
150.4
48.3
22.1
250.2
153.9
119.7
57.5
67.7
62.0
387.0
153.6
107.8
55.0
80.2
79.4
54.0
23.2
37.9
99.2
147.0
70.5
99.1
85.8
153.2
73.2
51.9
72.1
54.8
364.6
151.9
49.7
24.5
280.5
154.9
125.4
57.7
70.2
64.4
412.9
151.9
116.9
55.9
83.7
83.3
53.8
25.1
39.4
103.7
153.4
70.0
99.8
93.1
161.9
79.5
53.4
77.4
55.7
377.1
150.9
51.8
27.2
286.2
153.0
130.7
56.8
71.9
64.7
429.9
157.2
124.8
56.6
89.0
88.5
56.7
26.4
41.6
107.7
157.7
68.3
99.9
101.0
155.6
86.3
55.1
85.4
57.7
392.4
148.7
56.1
31.1
309.0
182.3
137.9
58.6
73.5
70.5
436.6
173.0
133.6
58.9
94.1
93.6
60.9
27.7
40.6
112.1
161.2
66.5
102.7
102.2
143.4
86.6
55.3
87.3
61.7
396.8
152.4
58.0
33.8
319.5
185.6
140.2
57.0
74.6
72.4
403.6
174.8
140.7
60.5
96.3
98.8
56.5
28.8
45.6
112.8
169.0
67.2
102.8
106.3
146.1
90.0
56.0
90.0
62.7
407.4
158.8
57.7
35.2
333.5
185.4
144.2
63.7
76.3
75.0
444.1
169.3
138.3
58.8
100.3
97.4
61.9
30.8
40.2
95.6
142.9
58.4
87.4
91.4
124.4
73.1
48.6
79.9
50.0
374.3
165.5
48.0
25.0
294.9
165.8
130.1
56.3
67.8
63.5
366.8
141.7
115.3
49.7
89.4
89.7
59.1
25.5
40.7
104.0
157.6
59.9
90.1
95.2
152.1
79.3
53.3
88.4
53.8
432.5
182.8
55.1
29.1
312.6
189.9
148.3
57.1
69.0
70.3
377.7
161.0
131.0
56.6
92.8
92.2
63.2
29.0
42.0
111.3
167.4
62.5
90.9
101.6
179.1
82.3
56.7
95.3
58.2
446.0
185.5
59.1
31.2
321.8
195.1
157.1
60.0
69.7
75.9
386.8
178.9
143.7
61.3
93.7
91.6
66.6
31.6
41.6
110.8
168.4
62.1
90.9
104.6
184.4
80.1
58.1
97.3
59.0
447.5
192.4
59.3
31.3
311.4
198.0
165.9
57.8
68.4
78.0
379.1
186.3
146.0
63.4
91.3
92.0
65.7
31.4
42.0
111.2
167.6
62.2
90.6
105.6
183.0
79.5
58.9
100.4
66.2
459.5
194.0
59.6
33.2
312.1
195.0
167.8
57.3
67.8
77.6
367.5
187.4
147.2
63.7
92.5
93.5
65.1
31.7
42.9
112.8
170.7
63.8
92.1
107.8
184.2
80.7
61.2
104.2
64.8
481.4
195.6
61.8
34.9
325.2
198.3
171.9
59.3
67.9
79.4
366.7
191.8
151.5
64.7
92.9
94.3
64.7
32.6
79.4
83.3
88.5
93.6
96.3
97.4
87.4
90.1
91.6
91.3
92.5
92.9
107.3
112.8
116.8
122.6
123.1
127.1
111.0
121.5
127.7
128.4
129.0
131.7
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar [1]
Saudi Arabia
Taiwan
63.4
85.8
—
67.0
56.6
119.4
74.1
68.5
86.6
176.2
187.8
82.9
69.3
90.2
70.2
104.0
102.3
65.2
91.0
—
70.2
65.1
125.1
82.8
77.6
89.3
173.7
204.7
90.6
77.3
90.4
75.1
119.2
116.6
62.1
88.5
—
72.1
67.8
126.1
86.0
75.8
92.2
156.9
203.9
89.9
74.9
94.7
82.0
120.7
119.6
66.9
86.3
104.9
73.5
68.7
130.9
85.4
78.0
89.7
151.3
202.6
88.8
82.5
98.6
89.9
129.9
119.6
66.4
93.8
99.0
77.2
68.0
133.8
86.8
82.3
91.7
159.4
192.5
96.9
84.4
96.1
94.9
136.2
136.8
60.4
102.6
105.0
81.0
62.1
126.5
82.1
107.2
92.7
160.3
176.7
95.9
83.8
89.4
96.1
141.0
149.0
58.0
85.9
99.8
66.8
48.3
113.9
67.3
95.8
88.8
143.7
162.6
85.6
78.8
80.5
84.9
116.3
149.8
59.0
78.9
104.3
69.8
54.8
129.8
72.1
102.0
93.4
155.8
170.3
89.6
85.7
82.3
82.8
140.6
152.1
59.9
94.5
107.0
72.7
55.3
141.6
75.1
110.1
95.7
165.0
167.2
94.5
91.3
93.0
85.8
145.5
159.7
58.7
95.1
99.0
68.1
51.8
150.7
75.9
109.9
100.1
158.0
163.0
96.2
92.0
100.4
84.6
139.9
162.9
59.1
95.7
98.0
67.9
50.2
151.7
76.5
108.1
98.6
157.5
159.3
97.3
91.9
92.8
83.1
141.5
166.4
58.7
94.0
100.1
69.2
48.4
156.0
76.5
105.8
99.4
159.5
164.8
96.5
94.4
87.4
83.3
143.2
169.2
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 62 •
Median (Aaa to A3)
84.4
89.8
89.2
89.7
94.9
96.1
85.9
89.6
94.5
99.0
97.3
96.5
Mean (Aaa to A3)
94.0
100.9
100.8
102.8
105.6
106.6
95.7
101.4
106.7
106.3
105.6
106.3
Notes:
[1]
Balance of Payments
• 63 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
107.6
81.4
145.5
27.1
107.4
36.5
95.2
71.6
30.1
53.6
91.5
97.1
107.7
110.1
52.2
95.9
122.1
35.3
77.0
59.1
53.4
5.2
124.6
90.1
47.0
51.8
121.5
87.1
164.7
29.0
115.3
35.9
95.7
73.8
36.9
59.8
96.4
103.7
110.8
108.5
55.0
81.9
131.5
39.3
80.7
56.6
53.1
12.4
136.5
93.9
49.7
61.5
115.8
93.2
176.0
26.6
96.2
35.6
102.5
75.7
41.3
64.0
98.3
110.8
121.8
123.2
55.6
80.8
144.5
44.3
76.3
56.7
55.2
-9.2
148.3
105.1
47.2
58.9
105.3
100.1
171.7
25.8
140.0
38.2
104.4
82.7
45.3
56.7
91.9
111.7
127.8
131.4
57.2
87.0
146.2
48.4
76.6
54.7
62.5
-3.0
143.8
107.0
50.3
62.0
96.6
100.7
162.1
25.2
138.6
36.3
102.2
80.0
44.9
54.8
92.2
105.1
121.0
125.0
57.5
102.8
155.1
51.5
72.5
51.7
65.7
-4.7
138.5
96.2
49.8
59.2
89.2
100.1
169.3
27.1
136.9
38.1
100.6
91.6
52.3
58.6
94.4
99.9
131.1
119.0
58.4
107.8
161.2
54.3
73.9
53.4
74.8
-13.7
150.3
100.7
52.2
65.2
74.7
88.8
140.3
22.1
103.8
34.3
84.0
97.1
45.5
45.5
75.9
89.3
110.2
107.3
56.7
103.4
145.4
44.4
67.2
48.4
55.5
-8.3
126.2
84.2
47.7
55.7
75.0
92.4
144.1
22.8
116.7
33.7
79.1
102.6
48.2
47.5
73.7
108.5
137.9
116.4
61.9
102.6
138.5
48.3
76.6
50.4
54.9
0.2
135.1
85.8
48.0
53.6
80.5
101.9
142.4
24.5
133.0
38.7
79.8
109.7
54.2
51.3
79.3
122.4
158.0
119.8
64.4
97.4
169.2
53.4
85.4
52.2
59.2
7.1
149.4
104.0
56.6
54.8
74.3
104.7
137.2
26.5
137.0
37.8
79.5
112.1
55.5
50.1
78.4
125.6
167.1
121.5
66.9
91.2
154.5
49.9
85.1
51.6
59.6
7.0
148.9
97.8
58.0
55.4
70.4
105.4
134.8
27.4
135.5
38.6
79.7
111.7
52.9
46.7
73.6
126.7
169.4
117.9
62.9
92.1
155.9
48.2
85.7
49.8
60.7
5.6
147.7
97.0
55.1
54.3
68.2
104.0
131.7
27.0
135.2
39.4
80.1
113.6
49.2
45.8
71.6
127.8
176.9
118.1
59.2
92.9
157.8
48.4
87.6
49.5
61.9
4.4
149.8
95.0
55.1
57.0
79.2
81.3
78.5
84.9
86.1
90.4
75.3
75.8
80.1
78.9
76.7
75.8
Mean (Baa1 to Baa3)
76.0
80.4
82.5
85.6
83.9
86.4
74.8
79.0
86.5
85.9
84.8
84.9
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
• 64 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola [1]
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname [1]
Tunisia
132.6
82.2
34.2
89.1
51.9
92.8
70.0
78.3
66.0
126.7
115.7
77.6
60.2
45.7
94.4
101.8
75.0
82.4
123.6
75.0
36.3
90.7
57.5
92.1
71.3
79.7
69.1
130.3
134.6
100.1
63.7
48.4
94.9
102.6
102.9
86.9
128.7
72.0
39.6
95.4
67.6
90.9
69.8
85.3
66.0
134.0
146.9
104.6
70.2
50.8
103.4
97.9
132.7
90.3
109.9
62.6
44.2
97.0
74.5
92.4
71.8
89.9
66.8
156.4
141.8
128.5
73.9
64.6
107.5
94.9
102.5
93.9
117.5
58.3
46.5
95.0
75.7
91.8
74.2
89.2
67.9
161.7
146.0
131.1
80.6
64.1
103.2
86.6
105.8
104.3
127.5
55.7
49.1
104.1
82.9
91.9
76.6
87.0
64.1
162.9
144.0
133.5
88.3
64.7
104.2
76.3
105.9
114.7
110.3
58.5
46.0
88.7
68.3
76.7
61.9
78.7
57.1
150.3
115.0
97.5
68.4
61.2
96.0
65.6
84.1
93.2
105.3
66.1
43.4
96.6
75.2
79.9
68.8
87.7
62.1
167.4
116.8
97.8
76.3
78.6
106.2
71.4
91.5
102.8
107.5
71.1
54.5
101.5
81.8
84.6
74.6
91.0
64.9
176.0
119.4
106.4
84.3
81.2
97.4
67.0
124.2
103.5
102.7
74.4
60.3
98.2
87.8
86.1
74.8
96.2
66.9
181.7
117.0
107.0
87.2
81.1
95.4
64.2
107.1
107.4
98.4
71.0
59.5
102.1
93.9
86.5
77.3
92.2
68.5
189.8
124.8
109.0
84.7
68.6
98.5
62.3
103.5
102.2
93.9
67.2
59.4
104.5
98.2
86.7
79.7
87.5
70.0
199.1
122.6
106.7
82.5
65.7
95.0
60.5
97.9
101.7
Median (Ba1 to Ba3)
80.2
88.8
90.6
93.2
90.5
90.1
77.7
83.8
87.8
91.6
93.0
90.7
Mean (Ba1 to Ba3)
82.0
86.7
91.5
93.0
94.4
96.3
82.1
88.6
93.9
94.2
94.1
93.3
Notes:
[1]
Balance of Payments
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 65 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon [1]
Moldova
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam [1]
Zambia
65.4
40.6
134.1
119.4
69.7
123.1
26.6
86.5
47.2
46.2
119.1
97.4
122.2
88.2
53.8
124.2
140.1
119.1
62.2
32.8
123.5
65.4
75.3
85.9
112.9
50.6
126.9
69.7
66.4
44.1
142.1
109.2
94.7
134.5
31.3
83.9
50.7
57.8
116.7
99.6
135.5
89.3
60.5
135.4
132.7
130.4
67.2
30.3
131.0
66.9
79.5
87.4
119.6
55.4
140.6
77.8
70.3
44.3
118.9
117.3
99.9
136.8
39.4
65.5
56.1
63.0
118.3
98.2
136.5
90.5
64.9
137.6
143.0
122.4
71.6
35.3
137.8
69.4
73.6
89.2
102.1
60.1
143.6
71.2
73.5
44.0
124.3
123.2
93.0
144.6
37.2
68.0
59.7
61.5
119.2
65.9
133.1
100.8
64.9
145.3
137.2
112.0
76.8
38.5
147.9
68.7
71.3
88.0
96.1
58.7
152.1
68.6
82.9
45.0
128.2
121.6
94.6
138.3
38.0
66.7
62.6
65.1
111.5
65.4
135.1
101.3
64.5
151.4
142.7
115.9
82.8
35.5
148.5
73.3
68.6
89.7
95.4
56.2
169.5
80.1
85.4
45.1
129.6
131.7
93.7
133.3
44.9
64.7
68.1
71.7
125.8
69.5
135.7
113.6
69.4
172.1
134.4
119.7
90.4
36.7
140.3
78.6
63.4
91.7
101.8
51.8
168.1
72.7
82.3
37.4
112.3
112.0
75.3
122.9
32.4
52.5
53.6
56.6
106.4
71.6
96.9
86.7
61.6
145.8
110.4
108.2
78.4
33.3
117.5
65.5
49.1
86.3
94.4
38.5
139.7
62.3
84.8
40.1
122.2
117.2
95.7
113.6
39.9
57.2
62.8
47.9
117.6
75.4
109.4
80.9
67.9
138.4
117.8
116.4
89.8
33.0
101.1
65.1
53.1
84.9
104.4
46.1
156.9
82.6
90.0
41.4
163.3
130.7
74.7
113.6
35.2
60.4
65.9
45.3
120.4
86.6
121.0
84.7
74.2
147.4
130.8
160.6
99.6
33.4
99.1
66.9
60.7
83.2
115.0
49.6
173.8
91.5
82.6
37.7
158.7
127.5
79.0
119.9
35.2
58.8
67.4
44.8
117.3
94.9
118.4
81.0
66.7
149.3
128.1
123.2
105.8
33.1
87.1
66.6
59.3
83.5
110.2
48.7
175.5
88.0
83.3
38.9
139.6
121.1
85.1
125.1
34.9
64.7
67.9
47.9
113.6
105.9
121.4
80.5
64.2
154.5
127.0
99.6
112.1
32.3
90.3
66.4
58.2
85.9
113.8
51.1
182.8
90.2
83.6
38.3
130.2
115.2
92.9
131.3
35.5
67.8
69.9
46.5
113.6
114.1
128.2
81.2
60.9
153.8
126.0
93.6
116.9
30.6
94.4
66.5
57.5
86.3
111.7
59.5
183.0
101.3
Median (B1 to C)
86.2
88.4
89.8
82.4
86.3
91.0
80.4
84.9
88.3
85.3
88.1
93.2
Mean (B1 to C)
86.7
91.8
92.0
91.9
93.9
96.6
81.8
86.5
93.5
91.0
91.4
92.5
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Balance of Payments
17. Government Effectiveness
Composite index with values from about -2.50 to 2.50: higher values suggest greater maturity and responsiveness of government institutions
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
• 66 •
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2014F
1.81
2.02
1.96
2.01
1.10
2.16
0.93
2.26
1.72
1.40
0.75
1.66
1.58
0.80
1.22
1.93
0.93
2.03
1.82
1.92
1.15
1.96
0.68
1.07
1.90
2.09
1.81
1.83
1.61
2.04
1.91
1.92
1.96
1.18
2.34
0.97
2.21
1.81
1.53
0.83
1.79
1.56
0.67
1.42
1.93
0.83
2.12
1.97
2.10
1.10
2.03
0.91
0.97
1.37
2.14
2.22
1.90
1.80
1.77
1.72
1.74
1.91
1.18
2.14
0.99
2.16
1.71
1.54
0.72
1.63
1.73
0.58
1.35
1.78
0.82
1.95
1.74
1.86
1.06
2.00
0.94
0.92
1.49
1.89
1.89
1.75
1.57
1.76
1.82
1.71
1.93
1.32
2.25
1.17
2.12
1.58
1.65
0.72
1.89
1.62
0.44
1.54
1.59
1.08
1.78
1.65
1.95
0.84
2.18
0.92
0.98
0.87
1.83
2.03
1.72
1.56
1.82
1.86
1.61
1.77
1.43
2.34
1.07
1.96
1.48
1.66
0.62
1.86
1.60
0.28
1.44
1.60
1.21
1.73
1.66
2.03
0.86
2.36
0.75
0.94
0.97
1.99
2.03
1.66
1.59
1.78
1.77
1.38
1.79
1.52
2.23
1.19
2.04
1.58
1.55
0.64
1.83
1.53
0.37
1.43
1.62
1.28
1.69
1.64
1.84
1.01
2.41
0.87
1.19
0.89
1.91
2.02
1.64
1.54
1.75
1.72
1.59
1.83
1.40
2.29
1.13
2.23
1.48
1.57
0.58
1.77
1.32
0.49
1.33
1.75
1.12
1.75
1.90
1.75
1.18
2.27
0.89
1.16
0.93
2.04
1.99
1.50
1.40
1.81
1.88
1.59
1.86
1.50
2.16
1.22
2.24
1.44
1.55
0.52
1.73
1.31
0.51
1.40
1.71
1.15
1.73
1.87
1.79
1.04
2.24
0.86
1.03
0.98
2.00
1.91
1.56
1.44
1.74
1.66
1.67
1.85
1.53
2.17
1.20
2.25
1.36
1.53
0.48
1.70
1.42
0.45
1.35
1.73
1.16
1.79
1.93
1.76
0.97
2.16
0.86
0.99
1.02
1.96
1.89
1.55
1.41
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median
1.81
1.81
1.72
1.65
1.61
1.58
1.57
1.56
1.55
—
—
—
Mean
1.59
1.64
1.53
1.53
1.52
1.52
1.52
1.52
1.50
—
—
—
• 67 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
1.04
0.73
1.30
1.24
-0.04
0.89
1.25
0.93
0.06
1.30
1.17
0.47
0.55
0.47
-0.31
1.01
0.56
1.06
0.64
1.16
1.20
0.00
0.91
1.31
0.94
0.07
1.09
1.13
0.45
0.49
0.49
-0.37
1.17
0.76
0.99
0.66
1.25
1.22
-0.09
0.97
1.08
1.02
0.23
1.25
1.13
0.30
0.48
0.42
-0.39
1.01
0.75
0.99
0.51
1.25
1.13
0.12
1.06
1.27
1.08
0.23
0.99
1.19
0.27
0.43
0.55
-0.18
1.08
0.91
0.98
0.58
1.24
1.27
0.22
0.90
1.27
1.25
0.11
0.98
1.24
0.35
0.41
0.44
-0.08
1.05
0.93
1.01
0.55
1.27
1.18
0.19
1.00
1.35
1.09
0.02
1.01
1.15
0.44
0.48
0.61
-0.04
1.06
0.89
1.01
0.54
1.24
1.15
0.13
0.98
1.14
1.08
0.13
1.31
0.96
0.58
0.59
1.04
-0.17
1.19
0.89
1.00
0.52
1.23
1.18
0.12
1.00
1.24
1.19
0.10
1.32
1.10
0.59
0.70
0.94
-0.08
1.21
0.78
0.99
0.53
1.22
1.17
0.12
1.02
1.20
1.23
-0.04
1.30
1.00
0.43
0.68
0.83
-0.43
1.17
0.95
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
0.89
0.91
0.97
0.99
0.93
1.00
0.98
1.00
0.99
—
—
—
Mean (Aaa to A3)
0.74
0.74
0.72
0.76
0.77
0.78
0.81
0.83
0.79
—
—
—
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 68 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
-0.80
1.19
0.46
0.18
0.11
-0.14
0.26
2.12
-0.07
-0.45
-0.65
0.66
0.76
0.75
0.23
0.24
-0.05
-0.42
-0.27
-0.39
0.68
—
0.38
0.48
0.04
0.50
-0.75
1.14
0.59
0.07
0.19
-0.14
0.24
2.12
-0.10
-0.38
-0.64
0.65
0.75
0.65
0.17
0.10
-0.03
-0.47
-0.17
-0.38
0.66
1.09
0.36
0.37
0.04
0.35
-0.68
1.17
0.40
-0.10
0.19
-0.16
0.15
1.99
-0.08
-0.44
-0.55
0.59
0.79
0.62
0.08
0.04
0.06
-0.60
-0.27
-0.46
0.64
0.99
0.43
0.19
0.16
0.51
-0.67
1.14
0.40
-0.16
-0.01
-0.10
0.11
1.86
-0.04
-0.33
-0.45
0.68
0.74
0.67
0.16
0.12
0.07
-0.55
-0.19
-0.49
0.52
0.73
0.39
0.15
0.16
0.39
-0.76
1.10
0.42
-0.13
0.00
-0.03
0.20
1.79
0.11
-0.27
-0.53
0.49
0.70
0.71
0.16
0.12
0.13
-0.48
-0.28
-0.42
0.51
0.72
0.36
0.22
0.29
0.50
-0.75
1.15
0.41
-0.02
-0.05
-0.01
0.27
1.82
-0.03
-0.23
-0.41
0.56
0.61
0.76
0.17
0.20
0.12
-0.33
-0.27
-0.40
0.53
0.75
0.25
0.18
0.26
0.50
-0.68
1.00
0.60
0.02
0.06
-0.02
0.33
1.65
-0.02
-0.26
-0.21
0.61
0.66
0.68
0.19
0.11
0.15
-0.41
-0.25
-0.35
0.46
0.75
0.17
0.30
0.34
0.61
-0.83
1.07
0.59
0.07
0.01
0.14
0.32
1.58
-0.01
-0.19
-0.28
0.70
0.72
0.76
0.17
0.09
0.14
-0.21
-0.15
-0.40
0.38
0.74
0.08
0.25
0.35
0.65
-0.79
0.96
0.65
-0.01
0.01
0.24
0.35
1.57
-0.03
-0.24
-0.26
0.68
0.68
0.76
0.32
0.06
0.10
-0.15
-0.22
-0.40
0.37
0.74
0.10
0.31
0.41
0.58
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.23
0.18
0.16
0.14
0.18
0.19
0.18
0.15
0.28
—
—
—
Mean (Baa1 to Baa3)
0.23
0.25
0.22
0.20
0.22
0.23
0.25
0.26
0.26
—
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
• 69 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
-1.14
-0.26
-0.71
1.30
-0.28
0.38
-0.34
-0.50
-0.45
0.96
0.24
—
-0.10
-0.96
-0.91
-0.04
-0.20
0.55
-1.28
-0.14
-0.78
1.09
-0.55
0.47
-0.27
-0.49
-0.64
0.90
0.12
—
-0.08
-0.91
-0.90
-0.20
-0.09
0.48
-1.17
-0.13
-0.86
1.26
-0.68
0.48
-0.32
-0.42
-0.70
0.80
0.07
—
-0.26
-0.88
-0.79
-0.06
-0.09
0.42
-1.37
-0.21
-0.76
1.48
-0.67
0.57
-0.20
-0.18
-0.58
0.90
0.17
-0.35
-0.15
-0.96
-0.89
-0.05
-0.23
0.58
-1.24
-0.35
-0.68
1.34
-0.60
0.48
-0.19
0.10
-0.52
0.76
0.22
-0.16
-0.16
-1.03
-0.85
0.07
-0.23
0.48
-1.07
-0.16
-0.70
1.59
-0.66
0.58
-0.16
0.28
-0.53
0.76
0.22
-0.01
-0.17
-0.95
-0.87
0.02
-0.04
0.34
-0.98
0.00
-0.88
1.50
-0.53
0.61
-0.02
0.27
-0.69
0.70
0.22
-0.03
-0.21
-1.22
-0.91
-0.12
-0.05
0.35
-1.12
-0.15
-0.84
1.41
-0.45
0.62
0.01
0.29
-0.70
0.70
0.08
—
-0.17
-1.18
-0.92
-0.10
-0.09
0.19
-1.15
-0.09
-0.85
1.46
-0.41
0.55
-0.11
0.55
-0.70
0.71
0.05
—
-0.22
-1.12
-0.83
0.00
-0.11
0.02
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
-0.26
-0.20
-0.26
-0.20
-0.18
-0.10
-0.04
-0.10
-0.11
—
—
—
Mean (Ba1 to Ba3)
-0.14
-0.19
-0.20
-0.16
-0.14
-0.09
-0.11
-0.14
-0.13
—
—
—
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 70 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
-0.61
-0.01
-0.99
-0.19
-0.77
-0.88
-0.24
-0.54
-0.83
-0.30
-0.22
-0.19
-0.58
0.06
-0.61
-0.21
-0.71
-0.29
-0.72
-0.39
-0.60
-0.26
-0.20
-0.20
-0.58
-0.95
-0.43
-0.82
-0.44
-0.02
-1.08
-0.36
-0.57
-0.88
-0.44
-0.64
-0.85
-0.23
-0.43
-0.16
-0.56
0.21
-0.53
-0.29
-0.89
-0.46
-0.68
-0.45
-0.64
-0.18
-0.40
0.08
-0.54
-1.02
-0.44
-0.82
-0.63
-0.09
-1.10
-0.15
-0.72
-0.97
-0.54
-0.55
-0.92
-0.39
-0.11
-0.16
-0.64
-0.08
-0.67
-0.21
-0.73
-0.36
-0.80
-0.42
-0.88
-0.25
-0.29
0.87
-0.58
-0.90
-0.20
-0.94
-0.45
-0.03
-1.17
-0.41
-0.60
-0.96
-0.33
-0.54
-0.97
-0.55
-0.13
0.07
-0.61
0.28
-0.57
-0.39
-0.79
-0.40
-0.85
-0.36
-0.77
-0.31
-0.17
0.73
-0.57
-1.00
-0.17
-0.81
-0.38
-0.03
-1.13
-0.50
-0.80
-0.86
-0.20
-0.61
-0.84
-0.45
-0.45
0.05
-0.54
0.29
-0.48
-0.42
-0.80
-0.51
-0.90
-0.45
-0.67
-0.45
-0.09
0.66
-0.68
-1.01
-0.19
-0.71
-0.35
-0.12
-1.13
-0.53
-0.57
-0.95
-0.22
-0.56
-0.84
-0.44
-0.76
0.00
-0.61
0.28
-0.56
-0.49
-0.75
-0.51
-0.89
-0.68
-0.70
-0.15
-0.11
0.69
-0.72
-1.06
-0.17
-0.73
-0.24
-0.35
-1.15
-0.47
-0.69
-0.80
-0.25
-0.57
-0.73
-0.34
-0.92
-0.04
-0.69
0.19
-0.58
-0.58
-0.55
-0.69
-0.95
-0.78
-0.76
-0.43
-0.11
0.78
-0.82
-0.89
-0.29
-0.76
-0.27
-0.21
-1.13
-0.44
-0.73
-0.82
-0.24
-0.62
-0.67
-0.43
-0.73
-0.04
-0.67
0.18
-0.53
-0.35
-0.63
-0.61
-0.96
-0.77
-0.75
-0.49
-0.17
0.72
-0.78
-1.02
-0.31
-0.80
-0.20
-0.16
-1.09
-0.36
-0.76
-0.75
-0.26
-0.55
-0.55
-0.60
-0.71
-0.03
-0.58
0.20
-0.54
-0.33
-0.58
-0.62
-0.90
-0.82
-0.74
-0.44
-0.08
0.77
-0.83
-1.10
-0.28
-0.65
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
-0.48
-0.45
-0.55
-0.50
-0.49
-0.56
-0.58
-0.62
-0.56
—
—
—
Mean (B1 to C)
-0.47
-0.49
-0.48
-0.46
-0.47
-0.49
-0.52
-0.51
-0.48
—
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
II. Government Finance
• 71 •
18. General Government Revenue/GDP
Country
Rating
• 72 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
35.7
49.7
50.9
39.7
38.1
55.0
36.5
52.8
49.3
44.3
39.0
16.4
33.6
44.4
28.4
42.3
36.6
43.9
36.8
55.2
40.9
15.9
37.4
43.6
38.0
54.4
35.8
38.8
29.6
36.1
49.2
48.9
39.6
38.5
56.4
35.6
52.5
49.6
43.3
38.1
19.8
35.0
44.0
27.9
41.5
39.0
44.3
37.1
55.9
41.4
15.7
35.3
43.5
38.8
54.6
35.4
39.6
29.6
36.5
48.2
49.3
39.7
41.3
57.8
35.2
53.1
50.6
43.6
39.0
17.2
35.5
43.4
29.3
41.5
40.7
44.5
38.5
56.6
40.1
14.5
35.2
43.8
39.7
55.8
35.7
40.4
31.0
36.6
47.5
48.8
40.0
42.1
56.6
36.1
53.3
50.6
43.7
39.2
18.8
37.3
45.0
30.8
39.9
40.4
46.1
38.7
58.2
40.6
14.0
33.3
43.2
40.7
54.9
35.4
41.3
31.9
36.1
47.6
48.1
39.7
45.0
55.6
36.4
52.8
49.9
43.7
40.7
21.2
36.9
46.0
31.2
39.9
39.5
45.4
37.3
57.5
41.1
15.6
32.4
42.4
41.1
54.5
34.7
40.9
32.2
35.7
48.3
48.7
38.4
43.1
54.8
36.7
53.6
49.9
44.0
40.7
18.9
35.7
45.9
31.6
42.3
38.6
46.7
36.8
58.4
41.1
17.1
32.8
42.4
37.0
53.9
33.1
42.6
31.2
33.5
48.5
48.1
38.5
40.1
55.3
43.5
53.4
49.2
45.1
38.3
18.8
34.8
46.5
29.6
43.8
38.7
45.8
35.7
56.5
39.6
16.2
33.5
43.1
35.1
54.0
33.7
39.9
28.9
32.5
48.1
48.7
37.5
40.9
55.0
40.9
53.0
49.5
43.6
40.6
20.7
35.2
46.1
29.6
42.0
38.4
46.1
35.0
56.0
41.6
16.5
32.3
44.5
36.6
52.3
32.8
40.3
29.2
32.0
48.0
49.5
37.4
39.7
55.7
39.5
53.9
50.7
44.5
42.4
22.4
34.4
46.2
30.8
41.5
39.3
45.4
35.1
57.1
45.0
17.5
33.3
44.4
35.7
51.2
33.4
40.8
29.3
33.0
48.7
50.9
37.6
40.0
55.5
40.2
53.7
51.9
45.2
44.7
21.6
34.6
47.7
31.1
42.1
40.5
46.4
34.6
57.0
41.0
18.0
33.1
45.0
36.4
51.3
33.0
42.2
29.0
33.5
48.4
51.2
38.1
40.0
56.1
39.3
54.4
53.6
45.0
43.9
19.8
35.0
48.1
31.5
42.3
40.0
47.1
34.1
56.9
42.5
17.1
33.7
44.8
36.6
51.0
33.8
41.7
30.1
33.3
48.4
51.2
38.3
39.0
55.5
37.8
54.8
53.5
45.0
46.2
19.2
35.3
48.2
32.8
42.6
40.2
47.2
34.6
56.8
42.4
16.8
33.5
44.6
36.6
50.8
34.0
41.5
30.2
Median
39.0
39.6
40.4
40.6
40.9
41.1
39.9
40.9
40.8
41.0
41.7
41.5
Mean
40.1
40.2
40.6
40.9
40.9
40.7
40.3
40.2
40.6
40.9
41.0
41.0
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong [2]
Ireland
Italy
Japan [2]
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore [2]
Slovakia
Slovenia
Spain
Sweden
Switzerland [3]
United Kingdom
United States of America [4]
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
General government data follows the Government Finance Statistics (GFS) methodology used by the IMF, which considers the data from 2010-2011 to be estimates
Fiscal years ending September 30, e.g. 2006 refers to fiscal year 2005/06
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
16.9
42.1
16.9
20.1
15.9
43.3
44.0
22.4
51.4
28.9
21.4
45.8
38.5
33.0
36.4
18.2
22.2
17.4
40.8
16.6
21.2
16.4
40.4
43.0
21.6
51.9
29.0
20.4
45.4
37.2
43.3
40.4
17.0
23.8
16.5
42.5
18.4
22.9
16.9
39.8
42.7
22.1
67.2
29.9
19.6
48.1
39.4
37.1
45.9
18.9
31.0
16.3
45.0
20.4
24.5
17.4
39.6
43.6
23.1
65.6
31.9
20.7
48.9
40.2
36.0
47.7
17.8
34.7
15.8
41.3
19.5
25.6
19.3
40.3
43.3
25.0
65.6
37.0
21.0
47.5
40.3
36.5
41.2
17.4
33.8
15.6
40.9
19.6
24.2
19.5
38.9
40.5
24.4
63.9
37.4
20.8
46.2
39.5
34.9
56.5
17.7
39.1
15.8
39.0
18.7
19.0
19.8
38.9
37.6
23.5
66.9
41.1
22.3
38.1
37.2
44.2
31.7
16.9
26.8
17.2
33.1
21.0
21.5
20.6
39.1
38.8
23.1
63.8
39.0
20.1
39.3
37.6
30.9
37.5
15.6
30.0
16.5
36.0
21.8
22.7
22.3
40.0
38.8
23.7
65.8
41.7
21.0
44.6
38.4
38.7
44.5
16.9
35.4
15.6
34.2
21.7
21.9
22.6
40.3
37.6
24.5
68.9
37.2
22.2
49.8
38.4
41.6
45.7
17.7
35.4
15.5
32.4
22.3
22.5
23.1
40.3
37.7
24.7
70.9
34.2
21.2
47.9
38.8
38.3
45.0
17.5
33.5
15.4
31.0
21.9
23.1
23.8
40.2
38.9
24.7
71.1
31.8
20.6
46.4
39.0
35.4
44.6
17.6
32.7
Median (Aaa to A3)
28.9
29.0
31.0
34.7
36.5
37.4
31.7
30.9
36.0
35.4
33.5
31.8
Mean (Aaa to A3)
30.4
30.9
32.9
33.7
33.6
34.1
31.6
31.1
33.5
33.8
33.3
32.8
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait [4]
Macao
Malaysia [5]
Oman [6]
Poland
Qatar [2]
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 73 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06; GDP calendar year
Central government
Central government; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
Federal government
Central government; Includes oil revenues transferred to the State General Reserve Fund
Consolidated emirate and federal governments
Country
Rating
• 74 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
15.0
13.2
31.3
34.5
38.7
13.1
14.1
42.8
19.8
17.0
25.4
33.3
31.8
19.8
16.9
25.3
21.6
17.7
32.0
36.4
31.7
—
17.1
25.7
31.5
19.9
17.1
13.7
30.8
35.3
40.4
13.2
13.7
44.0
19.2
17.6
24.6
34.9
31.7
19.4
16.6
26.2
20.5
17.6
32.3
36.6
33.1
—
17.1
25.9
31.2
20.9
16.4
14.2
33.0
36.6
38.3
13.6
13.9
47.1
19.5
17.9
28.1
35.4
32.7
19.4
17.1
27.2
21.3
18.4
32.4
41.0
35.1
—
17.5
30.7
32.3
20.9
20.7
15.5
30.9
35.8
36.2
14.9
14.2
48.0
20.5
19.1
27.5
37.8
33.0
19.0
16.7
31.4
24.2
20.0
33.3
39.5
35.3
—
17.7
34.7
33.2
21.6
21.2
16.7
29.3
36.5
40.4
15.3
15.5
47.7
22.4
17.9
28.8
35.6
33.6
20.3
16.7
31.9
26.1
20.8
35.3
39.9
36.0
22.0
17.1
30.4
32.2
21.0
26.8
17.6
32.4
36.7
40.1
15.9
15.9
44.1
20.1
19.8
28.3
34.9
34.0
22.1
18.4
31.9
25.0
21.3
33.6
39.2
35.8
21.2
16.5
34.3
32.1
20.6
29.0
16.7
23.8
35.6
37.1
15.4
14.0
41.0
19.2
15.1
22.1
34.0
35.5
21.4
18.4
31.4
24.3
19.0
32.1
35.0
33.3
18.9
16.4
29.0
34.2
21.2
26.9
16.7
27.2
36.8
34.3
13.8
14.3
41.5
20.7
15.4
24.1
35.3
35.2
21.9
17.6
28.0
24.6
20.2
33.3
34.6
33.7
19.8
17.3
34.1
35.1
21.5
30.1
21.4
29.2
36.1
33.6
15.2
14.6
41.7
20.0
16.3
28.2
34.9
33.3
21.4
17.9
32.1
24.3
21.0
33.8
37.4
34.4
24.5
18.0
32.6
36.1
21.2
29.5
19.2
27.9
36.4
34.9
16.1
14.4
43.1
21.0
16.2
27.3
35.2
32.9
21.5
17.6
34.3
24.0
21.6
33.5
36.9
33.6
27.8
18.3
31.2
37.2
20.5
28.9
16.4
29.3
35.9
34.8
16.4
14.5
43.0
22.0
16.1
26.6
34.8
32.7
22.1
17.7
33.3
24.3
21.7
33.5
36.4
33.8
28.2
18.3
31.8
37.0
20.6
27.4
18.4
29.6
36.1
35.2
16.6
15.1
42.5
22.7
16.1
26.4
34.7
32.4
21.2
17.7
31.6
24.7
21.6
34.0
35.2
34.0
30.0
18.6
31.8
37.0
21.0
25.3
24.6
27.2
27.5
27.5
27.6
24.0
25.7
28.7
27.8
28.5
28.5
Mean (Baa1 to Baa3)
25.0
25.3
26.4
27.2
27.3
27.6
25.9
26.3
27.3
27.4
27.3
27.4
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia [6]
Panama
Peru
Romania
Russia
South Africa [4]
St. Maarten [7]
Thailand [1]
Trinidad & Tobago [8]
Turkey
Uruguay [1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Central government
Central government; Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Series break in 2005
Federal government and social security
St. Maarten became an autonomous country following the dissolution of the Netherlands Antilles in October 2010; Data from 2011 onward reflect figures for St. Maarten only
Central government; Fiscal years ending September 30, e.g. 2006 refers to fiscal year 2005/06
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
37.9
21.2
11.2
28.7
23.9
39.1
16.2
16.0
12.5
42.4
34.7
—
23.0
27.6
14.3
14.1
21.0
21.6
36.9
19.1
11.4
27.4
26.3
39.0
16.3
23.1
12.3
42.6
36.6
—
24.0
35.4
16.0
13.8
21.2
21.6
40.7
20.1
11.3
27.7
30.4
38.6
16.3
24.2
12.0
42.2
33.3
—
26.3
36.3
15.6
14.3
19.8
21.3
46.4
20.1
11.4
26.6
32.7
38.6
17.5
26.8
12.7
42.7
32.4
42.4
27.4
32.3
16.0
15.5
21.9
21.4
45.8
22.2
10.9
27.6
32.8
39.8
18.2
29.3
12.8
45.6
32.3
50.0
29.9
25.0
15.7
15.2
29.4
21.8
50.9
22.5
11.9
29.9
32.8
39.2
18.7
30.7
12.0
45.5
30.1
49.1
32.5
30.4
15.8
15.2
24.3
23.9
34.6
22.7
10.8
26.4
32.8
39.0
17.3
29.3
11.1
46.9
26.5
45.8
29.3
24.8
17.6
14.0
27.6
22.8
43.5
23.2
11.4
26.9
30.8
38.2
18.5
28.3
11.2
45.4
24.9
42.2
27.5
25.7
17.1
13.4
21.8
22.8
48.8
24.0
11.9
29.2
32.8
37.3
19.1
28.2
11.8
53.8
26.4
39.7
27.8
22.4
17.5
14.0
27.1
24.5
44.7
24.1
13.0
27.5
36.0
38.1
19.8
28.8
11.6
46.5
22.8
39.0
27.9
24.9
18.3
14.4
24.4
23.7
42.5
24.8
13.7
28.5
35.7
38.0
19.9
27.8
11.7
46.6
25.6
38.2
28.2
25.0
19.0
15.0
24.3
23.5
41.5
24.4
14.0
29.0
35.0
37.7
20.0
27.6
11.8
47.0
25.8
37.2
28.2
23.2
19.1
15.2
24.2
23.3
Median (Ba1 to Ba3)
21.6
23.1
24.2
26.7
28.4
30.0
26.4
25.3
26.8
24.6
25.3
25.1
Mean (Ba1 to Ba3)
23.8
24.9
25.3
26.9
28.0
28.6
26.6
26.3
27.6
27.0
27.1
26.9
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia
Croatia
El Salvador [3]
Georgia
Guatemala [4]
Hungary
Jordan [4]
Montenegro
Morocco [5]
Nigeria
Paraguay [4]
Philippines [6]
Suriname [4]
Tunisia [4]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 75 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Non-financial public sector
Central government
Central government; Data follows the Government Finance Statistics (GFS) methodology used by the IMF
National government; Excludes privatization receipts
Country
Rating
• 76 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
24.1
20.5
45.9
24.7
47.5
9.6
48.9
12.9
14.7
26.2
24.3
17.0
16.5
26.6
19.5
22.2
34.0
30.0
16.7
17.2
—
20.0
15.6
24.9
38.0
32.3
25.8
24.8
24.5
23.5
46.0
22.8
43.5
10.3
49.3
13.9
14.2
25.6
24.9
17.5
17.2
26.9
21.2
23.2
35.4
30.0
17.4
14.6
34.4
20.4
15.3
24.6
37.1
34.4
27.8
23.7
25.1
23.8
47.4
25.3
43.8
10.3
59.1
15.4
14.6
24.8
24.0
16.7
17.6
25.9
21.5
22.9
38.6
27.5
18.1
14.1
35.3
20.8
16.8
23.5
41.8
37.6
28.4
23.3
26.0
24.2
49.1
26.2
43.9
11.5
60.0
15.9
14.7
28.6
26.1
17.1
18.1
26.1
24.6
25.4
39.9
33.5
19.3
14.7
37.4
21.2
17.3
24.4
43.2
37.7
29.7
43.6
26.0
20.2
49.5
30.2
41.9
11.9
65.0
17.3
16.6
27.7
25.4
17.5
19.1
28.1
21.6
24.1
41.7
37.3
20.0
15.4
37.3
22.8
16.6
25.1
41.8
33.1
29.4
23.0
26.7
21.2
50.6
28.5
40.4
13.0
71.2
15.7
22.3
28.0
25.1
18.6
19.9
27.2
21.9
24.0
40.6
32.7
19.9
14.9
32.7
21.5
15.6
29.2
44.3
31.4
29.3
23.0
26.0
22.7
45.7
27.2
39.2
12.0
70.5
13.5
18.8
27.7
24.7
18.5
17.1
27.6
21.8
24.5
38.9
30.4
19.8
14.7
29.8
21.6
15.0
30.0
42.3
24.6
28.1
18.9
25.7
24.3
41.6
27.8
46.9
13.1
66.6
13.4
22.2
25.1
24.9
19.1
16.9
26.8
23.9
22.9
38.3
36.9
21.0
14.4
31.4
21.8
14.9
27.4
43.2
19.3
29.7
19.6
25.2
23.6
38.8
28.9
46.6
13.1
67.2
13.2
22.0
22.0
26.8
21.5
17.0
25.4
23.7
23.5
36.6
40.0
21.8
12.7
30.4
22.4
14.5
27.4
42.9
22.5
26.6
21.7
24.4
25.4
40.8
27.6
46.7
13.8
68.0
14.0
22.3
22.6
27.4
22.8
16.8
25.0
21.3
22.7
38.2
33.9
22.1
12.6
28.9
23.3
13.2
25.4
44.6
23.4
27.0
21.0
24.9
24.8
40.3
27.2
46.7
14.4
68.2
15.5
22.2
25.8
27.9
24.2
17.1
24.3
24.8
23.3
37.9
33.7
21.8
13.3
29.5
23.4
13.1
25.9
43.5
24.6
26.0
21.6
24.8
23.8
38.9
26.8
45.9
14.5
68.1
15.7
21.9
27.1
28.0
25.9
17.1
23.4
24.8
23.8
38.0
35.0
21.7
13.3
28.5
23.4
13.0
26.4
41.9
26.0
25.7
21.1
Median (B1 to C)
24.3
24.1
23.9
26.1
25.2
25.9
24.6
24.6
23.7
23.9
24.8
25.3
Mean (B1 to C)
25.2
25.7
26.6
28.5
28.1
28.2
26.8
27.1
27.1
27.0
27.4
27.3
Albania
Argentina [1]
Belarus
Belize [2]
Cambodia
Cuba
Dominican Republic [2]
Ecuador [2]
Egypt [3]
Fiji
Ghana [4]
Honduras [2]
Jamaica
Kenya [5]
Lebanon [2]
Moldova
Mongolia
Nicaragua
Pakistan [3]
Papua New Guinea [2]
Senegal [2]
Sri Lanka
Ukraine
Venezuela [2]
Vietnam [6]
Zambia [2]
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government; Series break in 2007
Central government
Central government; Follows the Government Finance Statistics (GFS 2001) methodology used by the IMF, which considers the data for 2009-2011 to be estimates
Central government; Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06
On-budget only; Excludes "Brought forward revenue"
19. General Government Expenditure/GDP
Country
Rating
• 77 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
34.8
51.3
51.0
39.2
44.6
55.1
34.8
50.3
53.4
48.5
44.7
19.5
33.2
48.1
36.2
41.8
45.6
47.1
33.3
47.8
44.7
17.0
40.1
46.2
38.4
55.7
37.2
42.2
34.6
35.0
53.8
49.2
37.9
42.7
54.6
34.0
50.3
53.3
47.1
45.5
18.2
33.6
47.5
33.9
42.6
43.6
46.1
32.8
44.8
45.4
15.8
37.7
45.7
38.9
54.2
36.7
43.1
34.8
35.0
50.0
51.9
37.2
43.8
52.8
33.6
50.4
53.6
46.9
44.6
16.2
33.8
47.9
34.1
41.5
43.6
44.8
33.7
41.6
46.6
13.8
38.0
45.3
38.4
53.9
36.3
43.8
35.1
34.6
49.1
48.5
37.2
43.3
51.6
33.6
49.2
53.0
45.3
45.3
15.0
34.4
48.5
34.5
38.6
43.2
45.5
34.6
39.9
45.2
14.0
36.5
44.6
38.4
52.7
34.4
44.0
34.8
34.5
48.6
48.2
37.2
41.5
50.8
34.0
47.4
52.6
43.5
47.5
13.9
36.8
47.6
33.3
36.3
41.8
45.3
34.1
40.2
44.4
12.8
34.2
42.4
39.2
51.0
33.4
43.7
34.8
34.3
49.3
49.8
37.5
42.1
51.5
39.7
49.3
53.3
44.1
50.6
18.8
43.1
48.6
35.7
39.1
43.2
46.2
35.3
39.6
44.8
17.0
34.9
44.3
41.5
51.7
31.3
47.7
35.1
36.9
52.6
53.7
41.6
46.2
58.1
45.5
56.2
56.8
48.2
54.0
17.3
48.6
51.9
40.0
44.6
42.4
51.4
37.3
45.9
49.8
16.5
41.6
49.3
46.3
54.9
33.2
51.3
39.9
38.1
52.6
52.6
40.9
46.2
57.7
40.7
55.8
56.6
47.7
51.4
16.6
66.1
50.4
38.9
42.9
42.0
51.2
40.1
44.9
51.5
16.2
40.0
50.4
46.3
52.3
32.7
50.4
39.0
36.7
50.5
53.4
39.9
46.0
57.6
38.3
55.1
56.0
45.3
52.0
18.6
47.5
49.9
40.7
41.8
42.1
49.8
39.9
43.7
49.4
16.3
38.3
50.8
45.2
51.2
33.1
48.6
38.2
37.2
51.2
54.9
39.8
46.3
59.6
40.5
56.0
56.8
45.0
54.8
18.4
42.2
50.6
41.1
43.0
43.9
50.4
37.3
43.0
47.4
16.9
37.4
49.0
47.0
52.0
32.7
48.5
36.3
35.8
50.4
54.3
39.7
49.0
57.8
39.6
56.6
57.6
45.4
47.8
20.0
42.5
51.1
40.6
43.1
43.4
50.9
36.0
43.2
48.0
16.2
36.8
52.6
42.8
51.1
33.4
48.5
34.8
34.7
49.9
54.5
39.2
50.0
57.2
37.6
56.4
57.0
44.5
49.0
18.2
39.7
51.0
40.0
42.8
43.4
50.8
35.0
43.3
46.4
16.2
36.5
50.4
42.0
50.7
33.5
47.8
34.6
Median
44.6
43.1
43.6
43.2
41.5
43.1
46.3
46.3
45.3
45.0
43.4
43.4
Mean
41.9
41.3
41.0
40.3
39.7
41.4
45.2
45.2
44.0
44.1
43.8
43.2
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong [2]
Ireland
Italy
Japan [2]
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore [2]
Slovakia
Slovenia
Spain
Sweden
Switzerland [3]
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.0
42.3
15.8
20.5
18.0
50.0
50.1
21.4
36.2
24.7
26.2
39.0
44.7
27.1
31.9
20.7
20.3
18.0
39.5
18.6
19.2
17.7
43.3
47.3
20.9
32.8
21.5
24.4
39.2
42.6
28.4
29.4
19.8
17.9
17.1
33.7
18.5
18.5
18.1
43.0
45.3
21.6
27.2
22.4
23.0
35.2
43.4
28.7
28.2
19.5
15.9
17.7
32.4
17.7
17.2
18.2
42.0
44.9
22.4
34.0
23.5
23.9
34.8
43.9
28.1
27.9
18.1
15.8
18.0
35.8
20.9
17.8
18.7
41.0
43.9
21.2
28.2
16.1
24.1
35.4
42.2
26.7
29.9
17.7
17.8
19.4
47.2
25.3
20.3
19.9
41.1
43.1
22.9
48.6
18.3
25.4
29.4
43.2
24.8
26.7
18.6
22.3
20.0
51.3
26.8
23.4
22.0
44.7
43.2
25.2
35.1
20.8
28.9
38.4
44.6
31.8
37.1
21.4
39.6
21.1
39.8
24.6
22.0
22.3
43.8
42.6
21.7
43.4
16.9
25.5
34.0
45.4
28.5
33.1
18.9
32.2
20.1
36.2
25.0
21.4
23.5
43.2
42.1
22.2
41.9
15.5
25.9
38.3
43.4
30.5
32.9
19.1
32.3
19.9
33.5
24.8
21.4
24.4
44.6
42.1
23.0
39.0
16.3
26.7
46.0
42.3
33.4
32.0
20.0
26.9
21.4
31.9
23.3
22.0
25.4
43.3
42.5
23.5
42.9
20.9
25.5
42.2
42.3
27.2
35.7
20.1
28.8
20.6
30.5
22.4
23.2
26.3
43.0
42.3
23.7
46.1
21.4
24.6
43.2
42.3
26.0
35.9
19.5
29.2
Median (Aaa to A3)
26.2
24.4
23.0
23.9
24.1
25.3
31.8
28.5
30.5
26.9
27.2
26.3
Mean (Aaa to A3)
29.8
28.3
27.0
27.2
26.8
29.2
32.6
30.3
30.2
30.4
30.5
30.6
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait [4]
Macao
Malaysia [5]
Oman [3]
Poland
Qatar [2]
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 78 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
Federal government
Country
Rating
• 79 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
15.4
15.8
33.3
40.2
39.1
17.2
16.5
45.6
28.1
18.7
21.4
34.9
33.0
26.0
17.9
31.7
26.2
19.3
33.5
34.9
34.3
—
16.8
24.6
39.5
24.2
17.3
16.0
30.5
38.5
38.6
16.9
16.1
44.0
26.4
18.6
22.0
35.9
33.2
23.8
17.5
28.7
24.4
18.7
33.6
31.7
35.1
—
17.1
25.7
35.6
23.3
17.1
16.4
29.6
40.0
37.3
17.8
15.8
42.2
26.0
18.4
22.1
35.8
33.2
24.3
17.8
27.4
23.5
18.9
33.6
32.8
34.8
—
18.0
28.2
33.0
22.4
20.2
17.3
28.2
39.2
34.4
17.9
15.1
41.6
25.8
20.0
19.8
38.3
33.5
23.5
18.2
27.3
23.7
17.9
35.5
31.1
34.3
—
16.3
33.1
33.4
22.6
21.4
19.0
27.5
38.5
39.2
18.0
14.9
42.3
26.4
19.2
23.7
36.0
34.6
22.4
18.3
26.8
23.3
18.1
38.2
33.1
34.5
26.2
19.1
30.2
33.8
22.6
26.6
19.2
27.4
38.6
38.4
17.7
15.7
57.7
28.4
19.9
27.1
39.1
37.2
24.4
19.8
29.9
24.5
18.9
39.3
34.3
36.5
27.2
17.6
32.5
34.6
21.7
29.7
21.2
30.5
38.8
41.4
19.2
17.4
51.0
28.6
16.7
23.5
43.7
44.9
28.0
20.4
32.5
25.4
20.5
41.1
41.4
38.2
26.1
20.5
33.9
40.1
22.8
27.7
21.8
34.2
39.6
37.4
17.3
19.5
51.6
27.5
16.2
22.6
43.4
42.4
25.1
20.1
32.6
26.4
20.3
40.1
38.0
37.8
25.8
18.1
36.3
38.5
22.7
29.6
23.5
30.9
39.0
35.6
17.2
18.7
47.3
28.1
17.4
22.3
38.4
38.9
24.7
20.2
39.2
26.6
19.2
39.4
35.8
38.6
23.7
18.3
35.4
36.8
21.8
29.2
24.8
34.9
38.6
35.7
18.0
18.8
46.5
28.3
18.0
22.7
36.5
36.2
23.3
20.0
37.1
26.6
19.7
36.4
36.5
38.5
32.0
21.9
35.6
39.2
22.5
28.7
23.4
34.9
38.6
36.0
18.2
19.4
45.6
29.2
18.4
21.8
36.0
35.6
24.3
19.7
38.8
27.3
20.5
35.3
36.7
38.3
32.6
21.0
36.6
39.0
22.3
27.4
24.3
35.2
39.0
36.0
18.3
20.2
44.1
30.2
18.0
22.0
35.6
34.8
22.8
19.8
36.3
27.7
20.6
35.5
36.2
38.0
34.5
20.5
35.8
39.0
22.4
26.2
25.7
26.0
25.8
26.3
27.3
29.1
27.6
28.8
30.6
30.9
32.3
Mean (Baa1 to Baa3)
27.5
26.8
26.7
26.7
27.2
29.0
30.7
30.1
29.5
29.9
29.9
29.8
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia [6]
Panama
Peru
Romania
Russia
South Africa [4]
St. Maarten [7]
Thailand [1]
Turkey
Uruguay [1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Central government
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
44.3
22.4
14.6
30.9
31.7
43.8
19.9
17.8
15.1
49.7
36.8
—
27.3
30.5
14.7
18.5
19.9
26.9
35.8
20.6
14.8
29.5
32.0
42.4
18.7
23.4
13.4
49.1
37.7
—
27.7
27.2
14.7
17.5
23.2
26.8
32.2
21.8
15.0
30.0
32.7
41.4
19.3
26.8
13.7
50.1
38.8
—
32.5
23.3
15.0
17.0
20.8
26.7
35.5
21.4
14.7
29.4
29.2
41.2
20.4
30.2
14.7
52.2
36.4
41.3
29.4
23.3
15.6
16.7
20.4
26.2
34.5
23.7
14.1
30.9
30.5
41.9
20.2
34.1
14.3
50.7
37.0
43.3
30.1
25.8
14.8
16.7
25.0
26.2
56.6
23.2
17.2
35.2
32.8
40.5
21.9
36.9
13.6
49.2
34.4
47.5
31.8
31.0
13.6
16.5
22.8
26.9
44.2
30.2
14.3
34.3
34.9
43.1
23.0
38.4
14.2
51.4
35.0
49.4
31.1
28.8
17.5
17.7
26.8
24.7
38.2
28.2
14.6
35.9
30.9
43.3
22.8
34.9
14.5
49.8
30.4
45.2
31.9
29.8
15.9
16.9
24.7
24.3
38.6
26.8
16.1
33.9
33.9
42.5
23.0
31.8
14.6
49.6
33.2
45.2
34.6
25.8
16.7
16.0
27.2
28.5
36.2
26.2
17.6
34.8
34.1
42.2
23.2
31.8
14.0
48.5
31.0
43.0
35.5
27.7
20.0
16.8
28.0
29.3
40.2
27.4
18.5
35.0
34.2
43.1
23.2
30.6
14.2
49.6
30.8
41.7
34.3
26.8
20.3
17.1
27.8
29.4
37.3
26.6
18.3
34.0
34.5
43.4
23.0
29.8
14.4
50.3
31.1
40.2
33.5
24.7
20.2
17.2
27.4
28.8
Median (Ba1 to Ba3)
26.9
26.8
26.7
27.7
28.1
31.4
30.6
30.1
30.2
30.1
30.0
29.3
Mean (Ba1 to Ba3)
27.3
26.7
26.9
27.7
28.5
30.6
31.1
29.6
29.9
30.0
30.2
29.7
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia
Croatia
El Salvador [3]
Georgia
Guatemala [4]
Hungary
Jordan [4]
Montenegro
Morocco [5]
Nigeria
Paraguay [4]
Philippines [6]
Suriname [4]
Tunisia [4]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 80 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
National government
Country
Rating
• 81 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
28.7
20.1
47.0
32.7
48.0
16.2
51.9
12.0
15.4
35.2
33.0
20.4
21.3
31.7
24.4
35.9
33.3
33.3
20.8
18.4
—
21.3
22.9
26.7
38.9
32.0
26.4
30.8
29.6
20.9
45.6
32.4
43.7
14.4
53.0
14.6
15.0
33.9
31.3
20.5
19.8
31.1
23.5
32.9
34.6
31.6
20.8
16.4
32.8
23.3
22.8
25.7
41.5
31.9
26.2
26.6
28.5
22.0
48.0
28.7
43.1
12.8
63.7
15.8
15.0
33.2
31.2
19.5
19.8
28.8
22.6
31.5
37.0
25.1
21.2
17.2
35.2
24.0
23.8
28.2
44.1
33.3
27.3
26.1
29.4
22.4
47.6
30.3
41.9
14.2
63.2
16.1
15.0
37.8
32.6
21.8
19.2
30.6
24.0
35.9
39.8
30.5
21.3
18.4
34.2
27.2
24.3
27.7
44.6
38.8
27.6
23.5
29.3
19.1
49.0
30.8
41.7
14.7
68.2
17.1
16.9
35.3
31.5
23.1
22.0
32.2
23.5
35.0
42.0
34.7
21.2
19.3
34.8
26.5
23.5
27.6
43.8
35.2
29.4
24.3
31.8
19.8
52.6
28.1
43.7
16.1
78.1
19.6
23.3
36.0
29.0
29.9
22.4
34.6
27.1
33.7
41.6
37.2
22.1
22.2
35.0
26.3
22.6
29.8
47.4
33.0
27.7
23.8
33.4
23.3
46.4
28.8
44.2
20.4
75.3
16.8
23.1
34.6
33.4
24.2
23.1
38.7
26.6
32.8
45.2
35.6
22.9
19.9
29.9
26.6
24.9
31.7
48.6
32.1
30.6
21.3
29.9
24.1
43.4
29.5
50.8
20.6
70.1
16.3
23.9
33.4
30.7
25.7
21.5
33.1
32.2
30.6
40.8
36.4
22.5
20.3
30.7
27.0
22.8
30.3
49.0
22.9
29.6
22.6
28.7
25.3
36.0
30.0
49.2
20.6
70.6
15.7
23.6
31.8
35.7
25.5
21.6
31.8
29.3
29.6
39.0
34.3
19.9
19.1
30.6
29.1
21.4
30.0
45.6
26.4
28.0
23.9
27.8
28.0
40.1
28.1
49.6
20.0
71.0
20.6
24.0
33.4
33.3
34.7
22.8
30.2
28.2
32.2
40.3
41.9
22.8
19.1
30.4
29.1
19.7
27.3
49.3
28.3
27.5
25.4
28.1
27.3
40.0
29.2
49.4
20.0
71.6
19.3
23.7
38.8
33.2
34.2
22.0
29.1
31.8
33.0
39.9
39.8
22.7
20.0
36.6
28.0
19.2
28.0
48.0
28.6
26.5
26.5
27.8
26.2
39.0
28.7
48.4
19.8
71.8
18.5
23.5
37.1
34.1
34.1
21.7
28.0
30.8
32.8
39.7
39.0
22.7
20.4
34.4
27.3
19.0
28.3
47.3
28.0
26.2
26.3
Median (B1 to C)
28.7
28.1
27.7
28.5
29.3
29.4
30.3
29.7
29.2
28.3
28.8
28.2
Mean (B1 to C)
28.8
28.4
28.8
30.0
30.4
31.9
31.9
31.1
30.4
31.6
31.9
31.5
Albania
Argentina [1]
Belarus
Belize [2]
Cambodia
Cuba
Ecuador [2]
Egypt [3]
Fiji [4]
Ghana [5]
Honduras [2]
Jamaica
Kenya [6]
Lebanon [2]
Moldova
Mongolia
Nicaragua
Pakistan [3]
Senegal [2]
Sri Lanka
Ukraine
Venezuela [2]
Vietnam [7]
Zambia [2]
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Gross expenditures including amortization
On-budget only; Excludes "Carry forward expenditures"
20. General Government Financial Balance/GDP
Country
Rating
• 82 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.9
-1.5
-0.2
0.5
-6.6
-0.1
1.7
2.5
-4.1
-4.2
-5.7
-3.2
0.4
-3.6
-7.8
0.5
-9.0
-3.1
3.5
7.4
-3.7
-1.1
-2.8
-2.7
-0.3
-1.3
-1.4
-3.4
-5.0
1.2
-4.4
-0.2
1.6
-4.1
1.9
1.6
2.3
-3.6
-3.8
-7.4
1.6
1.4
-3.6
-5.9
-1.1
-4.6
-1.7
4.2
11.1
-4.0
-0.1
-2.4
-2.3
-0.1
0.4
-1.3
-3.5
-5.2
1.5
-1.7
-2.6
2.5
-2.5
5.0
1.6
2.7
-3.0
-3.3
-5.6
1.0
1.7
-4.5
-4.8
0.0
-2.9
-0.3
4.8
15.0
-6.5
0.7
-2.8
-1.5
1.3
1.9
-0.6
-3.4
-4.1
2.0
-1.5
0.3
2.8
-1.2
5.0
2.5
4.1
-2.4
-1.7
-6.0
3.8
2.9
-3.4
-3.6
1.4
-2.7
0.5
4.1
18.3
-4.6
0.0
-3.2
-1.4
2.4
2.2
0.9
-2.7
-2.8
1.6
-0.9
-0.1
2.6
3.5
4.8
2.4
5.3
-2.8
0.2
-6.8
7.3
0.1
-1.6
-2.1
3.7
-2.3
0.2
3.2
17.3
-3.1
2.8
-1.8
0.0
1.9
3.6
1.3
-2.8
-2.5
1.4
-0.9
-1.1
0.9
0.9
3.3
-2.9
4.3
-3.3
-0.1
-9.9
0.1
-7.4
-2.7
-4.1
3.2
-4.6
0.5
1.5
18.8
-3.6
0.1
-2.1
-1.9
-4.5
2.2
1.8
-5.0
-3.8
-3.4
-4.1
-5.6
-3.1
-6.1
-2.8
-2.0
-2.7
-7.6
-3.1
-15.6
1.5
-13.9
-5.4
-10.4
-0.8
-3.7
-5.6
-1.5
10.5
-10.2
-0.3
-8.0
-6.2
-11.2
-1.0
0.5
-11.4
-10.9
-5.5
-4.5
-3.9
-3.3
-5.3
-2.7
0.2
-2.8
-7.1
-4.1
-10.8
4.1
-30.9
-4.3
-9.3
-0.9
-3.6
-5.1
-5.1
11.1
-9.8
0.3
-7.7
-5.9
-9.7
0.0
0.2
-10.2
-9.8
-4.7
-2.5
-3.9
-2.5
-6.3
-2.0
1.2
-1.1
-5.3
-0.8
-9.6
3.8
-13.1
-3.7
-9.9
-0.2
-2.8
-4.5
-4.9
13.4
-4.4
1.2
-5.1
-6.4
-9.4
0.0
0.3
-7.8
-8.9
-4.2
-2.5
-4.0
-2.2
-6.3
-4.1
-0.3
-2.3
-4.9
0.2
-10.0
3.1
-7.6
-2.9
-10.0
-0.8
-3.3
-4.1
-2.6
13.9
-6.4
1.1
-4.3
-4.0
-10.6
-0.7
0.3
-6.3
-7.3
-2.4
-1.9
-3.1
-1.6
-9.0
-1.7
-0.3
-2.2
-4.0
-0.4
-3.9
-0.2
-7.5
-3.0
-9.1
-0.9
-3.4
-3.8
-1.8
13.7
-5.5
0.8
-3.1
-7.8
-6.2
-0.2
0.4
-6.8
-4.7
-1.4
-1.5
-3.3
-0.9
-11.0
-1.7
0.2
-1.6
-3.5
0.5
-2.8
1.0
-4.4
-2.8
-7.2
-0.2
-3.2
-3.6
-0.5
13.5
-4.0
0.6
-3.0
-5.8
-5.4
0.1
0.5
-6.3
-4.3
Median
-1.5
-1.3
-0.6
0.3
0.2
-0.9
-4.1
-4.5
-3.9
-4.0
-3.0
-2.8
Mean
-1.8
-1.1
-0.4
0.6
1.2
-0.7
-5.0
-5.1
-3.4
-3.2
-2.7
-2.1
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong [2]
Ireland
Italy
Japan [2]
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore [2]
Slovakia
Slovenia
Spain
Sweden
Switzerland [3]
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
Country
Rating
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait [4]
Macao
Malaysia [5]
Oman [6]
Poland
Qatar [2]
Saudi Arabia
Taiwan
Median (Aaa to A3)
• 83 •
Mean (Aaa to A3)
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-0.2
-0.2
1.1
-0.4
-2.1
-6.7
-6.1
1.0
15.2
4.2
-4.8
6.8
-6.2
5.9
4.5
-2.5
1.9
-0.5
1.3
-2.1
2.1
-1.3
-2.8
-4.3
0.7
19.1
7.5
-4.0
6.2
-5.4
14.9
11.0
-2.8
5.9
-0.6
8.8
-0.1
4.4
-1.2
-3.2
-2.6
0.6
40.1
7.4
-3.4
12.9
-4.1
8.4
17.7
-0.6
15.1
-1.4
12.6
2.7
7.3
-0.7
-2.4
-1.3
0.7
31.5
8.4
-3.2
14.1
-3.6
7.9
19.9
-0.3
18.9
-2.2
5.5
-1.5
7.8
0.6
-0.7
-0.6
3.8
37.5
20.9
-3.1
12.1
-1.9
9.8
11.3
-0.4
16.0
-3.8
-6.3
-5.6
3.9
-0.4
-2.2
-2.6
1.5
15.3
19.1
-4.6
16.8
-3.7
10.2
29.8
-0.9
16.8
-4.2
-12.3
-8.1
-4.4
-2.2
-5.8
-5.6
-1.7
31.8
20.2
-6.7
-0.3
-7.4
12.4
-5.4
-4.5
-12.8
-3.9
-6.7
-3.6
-0.5
-1.7
-4.8
-3.8
1.4
20.4
22.1
-5.4
5.3
-7.9
2.4
4.4
-3.3
-2.2
-3.7
-0.2
-3.2
1.3
-1.2
-3.3
-3.3
1.5
24.0
26.2
-4.8
6.3
-5.0
8.2
11.6
-2.2
3.1
-4.4
0.7
-3.1
0.6
-1.8
-4.4
-4.5
1.5
29.9
20.9
-4.5
3.8
-3.9
8.2
13.7
-2.4
8.5
-5.9
0.6
-1.0
0.5
-2.3
-3.0
-4.8
1.2
27.9
13.2
-4.3
5.7
-3.5
11.1
9.3
-2.5
4.7
-5.2
0.5
-0.5
-0.1
-2.5
-2.8
-3.4
1.0
25.0
10.4
-4.0
3.3
-3.3
9.4
8.7
-1.9
3.5
-0.2
0.7
0.6
2.7
3.8
-0.4
-4.5
-2.2
-0.2
0.6
0.5
-0.1
0.7
2.7
5.9
6.5
6.8
4.9
-1.0
0.7
3.3
3.5
2.8
2.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Federal government
Central government; Includes oil revenues transferred to the State General Reserve Fund
Country
Rating
• 84 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-0.4
-2.6
-2.0
-5.7
-0.4
-4.1
-2.4
-2.8
-8.3
-1.7
4.0
-1.6
-1.3
-6.2
-1.0
-6.4
-4.6
-1.6
-1.5
1.4
-2.6
—
0.4
1.1
-8.0
-4.3
-0.1
-2.3
0.3
-3.3
1.9
-3.7
-2.5
0.0
-7.2
-1.0
2.6
-1.0
-1.5
-4.4
-0.9
-2.5
-4.0
-1.2
-1.2
4.9
-2.0
—
0.1
0.3
-4.4
-2.4
-0.7
-2.2
3.5
-3.4
1.0
-4.2
-1.9
4.9
-6.5
-0.5
6.0
-0.4
-0.5
-4.9
-0.7
-0.2
-2.2
-0.6
-1.2
8.2
0.3
—
-0.6
2.5
-0.7
-1.6
0.5
-1.8
2.7
-3.4
1.9
-3.1
-0.8
6.3
-5.4
-0.9
7.7
-0.5
-0.4
-4.5
-1.5
4.1
0.5
2.1
-2.2
8.3
1.0
—
1.1
1.6
-0.2
-1.0
-0.2
-2.2
1.9
-2.0
1.2
-2.8
0.6
5.4
-4.0
-1.3
5.1
-0.4
-1.0
-2.1
-1.6
5.1
2.7
2.7
-2.9
6.8
1.5
-4.2
-1.7
0.2
-1.6
-1.6
0.2
-1.6
4.9
-1.9
1.7
-1.7
0.2
-13.5
-8.3
-0.1
1.2
-4.2
-3.3
-2.2
-1.3
2.0
0.5
2.4
-5.7
4.9
-0.6
-6.0
-1.1
1.8
-2.5
-1.1
-0.7
-4.5
-6.6
-3.2
-4.3
-3.7
-3.4
-9.9
-9.4
-1.6
-1.3
-9.7
-9.4
-6.6
-1.9
-1.2
-1.1
-1.5
-9.0
-6.3
-4.8
-7.2
-4.4
-5.0
-5.9
-1.5
-0.9
-5.2
-7.0
-2.8
-3.1
-3.5
-5.2
-10.1
-6.8
-0.7
1.5
-8.1
-7.2
-3.2
-2.4
-4.6
-1.8
-0.2
-6.8
-3.4
-4.1
-6.0
-2.6
-2.2
-3.4
-1.2
0.6
-2.1
-1.7
-2.9
-2.0
-2.0
-4.1
-5.6
-8.1
-1.1
5.9
-3.6
-5.5
-3.2
-2.3
-7.2
-2.3
1.8
-5.6
1.5
-4.2
0.8
-1.3
-2.7
-0.7
-0.6
0.3
-5.6
-7.0
-2.2
-0.8
-1.9
-4.4
-3.4
-7.2
-1.8
4.6
-1.2
-3.3
-1.8
-2.4
-2.8
-2.7
1.9
-2.9
0.4
-4.9
-4.3
-4.1
-4.4
-2.0
-2.0
0.2
-7.0
-5.6
-2.7
-1.2
-1.8
-4.9
-2.5
-7.2
-2.3
4.8
-1.2
-2.9
-2.3
-2.0
-5.5
-3.0
1.2
-1.8
-0.3
-4.5
-4.3
-3.1
-4.8
-2.0
-1.7
0.0
-6.0
-5.6
-2.9
-0.8
-1.7
-5.1
-1.7
-7.5
-1.9
4.4
-0.9
-2.4
-1.7
-2.1
-4.6
-3.0
1.0
-1.5
-1.0
-4.0
-4.5
-2.3
-4.0
-2.0
-1.4
-2.0
-1.2
-0.6
-0.2
-0.7
-1.1
-4.5
-3.4
-2.2
-2.5
-2.4
-2.0
Mean (Baa1 to Baa3)
-2.5
-1.4
-0.3
0.5
0.1
-1.4
-4.8
-3.9
-2.2
-2.5
-2.6
-2.4
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia [6]
Panama
Peru
Romania [7]
Russia
South Africa [4]
St. Maarten [8]
Thailand [9]
Turkey
Uruguay [1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
As per ESA 95
Differences from balance suggested by revenue and expenditure lines attributed to extrabudgetary balance
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-6.4
-1.3
-3.4
-2.2
-7.7
-4.7
-3.7
-1.8
-2.6
-7.3
-2.0
—
-4.2
-2.9
-0.5
-4.4
1.1
-5.4
1.1
-1.5
-3.4
-2.1
-5.7
-3.4
-2.4
-0.3
-1.1
-6.5
-1.1
—
-3.8
8.1
1.4
-3.7
-2.0
-5.2
8.5
-1.7
-3.7
-2.3
-2.3
-2.8
-3.0
-2.6
-1.7
-7.9
-5.6
—
-6.2
13.0
0.7
-2.6
-0.9
-5.4
10.9
-1.3
-3.3
-2.8
3.5
-2.6
-2.9
-3.4
-1.9
-9.5
-4.0
1.1
-2.0
8.9
0.4
-1.1
1.5
-5.0
11.3
-1.5
-3.2
-3.3
2.3
-2.1
-2.0
-4.8
-1.4
-5.1
-4.7
6.7
-0.1
-0.8
0.9
-1.5
4.3
-5.1
-5.6
-0.7
-5.3
-5.3
0.0
-1.3
-3.2
-6.2
-1.6
-3.7
-4.3
1.6
0.7
-0.6
2.3
-1.3
1.5
-3.1
-9.6
-7.5
-3.6
-7.9
-2.0
-4.2
-5.7
-9.2
-3.1
-4.6
-8.5
-3.6
-1.8
-3.9
0.1
-3.7
0.8
-3.0
5.3
-5.0
-3.2
-9.0
-0.1
-5.1
-4.3
-6.6
-3.3
-4.4
-5.6
-3.0
-4.4
-4.1
1.2
-3.5
-2.9
-1.1
10.2
-2.8
-4.2
-4.7
-1.1
-5.2
-3.9
-3.6
-2.8
4.2
-6.8
-5.4
-6.8
-3.4
0.7
-2.0
-0.1
-3.9
8.5
-2.1
-4.6
-7.3
1.9
-4.1
-3.4
-3.0
-2.4
-2.0
-8.2
-4.0
-7.6
-2.9
-1.7
-2.4
-3.6
-5.6
2.3
-2.6
-4.7
-6.5
1.5
-5.1
-3.3
-2.9
-2.5
-3.0
-5.2
-3.5
-6.1
-1.8
-1.3
-2.1
-3.5
-5.9
4.2
-2.2
-4.2
-5.0
0.5
-5.8
-3.0
-2.2
-2.6
-3.3
-5.3
-3.0
-5.3
-1.4
-1.1
-2.0
-3.2
-5.5
Median (Ba1 to Ba3)
-3.4
-2.1
-2.6
-2.0
-1.5
-1.5
-3.8
-3.8
-3.5
-3.2
-3.2
-3.0
Mean (Ba1 to Ba3)
-3.5
-1.8
-1.6
-0.7
-0.6
-2.0
-4.5
-3.3
-2.3
-3.0
-3.1
-2.8
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia
Croatia
El Salvador [3]
Georgia
Guatemala [4]
Hungary
Jordan [4]
Montenegro
Morocco [5]
Nigeria
Paraguay [4]
Philippines [6]
Suriname [4]
Tunisia [4]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 85 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
National government
• 86 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba
Ecuador [1]
Egypt [2]
Fiji [3]
Ghana [4]
Honduras [1]
Jamaica
Kenya [5]
Lebanon [1]
Moldova
Mongolia
Nicaragua
Pakistan [2]
Senegal [1]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam [6]
Zambia [1]
-4.6
0.5
-1.1
-8.0
-0.4
-6.6
-3.0
0.9
-0.7
-9.0
-5.8
-3.4
-4.7
-5.1
-4.9
-13.8
0.7
-3.3
-4.1
-1.2
—
-1.3
-7.3
-1.8
-0.9
0.4
-5.4
-6.0
-5.0
2.6
0.4
-9.5
-0.2
-4.1
-3.7
-0.8
-0.9
-8.3
-3.1
-3.0
-2.6
-4.2
-2.3
-9.7
0.7
-1.7
-3.3
-1.7
1.6
-2.9
-7.5
-1.1
-4.4
2.5
-3.3
-2.9
-3.5
1.8
-0.7
-3.4
0.7
-2.5
-4.6
-0.4
-0.4
-8.4
-3.3
-2.8
-2.2
-2.9
-1.0
-8.6
1.5
2.4
-3.1
-3.1
0.1
-3.2
-7.0
-4.7
-2.3
4.4
-4.2
-2.8
-3.3
1.8
1.4
-4.1
2.0
-2.7
-3.2
-0.3
-0.2
-9.2
-2.9
-4.7
-1.1
-4.5
0.6
-10.5
0.0
3.0
-2.0
-3.7
3.2
-6.0
-7.0
-3.3
-1.4
-1.2
-0.6
20.2
-3.3
1.1
0.4
-0.6
0.2
-2.9
-3.2
0.2
-0.3
-7.5
-2.1
-5.6
-2.9
-4.1
-2.0
-10.9
-0.2
2.6
-1.2
-3.9
2.4
-3.8
-6.9
-2.5
-2.0
-2.1
-1.0
-1.3
-5.1
1.4
-2.0
0.4
-3.2
-3.1
-6.9
-4.0
-1.0
-8.0
0.5
-11.3
-2.4
-7.4
-5.2
-9.7
-1.0
-4.5
-2.2
-7.3
-2.2
-4.8
-7.0
-0.6
-3.2
-1.6
-1.9
-0.8
-7.4
-0.6
-0.7
-1.6
-5.1
-8.4
-4.8
-3.3
-4.3
-6.9
-4.1
-5.6
-6.0
-11.1
-4.8
-8.3
-6.3
-5.2
-3.1
-5.2
-0.2
-5.0
-9.9
-1.7
-6.3
-7.5
-4.8
-2.5
-4.2
0.2
-1.8
-1.7
-3.9
-7.5
-3.5
-2.9
-1.7
-8.3
-2.1
-6.5
-4.7
-6.3
-8.4
-7.7
-2.5
0.5
-1.4
-5.9
0.7
-5.2
-8.0
-2.9
-5.8
-3.6
-3.4
-3.0
-3.5
-1.7
2.8
-1.1
-2.6
-7.5
-3.4
-2.4
-1.6
-9.8
-1.4
-4.0
-4.6
-6.4
-5.6
-6.1
-2.4
5.7
1.9
-6.4
-0.2
-6.7
-6.9
-2.6
-2.8
-4.0
-4.2
-2.2
-3.4
-2.6
0.7
-0.6
-2.8
-6.2
-3.0
-6.6
-1.7
-10.7
-1.6
-11.9
-6.0
-5.3
-6.9
-9.5
-2.1
-8.0
-0.7
-6.5
-1.5
-5.9
-6.4
-1.8
-4.6
-4.8
-4.8
-4.4
-3.2
-2.5
0.2
-1.9
-2.6
-5.6
-3.4
-3.8
-1.5
-13.0
-2.9
-10.0
-4.9
-4.7
-7.0
-9.7
-2.0
-6.1
-0.9
-6.6
-7.2
-4.6
-6.2
-2.1
-4.5
-4.0
-4.5
-4.9
-3.0
-2.4
-0.1
-1.9
-2.5
-5.3
-3.7
-2.8
-1.6
-10.0
-3.1
-8.2
-4.6
-4.6
-6.0
-8.9
-1.7
-4.0
-1.0
-7.1
-5.9
-3.8
-6.0
-1.9
-5.4
-3.0
-4.0
-5.2
Median (B1 to C)
-3.4
-2.9
-2.8
-1.7
-2.0
-3.1
-5.0
-3.6
-3.1
-4.7
-4.5
-3.9
Mean (B1 to C)
-3.7
-2.8
-2.3
-1.4
-2.3
-3.7
-5.0
-4.0
-3.2
-4.6
-4.7
-4.2
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
Excludes amortization
Includes "Brought forward revenue," "Carry forward expenditures," and off-budget expenditures
21. General Government Primary Balance/GDP
Country
Rating
• 87 •
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong [2]
Ireland
Italy
Japan [2]
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore [2]
Slovakia
Slovenia
Spain
Sweden
Switzerland [3]
United Kingdom
Median
Mean
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.8
1.4
5.1
5.8
-3.0
2.8
1.9
4.4
-1.2
-1.1
-0.7
-3.2
1.7
1.5
-5.1
0.7
-5.7
-0.6
5.4
9.2
-1.0
-0.9
-0.3
-0.7
2.0
1.0
-0.3
-1.4
-2.8
2.0
-1.6
4.5
6.5
-0.8
4.5
1.9
4.0
-0.8
-0.9
-2.6
1.6
2.5
1.2
-3.4
-0.9
-1.0
0.7
6.0
12.5
-1.4
0.1
-0.2
-0.6
1.9
2.2
-0.3
-1.5
-3.1
2.2
1.2
1.7
7.0
1.1
7.1
1.8
4.4
-0.3
-0.5
-1.0
1.0
2.7
0.2
-2.4
0.2
0.7
2.1
6.5
16.2
-4.0
0.8
-1.1
0.1
3.1
3.8
0.5
-1.3
-1.8
2.7
1.2
4.3
7.0
2.1
6.8
2.6
5.6
0.2
1.2
-1.3
3.9
4.0
1.2
-1.9
1.5
0.7
2.7
5.7
19.8
-1.8
0.0
-1.7
0.0
4.0
3.9
1.9
-0.7
-0.4
2.3
1.9
3.8
6.6
6.6
6.4
2.6
6.8
0.0
3.0
-2.0
7.4
1.1
3.4
-0.2
3.9
1.0
2.4
4.6
18.6
-0.2
2.8
-0.4
1.2
3.5
5.3
2.1
-0.6
0.0
2.0
1.7
2.8
4.7
3.8
4.7
-2.7
5.8
-0.4
2.7
-4.8
0.1
-6.0
2.5
-2.1
3.5
-1.5
2.7
2.9
20.2
-0.6
0.1
-0.8
-0.8
-2.9
3.8
2.4
-2.8
-1.4
-2.7
-1.3
-1.9
0.7
-3.6
-0.9
-1.8
-1.3
-5.1
-0.4
-10.5
1.6
-11.8
-0.8
-8.4
-0.5
-0.6
-3.4
0.0
12.0
-7.3
-0.3
-6.6
-4.9
-9.4
0.2
1.1
-9.5
-8.8
-4.7
-1.8
-0.4
0.3
-3.0
-0.8
0.3
-1.4
-4.7
-1.6
-4.9
4.2
-27.7
0.1
-7.3
-0.5
-0.6
-3.1
-3.5
12.4
-7.0
0.3
-6.3
-4.3
-7.7
1.1
0.8
-7.2
-7.7
-3.7
0.2
-0.4
1.1
-3.9
-0.1
1.3
0.3
-2.7
1.8
-2.4
3.8
-9.9
1.2
-7.7
0.2
0.3
-2.4
-2.9
14.5
-0.4
1.2
-3.5
-4.4
-7.0
1.2
0.8
-4.5
-6.6
-2.9
0.1
-0.5
1.1
-3.1
-2.2
-0.1
-0.8
-2.3
2.6
-5.0
3.2
-3.9
2.5
-7.8
-0.4
-0.2
-2.2
-0.5
14.7
-2.0
1.1
-2.5
-1.9
-7.7
0.2
0.7
-3.4
-5.2
-0.9
0.7
0.2
1.6
-5.0
0.0
-0.1
-0.9
-1.5
2.0
-0.1
-0.2
-2.3
2.5
-6.9
-0.5
-0.3
-1.9
0.3
14.7
-1.1
0.8
-1.2
-5.2
-2.7
0.8
0.7
-3.8
-2.5
0.3
1.1
0.0
2.2
-6.5
0.0
0.4
-0.3
-0.9
2.5
1.9
1.0
0.6
2.6
-5.0
0.2
0.0
-1.7
1.7
14.5
0.3
0.6
-1.1
-3.1
-1.6
1.1
0.9
-3.1
-2.2
-0.3
0.1
1.0
1.9
2.6
1.7
-1.8
-1.8
-0.4
-0.8
-0.3
0.3
0.6
1.1
1.8
2.6
3.2
1.4
-3.0
-3.0
-1.2
-1.0
-0.4
0.2
Notes:
[1]
[2]
[3]
[4]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.0
0.3
1.4
0.7
-1.4
-5.6
-0.2
1.9
15.8
4.2
-2.4
7.5
-3.2
8.0
8.8
-1.1
2.0
-0.3
2.0
-1.7
3.0
-0.8
-1.8
1.3
1.7
19.5
7.5
-1.7
7.0
-2.6
16.4
14.3
-1.6
6.0
-0.4
9.5
0.3
5.2
-0.8
-2.2
2.5
1.7
40.4
7.4
-1.3
13.4
-1.3
9.5
19.9
0.4
15.3
-1.1
13.0
3.1
8.0
-0.3
-1.3
3.4
2.0
32.0
8.4
-1.1
14.5
-1.0
8.8
22.0
0.8
19.4
-1.9
5.9
-1.1
8.4
1.0
0.4
4.0
5.2
37.9
20.9
-1.2
12.6
0.4
10.4
12.8
0.7
16.6
-3.5
-5.9
-5.2
4.4
0.0
-1.2
1.1
2.9
15.6
19.1
-3.0
17.1
-1.5
10.7
30.8
0.1
17.3
-3.6
-11.8
-7.3
-3.9
-1.8
-4.5
-1.9
-0.2
32.0
20.2
-4.7
-0.1
-4.8
13.4
-4.5
-3.4
-12.3
-3.0
-6.2
-2.5
0.0
-1.2
-3.4
-0.2
2.6
20.4
22.1
-3.5
5.4
-5.2
3.5
5.0
-2.5
-1.6
-2.4
0.4
-1.9
1.8
-0.6
-1.9
0.2
2.6
24.0
26.2
-2.8
6.5
-2.3
9.4
11.9
-1.3
3.7
-3.7
1.2
-2.3
1.1
-0.9
-2.9
-1.3
2.6
29.9
20.9
-2.4
3.9
-1.1
9.0
14.0
-1.5
9.1
-4.2
1.1
-0.2
1.0
-1.4
-1.5
-1.4
2.3
28.0
13.2
-2.1
5.8
-0.9
12.6
9.5
-1.7
5.5
-3.5
1.1
0.3
0.4
-1.5
-1.2
0.0
2.0
25.0
10.4
-1.8
3.5
-0.6
10.8
8.9
-1.1
4.3
Median (Aaa to A3)
0.7
1.7
2.5
3.4
5.2
1.1
-3.6
-1.2
0.4
1.1
1.0
0.4
Mean (Aaa to A3)
2.1
4.0
7.0
7.7
7.8
5.8
0.1
1.8
4.3
4.4
3.9
3.4
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait [4]
Macao
Malaysia [5]
Oman [3]
Poland
Qatar [2]
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 88 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
Federal government
Country
Rating
• 89 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.1
-1.2
-0.7
3.4
1.8
-0.3
1.9
-0.1
-2.0
1.5
4.8
-0.9
0.0
-2.0
1.1
-4.2
-0.9
0.5
0.1
3.0
1.1
—
1.8
5.0
5.3
1.0
0.0
-0.7
1.4
3.8
3.8
-0.2
1.6
2.5
-1.4
1.7
3.2
-0.3
-0.6
-0.6
1.1
-0.2
-0.3
0.8
0.3
6.0
1.5
—
1.6
3.2
6.0
2.4
-0.6
-0.6
4.7
3.9
2.7
-1.1
2.3
7.1
-1.0
1.8
6.4
0.1
0.3
-1.3
1.2
2.2
1.7
1.3
0.1
9.0
3.6
—
0.6
5.1
6.5
2.7
0.6
-0.3
4.0
3.9
3.2
0.5
3.0
8.5
0.0
1.5
8.1
0.0
0.3
-0.8
0.4
6.4
4.4
3.9
-1.4
8.9
3.9
—
2.3
3.8
5.9
3.2
-0.1
-0.7
2.8
4.8
2.3
0.8
3.7
8.0
1.2
0.8
5.4
0.0
-0.3
2.1
0.1
6.9
5.7
4.5
-2.2
6.8
4.2
-1.7
-0.5
2.3
4.3
2.1
0.3
0.1
5.6
4.8
2.6
1.2
2.4
-10.2
-3.3
1.7
1.6
-3.6
-2.6
1.8
0.3
3.6
3.2
4.0
-5.0
5.1
1.9
-3.6
0.1
3.6
2.9
1.8
-0.6
-2.6
-6.0
2.7
-3.6
-0.8
-1.3
-3.4
-4.5
0.1
-0.9
-8.3
-8.2
-2.8
0.0
0.4
1.3
-0.2
-7.5
-6.0
-2.3
-5.0
-3.2
-2.4
-0.2
1.3
-0.8
-2.8
-5.9
3.0
-2.4
-0.9
-3.1
-4.5
-2.4
0.6
1.9
-6.7
-5.4
0.2
-0.8
-3.5
0.6
1.0
-5.3
-3.1
-1.5
-3.7
-1.4
0.4
1.2
1.3
0.9
0.6
-0.5
3.2
-1.2
0.5
-1.9
-0.4
-3.6
0.1
6.4
-2.1
-3.7
-0.2
-0.6
-6.0
-0.2
3.0
-3.9
1.9
-1.4
1.8
0.1
-0.8
2.7
1.9
0.6
-3.3
-5.5
2.9
0.1
0.6
-2.3
1.9
-2.6
-0.6
5.0
0.1
-1.4
1.2
-0.7
-0.7
-0.6
3.0
-1.1
0.8
-2.0
-3.2
-2.8
-2.2
1.7
0.4
0.5
-4.5
-4.1
2.3
-0.3
0.4
-2.3
2.8
-2.7
-1.1
5.1
0.4
-1.0
0.7
-0.3
-3.6
-1.0
2.2
-0.2
0.3
-1.6
-3.6
-1.7
-2.4
1.2
0.7
0.3
-3.5
-4.0
2.1
0.0
0.2
-2.7
3.6
-3.4
-0.7
4.6
0.7
-0.7
1.4
-0.4
-2.5
-1.1
2.0
0.1
-0.4
-1.0
-3.8
-1.0
-1.4
0.9
1.0
0.5
1.4
1.8
3.2
2.2
1.7
-2.3
-1.4
-0.2
-0.6
-0.3
-0.4
Mean (Baa1 to Baa3)
0.8
1.5
2.4
3.0
2.4
0.8
-2.4
-1.7
-0.1
-0.4
-0.5
-0.4
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia [6]
Panama
Peru
Romania
Russia
South Africa [4]
St. Maarten [7]
Thailand [8]
Turkey
Uruguay [1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government
Differences from balance suggested by revenue and expenditure lines attributed to extrabudgetary balance
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-4.7
-0.6
-1.6
2.1
-5.1
-3.0
-1.7
0.1
-1.3
-3.2
0.3
—
-0.7
-0.5
0.7
0.6
2.7
-2.8
3.4
-1.0
-1.6
1.7
-3.0
-1.6
-0.3
1.2
0.3
-2.0
0.9
—
-0.3
10.1
2.4
1.4
-0.6
-2.7
10.5
-1.3
-2.0
1.5
0.4
-1.0
-0.8
-1.6
-0.3
-3.8
-3.2
—
-2.9
15.6
1.7
2.7
0.6
-2.9
12.4
-1.0
-1.5
1.1
5.3
-0.8
-0.5
-2.6
-0.6
-5.5
-1.5
2.2
1.2
9.9
1.3
3.8
3.0
-2.3
12.4
-1.2
-1.3
0.5
3.5
-0.5
0.6
-4.2
0.0
-1.0
-2.0
7.7
3.0
0.8
1.6
2.4
5.5
-2.0
-3.7
-0.3
-3.1
-0.7
0.8
0.1
-0.8
-5.6
-0.3
0.5
-1.8
2.4
3.3
1.3
2.8
2.2
2.1
-0.9
-7.9
-7.0
-1.4
-2.9
-0.4
-2.5
-3.1
-8.2
-1.7
0.1
-6.2
-2.7
0.6
-2.4
0.6
-0.3
1.6
0.1
6.5
-4.1
-1.1
-3.0
1.4
-3.2
-1.9
-5.6
-1.8
-0.2
-3.5
-1.9
-2.1
-2.1
1.6
-0.2
-2.1
0.3
11.2
-1.9
-2.2
1.5
-0.2
-3.0
-1.7
-2.4
-1.3
8.4
-4.7
-4.0
-4.5
-1.4
1.0
0.8
1.0
-2.1
9.5
-1.0
-2.4
-0.8
2.8
-1.6
-1.2
-1.6
-0.9
2.3
-5.7
-2.2
-5.2
-0.9
-1.5
0.6
-2.6
-3.8
2.9
-1.4
-2.5
0.4
2.4
-2.1
-1.0
-1.6
-1.0
1.2
-2.7
-1.8
-3.5
-0.1
-1.1
0.6
-1.9
-4.1
5.5
-1.0
-2.0
2.0
1.4
-2.7
-0.7
-1.2
-1.1
0.7
-2.7
-1.4
-2.6
-0.1
-0.9
0.5
-1.6
-3.8
Median (Ba1 to Ba3)
-0.7
-0.3
-0.8
0.3
0.5
-0.1
-2.1
-1.9
-1.5
-1.3
-1.2
-1.0
Mean (Ba1 to Ba3)
-1.1
0.5
0.8
1.3
1.4
-0.1
-2.4
-1.3
-0.3
-0.9
-1.0
-0.6
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia
Croatia
El Salvador [3]
Georgia
Guatemala [4]
Hungary
Jordan [4]
Montenegro
Morocco [5]
Nigeria
Paraguay [4]
Philippines [6]
Suriname [4]
Tunisia [4]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 90 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Central government
National government
Country
Rating
• 91 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-0.3
2.3
-0.5
-3.9
0.3
-6.4
-1.8
2.2
1.8
-3.3
-3.3
0.9
-3.9
10.5
-1.6
2.6
2.8
-2.4
-1.8
3.5
—
-0.2
-0.4
0.3
0.1
5.6
-4.3
-2.1
-1.2
3.9
0.8
-1.2
0.3
-3.8
-2.4
0.6
1.4
-2.6
-0.6
-0.4
-1.7
10.4
0.2
2.7
2.6
-0.7
-1.7
2.2
4.6
-1.7
-1.8
0.8
-3.5
6.3
-2.3
0.6
-0.3
3.7
-0.3
3.5
1.2
-2.3
-2.1
0.6
1.6
-2.9
-0.9
-0.6
-1.3
9.3
1.3
2.3
2.8
3.1
-1.6
0.6
2.3
-2.4
-2.1
-2.1
-1.5
7.3
-3.4
-0.1
-0.5
3.5
1.8
2.9
2.5
-2.6
0.5
0.9
1.8
-3.5
-0.3
-2.6
-0.3
7.6
3.3
3.1
1.1
3.5
-0.6
-0.3
5.0
-5.2
-1.9
-0.7
-0.7
0.9
0.2
22.1
-0.6
3.2
0.8
3.7
0.6
-2.7
-0.6
1.8
1.5
-2.4
1.2
-3.7
-2.3
7.0
0.5
2.2
0.9
3.0
-0.1
0.3
4.4
-3.2
-1.8
0.0
-1.5
-0.5
0.1
0.4
-2.3
3.1
-1.4
4.1
-2.8
-2.9
-4.2
-2.3
0.3
-3.4
3.4
-9.0
-1.9
4.9
-2.8
1.4
0.2
-4.2
-1.3
-2.5
-0.5
-4.1
-2.2
1.9
-2.6
-0.1
-0.8
0.9
-4.3
1.5
0.1
2.0
-4.6
-8.2
-2.1
-1.5
-3.5
-2.7
-0.7
-2.8
-5.4
6.2
-2.5
2.8
-5.0
-4.8
-2.0
-0.2
1.9
-4.3
-3.4
1.1
-5.1
-6.0
-3.5
-0.9
-0.8
1.7
-1.1
1.8
-3.4
-7.2
-1.1
-0.9
-0.9
-3.1
1.4
-3.4
-3.8
4.6
-5.7
2.8
-1.7
1.0
-0.3
-1.6
2.0
-4.2
-1.7
0.0
-4.1
-2.1
-2.1
-1.3
-0.5
0.3
3.9
2.4
-2.0
-7.2
-1.2
-0.3
-0.7
-4.2
2.4
-1.3
-3.4
3.1
-2.9
3.5
-1.6
6.1
2.9
-2.5
1.1
-5.1
-1.4
-0.2
-0.8
-1.8
-2.7
-0.7
-0.3
-0.2
2.7
1.3
-2.1
-5.9
-0.7
-4.2
-0.8
-4.7
2.0
-8.6
-4.5
4.7
-4.1
-0.7
-1.3
-7.0
0.3
-2.2
-0.1
-4.3
-1.1
0.4
-2.9
-2.2
-3.6
-2.8
-0.1
-0.5
2.1
1.1
-1.9
-5.3
-1.0
-1.3
-0.6
-6.6
0.6
-6.4
-3.4
5.1
-4.1
-0.6
-1.2
-3.9
0.2
-2.7
-5.3
-3.0
-0.7
0.2
-1.8
-1.8
-3.4
-3.1
0.2
-0.4
1.9
1.1
-1.8
-5.0
-1.3
-0.4
-0.7
-3.5
0.2
-4.5
-3.1
5.2
-3.3
0.2
-1.0
-2.2
0.2
-3.1
-3.7
-2.2
-0.4
0.5
-2.3
-0.6
-2.7
-3.5
Median (B1 to C)
-0.3
-0.1
-0.2
0.7
0.3
-1.7
-2.6
-1.2
-0.8
-1.7
-1.5
-1.2
Mean (B1 to C)
-0.1
0.4
0.6
1.5
0.4
-1.1
-2.1
-1.3
-0.5
-1.9
-1.8
-1.3
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba
Ecuador [1]
Egypt [2]
Fiji [3]
Ghana [4]
Honduras [1]
Jamaica
Kenya [5]
Lebanon [1]
Moldova
Mongolia
Nicaragua
Pakistan [2]
Senegal [1]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia [1]
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
Central government
Country
Rating
• 92 •
2003
2004
2005
2006
2007
65.71
185.48
343.08
643.37
10.22
110.99
0.62
81.81
1,267.23
1,747.70
190.02
0.00
54.69
1,764.88
7,296.48
2.00
3.84
313.24
23.61
105.82
107.63
38.56
21.73
8.66
482.51
183.12
239.74
794.05
5,451.95
75.38
206.86
373.05
688.18
12.21
121.02
0.66
92.06
1,466.89
1,980.65
227.73
3.21
60.28
1,974.51
8,411.08
2.37
4.43
350.88
25.68
131.73
125.92
43.82
25.51
10.12
530.05
202.50
287.80
949.57
6,700.28
80.34
185.72
329.15
720.69
11.20
92.26
0.60
77.45
1,351.17
1,798.81
243.26
3.17
52.43
1,791.44
8,523.60
2.17
3.96
313.87
23.64
127.94
123.17
48.69
19.87
9.06
463.03
175.39
255.67
918.04
7,150.01
76.75
212.55
369.30
728.10
12.44
92.44
0.78
86.52
1,514.47
2,072.72
281.52
2.79
57.64
2,091.11
8,103.38
2.98
4.28
337.04
22.78
191.19
147.10
56.88
22.12
10.81
515.02
194.17
259.60
1,132.89
7,473.79
81.78
242.93
415.29
848.26
13.70
90.62
0.87
93.07
1,783.54
2,331.31
327.99
2.57
69.69
2,362.91
7,972.54
3.68
4.98
381.25
24.01
216.36
170.45
74.93
26.79
11.75
562.79
195.98
267.11
1,251.51
7,831.86
Median
110.99
131.73
127.94
191.19
195.98
171.60
185.74
217.10
239.68
269.80
269.16
261.41
Mean
742.71
864.98
858.48
899.07
953.81
1,027.52
1,203.44
1,328.65
1,445.58
1,551.51
1,553.58
1,568.98
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France [2]
Germany
Greece
Hong Kong [3]
Ireland [4]
Italy
Japan [3]
Luxembourg
Malta
Netherlands
New Zealand
Norway [5]
Portugal
Singapore [6]
Slovakia
Slovenia
Spain [7]
Sweden
Switzerland [8]
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2008
2009
2010
2011
2013F
2014F
102.81
129.03
217.21
305.41
383.37
417.60
428.05
251.17
275.25
275.37
281.91
300.07
303.48
300.68
429.98
469.69
454.65
467.97
495.29
505.18
505.01
775.26 1,023.33 1,150.40 1,206.29 1,319.75 1,317.10 1,360.53
11.67
14.21
14.26
16.53
20.25
23.20
24.20
110.72
130.47
134.12
144.66
147.10
142.29
136.71
1.03
1.43
1.28
1.29
2.27
2.40
2.34
87.70
108.04
116.21
120.14
136.07
146.41
149.36
1,835.10 2,151.37 2,131.21 2,221.48 2,419.53 2,518.23 2,557.56
2,299.45 2,548.31 2,747.35 2,698.02 2,856.97 2,819.76 2,701.84
387.18
417.54
437.20
494.30
390.72
423.82
406.90
2.14
2.93
4.98
7.82
9.83
10.44
11.72
110.79
150.61
192.63
218.96
253.93
269.16
261.41
2,325.53 2,548.79 2,473.64 2,467.97 2,623.84 2,704.30 2,662.98
9,301.27 10,586.34 11,867.15 13,579.56 14,189.44 12,866.47 12,440.57
7.51
7.96
10.25
10.10
12.18
13.71
14.08
5.06
5.71
5.69
5.96
6.43
6.70
6.81
483.65
501.74
496.78
510.05
564.06
587.38
592.02
21.62
34.98
48.55
58.64
65.51
67.93
69.25
176.41
177.36
187.99
131.43
149.17
144.74
148.18
171.60
203.20
217.10
239.68
269.80
260.93
259.76
71.21
90.25
105.65
114.38
117.99
125.89
134.04
25.92
32.17
36.08
38.70
49.14
52.59
55.20
11.38
17.93
18.36
21.94
25.32
30.62
31.23
608.15
814.06
861.44
952.92 1,166.18 1,319.17 1,346.12
159.14
185.74
196.18
195.28
208.77
207.58
203.32
269.37
267.85
298.06
305.60
317.64
278.32
290.98
1,106.53 1,539.90 1,823.51 2,002.84 2,189.37 2,245.51 2,247.98
8,648.74 10,463.64 12,007.50 13,102.06 14,303.79 15,242.92 16,151.71
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
2012
Excludes SFEF
Excludes NAMA debt
Includes liabilities associated with repurchase and re-sale agreements of securities used in the administration of Norways sovereign wealth fund, as required by ESA accounting
Excludes Special Singapore Government Securities; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
Debt forecasts include Moody's estimate of bank recapitalisation needs of EUR 60 billion in 2013
Includes Debt Held by the Public (Federal government) and credit market instruments of State and Local governments; Fiscal years ending September 30, e.g. 2006 refers to fiscal year 2005/06
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.16
1.01
0.17
11.10
325.86
29.95
119.44
139.04
9.01
0.00
49.68
3.59
106.06
9.48
47.08
111.10
23.23
0.18
1.10
0.19
11.13
345.05
37.91
125.63
196.78
8.98
0.00
57.01
3.82
141.25
9.09
46.88
132.41
26.77
0.22
0.71
0.22
9.37
389.55
36.01
119.76
245.13
10.13
0.00
60.49
2.98
141.97
8.55
42.56
133.03
33.39
0.26
0.61
0.22
7.67
723.39
45.42
126.96
304.13
10.29
0.00
68.59
3.22
173.87
7.94
42.25
135.55
38.96
0.34
0.66
0.25
7.09
1,088.76
56.61
136.07
319.31
13.91
0.00
80.67
2.90
217.40
6.57
48.46
138.18
45.12
0.56
0.76
0.43
7.34
1,271.68
57.08
143.39
245.37
13.90
0.00
88.46
2.87
202.86
10.56
64.53
140.64
52.05
0.82
2.06
0.62
11.10
1,712.46
70.01
157.88
308.81
11.70
0.00
105.82
3.22
240.00
34.16
48.62
160.02
64.37
1.09
2.89
0.71
20.36
2,074.13
76.63
170.73
345.64
13.25
0.00
132.03
3.25
262.08
53.73
57.16
183.67
70.08
1.35
2.68
0.74
25.93
2,274.22
78.69
165.14
367.11
12.86
0.00
143.57
3.82
251.38
65.06
55.90
195.27
78.17
1.56
2.68
0.72
32.42
2,427.55
92.30
177.98
409.49
11.05
0.00
164.02
4.68
286.09
69.86
58.87
215.05
84.57
1.90
2.62
0.71
32.59
2,714.80
91.90
189.48
441.80
11.37
0.00
181.42
5.67
285.59
78.26
60.00
226.12
89.71
2.20
2.56
0.71
33.67
3,024.69
91.63
198.97
469.58
12.27
0.00
198.90
6.55
287.85
81.88
61.87
238.81
91.51
Median (Aaa to A3)
23.23
26.77
33.39
38.96
45.12
52.05
48.62
57.16
65.06
69.86
78.26
81.88
Mean (Aaa to A3)
58.00
67.30
72.59
99.37
127.20
135.44
172.45
203.97
218.93
237.58
259.64
282.57
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China [4]
Czech Republic
Israel
Korea [3]
Kuwait
Macao
Malaysia [5]
Oman
Poland
Qatar [2]
Saudi Arabia
Taiwan [6]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 93 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Central government debt only prior to 2006, local government debt included thereafter
Federal government
Excludes self-redeeming debt and Non-profit Special Fund
Country
Rating
• 94 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.60
1.94
3.59
352.26
10.26
41.72
6.68
4.84
544.35
133.95
4.78
1.73
4.36
3.57
148.42
1.60
8.28
28.90
13.02
136.14
75.27
—
41.20
5.63
220.45
10.79
1.78
2.10
3.87
409.93
10.25
50.08
7.29
5.24
608.59
128.88
5.14
2.15
4.80
3.45
157.66
2.01
9.45
30.89
15.95
136.94
92.25
—
46.35
5.86
248.79
11.17
1.85
2.24
3.86
517.59
7.54
58.17
7.20
4.14
654.72
122.55
4.59
1.89
4.56
3.58
173.63
2.04
9.68
29.97
14.68
106.91
86.20
—
45.27
5.68
254.30
11.88
2.20
2.39
3.75
625.42
7.53
64.32
7.41
4.91
735.53
136.18
5.36
2.22
5.68
3.42
195.67
1.87
9.11
30.51
16.58
92.49
82.50
—
54.21
5.83
250.42
11.90
2.89
2.64
3.55
871.42
7.78
70.48
7.52
6.16
891.04
144.03
6.23
2.75
7.08
4.08
216.76
1.47
9.27
31.91
21.68
115.28
79.64
0.23
60.88
6.14
287.49
13.43
3.46
2.77
3.23
745.18
6.83
71.16
6.99
9.26
798.03
149.47
8.97
6.43
7.09
3.79
219.11
1.42
9.30
30.64
24.35
110.65
59.73
0.23
61.17
6.50
249.35
13.54
5.23
3.32
4.90
1,133.89
7.32
86.43
8.11
11.75
1,013.32
169.13
11.72
9.87
11.22
4.71
255.68
1.63
10.51
34.48
40.34
140.59
88.44
0.25
77.66
7.30
294.68
16.33
5.93
3.72
7.64
1,193.21
7.78
99.41
10.84
14.16
1,134.08
186.48
15.80
10.62
13.84
4.88
290.92
2.04
10.72
36.02
49.78
167.74
138.32
0.23
99.58
7.96
302.25
16.05
6.57
3.80
9.44
1,207.02
8.13
106.97
12.46
15.85
1,134.78
198.80
19.34
10.98
15.34
5.60
289.92
3.22
12.46
38.31
57.84
202.36
138.47
0.19
97.47
8.43
269.37
18.45
7.97
4.39
12.42
1,264.84
9.70
120.98
15.73
14.76
1,261.99
201.52
23.93
11.88
17.67
5.63
342.27
2.79
14.06
40.93
66.18
223.31
148.97
0.22
114.80
11.12
284.47
20.63
8.57
4.57
14.05
1,421.70
9.73
128.08
18.07
15.68
1,353.37
220.60
28.54
13.15
18.10
5.86
405.38
3.49
15.31
41.09
69.46
282.25
161.11
0.26
128.73
13.14
287.87
21.38
9.26
4.92
15.75
1,572.96
9.93
135.32
20.76
15.49
1,485.40
237.07
33.32
12.50
18.31
6.02
444.21
4.05
16.71
43.06
73.31
324.35
177.42
0.30
137.29
14.53
294.25
21.76
10.26
10.25
9.68
9.11
8.53
9.28
11.73
14.98
17.15
19.15
19.74
21.26
Mean (Baa1 to Baa3)
72.21
80.04
85.39
94.30
110.45
100.33
132.65
147.31
149.68
163.20
180.37
197.24
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland [2]
India [3]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [4]
Namibia [5]
Panama
Peru
Romania
Russia
South Africa [6]
St. Maarten [7]
Thailand [8]
Turkey
Uruguay [1]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government
Series break in 2009; Excludes principal and interest transactions related to old banks obligations from 2009 onward; Based on IMF data but including loans from IMF and Norway
Series volatility relates to exchange rate
Central government & FIDF (Financial Institution Development Fund) bonds
• 95 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia [1]
Bangladesh [2]
Barbados
Bolivia [3]
Croatia
El Salvador [4]
Georgia
Guatemala [1]
Hungary
Jordan [1]
Montenegro
Morocco [5]
Nigeria
Paraguay [1]
Philippines [6]
Suriname [7]
Tunisia [1]
—
1.16
25.44
1.57
5.86
12.10
6.09
2.22
4.52
52.82
10.16
—
35.10
42.55
2.17
60.38
0.54
16.28
7.50
1.27
27.23
1.66
7.75
15.43
6.42
2.36
5.27
68.20
10.48
—
37.90
47.30
2.21
67.75
0.59
17.58
6.60
1.21
28.32
1.94
7.70
17.10
6.80
2.27
5.67
63.59
10.61
—
36.83
32.72
2.07
73.27
0.64
16.25
6.00
1.36
28.94
2.13
6.35
17.65
7.51
1.85
6.53
81.43
11.49
0.92
40.54
17.19
2.12
78.39
0.63
17.27
11.00
1.67
30.66
2.32
5.48
19.49
7.87
2.04
7.32
97.07
12.62
1.08
43.64
22.12
2.18
89.67
0.51
18.86
21.40
1.91
35.79
2.42
6.39
20.39
8.65
2.69
7.66
103.08
13.24
1.25
41.02
21.45
2.25
88.89
0.55
18.41
20.80
3.36
38.71
2.90
6.93
22.28
10.40
3.29
8.46
108.73
15.43
1.64
44.69
25.52
2.37
94.85
0.60
19.26
22.66
3.80
39.40
3.19
7.60
25.10
11.08
3.93
10.01
104.36
17.74
1.70
46.90
34.79
2.47
107.51
0.81
17.96
21.90
4.13
43.80
3.46
8.34
29.19
12.00
4.33
11.25
94.28
20.40
1.92
50.89
41.20
2.32
112.71
0.87
19.31
22.30
4.37
45.19
3.61
7.84
31.77
13.60
5.14
12.16
101.30
24.80
2.24
59.37
48.65
3.18
131.99
1.06
21.07
27.00
4.50
51.36
3.84
7.39
35.06
14.42
5.53
13.67
98.30
28.53
2.37
64.89
54.13
3.59
140.17
1.69
21.63
29.90
4.70
60.15
4.00
7.39
36.46
15.22
5.91
15.02
93.05
31.86
2.42
68.68
58.74
3.99
148.55
1.94
23.85
8.12
7.75
7.70
7.02
9.43
10.94
12.91
14.41
15.65
17.33
18.03
19.53
17.43
19.23
18.45
18.24
20.87
22.08
23.90
25.61
26.79
29.98
32.12
33.99
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Beneficiary of the Heavily Indebted Poor Countries (HIPC) official debt relief initiative
National government
Central government and government-guaranteed public debt; Includes arrears
Country
Rating
• 96 •
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba [2]
Ecuador [1]
Egypt [4]
Fiji
Ghana [5]
Honduras [6]
Jamaica [7]
Kenya [8]
Lebanon
Moldova
Mongolia
Nicaragua [6]
Pakistan [4]
Senegal [9]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia
Median (B1 to C)
Mean (B1 to C)
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.66
178.82
1.23
0.76
2.62
2.44
13.50
5.74
13.11
67.19
1.24
9.07
4.89
10.70
9.15
31.66
1.19
1.32
5.49
63.86
2.38
4.20
19.27
—
14.72
39.42
13.95
1.19
4.36
191.30
2.20
0.95
2.84
2.64
6.10
6.58
13.32
70.23
1.39
8.31
5.17
11.86
9.69
34.42
1.09
1.43
4.38
66.27
2.43
4.18
20.45
0.31
16.10
42.78
16.55
1.20
4.31
128.63
2.54
1.02
2.65
2.57
8.20
6.82
13.44
86.85
1.39
8.32
4.35
12.09
10.36
36.84
1.01
1.35
4.40
69.17
2.35
3.78
21.76
0.33
15.47
46.85
18.89
1.77
4.98
136.72
4.11
1.06
2.78
2.56
10.03
7.41
12.39
97.03
1.73
5.31
3.13
12.88
11.37
38.17
1.05
1.47
3.64
74.11
2.20
2.05
23.98
0.34
15.95
44.13
21.37
2.61
5.91
144.73
8.29
1.07
3.08
2.69
12.07
7.56
12.85
104.97
1.76
7.41
2.15
13.11
12.78
38.85
1.19
1.55
2.36
80.89
2.23
2.88
27.98
0.28
17.57
44.09
25.51
3.21
6.42
145.98
12.82
1.08
5.49
2.89
16.61
11.22
12.71
118.06
1.64
8.35
2.79
13.03
11.20
43.70
1.14
1.60
2.38
91.03
2.53
3.04
31.72
0.30
25.30
44.08
30.16
2.67
6.65
147.12
16.74
1.10
6.41
3.01
19.87
13.25
9.34
136.01
1.62
9.34
3.48
13.90
13.89
47.12
1.31
1.97
2.65
96.27
2.60
4.31
36.38
0.33
40.47
59.91
39.58
3.74
6.44
164.33
23.05
1.13
6.65
3.41
22.30
14.82
12.39
155.44
1.86
11.87
4.62
15.63
15.18
48.44
1.57
2.59
2.85
107.99
2.49
4.54
41.37
0.38
55.08
71.84
46.98
4.17
6.74
178.96
15.45
1.15
6.87
3.92
24.77
16.59
13.68
176.44
1.96
15.45
5.57
16.60
17.48
49.32
1.63
4.05
3.04
127.82
3.38
5.33
45.07
0.40
60.00
79.37
52.70
4.58
7.32
182.74
22.71
1.16
7.87
4.35
27.55
19.24
15.12
205.47
2.03
17.84
6.37
17.10
18.99
54.00
1.74
6.22
3.22
136.57
3.73
6.19
47.22
0.44
65.96
104.78
60.95
5.50
7.62
194.68
25.63
1.14
8.25
4.80
30.38
20.94
16.50
202.16
2.17
22.27
7.34
17.63
21.00
58.25
1.74
7.60
3.41
153.85
4.95
6.81
53.70
0.47
71.71
101.55
70.04
6.10
7.71
206.30
29.12
1.15
8.65
5.17
33.18
22.50
18.08
223.41
2.35
26.34
7.95
18.60
23.52
62.42
1.71
9.36
3.61
172.10
6.07
7.19
60.94
0.49
82.06
96.81
77.45
7.36
5.74
5.63
5.61
5.15
7.48
9.78
9.34
12.13
14.57
16.11
17.06
18.34
19.36
19.59
18.48
19.45
21.04
23.21
26.37
30.34
33.51
37.58
40.09
43.63
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government
Starting 2004, debt not restructured since 1986 in the amount of US$7,591.7 million has been deemed "Immobilized Debt", of which 60.2% corresponds to Paris Club, and is not included in the total
Non-financial public sector; Series break in 2008 due to change in methodology to include recapitalization bonds issued by the government to the central bank
Central government; Beneficiary of the Heavily Indebted Poor Countries (HIPC) official debt relief initiative
Central government; Excludes government guaranteed debt
23. General Government Debt/GDP
• 97 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France [2]
Germany
Greece
Hong Kong [3]
Ireland [4]
Italy
Japan [3]
Luxembourg
Malta
Netherlands
New Zealand
Norway [5]
Portugal
Singapore [6]
Slovakia
Slovenia
Spain [7]
Sweden
Switzerland [8]
United Kingdom
14.1
65.3
98.4
66.8
69.6
47.2
5.6
44.5
63.2
64.4
97.4
0.0
30.7
104.1
169.6
6.1
66.0
52.0
25.9
44.4
59.4
37.8
42.4
27.2
48.8
51.7
65.8
39.1
49.7
12.3
64.7
94.0
62.5
71.6
45.1
5.0
44.4
65.0
66.2
98.9
1.9
29.5
103.7
180.7
6.3
69.8
52.4
23.6
45.4
61.9
37.2
41.5
27.3
46.3
50.3
70.0
41.0
57.4
11.6
64.2
92.0
59.5
70.8
37.8
4.6
41.7
66.7
68.5
101.2
1.7
27.3
105.7
186.4
6.1
68.0
51.8
21.7
44.2
67.7
36.8
34.2
26.7
43.2
50.4
70.1
42.2
57.5
10.3
62.3
88.0
57.1
65.4
32.1
4.4
39.7
64.0
68.0
107.5
1.4
24.6
106.3
186.0
6.7
62.5
47.4
19.3
54.9
69.4
36.1
30.5
26.4
39.7
45.3
62.4
43.3
56.6
9.6
60.2
84.0
53.5
58.8
27.1
3.7
35.2
64.2
65.2
107.2
1.2
25.1
103.3
183.0
6.7
60.7
45.3
17.2
50.7
68.4
37.8
29.6
23.1
36.3
40.2
55.6
44.2
56.5
9.8
63.8
89.2
57.7
48.9
33.4
4.5
34.0
68.2
66.8
112.9
1.0
44.5
106.1
191.8
14.4
60.9
58.5
20.1
48.2
71.7
40.8
27.9
22.0
40.2
38.8
50.5
52.7
60.3
14.0
69.2
95.7
68.4
58.5
40.7
7.2
43.6
79.2
74.5
129.7
1.4
64.9
116.4
210.2
15.3
66.4
60.8
25.9
43.0
83.7
44.1
35.6
35.0
53.9
42.6
49.8
67.8
75.0
19.1
72.0
95.6
69.2
61.3
42.7
6.7
48.7
82.3
82.4
148.3
2.2
92.1
119.3
216.0
19.2
67.4
63.1
32.0
43.3
94.0
41.2
41.0
38.6
61.5
39.4
48.8
79.4
83.7
22.1
72.5
97.8
69.9
71.1
46.4
6.2
49.0
86.0
80.4
170.3
3.1
105.1
120.8
230.3
18.3
70.3
65.5
37.2
28.6
108.3
42.7
43.3
46.9
69.3
38.4
49.0
85.5
87.8
25.2
73.4
99.8
72.3
85.8
45.7
10.1
53.0
90.4
81.9
156.9
3.7
117.6
127.0
237.9
20.8
72.1
71.2
38.2
28.5
123.6
42.1
52.1
54.1
84.2
38.2
49.1
90.0
92.0
26.3
73.4
101.6
71.8
108.4
44.0
10.2
56.3
94.6
80.5
176.5
3.7
123.3
131.2
245.4
23.0
73.6
74.6
37.8
27.8
122.1
41.2
54.7
66.8
96.6
37.2
45.6
92.2
94.3
26.2
72.7
102.4
69.7
122.1
42.4
9.6
57.3
97.3
77.5
184.0
4.0
119.5
132.5
244.6
23.4
74.4
76.0
37.5
27.0
123.6
40.3
56.7
69.9
100.4
36.2
44.4
94.4
95.6
Median
49.7
50.3
50.4
47.4
45.3
48.9
58.5
61.5
69.3
72.1
73.4
72.7
Mean
53.7
54.3
53.8
52.3
50.1
53.1
61.1
65.9
69.7
73.7
77.1
78.0
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Excludes SFEF
Excludes NAMA debt
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.8
11.7
7.5
12.6
19.7
28.6
97.0
21.6
18.6
0.0
43.6
16.7
47.1
37.1
21.3
35.3
18.7
3.9
10.6
7.8
10.3
17.8
28.9
95.5
24.6
15.1
0.0
44.5
15.5
45.7
26.0
18.1
37.2
18.1
4.6
7.4
7.8
7.0
16.8
28.4
91.9
28.7
12.5
0.0
42.1
9.6
47.1
17.6
13.0
37.2
18.5
4.7
6.0
7.3
5.0
25.4
28.3
82.9
31.1
10.1
0.0
40.6
8.7
47.7
12.1
11.2
36.1
17.6
5.9
5.7
8.0
3.9
29.9
27.9
76.6
30.7
11.7
0.0
40.1
6.9
45.0
7.4
11.7
34.7
17.5
9.2
7.6
13.4
4.9
27.6
28.7
75.4
30.1
9.7
0.0
39.8
4.7
47.1
9.5
12.4
36.6
16.6
14.2
17.9
20.3
5.8
33.8
34.2
77.8
33.8
11.0
0.0
50.8
6.7
50.9
32.5
11.3
41.1
24.8
18.9
19.3
24.1
8.6
34.1
37.9
74.4
33.4
10.8
0.0
51.2
5.5
54.8
38.7
10.8
41.2
24.7
24.3
18.8
24.5
11.1
30.8
41.0
72.4
34.2
8.1
0.0
51.8
5.5
56.2
37.0
8.3
43.3
22.9
28.1
17.0
23.3
11.9
29.4
45.9
71.6
34.5
6.3
0.0
53.5
6.1
55.6
35.5
8.1
44.6
23.6
33.7
15.5
22.3
11.5
28.7
48.4
71.7
34.1
6.5
0.0
54.4
7.1
56.4
36.6
8.0
45.4
24.3
37.7
14.4
21.5
11.3
28.2
50.5
71.0
33.2
7.0
0.0
54.6
8.0
55.9
35.0
8.1
44.7
24.0
Median (Aaa to A3)
19.7
18.1
16.8
12.1
11.7
13.4
24.8
24.7
24.5
28.1
28.7
28.2
Mean (Aaa to A3)
25.9
24.7
23.0
22.1
21.4
22.0
27.5
28.7
28.8
29.1
29.7
29.7
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China [4]
Czech Republic
Israel
Korea [3]
Kuwait
Macao
Malaysia [5]
Oman
Poland
Qatar [2]
Saudi Arabia
Taiwan [6]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 98 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Federal government
Country
Rating
• 99 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
21.7
27.9
36.9
59.9
44.4
42.6
40.0
40.8
83.3
56.3
15.0
14.7
21.0
57.3
22.1
26.4
64.1
46.9
21.5
30.4
39.3
—
27.6
50.2
67.7
93.0
20.2
29.6
34.4
56.0
37.0
38.9
41.1
34.4
82.1
52.2
11.4
15.0
19.3
53.8
20.7
28.8
66.6
42.6
18.7
22.3
36.7
—
27.9
44.1
59.6
74.9
13.3
29.0
28.7
56.4
27.5
39.1
37.5
25.4
79.1
43.4
8.1
12.5
18.3
57.3
20.2
26.3
62.6
39.3
15.8
14.2
34.7
—
26.2
35.7
52.7
67.4
10.2
30.0
23.6
56.4
21.6
37.5
33.3
30.1
74.7
36.8
6.7
10.7
17.9
55.0
20.5
24.3
53.2
32.3
12.4
9.0
32.5
—
24.9
31.7
46.5
61.6
8.6
31.7
19.2
58.0
17.2
32.9
27.5
29.1
71.4
34.3
5.8
9.0
16.8
47.1
20.8
18.4
46.8
28.5
12.8
8.5
26.9
31.7
24.1
28.4
39.9
52.5
6.9
33.5
14.6
57.4
13.7
33.3
24.7
75.4
72.2
33.1
6.8
19.8
15.5
43.9
24.4
18.4
40.5
25.9
13.4
7.9
24.6
29.5
23.5
23.4
40.0
51.8
11.8
43.0
25.4
60.9
14.6
35.0
27.2
98.0
70.6
28.4
10.2
36.9
29.3
50.5
28.0
15.6
43.6
26.1
23.6
11.0
27.1
32.3
28.6
38.4
46.1
47.0
11.1
47.9
35.5
53.4
16.2
34.9
29.1
106.1
65.0
26.0
10.8
44.4
37.9
49.6
27.5
16.5
39.6
23.3
30.5
11.0
34.5
27.7
29.7
38.9
42.4
41.4
9.9
48.9
36.5
54.2
16.3
33.4
30.7
119.2
64.7
24.3
10.7
41.9
38.5
50.9
28.2
26.5
39.8
21.2
34.7
11.7
38.6
22.3
29.3
36.0
39.3
40.9
11.6
54.2
45.8
58.7
18.5
32.2
35.2
111.5
68.3
23.6
12.1
40.7
40.7
50.0
28.7
23.8
38.8
19.8
37.8
10.8
40.1
25.9
30.9
46.6
36.1
39.5
11.5
53.9
48.2
59.3
18.0
32.1
37.1
107.9
66.6
23.5
13.0
43.2
40.1
48.2
28.9
26.6
36.9
18.5
37.4
12.9
42.2
29.4
31.0
52.0
33.6
37.7
11.3
55.6
52.0
59.8
17.6
31.8
38.9
103.9
63.6
22.9
13.8
40.1
39.4
45.9
28.9
29.2
35.8
17.3
36.6
13.7
43.8
32.0
30.6
55.0
31.5
36.2
40.0
36.7
29.0
30.1
28.0
24.7
29.0
34.7
35.3
36.9
37.0
36.0
Mean (Baa1 to Baa3)
42.0
38.7
34.8
31.7
28.8
29.8
35.0
35.8
36.5
37.8
38.1
38.0
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia [2]
Costa Rica [2]
Iceland [3]
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia [6]
Panama
Peru
Romania
Russia
South Africa
St. Maarten [7]
Thailand [8]
Turkey
Uruguay [2]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government
Central government and guaranteed public sector debt
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
40.3
49.0
48.5
74.0
35.4
40.5
53.8
20.9
58.6
99.6
—
64.4
57.3
32.8
73.8
33.7
55.6
37.9
32.3
48.2
47.6
89.6
37.6
40.7
43.8
21.4
59.5
91.8
—
61.7
53.6
27.5
74.4
31.4
54.3
21.5
24.2
46.9
49.5
80.4
38.2
39.8
35.1
20.8
61.7
84.3
—
64.6
28.6
23.7
68.5
28.9
52.9
13.3
18.7
46.7
50.7
55.3
35.4
40.5
23.0
21.7
65.9
76.3
32.6
59.4
11.8
19.8
61.4
23.9
49.0
18.2
16.1
44.8
51.7
40.5
32.9
39.1
19.1
21.3
67.0
73.8
27.5
54.6
12.5
15.8
53.9
17.4
46.3
25.4
16.4
45.0
55.7
37.2
29.3
40.4
23.5
20.1
73.0
60.2
29.0
48.2
11.5
12.1
54.7
15.6
43.8
27.6
40.4
43.3
66.0
40.0
35.8
50.3
30.9
22.9
79.8
64.8
38.2
48.0
15.1
14.9
54.8
15.5
43.3
27.5
39.9
39.3
75.1
38.6
42.6
51.7
33.6
24.1
81.8
67.1
40.9
51.3
17.8
12.3
52.4
18.5
40.8
21.0
42.2
39.1
80.1
34.7
47.2
52.0
29.7
24.0
81.4
70.7
46.0
54.4
17.2
8.9
50.9
22.0
44.8
18.9
44.1
39.1
83.0
29.7
56.3
57.2
32.6
24.3
79.2
79.6
51.1
60.0
18.6
12.2
51.4
22.3
46.3
20.8
42.7
40.0
86.9
25.7
60.1
57.4
32.6
25.0
79.7
83.8
52.5
62.7
17.4
11.3
48.9
32.0
47.0
20.9
43.8
40.8
87.8
23.1
62.7
57.4
33.6
25.7
78.9
87.0
53.2
64.3
17.0
10.9
46.6
33.8
48.5
Median (Ba1 to Ba3)
51.4
47.6
39.8
37.9
36.0
33.3
40.2
40.3
43.5
45.2
44.9
45.2
Mean (Ba1 to Ba3)
52.4
50.2
45.3
39.2
36.2
35.6
40.6
42.0
42.6
44.8
45.9
46.5
Angola
Armenia [1]
Bangladesh [2]
Barbados
Bolivia [3]
Croatia
El Salvador [4]
Georgia
Guatemala [1]
Hungary
Jordan [1]
Montenegro
Morocco [5]
Nigeria
Paraguay [1]
Philippines [6]
Suriname [7]
Tunisia [1]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 100 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
National government
• 101 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba [2]
Ecuador [1]
Egypt [4]
Fiji
Ghana [5]
Honduras [6]
Jamaica [7]
Kenya [8]
Lebanon
Moldova
Mongolia [9]
Nicaragua [6]
Pakistan [4]
Senegal [10]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia
56.2
138.0
7.2
77.3
28.0
52.4
34.8
28.1
40.4
97.1
48.6
82.8
60.8
119.0
61.5
160.3
56.9
83.7
103.1
75.7
63.1
54.7
102.3
—
29.4
46.9
35.6
27.0
53.8
124.9
9.5
90.2
24.4
49.5
14.8
29.1
36.4
89.6
48.2
57.4
59.7
117.1
58.8
160.5
42.5
72.6
75.7
68.3
60.0
47.5
102.3
59.3
24.7
38.6
36.5
22.0
54.8
70.2
8.4
91.5
24.1
40.9
17.8
20.2
32.4
93.2
47.7
48.2
44.7
111.2
52.9
171.8
34.4
54.3
69.7
63.5
48.1
45.8
90.6
60.3
17.7
33.1
35.8
19.4
53.2
63.8
11.1
87.4
19.5
35.1
17.6
20.6
26.5
90.4
53.5
26.2
28.7
110.1
48.6
172.0
30.4
42.1
53.6
58.6
39.5
20.9
87.9
55.4
14.8
24.1
35.2
29.8
50.6
55.1
18.3
84.0
16.8
31.2
19.1
18.3
25.2
80.2
49.9
31.0
17.4
104.2
43.7
155.7
25.2
35.9
31.7
56.4
33.6
23.7
85.0
41.5
12.3
19.1
35.9
26.7
51.8
44.4
21.7
79.0
27.5
27.9
25.3
24.5
20.6
70.2
49.9
33.6
20.1
104.8
41.3
147.2
18.8
30.6
28.8
60.7
31.3
23.9
81.4
42.5
20.5
14.0
34.5
23.5
55.3
47.7
34.9
81.6
31.2
29.0
29.5
28.4
15.2
72.9
54.8
36.2
23.9
116.3
44.5
136.0
26.7
43.3
32.4
61.6
31.4
32.5
86.1
49.0
35.4
18.2
42.8
26.9
53.9
44.4
42.0
80.7
39.3
30.3
32.2
28.7
18.3
73.2
54.7
38.0
29.2
116.0
48.1
130.5
26.5
38.5
33.2
62.3
24.9
34.8
81.9
55.9
40.5
18.3
44.9
25.8
55.2
39.9
43.4
79.2
40.4
30.5
34.0
29.3
17.5
76.6
53.0
40.1
31.5
115.5
49.2
126.4
23.1
50.6
31.5
61.0
23.6
39.7
78.4
58.5
36.8
25.1
43.3
25.1
57.2
38.3
36.9
75.6
45.3
30.4
35.7
32.9
17.9
80.5
50.5
45.8
33.5
117.9
47.2
130.6
23.8
59.2
30.6
62.6
24.0
42.9
79.1
62.1
37.4
27.4
43.0
26.4
58.7
38.2
35.2
71.0
46.6
30.4
37.0
34.5
18.0
85.2
51.0
48.1
35.7
119.0
45.1
132.9
22.8
58.7
30.6
64.0
29.2
44.8
79.0
63.8
42.2
28.6
44.5
28.1
58.8
38.4
33.4
68.8
47.6
29.5
38.0
35.4
18.3
86.8
51.1
50.1
37.5
120.0
45.4
133.7
21.1
57.3
30.5
63.6
32.1
45.5
78.0
64.9
43.9
30.8
44.6
29.7
Median (B1 to C)
56.9
55.6
47.9
37.4
32.6
31.0
35.8
39.9
40.2
43.0
44.7
45.0
Mean (B1 to C)
65.6
59.8
53.7
48.5
43.8
42.9
47.3
48.1
48.5
49.8
50.8
51.2
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
24. General Government Debt/General Government Revenue
• 102 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France [2]
Germany
Greece
Hong Kong [3]
Ireland [4]
Italy
Japan [3]
Luxembourg
Malta
Netherlands
New Zealand
Norway [5]
Portugal
Singapore [3]
Slovakia
Slovenia
Spain [6]
Sweden
Switzerland [7]
United Kingdom
39.4
131.4
193.4
168.3
182.8
85.9
15.4
84.3
128.1
145.4
249.7
0.0
91.5
234.4
551.1
14.5
180.2
118.3
70.4
80.5
145.1
237.9
113.4
62.5
128.2
95.1
184.1
100.9
167.7
34.1
131.5
192.2
158.1
185.8
80.0
14.1
84.6
131.0
152.9
259.5
9.5
84.3
235.9
623.0
15.3
178.9
118.3
63.6
81.2
149.6
236.9
117.4
62.9
119.3
92.2
197.8
103.6
194.0
31.8
133.2
186.7
149.9
171.5
65.3
13.0
78.6
131.7
157.3
259.8
10.0
76.8
243.5
681.1
14.6
167.0
116.4
56.5
78.1
168.9
254.6
97.1
61.1
108.7
90.3
196.3
104.6
185.5
28.2
131.3
180.3
142.8
155.6
56.6
12.2
74.4
126.4
155.7
273.9
7.5
66.0
236.1
616.9
16.7
154.5
102.9
49.8
94.3
171.1
258.2
91.6
61.2
97.4
82.4
176.3
104.9
177.1
26.6
126.5
174.5
134.7
130.6
48.8
10.1
66.7
128.8
149.1
263.2
5.6
67.9
224.3
567.4
16.7
153.8
99.7
46.1
88.2
166.2
241.7
91.4
54.4
88.2
73.7
160.2
108.2
175.3
27.4
132.1
183.0
150.1
113.5
60.9
12.4
63.4
136.6
151.8
277.6
5.3
124.7
231.0
532.6
34.1
157.7
125.2
54.5
82.6
174.4
238.2
84.9
51.7
108.7
72.0
152.6
123.6
193.1
41.7
142.7
199.0
177.8
145.8
73.5
16.6
81.5
160.9
165.1
338.2
7.1
186.6
250.6
699.1
35.0
171.6
132.5
72.4
76.2
211.4
271.9
106.1
81.2
153.7
78.9
147.8
170.0
259.0
58.6
149.6
196.4
184.2
150.0
77.8
16.4
91.8
166.4
189.1
365.2
10.3
261.5
259.0
676.7
45.8
175.4
136.9
91.5
77.3
225.7
249.6
126.9
86.7
167.9
75.4
148.5
197.3
286.9
69.0
150.8
197.6
186.7
179.0
83.3
15.8
90.9
169.5
180.6
401.9
13.9
305.4
261.7
728.0
44.1
178.8
144.2
106.0
50.2
240.8
243.8
130.1
105.5
194.0
75.0
146.8
209.4
299.2
76.4
150.7
196.2
192.1
214.7
82.6
25.2
98.7
174.3
181.2
350.7
17.1
340.1
266.3
765.3
49.3
177.9
153.5
110.2
50.2
301.6
233.5
157.5
120.2
231.4
74.4
148.9
213.5
317.4
78.6
151.6
198.4
188.4
271.3
78.4
26.0
103.5
176.5
178.9
411.5
18.7
352.3
272.8
778.8
54.3
184.0
158.4
110.8
48.9
286.9
241.8
162.3
149.1
263.8
72.9
134.8
221.3
313.2
78.7
150.3
200.1
181.9
313.1
76.4
25.4
104.6
181.9
172.2
430.0
20.4
338.5
274.8
745.7
55.0
185.1
161.1
108.4
47.5
291.6
239.6
169.3
156.7
273.9
71.3
130.6
227.5
316.0
Median
128.1
119.3
116.4
104.9
108.2
124.7
147.8
150.0
169.5
174.3
176.5
172.2
Mean
137.9
141.6
141.0
134.6
127.2
132.9
160.5
170.5
179.4
188.7
196.1
197.5
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Excludes SFEF
Excludes NAMA debt
• 103 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China [4]
Czech Republic
Israel
Korea [3]
Kuwait
Macao
Malaysia [5]
Oman
Poland
Qatar [2]
Saudi Arabia
Taiwan [6]
22.7
27.7
44.1
62.9
124.2
66.0
220.4
96.4
34.3
0.0
203.8
36.4
122.3
112.4
60.3
193.7
84.3
22.4
26.1
46.8
48.5
108.2
71.6
222.1
113.9
26.8
0.0
217.9
34.1
122.7
60.1
44.8
219.3
76.3
27.9
17.5
42.2
30.6
99.3
71.5
215.2
129.5
17.5
0.0
215.1
20.1
119.6
47.4
28.3
197.0
59.7
28.9
13.3
35.9
20.4
145.7
71.4
190.2
134.9
15.0
0.0
196.1
17.9
118.6
33.6
23.5
203.0
50.5
37.2
13.9
41.0
15.2
155.0
69.3
176.9
122.7
16.9
0.0
190.7
14.5
111.6
20.3
28.3
199.7
51.8
59.0
18.7
68.0
20.3
141.7
73.7
186.2
123.3
16.1
0.0
191.8
10.2
119.1
27.3
22.0
207.1
42.3
89.8
45.9
108.4
30.6
170.7
88.0
206.9
143.4
15.9
0.0
228.4
17.5
136.8
73.5
35.8
242.5
92.6
109.8
58.4
115.0
39.9
165.3
97.0
191.9
144.8
15.8
0.0
255.0
14.1
146.0
125.4
28.9
263.6
82.2
147.8
52.3
112.4
49.1
138.0
102.7
186.5
144.6
11.9
0.0
246.0
12.2
146.3
95.7
18.8
256.5
65.2
180.1
49.7
107.1
54.2
130.2
114.1
190.4
140.8
9.2
0.0
241.3
12.2
144.8
85.5
17.7
252.7
80.6
217.7
47.7
100.1
51.0
124.0
120.1
190.2
137.8
9.2
0.0
256.7
14.9
145.4
95.6
17.9
258.6
89.2
245.1
46.3
98.3
49.0
118.6
125.6
182.5
134.2
9.8
0.0
264.3
17.2
143.3
98.9
18.2
254.5
91.3
Median (Aaa to A3)
66.0
60.1
47.4
35.9
41.0
59.0
89.8
109.8
102.7
107.1
100.1
98.9
Mean (Aaa to A3)
88.9
86.0
78.7
76.4
74.4
78.0
101.6
109.0
105.1
106.5
110.4
111.6
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Federal government
• 104 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [1]
Costa Rica [1]
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [6]
Namibia [7]
Panama
Peru
Romania
Russia
South Africa [8]
St. Maarten [9]
Thailand [10]
Turkey
Uruguay [1]
126.5
202.0
117.9
173.4
114.6
323.8
284.7
95.4
420.9
332.1
59.0
44.0
66.2
289.7
130.8
104.6
296.5
265.2
61.4
83.5
114.3
—
161.1
204.4
215.2
467.0
116.1
202.4
111.8
158.8
91.4
294.6
300.8
78.2
426.7
296.8
46.4
42.9
60.9
277.1
124.9
109.9
325.4
242.8
59.2
60.9
105.7
—
163.2
176.7
191.1
358.9
81.3
205.7
86.9
154.0
71.7
287.3
269.5
53.9
405.4
243.2
28.8
35.2
56.0
295.4
118.1
96.4
293.5
213.9
47.9
34.8
93.1
—
149.6
120.9
163.1
322.7
49.5
190.8
76.6
157.6
59.6
252.0
234.2
62.8
364.9
192.5
24.3
28.3
54.4
289.7
122.6
77.5
219.2
161.3
38.7
22.9
80.9
—
140.6
94.5
140.2
284.6
40.6
179.4
65.5
158.7
42.7
215.6
177.9
61.0
318.9
191.7
20.2
25.4
50.0
232.4
124.5
57.6
179.7
136.7
33.5
21.4
66.8
170.1
141.1
97.1
123.9
250.4
25.8
184.1
45.0
156.6
34.2
208.8
156.0
170.8
359.0
166.7
23.9
56.8
45.7
198.3
132.1
57.6
162.0
121.6
36.9
20.1
63.8
161.9
142.5
72.0
124.8
252.1
40.7
231.8
106.5
171.3
39.4
226.6
193.9
238.9
367.6
187.3
46.2
108.6
82.7
236.4
151.7
49.6
179.3
137.1
73.8
31.3
94.1
183.6
174.3
119.1
134.9
221.3
41.5
263.2
130.8
145.0
47.3
253.9
203.7
255.7
313.8
168.5
44.6
125.9
107.8
226.4
155.8
59.2
161.2
115.4
89.9
31.9
104.9
161.4
171.5
116.6
120.7
192.4
32.9
213.8
124.8
150.1
48.6
220.5
210.9
285.7
324.1
148.9
37.8
120.0
115.5
237.2
157.5
82.6
163.5
100.9
100.7
31.2
109.5
97.5
162.4
113.9
108.9
192.8
39.3
256.8
164.2
161.1
53.1
199.8
244.3
258.9
324.8
145.9
44.2
115.4
123.7
233.1
163.4
69.3
155.3
91.7
113.7
29.4
117.7
102.8
169.2
150.0
96.9
192.9
39.8
302.5
164.7
165.2
51.8
197.5
255.9
250.8
302.6
146.5
48.7
124.1
122.6
218.1
163.0
79.8
152.1
85.3
111.0
35.5
122.8
111.0
169.2
165.8
90.9
182.9
41.3
282.6
175.5
165.7
50.2
191.7
258.2
244.6
280.0
142.4
52.4
115.5
121.6
216.8
163.3
92.4
144.8
80.0
107.6
38.8
126.3
118.0
164.7
174.9
85.1
172.5
161.1
158.8
120.9
122.6
124.2
128.5
144.4
137.9
122.4
147.9
149.3
143.6
Mean (Baa1 to Baa3)
190.2
176.9
157.1
136.8
122.4
122.3
147.2
146.5
142.0
146.8
148.5
146.4
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Central government
Government debt statistics are calendar year basis except when government revenue is the denominator in which case fiscal years ending March 31
Central government and guaranteed public sector debt
• 105 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia [1]
Bangladesh [2]
Barbados [3]
Bolivia [4]
Croatia
El Salvador [5]
Georgia
Guatemala [6]
Hungary
Jordan [6]
Montenegro
Morocco [7]
Nigeria
Paraguay [6]
Philippines [8]
Suriname [9]
Tunisia [6]
—
190.2
438.7
168.8
309.3
90.6
249.8
336.9
167.0
138.2
286.9
—
279.7
207.8
220.1
524.9
160.6
257.7
102.8
169.2
421.7
173.3
340.5
96.5
249.8
43.8
173.9
139.7
250.8
—
257.2
151.7
179.3
539.7
148.2
251.7
53.0
120.8
415.5
179.1
264.4
98.9
244.2
145.0
173.1
146.3
253.3
—
245.7
78.9
150.3
477.8
145.6
248.8
28.6
93.0
410.1
190.4
168.9
91.8
231.7
86.0
170.1
154.2
236.0
76.9
217.0
36.5
114.3
395.5
109.6
228.9
39.7
72.6
410.1
187.6
123.7
82.5
215.1
65.2
166.2
147.1
228.3
55.0
182.6
49.9
97.9
354.9
59.2
211.9
49.9
72.7
378.1
186.3
113.5
74.7
215.4
76.5
167.3
160.2
200.3
59.1
148.3
37.9
86.9
360.3
64.4
183.2
79.7
178.5
402.1
249.6
121.8
91.9
290.1
105.4
207.4
170.1
244.7
83.4
163.8
61.0
78.7
391.9
56.2
189.4
63.2
171.5
344.5
279.2
125.2
111.6
278.9
118.6
214.5
180.3
270.0
97.0
186.3
69.1
69.4
390.9
84.9
178.7
43.1
175.8
327.9
273.9
105.8
126.8
272.0
105.2
203.6
151.3
267.5
115.7
195.7
76.8
54.2
364.3
81.1
182.7
42.2
183.0
299.5
302.3
82.6
147.5
288.7
112.9
209.2
170.2
348.4
131.0
215.1
75.0
65.2
356.2
91.3
195.9
49.0
172.5
290.8
304.9
72.1
158.1
288.6
117.4
213.6
171.0
327.8
137.6
222.4
69.7
56.9
326.3
131.7
199.8
50.4
179.4
290.9
302.7
66.1
166.5
287.2
121.8
218.1
167.9
337.6
143.0
228.1
73.1
57.1
308.4
139.8
207.7
Median (Ba1 to Ba3)
234.9
173.9
173.1
161.6
135.4
130.9
167.0
175.1
163.5
176.6
171.8
173.6
Mean (Ba1 to Ba3)
251.7
217.0
202.4
168.9
152.7
146.4
175.9
179.7
173.5
184.2
183.9
185.9
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government debt
Central government revenue; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
Central government
• 106 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba [2]
Ecuador [1]
Egypt [4]
Fiji
Ghana [5]
Honduras [6]
Jamaica [7]
Kenya [8]
Lebanon
Moldova
Mongolia [9]
Nicaragua [10]
Pakistan [4]
Senegal [11]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia
233.4
672.8
15.7
313.7
58.9
546.5
71.2
222.2
274.9
370.7
200.0
486.6
367.1
432.1
330.5
723.6
167.6
279.3
617.9
439.7
—
273.3
655.3
—
77.3
145.1
138.1
108.7
219.3
538.5
20.7
394.9
56.1
480.1
30.0
219.7
257.2
349.8
193.8
327.8
346.3
421.8
294.2
693.3
120.3
242.1
434.0
466.8
174.5
232.7
668.3
240.7
66.7
112.2
131.5
92.8
218.8
306.3
17.7
361.5
54.9
396.6
30.1
132.1
222.2
375.2
198.3
288.6
254.0
417.0
258.6
750.0
89.2
197.1
384.0
449.4
136.3
220.1
538.9
256.6
42.3
87.9
126.0
83.3
204.4
262.4
22.6
334.2
44.4
305.6
29.3
130.4
179.6
316.1
205.0
153.6
158.8
408.6
211.5
678.1
76.1
125.7
277.3
398.6
105.8
98.7
508.5
226.7
34.2
63.9
118.6
68.3
194.6
276.0
37.1
278.4
40.0
262.1
29.3
106.7
151.4
289.3
196.6
177.4
90.7
359.5
214.8
645.0
60.3
96.3
158.7
367.3
90.1
104.3
510.7
165.0
29.4
57.8
122.3
116.1
194.0
228.7
42.9
277.1
67.9
214.1
35.5
158.5
92.1
250.6
198.5
180.3
100.7
378.4
201.4
613.3
46.4
93.6
144.4
406.2
95.7
110.9
522.8
145.9
46.4
44.5
117.8
102.2
213.0
213.7
76.4
299.6
79.6
240.8
41.9
211.6
80.6
263.3
221.9
195.7
139.9
413.8
215.9
554.8
68.7
142.8
163.9
418.4
105.5
150.5
573.5
163.2
83.6
74.0
152.3
142.6
209.7
185.5
101.1
290.2
83.9
231.4
48.3
216.7
82.2
291.1
220.0
198.6
172.8
425.4
209.0
570.5
69.2
104.3
157.6
433.4
79.5
159.5
550.3
204.1
93.7
94.8
151.1
131.6
219.2
176.3
112.0
274.2
86.9
233.1
50.6
226.2
79.6
348.0
197.7
186.4
184.8
445.2
225.1
537.0
63.2
126.5
144.6
478.1
77.8
177.2
540.4
213.5
85.9
111.7
162.7
115.9
234.5
162.6
90.5
274.0
96.9
221.0
52.4
237.5
80.1
356.1
184.7
201.2
199.3
462.9
236.5
574.7
62.5
174.9
138.6
496.6
83.1
184.2
597.7
244.3
83.8
117.1
185.4
126.2
235.3
164.6
87.3
260.5
99.8
212.0
54.3
222.4
81.2
330.4
183.0
198.5
208.9
479.8
192.9
569.3
60.2
174.2
140.3
480.1
99.1
191.9
603.5
246.1
97.0
116.3
190.1
129.9
236.9
179.2
85.9
256.4
103.7
203.2
55.9
226.1
83.5
320.2
182.6
193.0
219.1
512.8
192.9
561.1
55.4
163.6
140.7
478.2
112.8
194.2
601.1
245.8
104.9
118.5
191.4
141.1
Median (B1 to C)
277.1
241.4
221.1
169.2
155.0
145.2
163.6
179.1
181.0
185.0
191.0
192.2
Mean (B1 to C)
316.2
279.5
246.2
205.3
186.7
182.5
203.6
205.9
210.0
220.0
218.2
220.0
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Central government
Non-financial public sector debt and central government revenue; Series break in 2008 due to change in methodology to include recapitalization bonds issued by the government to the central bank
Central government debt; Beneficiary of the Heavily Indebted Poor Countries (HIPC) official debt relief initiative
25. General Government Interest Payment/General Government Revenue
Country
Rating
• 107 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.6
6.2
10.5
13.2
9.4
5.2
0.6
3.6
5.8
6.8
12.8
0.0
3.7
11.6
9.5
0.5
8.9
5.9
5.2
3.3
6.6
1.4
6.7
4.5
6.2
4.1
3.1
5.1
7.3
2.2
6.0
9.8
12.2
8.7
4.5
0.6
3.4
5.6
6.6
12.7
0.2
3.3
10.9
9.0
0.4
9.1
5.6
4.7
2.5
6.3
1.0
6.2
3.9
5.3
3.3
2.9
5.0
7.2
2.0
6.2
8.8
11.2
8.7
3.6
0.5
3.2
5.3
6.5
12.0
0.3
3.0
10.8
8.2
0.4
8.8
5.3
4.3
2.1
6.3
0.7
4.9
3.6
4.5
3.3
2.9
5.2
7.3
1.9
6.0
8.2
10.6
7.9
3.1
0.5
2.9
5.1
6.5
11.9
0.3
2.8
10.2
5.8
0.5
8.5
4.8
4.0
2.6
6.9
0.4
4.4
3.2
4.0
3.1
2.7
4.9
7.4
1.7
6.0
8.1
10.2
6.8
2.8
0.5
2.8
5.4
6.4
11.8
0.2
2.8
10.7
6.1
0.6
8.2
4.8
3.7
2.2
7.3
0.1
4.3
3.0
3.9
3.2
2.1
5.4
7.8
1.7
5.5
7.9
9.8
6.6
2.6
0.6
2.7
5.9
6.3
12.6
0.2
3.8
11.2
6.3
0.8
8.1
4.8
3.9
2.5
7.5
0.1
3.8
2.6
4.3
3.1
1.8
5.4
7.8
2.0
5.8
7.7
9.7
6.4
3.4
0.5
2.6
4.9
5.9
13.4
0.2
5.9
9.9
6.8
0.8
7.9
4.7
4.2
2.5
7.2
0.1
4.3
3.1
5.0
2.3
1.8
4.8
7.3
2.7
5.5
7.2
9.6
5.5
3.4
0.3
2.6
4.9
5.8
14.6
0.2
9.0
9.7
6.8
0.9
7.7
4.2
4.6
2.3
6.8
0.0
4.2
3.7
5.3
2.1
1.8
7.4
7.3
3.4
5.4
7.0
9.5
6.0
3.4
0.3
2.6
5.2
5.7
17.0
0.1
9.4
10.5
7.1
1.1
7.8
4.4
5.5
1.9
9.0
0.0
4.7
4.3
6.9
2.3
1.5
8.0
7.8
4.0
5.3
7.0
8.8
7.9
3.4
0.4
2.7
5.0
5.3
11.2
0.1
10.4
11.3
7.1
0.9
7.8
4.0
6.2
1.5
10.8
0.0
5.6
4.7
8.2
1.8
1.4
7.1
7.5
4.5
5.4
6.4
8.5
10.0
3.0
0.4
2.4
4.7
5.3
8.8
0.2
14.8
11.4
7.0
1.0
7.8
4.0
6.2
1.8
10.3
0.0
5.6
5.8
9.4
1.9
1.1
7.3
7.3
4.9
5.4
6.5
8.1
11.4
3.1
0.4
2.4
4.8
4.4
10.2
0.2
14.3
11.2
6.7
0.9
8.0
4.0
6.3
1.8
10.1
0.0
5.7
6.1
10.4
1.9
1.0
7.7
7.1
Median
5.8
5.3
4.9
4.4
4.3
4.3
4.8
4.9
5.4
5.3
5.6
5.7
Mean
5.9
5.5
5.2
4.9
4.8
4.8
4.9
5.0
5.4
5.4
5.6
5.7
Australia [1]
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong [2]
Ireland
Italy
Japan [2]
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore [3]
Slovakia
Slovenia
Spain
Sweden
Switzerland [4]
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
[5]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.2
1.2
1.8
5.6
4.4
2.4
13.4
3.8
1.1
0.0
11.4
1.6
7.7
6.3
11.9
7.7
0.5
1.1
1.8
2.2
4.4
2.9
2.7
13.0
4.9
0.8
0.0
11.0
1.7
7.4
3.4
8.1
6.8
0.7
1.3
1.4
2.2
3.5
2.6
2.7
11.9
5.3
0.6
0.0
10.9
1.2
7.1
2.9
4.8
5.5
0.8
1.6
0.9
1.8
2.7
2.5
2.7
10.8
5.8
0.6
0.0
10.1
0.8
6.6
2.3
4.4
6.0
1.4
1.9
0.9
1.9
2.3
2.1
2.7
10.6
5.5
0.6
0.0
9.2
1.0
5.7
1.6
3.6
5.8
1.8
1.9
0.9
2.2
1.9
2.1
2.6
9.1
5.7
0.4
0.0
8.0
0.5
5.6
1.5
1.8
5.6
1.3
3.8
1.2
4.1
2.6
2.2
3.2
9.8
6.4
0.3
0.0
9.0
0.6
7.1
2.1
2.7
6.1
2.0
5.6
1.6
5.4
2.2
2.2
3.4
9.3
4.9
0.1
0.0
9.8
0.4
7.2
3.6
1.5
5.6
2.1
7.4
1.5
6.0
2.5
2.3
3.4
9.0
4.7
0.1
0.0
9.6
0.3
7.0
3.4
0.7
5.4
1.8
4.0
1.7
3.6
2.7
3.8
3.6
8.5
4.5
0.1
0.0
9.4
0.3
7.4
3.5
0.6
5.1
2.3
11.1
1.7
3.4
2.4
3.9
3.7
9.1
4.3
0.1
0.0
10.4
0.4
6.7
3.9
0.5
4.9
2.8
11.0
1.6
3.8
2.2
4.0
4.0
8.7
4.1
0.1
0.0
10.8
0.4
6.9
4.0
0.5
4.7
2.9
Median (Aaa to A3)
3.8
2.9
2.7
2.5
2.1
1.9
2.7
3.4
3.4
3.6
3.7
4.0
Mean (Aaa to A3)
4.8
4.3
3.8
3.6
3.4
3.0
3.7
3.8
3.8
3.6
4.1
4.1
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait [1]
Macao
Malaysia [4]
Oman [3]
Poland
Qatar [2]
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 108 •
Notes:
[1]
[2]
[3]
[4]
[5]
Central government
Federal government
Country
Rating
• 109 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.3
11.0
4.3
26.2
5.7
28.8
30.3
6.4
31.6
19.1
3.3
2.1
3.9
21.4
12.5
8.9
17.2
12.0
5.0
4.3
11.6
—
8.2
14.9
42.3
26.3
1.3
11.8
3.5
20.0
4.7
26.7
29.9
5.5
30.3
15.5
2.4
2.1
2.9
19.1
12.3
8.7
17.9
11.5
4.6
3.1
10.6
—
8.6
11.5
33.2
22.7
0.8
11.1
3.7
20.0
4.2
22.4
29.7
4.7
28.3
13.2
1.6
1.5
2.5
18.6
10.9
8.9
18.3
10.3
3.8
2.1
9.4
—
7.2
8.6
22.2
20.2
0.3
9.6
4.0
20.4
3.7
23.9
26.7
4.5
26.3
12.4
1.5
1.2
2.2
19.6
11.1
7.2
16.1
9.2
2.5
1.4
8.4
—
6.9
6.3
18.5
19.5
0.5
9.3
3.2
18.5
2.9
23.2
19.9
5.4
23.3
11.3
1.0
1.1
2.1
20.8
10.0
5.7
11.4
8.5
2.0
0.0
7.5
11.1
7.0
6.7
18.2
18.0
0.3
9.8
2.0
18.3
2.2
18.5
13.7
7.6
25.0
9.0
1.4
1.7
2.0
18.2
8.9
4.7
11.0
7.3
2.1
0.5
7.1
11.2
7.2
5.2
16.9
14.0
0.3
11.6
2.9
16.6
2.1
18.9
15.2
16.0
25.3
11.0
1.8
4.3
3.6
17.8
10.5
5.0
10.0
6.7
4.8
1.0
7.6
11.5
7.5
9.0
16.8
13.4
0.3
13.8
4.1
15.8
2.1
19.0
14.7
13.3
21.6
8.9
1.8
3.9
5.2
15.7
9.4
4.1
10.0
5.7
4.6
0.9
7.8
11.4
7.1
7.5
12.9
11.4
1.1
12.7
3.9
17.0
2.2
16.6
14.9
12.4
22.6
7.7
1.6
4.2
5.4
13.9
9.3
3.8
8.4
5.5
4.8
0.9
8.0
3.9
8.0
6.0
9.3
11.8
1.2
12.1
5.2
13.8
2.5
15.0
14.4
12.4
22.1
7.5
1.4
3.9
5.9
14.0
9.4
5.9
8.5
4.8
5.3
1.0
8.5
3.7
6.9
6.8
9.8
11.6
1.1
14.9
5.2
14.0
2.5
13.0
17.7
12.3
20.0
7.7
1.2
4.7
5.9
13.3
9.4
5.7
8.2
4.6
4.9
1.7
8.7
2.6
7.6
7.5
8.8
11.6
1.1
13.5
5.5
13.9
2.4
11.7
15.8
12.5
18.0
7.2
1.0
4.7
5.2
14.4
9.4
6.6
7.8
4.6
4.6
1.8
8.7
2.2
7.0
8.2
7.8
11.3
11.6
11.5
9.4
8.4
8.0
7.4
9.5
8.3
7.8
7.2
7.6
7.5
Mean (Baa1 to Baa3)
14.3
12.8
11.4
10.5
9.6
8.7
9.7
9.0
8.3
8.2
8.3
8.0
Azerbaijan [1]
Bahamas [2]
Bahrain
Brazil [3]
Bulgaria
Colombia [4]
Costa Rica [4]
Iceland
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [6]
Namibia [7]
Panama
Peru
Romania
Russia
South Africa [5]
St. Maarten [8]
Thailand
Turkey
Uruguay [4]
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government revenue
Central government
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.6
3.3
16.6
14.8
10.8
4.4
12.6
12.3
10.4
9.6
6.8
—
15.5
8.7
7.9
35.4
7.6
11.8
6.3
2.7
15.3
13.7
10.0
4.5
13.0
6.2
11.1
10.4
5.4
—
14.3
5.6
6.2
36.9
6.3
11.8
4.9
2.2
15.5
13.8
8.7
4.8
13.6
4.3
11.7
9.9
7.0
—
12.4
7.1
6.4
36.8
7.9
11.9
3.2
1.7
15.9
14.8
5.5
4.7
14.0
2.8
10.9
9.2
7.7
2.6
11.7
3.1
5.4
31.8
6.9
11.5
2.4
1.4
17.7
13.9
3.9
4.1
13.9
2.0
11.6
9.1
8.2
2.1
10.4
6.2
4.7
25.6
4.1
10.9
3.8
1.4
18.4
15.3
2.4
3.5
12.9
2.1
11.3
9.1
8.1
1.5
8.1
6.0
3.5
23.2
2.5
8.7
5.0
2.3
20.1
18.8
4.7
4.1
14.8
3.3
12.9
9.9
8.8
1.9
8.1
6.1
3.1
24.9
2.8
8.8
2.7
3.8
18.8
22.2
4.9
5.1
12.8
3.5
13.2
9.2
8.5
2.4
8.3
7.7
2.1
24.4
4.0
8.0
2.0
3.9
16.4
20.9
3.0
5.9
11.7
4.2
12.7
7.8
7.9
3.7
8.2
8.9
1.5
20.5
4.0
7.5
2.1
4.7
16.6
23.7
2.6
6.5
11.4
4.6
13.1
9.2
10.8
4.5
8.6
8.0
1.3
20.5
4.1
7.6
1.2
4.8
16.4
24.2
2.6
7.9
11.3
4.4
13.0
9.0
9.7
4.5
9.0
7.1
1.2
17.9
6.6
7.7
3.1
5.0
16.4
24.2
2.6
8.2
11.3
3.8
12.9
8.5
10.2
4.4
9.5
5.7
1.2
16.9
6.6
7.4
Median (Ba1 to Ba3)
10.4
10.0
8.7
7.3
7.2
7.0
7.1
7.9
7.7
7.8
7.8
7.8
Mean (Ba1 to Ba3)
11.4
10.6
10.5
9.1
8.5
7.9
8.9
9.0
8.4
8.9
8.8
8.8
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador [4]
Georgia
Guatemala [5]
Hungary
Jordan [5]
Montenegro
Morocco [6]
Nigeria
Paraguay [5]
Philippines [7]
Suriname [5]
Tunisia [5]
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 110 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
Country
Rating
• 111 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.8
8.9
1.1
16.7
1.6
1.9
2.4
9.8
17.3
21.8
10.5
24.8
5.2
58.8
17.1
73.9
6.2
3.2
14.3
27.1
—
5.6
44.0
8.6
2.6
16.1
4.0
15.5
15.4
5.4
1.0
36.5
1.2
2.2
2.7
9.5
15.7
22.2
10.1
15.1
5.2
54.2
11.7
53.7
5.4
3.1
9.2
27.0
8.7
5.4
37.4
7.9
2.5
10.9
3.6
14.5
12.7
8.1
0.7
27.2
1.2
2.1
4.1
6.4
14.1
22.4
10.3
13.4
5.0
47.3
10.6
47.7
3.2
2.5
8.1
25.5
6.2
4.3
29.1
10.9
1.8
7.9
2.8
11.6
10.9
7.3
0.7
26.8
1.2
1.5
6.1
7.3
13.7
19.8
10.1
12.3
4.7
46.3
11.0
53.7
2.5
1.3
7.3
23.2
4.9
4.1
29.7
10.7
1.5
5.5
2.8
4.5
10.2
10.0
0.8
14.4
1.1
1.7
4.0
9.3
10.8
18.7
12.9
10.9
2.9
39.6
11.4
54.3
2.8
1.0
5.8
27.7
5.3
2.4
30.7
9.7
1.2
4.9
3.8
7.2
10.8
8.2
1.1
13.2
1.1
1.4
3.9
10.6
5.6
16.5
11.6
12.1
2.7
45.4
11.1
46.2
2.9
0.9
4.5
32.0
5.4
3.0
31.0
8.5
1.2
4.6
3.8
7.5
12.1
9.4
1.8
13.0
1.1
1.7
3.9
13.5
4.1
15.2
13.6
15.2
3.7
62.9
10.7
45.2
3.6
1.5
5.2
34.1
6.8
3.5
42.7
9.4
2.8
6.0
4.4
8.3
13.0
6.3
1.6
12.4
1.1
2.3
3.6
14.6
3.5
20.5
14.2
16.3
5.0
40.8
11.0
46.0
2.0
1.4
5.2
30.2
4.3
4.3
42.3
10.5
3.8
7.7
4.3
9.0
11.8
8.2
2.9
12.0
1.3
2.3
3.3
16.1
3.9
25.3
14.3
12.5
7.1
37.4
11.5
40.8
2.2
0.8
4.8
30.4
4.5
6.8
37.6
9.0
4.6
9.5
5.4
7.0
12.6
9.3
4.9
6.8
1.5
2.2
3.4
17.7
3.9
26.8
13.4
14.6
9.1
39.9
13.2
38.5
2.2
3.1
4.5
34.2
4.9
6.5
40.7
9.0
3.8
11.1
5.3
7.6
12.6
8.1
4.7
11.1
1.5
2.0
3.5
16.2
3.9
24.8
12.7
14.8
9.0
40.3
11.6
39.1
2.0
6.5
5.3
29.5
6.4
7.1
42.1
9.0
6.2
9.0
4.7
8.2
12.7
8.5
5.2
11.0
1.6
2.2
3.5
15.9
3.9
24.1
12.0
14.2
9.0
41.8
11.0
38.5
1.8
5.2
5.5
29.6
7.8
6.8
43.2
8.9
7.5
9.3
5.7
8.1
Median (B1 to C)
10.5
9.4
8.1
7.3
8.2
6.6
7.6
7.0
7.6
8.3
8.6
8.7
Mean (B1 to C)
16.2
14.2
12.4
11.8
11.3
10.9
12.7
12.0
11.9
12.5
12.6
12.7
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba
Ecuador [1]
Egypt [2]
Fiji
Ghana [3]
Honduras [4]
Jamaica
Kenya [5]
Lebanon [1]
Moldova
Mongolia [6]
Nicaragua [7]
Pakistan [2]
Senegal [1]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
26. General Government Foreign Currency & FC-Indexed Debt/General Government Debt
• 112 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana [2]
Cayman Islands
Chile [3]
China
Czech Republic
Israel
Korea [3]
Kuwait
Macao
Malaysia [4]
Oman
Poland
Qatar [2]
Saudi Arabia
Taiwan
100.0
44.3
100.0
90.7
16.2
3.5
25.5
—
7.4
0.0
19.8
32.3
32.4
35.0
0.0
—
62.7
100.0
46.7
100.0
84.0
9.7
9.3
25.5
—
8.3
0.0
16.0
35.5
26.7
44.1
0.0
—
57.6
100.0
55.1
100.0
71.7
8.5
12.3
26.2
—
18.6
0.0
13.1
32.3
27.4
44.9
0.0
—
49.0
100.0
52.1
100.0
67.8
4.7
11.9
25.1
—
22.8
0.0
10.3
45.7
25.5
43.3
0.0
—
44.5
100.0
44.6
100.0
51.5
3.2
9.4
22.6
—
39.6
0.0
7.3
51.1
23.5
50.5
0.0
—
40.7
100.0
36.8
100.0
40.0
2.6
13.8
19.8
—
44.5
0.0
6.6
55.5
25.7
73.9
0.0
—
37.4
100.0
67.4
100.0
22.8
2.2
16.4
18.5
—
39.5
0.0
3.8
57.5
25.7
52.5
0.0
—
32.1
100.0
67.5
100.0
17.3
1.9
17.9
17.1
—
45.2
0.0
4.1
63.3
26.3
35.9
0.0
—
32.4
100.0
68.6
100.0
17.2
1.6
16.4
17.4
—
44.9
0.0
4.0
50.4
30.1
37.1
0.0
—
32.0
100.0
70.2
100.0
13.7
1.5
15.8
15.9
—
43.5
0.0
3.4
39.7
29.8
37.6
0.0
—
32.5
100.0
71.4
100.0
14.5
1.3
15.6
16.8
—
38.4
0.0
3.0
32.1
28.2
37.6
0.0
—
33.7
100.0
71.4
100.0
14.8
1.2
16.8
16.7
—
35.7
0.0
2.7
25.8
28.4
37.4
0.0
—
33.0
Median (Aaa to A3)
32.3
26.7
27.4
25.5
39.6
36.8
25.7
26.3
30.1
29.8
28.2
25.8
Mean (Aaa to A3)
38.0
37.6
37.3
36.9
36.3
37.1
35.9
35.3
34.6
33.6
32.8
32.3
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
[3]
[4]
[5]
Central government
Federal government
• 113 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria [2]
Colombia [1]
Costa Rica [1]
Iceland
India [3]
Indonesia
Kazakhstan
Latvia [1]
Lithuania
Mauritius
Mexico [4]
Namibia [5]
Panama
Peru [6]
Romania
Russia
South Africa [7]
St. Maarten [8]
Thailand
Turkey [10]
Uruguay [1]
90.4
14.9
56.4
23.7
90.6
49.5
32.7
56.1
7.5
51.4
64.2
49.6
61.2
9.0
39.3
15.7
100.0
91.9
84.5
81.2
14.5
—
21.6
28.0
46.3
94.3
91.6
13.6
59.7
20.3
87.5
44.6
33.0
51.9
7.1
54.0
48.5
56.6
61.7
8.9
38.1
16.1
100.0
90.0
82.6
79.9
12.4
—
16.7
26.2
41.5
89.0
91.0
12.8
56.8
15.7
84.1
35.8
32.9
40.9
6.6
54.3
32.2
56.0
60.3
8.0
33.6
15.4
100.0
83.7
81.3
75.2
12.6
—
13.1
23.4
37.6
89.0
89.3
12.3
51.8
11.3
80.8
36.5
31.3
55.8
6.2
49.6
27.2
58.1
68.4
7.6
21.4
19.9
100.0
79.8
71.0
48.6
14.0
—
8.0
21.6
37.2
85.0
88.0
11.2
53.8
7.6
76.2
33.6
30.2
45.7
5.9
48.1
23.0
61.6
67.2
11.6
19.5
26.4
100.0
65.0
65.3
32.8
14.3
—
4.6
22.7
31.3
74.0
86.8
14.0
41.9
8.3
75.7
34.2
29.1
39.3
6.4
52.1
18.0
47.7
64.2
10.6
19.0
27.7
100.0
60.5
62.6
30.6
17.8
—
3.4
23.1
33.8
72.0
60.3
21.2
26.8
5.6
76.7
33.6
21.2
37.7
5.9
47.4
18.9
78.2
70.3
11.9
19.1
25.6
100.0
59.3
67.5
33.8
13.5
—
2.2
26.6
29.1
69.0
52.7
21.4
15.0
5.4
74.3
31.2
20.5
35.8
5.9
46.2
23.7
83.9
73.6
13.3
19.7
23.4
100.0
54.0
68.4
28.1
9.7
—
1.8
22.0
26.7
66.0
55.0
21.0
10.7
4.8
73.8
30.8
16.1
41.3
6.0
45.0
23.0
86.2
74.0
16.4
21.2
30.3
100.0
52.6
67.2
22.4
9.9
—
1.5
23.5
29.6
51.0
58.9
23.6
17.1
5.0
63.0
27.8
17.3
30.8
5.9
43.3
20.2
87.7
75.6
18.1
19.7
31.6
100.0
50.3
69.0
22.2
9.2
—
1.3
21.7
27.4
45.0
57.8
24.0
24.6
5.2
70.0
22.3
19.0
26.8
6.1
40.8
18.4
85.3
75.6
19.4
19.0
33.0
100.0
51.0
68.3
17.5
7.9
—
1.3
21.0
27.1
41.0
57.0
24.0
28.7
5.0
75.7
20.4
20.0
34.6
5.9
39.2
17.1
84.9
74.0
21.2
18.5
29.9
100.0
50.5
69.4
15.4
7.0
—
1.2
21.0
24.7
41.0
49.6
48.5
37.6
37.2
32.8
33.8
29.1
26.7
29.6
27.4
24.6
24.7
Mean (Baa1 to Baa3)
51.0
49.2
46.1
43.7
40.8
39.2
38.5
36.9
36.5
35.7
35.3
35.5
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
Public sector debt
Series volatility relates to exchange rate
Central government and guaranteed public sector debt; Fiscal years ending September 30, e.g. 2006 refers to fiscal year 2005/06
Central government debt only
• 114 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia [2]
Croatia
El Salvador [3]
Georgia
Guatemala [4]
Hungary [4]
Jordan [4]
Montenegro
Morocco [5]
Nigeria
Paraguay [4]
Philippines [6]
Suriname [7]
Tunisia [4]
—
94.4
66.7
33.1
108.6
—
100.0
—
91.6
—
76.7
—
27.2
73.6
86.6
—
71.0
64.8
92.0
92.9
66.0
31.8
72.5
—
100.0
—
85.5
25.7
72.0
—
23.9
68.8
87.7
—
65.0
63.5
81.8
90.8
65.0
31.5
70.1
—
100.0
79.2
75.5
28.2
69.2
—
21.1
61.9
87.6
—
60.6
64.2
75.0
88.4
64.5
35.6
61.2
—
100.0
78.5
67.8
28.1
65.3
—
19.7
22.3
85.8
—
62.1
60.1
51.8
86.9
62.9
33.0
53.6
—
100.0
78.1
63.3
28.7
58.7
—
20.0
16.3
83.9
—
58.4
58.6
35.0
82.7
56.7
30.4
51.1
—
100.0
85.1
60.4
37.6
38.7
—
21.0
18.2
84.0
—
57.8
61.2
39.7
88.2
53.8
31.2
44.2
—
100.0
85.0
60.1
44.7
35.3
—
22.8
16.5
80.2
—
44.6
58.7
40.6
86.9
51.7
31.6
42.9
—
100.0
85.7
58.4
44.6
36.6
—
24.0
13.5
80.5
—
41.4
60.9
44.3
86.4
49.0
29.6
44.9
—
100.0
85.6
54.5
49.5
31.0
—
22.9
14.3
83.4
—
53.0
58.3
52.0
85.6
47.9
26.8
51.0
—
100.0
85.8
57.6
40.9
28.0
—
23.4
13.8
59.7
—
53.0
60.9
65.9
87.1
53.1
29.0
51.5
—
100.0
85.3
58.5
48.0
27.1
—
24.9
14.2
60.0
—
65.9
63.0
72.6
85.0
52.1
29.5
50.0
—
100.0
83.8
58.0
49.2
26.5
—
24.7
13.6
59.8
—
64.3
64.0
Median (Ba1 to Ba3)
75.1
70.4
69.2
64.5
58.6
56.7
44.7
44.6
49.5
52.0
58.5
58.0
Mean (Ba1 to Ba3)
74.5
67.7
65.8
60.9
57.0
54.7
53.7
53.3
53.8
52.4
55.6
55.5
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
National government
• 115 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize [1]
Cambodia
Cuba
Ecuador [1]
Egypt [3]
Fiji
Ghana [4]
Honduras [5]
Jamaica [6]
Kenya [7]
Lebanon
Moldova [8]
Mongolia [9]
Nicaragua [5]
Pakistan [3]
Senegal [10]
Sri Lanka
Ukraine
Venezuela [1]
Vietnam
Zambia [1]
28.0
75.8
28.0
92.7
98.9
73.7
—
—
100.0
28.1
8.0
83.3
89.6
35.5
58.4
49.1
87.7
85.9
99.2
47.8
61.9
92.8
45.3
—
73.6
64.8
76.9
—
27.0
75.6
22.4
85.3
98.9
77.2
—
—
100.0
24.7
7.3
77.8
92.3
38.7
59.1
53.4
83.7
91.5
99.4
47.0
58.1
92.5
46.6
70.7
77.6
65.6
75.8
—
26.7
51.4
23.9
86.8
98.9
82.5
—
87.2
100.0
22.1
6.8
76.1
91.5
38.3
57.9
51.9
81.2
93.7
99.1
46.3
53.1
92.5
43.0
69.6
79.7
67.7
70.4
—
25.6
52.1
14.3
85.9
98.6
88.2
—
84.4
100.0
20.4
14.6
41.8
88.5
37.9
54.7
53.3
80.4
96.3
99.3
45.7
54.2
84.5
42.7
63.0
84.4
64.7
68.4
36.9
24.5
52.8
24.6
85.0
96.7
95.9
—
83.8
100.0
19.2
14.5
48.4
84.0
39.5
49.5
54.6
79.1
98.7
98.4
45.2
49.8
75.4
43.6
54.0
78.8
69.8
67.7
34.5
29.0
52.5
28.1
84.6
54.9
96.2
—
60.4
100.0
19.0
16.5
50.5
75.7
41.8
50.5
48.5
83.9
100.0
97.2
44.7
41.7
81.8
40.4
57.8
75.4
75.3
62.7
43.4
35.7
54.1
50.0
85.5
60.2
97.6
—
56.9
100.0
19.5
16.8
54.0
65.0
39.3
50.8
45.2
84.9
92.1
93.6
47.7
39.7
82.7
42.3
54.0
67.3
66.6
60.5
32.0
40.0
58.8
43.6
83.7
64.6
98.0
—
60.0
100.0
17.6
16.2
52.7
57.1
40.2
46.1
42.5
83.4
69.0
91.5
46.4
38.0
80.4
44.1
64.3
64.4
59.3
59.6
31.4
40.6
60.1
79.9
83.4
64.2
98.0
—
62.8
100.0
16.1
23.2
50.6
54.3
38.4
48.6
42.4
90.8
48.2
90.2
42.7
29.2
75.8
45.4
62.7
61.7
61.6
60.9
30.1
41.3
60.0
55.3
83.1
61.3
98.4
—
64.3
100.0
15.1
24.4
44.7
54.7
35.4
47.4
45.2
91.4
62.7
90.3
37.3
21.8
74.0
46.1
61.1
48.1
47.9
55.0
44.9
42.3
61.0
53.0
82.8
59.8
98.4
—
68.6
100.0
15.0
23.4
46.5
55.0
39.3
49.1
45.0
88.1
59.2
90.0
37.6
26.6
75.3
46.4
63.0
34.9
56.3
50.7
45.4
43.3
62.0
50.8
81.8
58.2
98.7
—
69.2
100.0
14.9
21.9
47.2
55.1
40.5
44.8
44.7
87.4
58.7
89.6
37.9
21.7
76.1
46.2
65.0
25.5
64.2
46.5
45.1
Median (B1 to C)
73.7
75.6
70.0
63.0
54.6
54.9
54.1
58.8
60.1
54.7
53.0
50.8
Mean (B1 to C)
66.0
65.9
65.3
62.2
61.8
59.7
59.0
57.5
57.9
56.0
56.0
55.4
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
Approximated by public sector external debt
Public sector debt, comprised mainly of central government direct debt and central bank borrowing from the IMF
III. External Payments
and Debt
• 116 •
27. Nominal Exchange Rate (local currency per US$, Dec)
Country
Rating
• 117 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.33
0.79
0.79
1.29
0.79
5.96
12.41
0.79
0.79
0.79
0.79
7.76
0.79
0.79
107.10
0.79
0.79
0.79
1.54
6.68
0.79
1.70
0.79
0.79
0.79
7.19
1.24
0.56
—
1.28
0.73
0.73
1.20
0.73
5.47
11.47
0.73
0.73
0.73
0.73
7.77
0.73
0.73
104.12
0.73
0.73
0.73
1.39
6.04
0.73
1.63
0.73
0.73
0.73
6.61
1.13
0.52
—
1.36
0.85
0.85
1.16
0.85
6.32
13.22
0.85
0.85
0.85
0.85
7.75
0.85
0.85
117.97
0.85
0.85
0.85
1.47
6.77
0.85
1.66
0.85
0.85
0.85
7.96
1.31
0.58
—
1.26
0.76
0.76
1.17
0.76
5.66
11.88
0.76
0.76
0.76
0.76
7.78
0.76
0.76
118.95
0.76
0.76
0.76
1.42
6.26
0.76
1.53
0.76
0.76
0.76
6.86
1.22
0.51
—
1.13
0.68
0.68
0.99
0.68
5.08
10.64
0.68
0.68
0.68
0.68
7.80
0.68
0.68
114.00
0.68
0.68
0.68
1.29
5.41
0.68
1.44
0.68
0.68
0.68
6.41
1.13
0.50
—
1.44
0.72
0.72
1.22
0.72
5.28
11.10
0.72
0.72
0.72
0.72
7.75
0.72
0.72
90.75
0.72
0.72
0.72
1.73
7.00
0.72
1.44
0.72
0.72
0.72
7.81
1.06
0.69
—
1.12
0.69
0.69
1.05
0.69
5.19
10.86
0.69
0.69
0.69
0.69
7.76
0.69
0.69
92.06
0.69
0.69
0.69
1.39
5.78
0.69
1.40
0.69
0.69
0.69
7.12
1.03
0.62
—
0.98
0.75
0.75
1.00
0.75
5.61
11.71
0.75
0.75
0.75
0.75
7.78
0.75
0.75
81.45
0.75
0.75
0.75
1.30
5.86
0.75
1.29
0.75
0.75
0.75
6.71
0.94
0.64
—
0.98
0.77
0.77
1.02
0.77
5.75
0.77
0.77
0.77
0.77
0.77
7.77
0.77
0.77
77.72
0.77
0.77
0.77
1.30
5.99
0.77
1.30
0.77
0.77
0.77
6.89
0.94
0.65
—
0.96
0.76
0.76
1.00
0.76
5.66
0.76
0.76
0.76
0.76
0.76
7.75
0.76
0.76
86.55
0.76
0.76
0.76
1.22
5.57
0.76
1.22
0.76
0.76
0.76
6.50
0.92
0.63
—
1.02
0.77
0.77
1.02
0.77
5.73
0.77
0.77
0.77
0.77
0.77
7.78
0.77
0.77
95.00
0.77
0.77
0.77
1.24
5.90
0.77
1.22
0.77
0.77
0.77
6.60
0.98
0.67
—
1.03
0.80
0.80
1.00
0.80
5.94
0.80
0.80
0.80
0.80
0.80
7.78
0.80
0.80
95.00
0.80
0.80
0.80
1.26
6.00
0.80
1.20
0.80
0.80
0.80
6.80
0.94
0.68
—
Median
0.79
0.73
0.85
0.76
0.68
0.72
0.69
0.75
0.77
0.76
0.77
0.80
Mean
5.98
5.73
6.47
6.31
5.95
5.31
5.23
4.90
4.41
4.67
5.01
5.04
Australia
Austria [1]
Belgium [1]
Canada
Cyprus [2]
Denmark
Estonia [3]
Finland [1]
France [1]
Germany [1]
Greece [4]
Hong Kong
Ireland [1]
Italy [1]
Japan
Luxembourg [1]
Malta [2]
Netherlands [1]
New Zealand
Norway
Portugal [1]
Singapore
Slovakia [5]
Slovenia [6]
Spain [1]
Sweden
Switzerland
United Kingdom
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Euro adopted on January 1, 1999
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 118 •
Median (Aaa to A3)
Mean (Aaa to A3)
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.00
4.44
0.83
599.42
8.28
25.65
4.38
1,192.60
0.29
8.00
3.80
0.38
3.74
3.64
3.75
33.98
3.67
1.00
4.28
0.83
559.83
8.28
22.36
4.31
1,035.10
0.29
8.01
3.80
0.38
2.99
3.64
3.75
31.92
3.67
1.00
5.51
0.83
514.21
8.07
24.59
4.60
1,011.60
0.29
7.99
3.78
0.38
3.26
3.64
3.74
32.85
3.67
1.00
6.03
0.83
534.43
7.81
20.88
4.22
929.80
0.29
8.01
3.53
0.38
2.91
3.64
3.74
32.60
3.67
1.00
6.01
0.83
495.82
7.30
18.08
3.85
936.10
0.27
8.03
3.31
0.38
2.44
3.64
3.75
32.44
3.67
1.00
7.52
0.83
629.11
6.83
19.35
3.80
1,259.50
0.28
7.98
3.46
0.38
2.96
3.64
3.75
32.86
3.67
1.00
6.67
0.83
506.43
6.83
18.37
3.78
1,164.50
0.29
7.99
3.42
0.38
2.85
3.64
3.75
32.03
3.67
1.00
6.44
0.83
468.37
6.62
18.75
3.55
1,134.80
0.28
8.02
3.08
0.38
2.96
3.64
3.75
30.37
3.67
1.00
7.53
0.83
521.46
6.30
19.94
3.82
1,151.80
0.28
8.01
3.18
0.38
3.42
3.64
3.75
30.29
3.67
1.00
7.77
0.83
478.60
6.29
19.06
3.73
1,070.60
0.28
7.98
3.06
0.38
3.10
3.64
3.75
29.14
3.67
1.00
8.00
0.83
495.00
6.10
20.35
3.70
1,030.00
0.28
8.00
3.00
0.38
3.23
3.64
3.75
29.50
3.67
1.00
8.20
0.83
510.00
6.00
21.80
3.70
1,000.00
0.28
8.00
2.95
0.38
3.30
3.64
3.75
29.20
3.67
3.80
3.80
3.78
3.74
3.75
3.75
3.75
3.67
3.75
3.73
3.70
3.70
111.64
99.67
95.88
91.99
89.82
116.88
103.91
99.80
104.08
96.64
95.32
94.51
Country
Rating
• 119 •
Azerbaijan [1]
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama [3]
Peru
Romania [4]
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [5]
Uruguay
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
2003
2004
2005
2006
4,846.09
1.00
0.38
2.89
1.55
2,778.21
418.53
70.99
43.44
8,465.00
144.22
0.54
2.76
26.09
11.24
6.64
1.00
3.46
3.26
29.45
6.64
1.79
39.59
6.30
1.40
29.30
4,826.41
1.00
0.38
2.65
1.44
2,389.75
458.61
61.04
43.76
9,290.00
130.00
0.52
2.53
28.20
11.26
5.63
1.00
3.28
2.91
27.75
5.63
1.79
39.06
6.30
1.34
26.35
4,521.25
1.00
0.38
2.34
1.66
2,284.22
496.68
62.98
44.60
9,830.00
133.98
0.59
2.91
30.67
10.78
6.32
1.00
3.43
3.11
28.78
6.32
1.79
41.03
6.31
1.35
24.10
0.87
1.00
0.38
2.14
1.49
2,238.79
517.90
71.66
43.60
9,020.00
127.00
0.54
2.63
34.34
10.88
6.97
1.00
3.20
2.57
26.33
6.97
1.79
36.05
6.31
1.41
24.40
6.64
5.96
6.32
6.64
6.58
651.61
668.02
674.91
468.85
473.48
Notes:
[1]
[2]
[3]
[4]
[5]
Azerbaijan Manat was redenominated in January 2006 at a rate of AZM 5,000 = AZN 1.00
Dollarized economy
Romanian Leu was redenominated in July 2005 at a rate of ROL 10,000 = RON 1.00
Turkish Lira was redenominated in January 2005 at a rate of TL 1,000,000 = YTL 1.00
2007
2008
2009
2010
2011
2012
2013F
2014F
0.85
0.80
1.00
1.00
0.38
0.38
1.77
2.34
1.33
1.39
2,014.76 2,243.59
498.10
555.47
61.85
120.58
39.98
50.94
9,419.00 10,950.00
120.30
120.79
0.48
0.50
2.36
2.45
28.22
31.76
10.87
13.54
6.81
9.30
1.00
1.00
3.00
3.14
2.46
2.83
24.55
29.38
6.81
9.30
1.79
1.79
33.72
34.90
6.34
6.30
1.17
1.53
21.50
24.35
0.80
1.00
0.38
1.74
1.36
2,044.23
565.24
124.90
45.14
9,400.00
148.46
0.49
2.41
30.29
13.06
7.38
1.00
2.89
2.94
30.24
7.38
1.79
33.32
6.37
1.49
19.63
0.80
1.00
0.38
1.69
1.47
1,913.98
512.97
115.05
44.65
8,991.00
147.50
0.54
2.61
30.39
12.36
6.63
1.00
2.81
3.20
30.48
6.63
1.79
30.15
6.42
1.54
20.09
0.79
1.00
0.38
1.86
1.51
1,942.70
511.84
122.71
51.16
9,068.00
148.40
0.54
2.67
29.33
13.99
8.14
1.00
2.70
3.34
32.20
8.14
1.79
31.69
6.42
1.89
19.90
0.78
1.00
0.38
2.04
1.48
1,768.23
508.20
128.99
54.30
9,670.00
150.74
0.53
2.61
30.52
13.01
8.50
1.00
2.55
3.36
30.37
8.50
1.79
30.63
6.43
1.78
19.40
0.78
1.00
0.38
2.00
1.49
1,805.00
510.00
125.31
56.00
9,800.00
148.80
0.54
2.66
31.00
11.80
9.00
1.00
2.58
3.36
30.99
9.00
1.79
29.50
6.40
1.85
19.83
0.78
1.00
0.38
2.00
1.51
1,810.00
511.00
131.08
56.50
9,950.00
147.00
0.56
2.75
31.50
11.60
9.30
1.00
2.50
3.32
31.25
9.30
1.79
29.50
6.40
1.88
20.75
7.80
6.88
6.53
7.28
7.47
7.70
7.85
546.90
480.54
457.20
462.08
478.74
485.08
491.33
Country
Rating
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador [2]
Georgia
Guatemala
Hungary
Jordan
Montenegro [3]
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
• 120 •
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
79.08
566.00
57.90
2.00
7.83
6.12
1.00
2.08
8.04
207.92
0.71
0.79
8.75
136.50
6,114.96
55.57
2.62
1.21
85.99
485.84
60.43
2.00
8.05
5.64
1.00
1.82
7.75
180.29
0.71
0.73
8.22
132.35
6,250.00
56.27
2.72
1.20
80.78
450.19
63.75
2.00
8.04
6.23
1.00
1.79
7.61
213.58
0.71
0.85
9.25
129.00
6,120.00
53.07
2.74
1.36
80.26
363.50
69.67
2.00
7.98
5.58
1.00
1.71
7.62
191.62
0.71
0.76
8.46
128.27
5,190.00
49.13
2.74
1.30
75.02
304.22
68.80
2.00
7.62
4.99
1.00
1.59
7.63
172.61
0.71
0.68
7.71
117.97
4,875.00
41.40
2.74
1.22
75.17
306.73
68.52
2.00
7.02
5.16
1.00
1.67
7.77
187.91
0.71
0.72
8.10
132.56
4,945.00
47.48
2.74
1.31
89.40
377.89
69.06
2.00
7.02
5.09
1.00
1.69
8.35
188.07
0.71
0.69
7.86
149.58
4,610.00
46.36
2.74
1.32
92.64
363.44
69.45
2.00
6.99
5.57
1.00
1.77
8.02
208.65
0.71
0.75
8.36
150.66
4,573.75
43.88
2.74
1.44
95.27
385.77
74.15
2.00
6.91
5.82
1.00
1.67
7.81
240.68
0.71
0.77
8.58
158.27
4,439.90
43.93
3.30
1.50
95.83
403.58
81.82
2.00
6.91
5.73
1.00
1.66
7.89
220.93
0.71
0.76
8.43
155.27
4,238.00
41.19
3.30
1.55
95.50
419.66
79.50
2.00
6.93
5.80
1.00
1.68
7.80
235.44
0.71
0.77
8.55
155.00
3,916.00
40.50
3.30
1.66
96.00
456.01
80.00
2.00
6.79
5.86
1.00
1.80
7.90
256.07
0.71
0.80
8.82
155.00
3,893.00
40.00
3.30
1.68
7.94
7.90
7.83
7.80
7.63
7.40
7.44
7.50
7.36
7.40
7.36
7.35
403.28
405.06
397.33
339.57
316.27
322.31
309.38
307.88
304.34
293.14
276.77
278.71
Notes:
[1]
[2]
[3]
US Dollar adopted on January 1, 2001
Euro adopted in 2002
Country
Rating
• 121 •
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador [1]
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela [3]
Vietnam
Zambia [4]
Median (B1 to C)
Mean (B1 to C)
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
106.58
92.64
103.58
94.14
82.89
87.91
95.81
104.00
107.54
105.85
108.15
113.15
2.90
2.96
3.01
3.04
3.13
3.43
3.78
3.96
4.28
4.90
5.60
7.00
2,156.00 2,170.00 2,152.00 2,140.00 2,150.00 2,200.00 2,863.00 3,000.00 8,350.00 8,570.00 9,200.00 9,400.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.55
1.44
1.66
1.49
1.33
1.41
1.36
1.46
1.51
1.48
1.50
1.51
3,984.00 4,027.00 4,112.00 4,057.00 3,999.00 4,077.00 4,165.00 4,051.00 4,039.00 3,995.00 4,000.00 4,020.00
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
37.25
31.11
34.88
33.52
34.07
35.78
36.38
37.93
38.79
40.36
42.50
44.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
6.03
6.19
5.78
5.75
5.69
5.32
5.59
5.68
5.96
6.05
7.25
7.83
1.72
1.64
1.74
1.66
1.55
1.76
1.93
1.82
1.82
1.79
1.78
1.75
0.88
0.90
0.91
0.92
0.97
1.21
1.42
1.47
1.55
1.88
1.98
2.08
17.75
18.63
18.90
18.90
18.90
18.90
18.90
18.90
18.90
18.90
19.00
20.00
60.52
61.45
64.38
67.03
70.40
80.22
89.33
85.60
86.37
92.56
98.00
101.00
76.14
77.34
72.37
69.40
62.68
77.71
75.82
80.75
85.07
86.00
84.00
84.00
1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50
13.22
12.46
12.83
12.90
11.32
10.40
12.30
12.15
11.72
12.06
12.50
12.90
1,168.00 1,209.00 1,221.00 1,165.00 1,169.97 1,267.51 1,442.84 1,256.47 1,396.37 1,392.10 1,400.00 1,350.00
15.55
16.33
17.15
18.00
18.90
19.85
20.84
21.88
22.98
24.13
25.33
26.60
57.81
58.13
59.71
60.26
60.52
68.28
81.39
85.46
85.99
94.63
98.00
99.00
3.33
3.12
3.10
3.03
2.84
2.68
2.70
2.64
2.14
2.10
2.10
2.10
519.36
481.58
556.04
498.07
445.59
471.34
455.34
490.91
506.96
497.16
504.58
522.67
96.74
104.60
102.12
107.71
108.72
113.14
114.38
110.95
113.90
127.08
128.50
128.00
2.70
2.70
2.70
2.70
2.70
2.70
2.70
2.70
2.70
2.70
2.70
2.70
5.33
5.31
5.05
5.05
5.05
7.70
7.98
7.96
7.99
7.99
8.70
8.65
1.60
1.92
2.15
2.15
2.15
2.15
2.15
2.59
4.29
4.29
6.30
9.25
15,646.00 15,777.00 15,916.00 16,054.00 16,114.00 16,977.00 17,941.00 18,932.00 20,828.00 20,828.00 20,828.00 20,828.00
4,645.48 4,771.31 3,508.98 4,406.67 3,844.81 4,832.26 4,640.56 4,796.11 5,117.04 5,146.61 5,600.00 6,000.00
16.65
17.48
18.02
18.45
18.90
19.37
19.87
20.39
20.94
21.51
22.17
23.30
1,076.35
1,087.36
1,053.19
1,083.56
1,061.74
1,138.47
1,199.78
1,236.64
1,512.58
1,520.54
1,560.64
1,582.27
Notes:
[1]
[2]
[3]
[4]
2005
Venezuelan Bolivar was redenominated in January 2008 at a rate of Bs 1,000 = BsF 1.00
Zambian Kwacha was redenominated in January 2013 at a rate of ZMK 1,000 = ZMW 1.00
Country
Rating
• 122 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.2
3.5
4.7
8.0
6.6
6.6
4.1
4.8
5.3
5.2
6.4
-6.4
10.1
6.2
0.0
3.6
3.8
5.9
17.0
-0.3
4.5
-0.3
8.1
0.1
4.8
4.1
0.1
-2.7
-7.6
9.1
1.3
1.7
2.0
1.6
0.4
2.4
0.0
1.8
1.6
2.0
-5.5
2.5
1.8
0.7
1.2
3.9
0.9
7.2
1.9
1.1
7.2
3.8
-1.6
2.1
-1.0
-1.0
5.8
-6.3
5.7
-0.5
0.3
3.4
-0.4
-2.1
1.0
-2.3
-0.6
-1.8
0.2
-3.8
0.0
-1.2
-5.1
-0.3
-0.1
-0.8
5.1
6.0
-0.1
4.2
0.1
-2.2
1.0
-2.9
-1.2
-0.3
-2.8
4.2
-0.8
-0.4
3.2
-0.3
-1.9
1.6
-1.1
-0.4
-0.7
0.8
-2.6
1.9
-0.4
-8.9
0.6
0.5
-1.1
-7.8
5.0
0.5
5.0
1.1
-1.2
1.5
0.8
-2.4
1.6
-2.7
6.8
0.8
0.9
0.8
-0.4
0.0
4.2
1.7
0.7
1.7
1.6
-4.7
5.6
0.8
-6.6
0.9
1.4
0.7
7.7
7.3
1.4
6.9
8.5
2.1
1.7
3.5
-4.2
3.5
-4.7
-0.8
0.7
3.4
-8.3
5.4
0.8
6.1
2.2
1.3
0.5
2.9
-5.5
4.7
1.5
9.6
2.0
3.0
1.1
-8.0
1.6
0.8
4.6
2.9
0.2
2.8
-5.7
4.6
-12.4
-3.7
-8.3
0.8
0.2
-7.8
3.4
6.2
1.6
1.1
0.2
0.7
1.4
6.5
-4.7
1.2
13.0
1.0
2.0
2.0
-5.2
-3.4
-0.5
-9.2
6.8
2.9
0.2
-3.1
3.8
-12.3
10.5
12.7
-2.7
-3.2
6.9
-5.5
-4.7
-2.8
-5.4
-3.0
-4.9
-0.1
-3.8
-6.7
-3.7
0.2
-2.6
-5.1
-3.7
9.4
7.6
-2.1
2.2
-8.1
-3.3
-2.5
3.2
5.8
3.6
-5.2
6.6
0.4
1.0
-1.4
0.6
-2.4
1.3
0.0
-0.6
-0.6
0.6
-4.2
0.1
0.0
2.0
0.8
-0.1
-0.5
4.1
4.3
0.8
1.8
-4.0
-0.4
0.6
-0.2
9.7
1.4
-5.8
1.5
-1.6
-2.2
-2.3
-3.2
-1.9
-0.3
-2.9
-3.1
-3.6
-3.1
3.5
-4.7
-1.8
-1.4
-2.2
-4.0
-2.7
4.7
0.0
-1.3
3.4
-2.2
-2.3
-2.3
-1.8
-3.1
5.2
4.8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median
4.7
1.7
-0.3
-0.3
1.4
1.5
1.0
-2.8
0.4
-2.2
—
—
Mean
4.1
1.7
0.0
-0.1
1.8
0.6
0.4
-1.0
0.5
-1.1
—
—
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
—
—
-1.3
-4.9
-0.9
-2.6
-0.5
-6.5
-4.1
-2.9
—
-7.5
-5.7
-7.8
-4.7
—
—
—
—
9.1
-2.0
3.7
-2.4
2.7
-7.4
-2.9
2.2
—
2.6
-0.1
-7.3
1.3
—
—
—
—
11.3
2.3
6.3
1.1
10.2
1.5
-0.6
2.4
—
9.0
6.9
-2.9
-2.0
—
—
—
—
5.8
2.8
3.3
0.4
4.8
-1.0
-0.7
3.6
—
2.1
8.1
-0.9
0.1
—
—
—
—
-0.5
2.4
4.2
1.4
-1.9
-2.0
-3.5
5.4
—
3.4
5.1
-2.6
-1.3
—
—
—
—
5.2
8.3
12.8
11.5
-15.7
4.0
-2.9
2.6
—
7.5
6.3
1.8
-4.2
—
—
—
—
1.9
0.4
-5.0
-0.4
-12.9
-0.6
2.2
-2.4
—
-13.2
-1.4
10.4
-8.9
—
—
—
—
0.1
1.0
0.3
5.1
8.5
1.6
-0.6
10.0
—
4.4
-5.1
1.1
3.8
—
—
—
—
1.4
2.4
3.8
0.2
2.6
-2.1
-4.9
5.2
—
-0.2
—
-3.1
0.3
—
—
—
—
3.3
2.3
-3.4
-4.1
-0.6
-0.3
1.6
0.9
—
-1.8
—
6.3
-2.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
-4.4
0.6
2.3
2.5
0.5
4.6
-1.0
1.3
0.3
-0.3
—
—
Mean (Aaa to A3)
-4.1
0.0
3.8
2.4
0.9
3.1
-2.5
2.5
0.5
0.2
—
—
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 123 •
• 124 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
-13.5
-5.1
-7.9
9.2
5.1
-11.2
-6.6
6.3
-0.7
5.5
-3.0
-5.9
1.9
—
-8.8
-13.0
-3.6
-3.8
3.6
3.1
30.6
—
-0.9
-1.7
9.1
-22.1
-1.3
-5.1
-8.7
7.6
2.5
7.5
-3.1
3.0
0.7
-7.9
6.0
0.1
-1.1
—
-1.9
5.9
-5.2
-0.5
8.0
7.8
9.1
—
-0.2
-1.3
4.8
-0.5
15.6
-2.2
-5.8
21.9
3.0
10.7
0.5
12.4
2.1
1.1
5.8
-1.4
-2.9
—
4.9
1.7
-1.1
-0.2
20.9
9.5
2.1
—
2.5
2.1
6.2
13.3
3.7
-1.5
2.2
8.8
8.1
-1.9
0.8
-7.0
-2.0
23.8
0.6
2.9
-1.8
—
2.9
-4.0
-0.5
-0.1
11.5
9.8
-3.3
—
8.5
3.9
-1.8
2.3
6.9
-3.9
-6.4
10.7
5.4
7.2
1.5
5.5
7.1
5.7
10.3
6.6
1.8
—
0.0
-3.5
-0.7
0.4
11.2
5.5
-3.8
—
4.7
2.6
4.8
1.7
28.1
-0.3
-8.2
12.6
7.4
3.9
3.9
-21.4
-6.5
8.8
12.2
9.9
4.2
—
-0.1
-3.9
2.1
7.1
-5.0
6.8
-8.1
-0.3
2.4
6.6
-1.2
11.4
-5.2
7.3
4.5
-4.4
-1.9
-6.1
2.0
-19.2
-5.3
-0.1
-19.1
5.5
9.8
—
-13.6
12.2
4.6
-1.3
-4.1
-6.9
4.7
1.7
-5.6
8.9
-9.0
4.4
10.6
-1.8
-2.5
15.2
2.3
15.5
12.3
5.0
6.8
12.7
7.9
-6.0
-6.0
—
8.1
16.2
0.1
4.4
0.8
9.3
13.1
1.6
9.2
5.6
2.7
13.4
5.1
-3.4
-7.0
7.3
4.9
-0.4
2.3
1.4
-2.6
-0.2
3.4
0.2
-2.1
—
2.1
1.0
-0.4
1.0
0.7
4.8
-1.8
—
2.3
-1.0
-9.4
4.1
-2.9
3.4
1.5
-8.2
0.1
2.1
5.2
-0.3
1.7
-1.3
0.1
-1.6
-2.2
—
-2.3
-3.6
5.5
6.9
-5.3
1.4
-6.1
—
-0.5
8.0
9.1
5.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2.3
0.0
2.3
1.5
4.8
3.9
-1.3
6.8
0.8
0.1
—
—
Mean (Baa1 to Baa3)
-1.4
1.1
5.1
2.7
3.4
2.9
-1.4
6.3
0.5
0.7
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
• 125 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
18.3
-9.7
—
-4.6
-10.2
0.6
—
-6.8
—
1.8
—
—
-1.0
-7.3
-6.7
-4.4
—
-5.0
19.8
5.2
—
-5.2
-6.5
1.9
—
6.6
—
3.0
—
—
-1.3
3.1
3.6
-6.4
—
-3.6
24.6
11.7
—
1.3
-4.1
1.6
—
5.1
—
0.4
—
—
-2.6
14.0
-6.0
6.6
—
-4.9
6.4
8.7
—
3.8
-0.5
2.1
—
5.8
—
-3.0
—
—
0.5
6.2
13.6
20.5
—
-1.3
7.9
14.1
—
-2.4
2.0
0.7
—
3.7
—
3.5
—
—
-0.8
-1.5
11.0
4.7
—
-2.9
-10.7
8.7
—
3.9
14.0
4.6
—
14.9
—
2.2
—
—
0.4
8.1
16.3
-3.3
—
-0.7
-12.6
-7.5
—
2.6
10.2
1.2
—
-1.4
—
-2.8
—
—
2.1
-3.9
-7.4
-1.6
—
-1.1
5.7
1.3
—
4.6
-4.2
-2.6
—
-4.6
—
-0.2
—
—
-4.1
8.8
2.8
-8.5
—
-0.5
-5.4
0.1
—
—
3.0
-2.1
—
9.3
—
-1.7
—
—
-2.3
-1.9
13.4
-6.7
—
-1.8
—
-3.5
—
—
6.3
-1.9
—
1.7
—
-3.0
—
—
-2.1
13.7
-0.3
1.4
—
-1.8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
-4.8
2.4
1.4
4.8
2.8
4.2
-1.5
-0.3
-1.8
-1.1
—
—
Mean (Ba1 to Ba3)
-2.9
1.7
4.0
5.2
3.3
4.9
-1.9
-0.1
0.4
1.1
—
—
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 126 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
—
9.5
-2.4
-2.5
—
—
—
-24.8
2.6
-19.6
6.8
0.3
—
—
—
—
-5.5
—
-6.5
-3.1
11.2
2.5
—
-7.3
-8.2
1.2
—
-11.7
—
-2.6
-2.9
-2.5
—
—
—
6.2
0.9
0.9
2.0
-1.4
—
—
—
—
14.5
—
-3.8
-0.8
2.4
0.1
—
-3.6
-2.3
4.9
—
3.0
—
-1.0
-0.7
-0.7
—
—
—
31.3
5.7
8.3
0.2
9.3
—
—
—
—
2.4
—
-0.9
3.0
0.5
-1.3
—
2.2
10.0
0.3
—
22.9
—
-2.7
-3.0
0.2
—
—
—
-5.4
7.3
3.4
-2.3
5.3
—
—
—
—
2.8
—
0.5
2.8
-0.1
-0.2
—
-1.1
5.0
8.8
—
30.7
—
-1.0
-5.7
-4.9
—
—
—
1.5
-3.2
2.9
1.7
-0.7
—
—
—
—
8.5
—
-2.2
-1.2
-5.3
5.3
—
-3.5
0.5
10.9
—
-7.9
—
1.9
-1.3
-0.5
—
—
—
0.8
6.4
12.9
2.8
-4.8
—
—
—
—
19.1
—
3.8
-3.8
13.7
4.4
—
-0.5
9.1
16.6
—
15.2
—
-3.0
-1.6
4.4
—
—
—
-0.6
-16.6
-0.8
-11.5
-8.0
—
—
—
—
1.9
—
9.5
0.7
8.0
-2.3
—
6.3
-16.1
36.1
—
-14.2
—
0.6
-5.7
-2.8
—
—
—
0.0
14.5
7.7
-2.8
6.6
—
—
—
—
-6.0
—
-6.6
5.1
-2.8
-6.2
—
-2.0
2.6
-38.5
—
5.8
—
-2.7
-13.4
-9.4
—
—
—
0.7
10.2
0.0
4.7
-5.0
—
—
—
—
5.9
—
-4.1
2.8
12.7
1.1
—
-4.1
0.4
14.4
—
-2.6
—
6.4
-3.5
2.0
—
—
—
0.2
0.7
4.9
4.6
-6.4
—
—
—
—
3.9
—
3.3
1.5
16.1
—
—
6.0
2.3
17.2
—
3.3
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
-2.5
0.1
2.2
0.5
-1.0
3.8
-0.8
-2.0
0.4
3.3
—
—
Mean (B1 to C)
-3.4
0.9
5.4
3.1
-0.3
5.6
-0.4
-1.8
0.7
3.9
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
29. Relative Unit Labor Costs (2005 = 100)
• 127 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus [1]
Denmark
Estonia
Finland
France
Germany
Greece [1]
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
86.1
101.2
100.5
87.6
102.7
98.7
94.0
100.4
99.0
104.8
98.3
—
92.0
96.6
109.4
98.1
101.7
102.5
85.3
97.2
97.2
—
92.6
99.9
96.1
104.1
101.3
96.3
108.0
95.4
101.2
100.7
93.4
101.4
100.1
97.7
100.8
100.7
105.1
97.6
—
97.0
99.2
107.3
99.6
102.7
103.3
93.5
94.3
98.5
—
95.9
100.2
98.8
104.4
99.5
101.4
103.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
—
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
—
100.0
100.0
100.0
100.0
100.0
100.0
100.0
101.4
100.1
100.5
107.7
97.6
100.7
106.1
97.3
100.0
95.4
96.5
—
102.5
100.6
88.7
100.2
100.6
98.8
92.8
104.4
99.5
—
103.2
99.0
102.2
97.5
100.3
101.2
98.9
111.5
100.4
102.0
112.1
94.6
104.4
119.6
95.7
100.8
93.2
95.9
—
105.8
101.6
79.3
100.8
99.1
99.7
101.0
112.2
99.1
—
110.9
97.4
105.9
100.1
101.9
102.2
94.9
110.0
100.9
104.0
110.7
92.0
108.1
132.4
98.2
101.3
92.6
96.3
—
112.2
103.3
86.5
104.0
99.0
100.2
96.8
118.8
99.2
—
117.6
99.5
109.1
96.9
104.8
88.1
90.5
103.4
102.4
105.0
107.1
95.7
112.3
132.0
105.1
101.9
96.0
99.7
—
105.9
105.6
97.8
109.6
102.6
103.0
89.3
115.6
99.8
—
127.9
104.2
107.6
89.1
109.5
80.1
92.4
121.3
99.7
100.7
117.7
94.8
106.0
117.4
97.7
99.2
90.8
98.8
—
95.4
100.4
95.5
108.6
99.6
98.1
97.4
124.4
97.7
—
122.1
105.8
102.2
93.1
106.2
80.0
88.4
132.8
99.0
101.9
119.5
95.3
104.1
112.8
97.0
99.3
90.2
96.1
—
91.5
99.8
98.5
110.4
99.0
97.4
100.9
131.4
97.2
—
120.1
104.2
99.3
96.0
108.1
78.8
84.0
135.9
98.3
100.0
120.0
93.5
99.8
112.2
94.2
96.6
88.2
90.8
—
85.8
97.6
94.9
110.5
100.4
93.3
104.8
132.6
90.9
—
116.2
104.4
93.6
97.3
109.7
83.1
85.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
European Commission Annual Macro Economic Database (Ameco); Data series adjusted to base year 2005
Country
Rating
• 128 •
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Median
Mean
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-28.54
4.27
10.68
10.21
-0.30
7.33
-1.11
7.95
7.93
45.83
-12.74
17.41
0.00
-11.78
136.23
2.38
-0.16
29.90
-3.10
27.70
-10.44
21.95
-1.98
-0.22
-31.07
21.82
43.24
-31.83
-519.09
-39.93
6.33
11.52
23.23
-0.78
7.38
-1.36
11.74
11.12
127.28
-13.33
16.82
-1.08
-5.78
172.06
4.04
-0.33
46.58
-5.74
33.00
-15.46
19.30
-3.31
-0.89
-54.91
24.02
48.56
-46.06
-628.52
-41.73
6.65
7.46
21.58
-0.98
11.20
-1.39
6.57
-10.37
140.15
-18.35
21.57
-7.08
-15.69
165.77
4.35
-0.52
47.30
-8.90
49.00
-19.82
26.87
-4.06
-0.62
-83.23
25.11
52.44
-46.03
-745.78
-41.32
9.11
7.44
17.93
-1.26
8.17
-2.58
8.65
-12.99
181.74
-29.82
24.56
-7.91
-28.06
171.06
4.41
-0.62
63.64
-9.02
58.16
-21.58
36.08
-4.38
-0.97
-110.89
33.36
58.16
-70.18
-800.62
-58.69
13.18
8.71
11.36
-2.56
4.23
-3.51
10.51
-25.92
247.97
-44.65
27.55
-13.88
-27.30
211.69
5.19
-0.47
52.67
-10.79
55.43
-23.44
46.35
-3.99
-2.26
-144.28
42.29
38.84
-62.88
-710.30
-45.82
20.23
-6.70
1.79
-3.94
9.91
-2.19
7.14
-49.58
225.93
-51.17
32.85
-14.95
-66.03
159.36
2.94
-0.43
37.49
-11.55
79.24
-31.96
28.84
-5.91
-3.38
-153.94
44.03
10.93
-25.18
-677.14
-42.26
10.43
-6.69
-40.59
-2.52
10.55
0.66
4.21
-35.03
197.20
-35.97
20.34
-5.24
-42.04
147.03
3.60
-0.61
41.34
-2.81
44.54
-25.64
33.48
-2.27
-0.34
-70.42
27.14
53.70
-27.23
-381.90
-36.54
12.92
9.03
-58.41
-2.27
18.43
0.56
3.55
-40.03
206.97
-29.85
14.99
2.36
-72.57
203.92
4.36
-0.40
60.67
-4.55
51.44
-24.24
62.03
-3.26
-0.28
-62.31
31.69
78.58
-57.01
-441.95
-33.43
5.68
-5.88
-52.85
-1.18
18.85
0.47
-4.03
-54.18
224.34
-28.71
11.95
2.49
-67.17
119.05
4.22
-0.01
84.88
-6.53
62.70
-16.68
65.31
-1.99
0.00
-55.37
38.43
55.42
-32.14
-465.93
-56.35
7.03
-6.69
-67.00
-1.46
17.75
-0.26
-4.63
-60.08
237.93
-7.70
3.48
10.40
-14.89
59.49
3.17
0.03
76.76
-8.52
71.16
-3.29
51.44
2.07
1.05
-14.49
37.57
85.74
-90.88
-474.98
-87.30
9.84
-3.43
-72.37
-0.32
16.09
-0.29
-4.49
-46.27
224.05
-1.54
2.70
11.08
6.56
77.74
3.76
0.06
68.72
-10.51
73.09
-0.85
46.81
2.42
1.63
18.23
41.41
76.37
-61.89
-475.66
-96.63
11.93
-4.05
-65.71
0.14
17.56
-0.33
-4.73
-49.46
214.56
-0.97
3.78
12.14
5.26
102.77
3.94
0.05
69.93
-11.16
72.56
0.12
51.18
2.68
1.71
28.33
46.84
85.20
-55.63
-514.03
2.38
4.04
-0.52
-0.62
-0.47
-2.19
-0.61
0.56
-0.01
0.03
2.42
2.68
-8.88
-8.78
-14.43
-15.85
-12.38
-16.87
-4.39
-2.49
-4.56
-5.04
-2.91
-2.48
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
0.18
0.46
—
-0.83
43.05
-5.79
0.63
15.58
9.42
2.60
13.32
1.45
-5.47
5.75
28.05
29.25
7.15
0.30
0.42
—
2.60
68.94
-5.75
2.15
32.31
15.51
3.56
15.08
0.88
-13.26
7.55
49.30
18.74
10.57
0.45
1.56
—
1.89
132.38
-1.21
4.10
18.61
30.07
2.94
20.69
5.18
-7.24
7.48
89.99
17.82
24.37
1.18
1.95
-0.62
7.12
231.84
-3.13
7.00
14.08
45.31
2.44
26.18
5.66
-13.15
9.46
98.93
26.02
36.04
1.22
2.02
-0.70
7.08
353.18
-7.93
4.56
21.77
41.33
4.31
29.73
2.46
-26.50
11.46
93.33
35.42
19.64
0.91
0.87
-0.67
-5.80
420.57
-4.78
2.23
3.20
60.24
4.04
39.43
5.02
-34.96
26.59
132.32
27.41
22.28
0.61
-0.52
-0.62
3.52
243.26
-4.85
7.32
32.79
28.38
6.79
31.42
-0.60
-17.16
6.39
20.95
42.86
7.85
0.72
0.05
-0.61
3.22
237.90
-7.60
8.11
29.39
38.29
12.08
27.34
5.87
-24.03
23.80
66.75
39.89
7.24
0.60
-0.03
-0.66
-3.28
136.00
-6.11
3.38
26.07
70.76
16.97
31.73
10.26
-25.02
51.98
158.55
41.15
30.69
0.66
-0.69
-0.64
-9.50
193.10
-4.73
-0.20
43.14
79.14
17.03
19.42
11.70
-17.36
62.33
172.16
49.62
33.30
0.63
0.65
-0.50
-12.15
233.54
-4.01
2.64
39.55
71.21
20.01
14.48
7.47
-14.30
55.95
150.28
42.75
37.40
0.60
0.70
-0.53
-11.90
242.64
-4.38
4.35
29.17
68.01
22.47
16.57
5.12
-14.12
46.81
133.02
40.75
34.00
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 129 •
Median (Aaa to A3)
4.17
5.55
6.33
7.12
7.08
4.04
6.79
8.11
16.97
17.03
14.48
16.57
Mean (Aaa to A3)
9.05
13.06
21.82
29.20
34.85
41.11
24.02
27.55
31.94
38.15
37.98
36.07
Notes:
[1]
Calculated from merchandise exports and imports, tourism receipts, and interest payments only
• 130 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland [1]
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
-2.02
-0.47
0.20
4.18
-1.10
-0.99
-0.88
-0.52
14.08
8.10
-0.27
-0.91
-1.26
0.09
-7.83
0.30
-0.54
-0.93
-3.54
35.41
-1.67
-0.02
4.78
0.98
-7.52
-0.09
-2.59
-0.31
0.47
11.68
-1.62
-0.91
-0.79
-1.30
-2.47
1.56
0.34
-1.77
-1.73
-0.11
-5.77
0.46
-1.00
0.06
-6.39
59.51
-6.65
0.02
2.77
1.79
-14.43
0.00
0.17
-0.70
1.47
13.98
-3.36
-1.89
-0.98
-2.63
-9.90
0.28
-1.06
-2.00
-1.84
-0.32
-5.56
0.35
-1.02
1.16
-8.49
84.60
-8.57
-0.14
-6.46
3.88
-22.31
0.04
3.71
-1.40
2.19
13.64
-5.83
-2.99
-1.02
-3.97
-9.56
10.86
-2.00
-4.48
-3.20
-0.60
-6.16
1.10
-0.45
2.91
-12.86
94.69
-13.85
-0.09
3.65
7.13
-32.25
-0.39
9.02
-1.32
2.91
1.55
-10.61
-5.98
-1.65
-3.21
-15.74
10.49
-8.32
-6.42
-5.68
-0.43
-12.97
0.75
-1.41
1.52
-23.09
77.77
-19.95
-0.09
17.32
5.17
-38.43
-0.22
16.45
-1.22
2.26
-28.19
-11.97
-6.74
-2.79
-4.13
-27.92
0.12
6.33
-4.40
-6.14
-0.98
-18.73
0.27
-2.72
-5.29
-23.98
103.53
-19.59
-0.18
4.06
8.50
-41.52
-1.73
10.17
-0.81
0.56
-24.30
-4.33
-4.96
-0.58
0.83
-38.18
10.63
-4.11
2.23
1.38
-0.66
-5.77
0.01
-0.18
-0.72
-6.97
48.60
-11.45
-0.13
24.10
1.63
-13.37
-0.38
15.04
-0.81
0.77
-47.27
-0.71
-8.76
-1.28
0.91
-45.95
5.15
2.41
0.71
0.03
-0.80
-1.95
-0.19
-2.86
-3.78
-7.18
71.08
-10.24
-0.06
14.51
4.17
-46.64
-0.75
17.14
-1.09
3.25
-52.47
0.05
-9.98
-2.20
0.47
-78.15
1.68
14.11
-0.61
-1.60
-1.16
-9.67
-0.27
-3.87
-3.34
-8.35
98.83
-13.60
0.00
5.89
2.62
-77.24
-1.37
14.46
-1.45
2.17
-54.23
-0.68
-11.42
-2.34
0.50
-95.51
-24.18
7.72
-0.48
-0.22
-1.10
-9.25
-0.04
-3.27
-7.14
-6.60
74.80
-24.07
-0.06
2.73
1.30
-46.87
-2.63
12.56
-1.47
2.68
-71.15
-0.33
-11.00
-2.23
0.49
-85.46
-24.28
12.74
-0.64
-0.21
-1.10
-12.00
-0.13
-3.46
-10.26
-7.23
41.12
-23.90
-0.07
5.92
2.02
-64.08
-3.13
13.98
-1.45
1.74
-92.04
-0.59
-11.92
-2.51
0.46
-90.02
-26.00
15.28
-0.92
-0.45
-0.91
-13.76
-0.30
-3.26
-10.96
-7.74
15.38
-24.85
-0.07
6.11
2.64
-69.20
-3.07
-0.50
-0.55
-1.00
-0.81
-1.36
-2.75
-0.48
-0.73
-1.13
-1.27
-1.28
-1.18
1.45
1.19
1.10
1.49
-1.12
-2.57
-0.64
-2.48
-4.65
-7.22
-9.41
-11.71
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Series break in 2009; Excludes Actavis and principal and interest transactions related to old banks obligations from 2009 onward
• 131 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
-0.72
-0.19
0.18
-0.18
0.08
-2.08
-0.70
-0.39
-1.02
-6.72
1.20
-0.12
1.55
3.39
0.13
0.28
-0.16
-0.73
0.68
-0.02
0.18
-0.36
0.32
-1.78
-0.64
-0.43
-1.16
-8.81
0.04
-0.15
0.92
16.84
0.14
1.62
-0.14
-0.44
5.14
-0.05
-0.56
-0.42
0.56
-2.46
-0.62
-0.77
-1.24
-8.24
-2.27
-0.38
0.95
36.53
0.02
1.98
-0.14
-0.30
10.69
-0.12
0.82
-0.35
1.29
-3.23
-0.77
-1.26
-1.52
-8.38
-1.73
-0.85
1.32
36.52
0.13
5.34
0.11
-0.62
10.58
-0.59
0.94
-0.25
1.51
-4.33
-1.22
-2.12
-1.79
-9.96
-2.87
-1.45
-0.22
27.65
0.18
7.11
0.18
-0.92
7.19
-1.38
0.70
-0.49
1.99
-6.08
-1.53
-3.15
-1.41
-11.12
-2.05
-2.26
-5.66
29.11
-0.32
3.63
0.35
-1.71
-7.57
-1.37
2.42
-0.31
0.75
-3.06
-0.31
-1.25
0.27
-0.11
-1.24
-1.16
-5.36
13.82
0.07
9.36
0.21
-1.23
7.42
-1.37
3.20
-0.26
0.97
-0.86
-0.58
-1.33
-0.56
1.52
-1.88
-0.94
-4.21
13.26
-0.65
8.92
0.65
-2.10
13.08
-1.12
-2.23
-0.50
0.54
-0.45
-1.07
-1.80
-1.60
2.05
-3.47
-0.80
-8.34
8.69
-0.27
7.12
0.25
-3.39
10.46
-1.06
-0.57
-0.20
2.00
-0.06
-1.26
-1.95
-1.45
2.96
-5.60
-0.75
-9.56
23.40
-0.86
7.18
0.24
-3.64
9.64
-1.00
0.16
-0.24
1.38
0.23
-1.13
-1.70
-2.00
3.15
-3.34
-0.86
-8.76
17.12
-0.80
6.96
0.21
-3.31
9.20
-0.96
-1.35
-0.28
1.11
-0.17
-1.14
-1.56
-2.41
3.12
-2.84
-0.73
-6.73
15.55
-0.73
6.63
0.10
-3.16
Median (Ba1 to Ba3)
-0.17
-0.08
-0.34
-0.24
-0.42
-1.40
-0.31
-0.57
-0.65
-0.66
-0.52
-0.73
Mean (Ba1 to Ba3)
-0.34
0.38
1.54
2.08
1.25
0.32
0.22
1.18
0.37
1.07
0.87
0.76
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Import numbers based on payment settlements data, except FY11 which used customs data
• 132 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
-0.41
8.14
-0.43
-0.18
-1.63
-0.23
—
1.04
-0.39
1.94
-0.05
0.28
-0.55
-0.77
0.13
-2.61
-0.13
-0.10
-0.71
4.12
1.77
-0.44
-0.07
-0.08
2.89
11.80
-1.93
-0.66
-0.36
3.21
-1.19
-0.15
-1.64
-0.18
—
1.04
-0.48
3.42
-0.25
-0.32
-0.68
-0.50
-0.13
-3.33
-0.05
0.06
-0.69
1.81
1.92
-0.51
-0.65
-0.10
6.91
15.52
-0.96
-0.44
-0.57
5.27
0.46
-0.15
-1.84
-0.31
0.15
-0.47
0.47
2.91
-0.30
-0.77
-0.29
-1.07
-0.25
-2.93
-0.23
0.09
-0.78
-1.53
6.23
-0.68
-0.65
-0.10
2.53
25.45
-0.56
-0.60
-0.67
7.77
-1.39
-0.03
-1.00
-0.26
-0.23
-1.29
1.74
1.75
-0.60
-1.04
-0.40
-1.18
-0.51
-1.18
-0.39
0.37
-0.85
-4.99
4.14
-0.86
-1.50
-0.12
-1.62
26.46
-0.16
0.14
-1.15
7.35
-3.01
-0.05
-1.65
-0.48
0.46
-2.17
1.91
2.27
-0.48
-2.12
-1.12
-2.04
-1.03
-1.70
-0.67
0.17
-1.22
-6.88
1.63
-1.31
-1.40
-0.19
-5.27
15.98
-6.95
-0.70
-2.02
6.76
-4.96
-0.14
-2.60
-1.05
-3.10
-4.52
1.74
0.89
-0.65
-3.54
-2.13
-2.79
-1.98
-2.76
-0.97
-0.69
-1.50
-13.87
5.79
-1.88
-3.88
-0.23
-12.76
32.15
-10.82
-1.04
-1.85
11.00
-6.13
-0.08
-1.09
-0.93
0.00
-2.33
0.20
-4.42
-0.24
-1.60
-0.56
-1.13
-1.69
-3.40
-0.45
-0.34
-0.78
-9.26
-4.44
-0.85
-0.22
-0.20
-1.73
2.26
-6.61
0.54
-1.35
1.36
-8.28
-0.05
-0.95
-0.88
1.71
-4.33
-1.62
-4.32
-0.42
-2.65
-0.84
-0.93
-2.51
-3.57
-0.45
-0.89
-0.86
-3.95
-4.68
-0.58
-1.08
-0.21
-3.02
8.81
-4.28
1.14
-1.59
-1.57
-5.03
-0.03
-1.59
-1.20
0.90
-4.41
-0.24
-6.09
-0.26
-3.68
-1.50
-2.07
-3.33
-4.89
-0.79
-2.76
-1.27
0.21
-0.96
-0.91
-4.62
-0.21
-9.01
24.39
0.24
0.22
-1.31
0.48
-1.82
-0.04
-1.41
-1.28
-0.40
-4.24
-0.40
-7.93
-0.30
-5.12
-1.74
-1.78
-4.11
-6.64
-0.51
-3.33
-1.35
-4.37
-2.30
-1.41
-3.92
-0.22
-14.76
11.02
9.10
-0.31
-1.27
2.04
-3.82
-0.05
-1.18
-1.36
-0.60
-3.02
-0.74
-5.52
-0.41
-5.57
-2.27
-1.67
-4.18
-7.04
-0.59
-3.04
-1.78
-3.25
-2.35
-1.27
-3.76
-0.23
-12.27
20.39
8.66
-0.43
-1.25
1.18
-3.54
-0.06
-1.18
-1.52
-1.10
-3.25
-0.73
-4.51
-0.39
-5.90
-2.18
-1.41
-4.68
-6.83
-0.62
-2.85
-2.01
-2.40
-1.73
-1.19
-3.93
-0.23
-12.38
16.52
8.69
-0.46
-0.13
-0.25
-0.30
-0.46
-1.07
-1.93
-0.89
-0.94
-1.38
-1.41
-1.51
-1.46
0.77
0.79
1.05
0.79
-0.42
-1.16
-1.30
-1.42
-1.14
-1.80
-1.31
-1.43
Median (B1 to C)
Mean (B1 to C)
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
31. Current Account Balance/GDP
• 133 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
-5.3
1.7
3.4
1.1
-2.3
3.4
-11.3
4.8
0.4
1.9
-6.5
10.8
0.0
-0.8
3.2
8.1
-3.0
5.5
-3.8
12.3
-6.4
22.9
-4.3
-0.8
-3.5
6.9
12.9
-1.7
-4.7
-6.1
2.2
3.2
2.3
-5.0
3.0
-11.3
6.2
0.5
4.7
-5.8
9.9
-0.6
-0.3
3.7
11.9
-5.8
7.6
-5.7
12.7
-8.3
17.1
-5.9
-2.6
-5.2
6.6
13.0
-2.1
-5.3
-5.7
2.2
2.0
1.9
-5.9
4.3
-10.0
3.4
-0.5
5.1
-7.6
11.9
-3.5
-0.9
3.6
11.5
-8.5
7.4
-7.9
16.1
-10.3
21.4
-6.6
-1.7
-7.4
6.8
13.6
-2.0
-5.9
-5.3
2.8
1.9
1.4
-7.0
3.0
-15.3
4.2
-0.6
6.3
-11.4
12.7
-3.5
-1.5
3.9
10.4
-9.5
9.4
-8.3
17.1
-10.7
24.8
-6.3
-2.5
-9.0
8.4
14.4
-2.9
-6.0
-6.2
3.5
1.9
0.8
-11.8
1.4
-15.9
4.3
-1.0
7.4
-14.6
13.0
-5.4
-1.3
4.9
10.1
-6.2
6.7
-8.1
14.1
-10.1
26.1
-4.7
-4.8
-10.0
9.1
8.6
-2.2
-5.1
-4.4
4.9
-1.3
0.1
-15.6
2.9
-9.2
2.6
-1.7
6.2
-14.9
15.0
-5.7
-2.9
3.3
5.4
-4.9
4.3
-8.8
17.5
-12.6
15.1
-6.0
-6.2
-9.6
9.1
2.1
-1.0
-4.7
-4.3
2.7
-1.4
-3.0
-10.7
3.4
3.4
1.8
-1.3
6.0
-11.2
9.5
-2.3
-2.0
2.9
7.2
-7.4
5.2
-2.4
11.8
-10.9
17.7
-2.6
-0.7
-4.8
6.7
10.5
-1.2
-2.7
-2.9
3.4
1.9
-3.6
-9.8
5.9
2.9
1.5
-1.6
6.2
-10.1
6.6
1.1
-3.5
3.7
8.2
-4.7
7.8
-3.2
12.2
-10.6
26.8
-3.7
-0.6
-4.5
6.8
14.3
-2.5
-3.0
-2.2
1.4
-1.1
-3.0
-4.7
5.6
2.1
-1.5
-2.0
6.2
-9.9
4.8
1.1
-3.1
2.0
7.1
-0.2
10.1
-4.0
12.8
-7.0
24.6
-2.1
0.0
-3.7
7.1
8.4
-1.3
-3.1
-3.7
1.8
-1.4
-3.7
-6.3
5.6
-1.2
-1.9
-2.3
7.0
-5.3
1.3
4.9
-0.7
1.0
5.6
0.4
9.9
-5.0
14.2
-1.5
18.6
2.3
2.3
-1.1
7.2
13.6
-3.7
-3.0
-5.5
2.4
-0.7
-3.9
-1.5
4.9
-1.2
-1.7
-1.7
6.3
-2.8
1.0
5.0
0.3
1.5
6.2
0.7
8.6
-5.8
13.8
-0.4
15.6
2.6
3.5
1.3
7.4
12.5
-2.6
-2.9
-6.0
2.9
-0.8
-3.4
0.7
5.4
-1.3
-1.8
-1.9
6.1
-1.7
1.3
5.5
0.3
2.0
6.5
0.5
8.9
-6.0
13.0
0.1
15.7
2.8
3.8
2.1
8.2
13.0
-2.3
-3.0
Median
0.4
0.5
-0.5
-0.6
-1.0
-1.3
-1.2
1.1
-0.2
0.4
1.0
1.3
Mean
1.6
1.2
0.9
0.7
0.2
-0.7
0.7
1.5
1.5
1.9
2.2
2.4
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.3
6.2
—
-1.1
2.6
-6.1
0.5
2.4
19.7
32.7
11.7
6.7
-2.5
24.4
12.7
9.4
5.8
6.7
4.7
—
2.6
3.5
-5.0
1.7
4.5
26.1
34.7
11.8
3.6
-5.2
23.8
19.1
5.5
7.2
9.3
15.7
—
1.5
5.8
-0.9
3.1
2.2
37.2
24.9
14.4
16.8
-2.4
16.8
27.4
4.9
13.5
21.8
19.2
-21.2
4.6
8.3
-2.1
4.8
1.5
44.6
16.7
16.1
15.4
-3.8
15.5
26.2
6.9
16.2
20.6
18.4
-22.0
4.1
10.1
-4.4
2.7
2.1
36.0
23.8
15.4
5.9
-6.2
14.4
22.4
9.0
7.6
14.9
7.8
-20.9
-3.2
9.3
-2.1
1.1
0.3
40.9
19.5
17.1
8.3
-6.6
23.1
25.5
6.8
7.1
10.6
-5.2
-20.3
2.0
4.8
-2.5
3.8
3.9
26.8
31.8
15.5
-1.2
-4.0
6.5
4.9
11.4
2.9
12.6
0.3
-20.5
1.5
4.0
-3.8
3.7
2.9
31.9
42.6
11.1
10.0
-5.1
18.7
12.7
9.3
2.4
10.7
-0.2
-21.8
-1.3
1.9
-2.8
1.4
2.3
44.0
46.1
11.0
14.7
-4.9
30.0
23.7
8.9
8.5
11.8
-4.8
-20.6
-3.5
2.3
-2.4
-0.1
3.8
45.1
39.1
6.4
15.2
-3.5
32.4
23.7
10.5
9.3
11.1
4.3
-15.8
-4.3
2.5
-2.0
1.0
3.1
40.9
40.5
4.4
9.4
-2.8
26.8
20.2
8.5
10.1
10.2
4.3
-16.0
-4.0
2.3
-2.3
1.6
2.1
38.8
40.6
4.6
6.2
-2.7
20.6
17.5
7.7
8.9
Median (Aaa to A3)
6.0
5.1
11.4
15.4
9.0
7.8
3.9
4.0
8.5
6.4
4.4
4.6
Mean (Aaa to A3)
8.1
9.1
11.9
11.2
9.4
8.7
5.4
7.9
10.1
9.7
9.3
8.2
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 134 •
Notes:
[1]
• 135 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland [2]
India [3]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
-27.3
-6.8
2.1
0.8
-5.3
-1.0
-5.0
-4.8
2.3
3.5
-0.9
-8.2
-6.7
1.6
-1.1
6.1
-4.1
-1.5
-6.0
8.2
-1.0
-4.7
3.4
8.8
-2.5
-0.7
-29.3
-4.3
4.2
1.8
-6.4
-0.8
-4.3
-9.8
-0.3
0.6
0.8
-12.9
-7.6
-1.7
-0.8
7.0
-7.1
0.1
-8.4
10.1
-3.0
2.9
1.7
13.5
-3.7
0.0
1.2
-9.1
11.0
1.6
-11.6
-1.3
-4.9
-16.2
-1.2
0.1
-1.8
-12.6
-7.1
-5.0
-0.7
4.8
-6.6
1.5
-8.6
11.1
-3.5
-20.2
-3.7
24.4
-4.6
0.2
17.7
-17.6
13.8
1.3
-17.6
-1.8
-4.5
-23.8
-1.0
3.0
-2.5
-22.6
-10.6
-9.0
-0.6
13.8
-2.6
3.2
-10.5
9.6
-5.3
-12.6
1.8
38.8
-6.1
-2.0
27.3
-15.8
15.7
0.1
-25.2
-2.9
-6.3
-15.7
-1.3
2.4
-7.9
-22.4
-14.4
-5.6
-1.3
8.6
-7.1
1.4
-13.5
6.0
-7.0
-12.4
7.0
23.9
-5.9
-0.9
33.7
-14.8
10.2
-1.7
-23.1
-2.8
-9.3
-24.6
-2.3
0.0
4.7
-13.1
-12.9
-10.1
-1.7
3.1
-11.8
-4.2
-11.7
6.2
-7.2
-22.4
1.5
30.5
-5.7
-5.7
23.0
-10.5
2.9
-1.5
-8.9
-2.1
-2.0
6.9
-2.8
2.0
-3.6
8.6
3.7
-7.4
-0.7
0.1
-0.7
-0.6
-4.2
4.0
-4.0
-16.5
9.1
8.3
-2.2
-1.3
28.4
-10.5
3.6
-2.2
-1.5
-3.1
-3.5
7.2
-2.7
0.7
1.6
2.9
0.1
-8.2
-0.2
-1.7
-10.6
-2.5
-4.4
4.7
-2.8
-6.6
4.5
20.0
-6.4
-1.9
26.0
-14.0
12.6
-2.1
0.1
-3.0
-5.4
3.4
-4.2
0.2
7.7
-2.2
-3.7
-10.3
-0.8
-2.2
-12.4
-1.9
-4.6
5.2
-3.4
-0.3
1.7
11.2
-10.0
-2.9
21.0
-17.9
8.0
-2.4
-1.3
-3.1
-5.2
3.6
-5.1
-2.8
3.8
-1.7
-0.5
-9.6
-0.8
-0.3
-9.0
-3.6
-3.9
3.7
-6.3
-6.5
0.7
5.4
-5.9
-5.3
16.8
-17.4
9.2
-3.0
-0.6
-2.8
-4.6
3.3
-4.2
-2.6
5.8
-2.1
-0.9
-8.9
-0.9
-1.0
-8.3
-4.6
-4.0
1.9
-6.1
-7.5
1.4
8.0
-7.5
-5.5
17.1
-16.3
5.7
-3.5
-1.0
-2.8
-4.7
3.0
-3.9
-2.5
6.4
-2.9
-1.6
-7.0
-0.9
-2.2
-7.0
-4.5
-3.9
0.6
-6.0
-7.2
1.3
10.0
-7.4
-5.0
-1.1
-0.8
-2.7
-2.2
-4.2
-4.9
-1.0
-1.8
-2.1
-2.6
-2.7
-2.9
Mean (Baa1 to Baa3)
-2.0
-2.2
-2.4
-1.8
-2.8
-3.7
0.0
0.2
-0.6
-1.7
-1.8
-1.8
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-5.2
-6.7
0.3
-5.5
1.0
-6.1
-4.7
-9.8
-4.7
-8.0
11.8
-6.8
3.1
4.3
2.0
0.3
-9.8
-2.7
3.4
-0.5
0.3
-10.3
3.7
-4.3
-4.1
-8.4
-4.9
-8.6
0.3
-7.2
1.6
19.2
1.8
1.8
-7.4
-1.4
16.8
-1.1
-0.9
-10.6
5.9
-5.5
-3.6
-12.0
-4.6
-7.5
-18.0
-16.7
1.6
32.5
0.2
1.9
-6.4
-0.9
23.7
-1.8
1.3
-8.4
11.3
-6.5
-4.1
-16.2
-5.0
-7.4
-11.5
-31.4
2.0
25.1
1.2
4.4
4.2
-1.8
17.5
-6.4
1.4
-5.6
11.5
-7.3
-6.1
-20.9
-5.2
-7.3
-16.8
-39.6
-0.3
16.6
1.3
4.8
6.3
-2.4
8.5
-11.9
0.9
-11.2
11.9
-8.7
-7.1
-24.6
-3.6
-7.2
-9.3
-50.0
-6.4
14.0
-1.7
2.1
10.0
-3.8
-10.0
-15.8
2.7
-7.1
4.3
-4.9
-1.5
-11.6
0.7
-0.1
-5.2
-27.9
-5.9
8.2
0.4
5.6
5.4
-2.8
9.0
-14.8
3.2
-6.1
4.9
-1.5
-2.7
-11.4
-1.4
1.2
-7.1
-22.9
-4.6
6.8
-3.3
4.5
15.0
-4.8
12.6
-11.0
-2.0
-11.5
2.2
-0.7
-4.6
-12.4
-3.4
1.5
-12.0
-17.8
-8.4
3.6
-1.0
3.2
6.3
-7.4
8.9
-10.6
-0.5
-4.7
7.6
-0.1
-5.3
-12.3
-2.9
2.4
-18.0
-17.7
-9.9
9.1
-3.3
2.9
5.1
-8.1
7.4
-9.5
0.1
-5.5
4.8
0.4
-4.5
-10.1
-3.7
2.5
-9.8
-18.7
-8.4
5.5
-2.5
2.4
3.9
-7.0
6.4
-9.0
-1.0
-6.2
3.5
-0.3
-4.3
-8.4
-4.1
2.6
-7.7
-15.8
-6.2
4.5
-2.0
2.1
1.8
-6.4
Median (Ba1 to Ba3)
-4.7
-1.0
-2.3
-1.8
-3.8
-5.1
-2.2
-2.1
-2.7
-3.1
-3.1
-3.1
Mean (Ba1 to Ba3)
-2.6
-1.4
-1.6
-1.2
-3.2
-5.5
-3.6
-2.0
-3.5
-3.2
-2.9
-2.8
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 136 •
Notes:
[1]
• 137 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
-7.1
6.3
-2.4
-18.7
-19.5
-5.0
—
5.1
-1.2
2.4
-2.3
2.5
-6.7
-8.2
0.9
-13.2
-6.6
-6.1
-13.3
4.9
3.9
-6.4
-0.4
-16.5
5.8
14.1
-4.9
-15.3
-4.9
2.1
-5.2
-14.7
-15.5
-3.4
—
4.7
-1.3
4.3
-9.3
-2.2
-7.6
-4.9
-0.8
-15.5
-1.8
3.1
-11.9
1.8
4.7
-6.4
-3.1
-19.7
10.6
13.8
-2.1
-8.2
-7.0
3.0
1.5
-13.6
-15.9
-4.9
0.3
-1.4
1.1
3.2
-10.1
-4.4
-3.0
-9.5
-1.3
-13.6
-7.6
3.5
-12.4
-1.4
13.3
-7.8
-2.7
-18.5
2.9
17.5
-1.1
-8.4
-7.5
3.6
-3.8
-2.1
-7.4
-3.6
-0.4
-3.6
3.7
1.6
-19.4
-5.1
-3.7
-9.9
-2.3
-5.3
-11.3
10.8
-12.5
-3.9
8.0
-9.2
-5.3
-19.5
-1.5
14.4
-0.3
1.3
-10.8
2.8
-6.7
-4.1
-9.6
-5.6
0.7
-5.3
3.7
1.7
-14.2
-8.6
-9.0
-15.9
-3.8
-6.8
-15.2
4.0
-16.4
-4.8
2.9
-11.6
-4.3
-28.0
-3.7
6.9
-9.8
-6.0
-15.5
2.2
-8.2
-10.6
-12.4
-10.2
-4.7
-10.0
2.8
0.5
-18.0
-12.4
-15.3
-20.4
-6.5
-9.3
-16.1
-12.1
-18.2
-8.5
9.9
-14.1
-9.5
-32.9
-7.1
10.2
-11.9
-7.1
-15.3
3.6
-12.5
-6.1
-5.5
-8.9
0.0
-5.0
0.3
-2.3
-8.1
-6.2
-3.8
-9.3
-5.5
-9.8
-8.2
-7.5
-9.5
-5.7
-7.2
-6.7
-0.5
-29.4
-1.5
0.7
-6.8
4.2
-11.3
0.4
-15.0
-3.3
-5.6
-7.8
2.5
-8.5
-2.4
-2.0
-12.9
-8.2
-5.3
-7.1
-7.8
-9.6
-7.7
-14.2
-10.0
-2.2
-6.5
-4.5
-2.2
-31.6
-2.2
2.2
-4.0
7.1
-12.2
-0.4
-8.4
-2.2
-8.7
-9.3
1.2
-8.0
-0.3
-2.6
-7.0
-9.3
-8.5
-14.3
-9.8
-12.5
-11.3
-31.3
-13.2
0.1
-1.3
-6.3
-7.8
-30.2
-5.5
7.7
0.2
1.1
-10.5
0.1
-2.9
-2.5
-8.3
-8.9
-0.5
-7.2
-0.5
-3.1
-7.5
-12.6
-9.2
-11.7
-10.0
-16.1
-7.0
-30.9
-12.8
-2.0
-14.7
-10.1
-6.6
-30.3
-8.4
2.9
6.4
-1.5
-9.7
0.4
-5.0
-3.0
-6.7
-8.6
-0.7
-5.0
-0.8
-2.2
-9.6
-12.0
-11.0
-11.0
-9.0
-16.1
-7.8
-23.4
-16.0
-1.3
-13.9
-8.2
-5.5
-31.7
-6.9
5.7
5.5
-2.0
-9.5
0.2
-3.9
-3.5
-6.5
-8.7
-1.3
-5.1
-0.7
-1.7
-8.6
-11.2
-10.0
-9.0
-9.0
-14.6
-7.8
-17.7
-17.0
-0.9
-9.2
-7.4
-5.0
-31.1
-6.6
5.3
5.0
-2.0
Median (B1 to C)
-4.9
-3.1
-2.8
-3.7
-5.8
-10.1
-6.2
-6.1
-7.9
-7.9
-7.4
-7.0
Mean (B1 to C)
-4.0
-3.5
-3.5
-3.4
-6.3
-9.5
-6.2
-6.4
-7.5
-8.1
-7.7
-7.1
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.27
1.17
0.17
43.00
219.36
34.89
74.06
141.65
12.23
0.85
49.14
3.93
107.27
14.61
20.62
63.05
30.30
0.28
0.81
0.19
43.21
262.99
45.24
78.42
150.62
15.48
0.81
52.79
4.64
129.94
17.46
23.84
80.89
37.95
0.22
1.00
0.22
45.63
296.54
46.54
78.15
161.41
20.24
1.41
52.30
5.39
132.87
18.05
31.23
86.73
58.46
0.26
1.15
0.22
48.30
338.59
57.31
87.42
225.20
30.87
3.11
52.25
7.43
169.76
26.58
42.51
85.83
100.71
1.37
1.67
0.25
53.42
389.22
76.19
90.12
333.43
57.56
5.60
56.69
10.10
233.34
42.54
75.83
94.52
156.19
2.57
0.98
0.43
63.72
390.16
84.23
86.95
317.37
52.94
7.31
68.24
13.27
244.75
57.95
83.19
90.36
150.72
5.39
2.45
0.62
71.93
428.65
89.24
92.11
345.68
45.70
10.91
67.96
12.68
280.19
80.53
89.44
81.96
155.03
6.01
1.31
0.71
84.45
548.94
94.22
106.02
359.76
41.10
16.99
73.64
11.52
317.13
109.03
93.65
101.58
167.01
7.05
1.49
0.74
98.74
695.00
94.16
103.58
398.72
35.00
17.79
81.01
13.69
320.64
131.79
90.08
122.53
169.02
6.76
1.50
0.72
117.78
736.99
101.86
93.56
413.44
28.60
20.40
82.64
15.25
364.16
157.31
87.81
124.56
179.71
7.10
1.46
0.71
122.63
796.99
108.50
94.50
427.78
28.55
21.34
97.17
15.64
381.00
166.00
90.40
129.50
196.65
7.20
1.20
0.71
128.04
856.99
112.30
95.45
442.83
28.74
19.13
118.64
16.03
392.00
188.00
90.50
132.50
203.22
Median (Aaa to A3)
30.30
37.95
45.63
48.30
57.56
68.24
80.53
93.65
94.16
93.56
97.17
112.30
Mean (Aaa to A3)
48.03
55.62
60.97
75.15
98.71
100.89
109.44
125.48
140.06
149.00
158.00
166.67
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 138 •
Notes:
[1]
Central government only
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 139 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.84
0.36
5.42
235.41
13.44
38.06
5.70
16.55
112.65
136.84
22.92
9.40
8.34
1.02
162.67
—
7.53
28.57
22.53
186.00
39.31
—
51.91
4.26
144.09
13.24
3.60
0.35
7.36
220.18
17.11
39.50
5.75
27.25
134.00
140.17
32.71
13.45
10.47
0.95
166.24
—
7.68
30.12
29.29
213.50
45.01
—
58.79
3.90
161.01
14.08
4.67
0.34
8.30
187.99
18.29
38.51
6.52
46.57
139.11
134.50
43.43
15.18
12.56
0.90
173.12
1.59
8.11
28.48
36.47
257.20
48.59
—
59.30
4.06
170.57
13.72
5.75
0.33
11.75
199.37
27.25
40.10
7.03
72.46
172.36
132.63
74.01
23.77
18.96
0.76
171.42
2.01
8.94
28.39
54.26
313.20
59.40
—
69.97
6.31
208.41
12.98
7.04
0.34
29.82
240.50
42.72
44.55
8.45
120.15
224.41
141.17
96.89
38.97
30.10
0.90
196.80
2.02
8.79
33.24
86.31
463.90
75.32
0.23
74.42
6.33
250.42
14.86
9.87
0.44
36.31
262.91
51.84
46.37
9.25
122.67
224.50
155.08
107.93
42.26
32.42
0.71
205.35
1.89
9.28
35.00
100.70
480.50
72.87
0.23
76.10
6.84
281.04
15.42
9.21
0.77
34.96
277.56
54.48
53.72
8.16
28.94
260.94
172.87
112.87
41.82
32.10
1.34
194.98
2.16
11.24
35.16
116.98
467.20
78.56
0.25
75.31
6.30
269.22
17.97
11.27
0.92
37.48
351.94
49.47
64.72
8.52
28.67
305.93
202.41
118.22
39.38
30.40
1.32
247.93
3.09
11.38
43.67
123.54
488.90
104.46
0.23
100.56
9.04
291.92
18.43
11.74
1.04
36.46
404.12
46.88
75.90
10.29
29.29
345.82
224.76
125.20
38.06
31.01
1.55
282.19
4.14
12.58
47.54
127.74
538.80
113.13
0.19
104.59
7.97
304.21
18.34
12.03
1.45
39.33
440.60
49.60
78.64
14.70
23.80
381.20
251.20
137.05
39.81
32.84
1.63
348.50
3.94
12.83
58.51
130.58
631.80
137.51
0.22
133.68
8.71
336.86
21.07
12.70
1.55
40.89
465.60
49.01
73.99
15.30
24.51
421.09
265.00
144.28
41.36
32.64
1.87
398.50
4.13
14.08
64.36
134.32
663.31
147.69
0.26
138.15
9.66
393.10
22.53
13.09
1.65
42.15
490.60
49.57
71.49
15.70
23.44
463.92
277.50
145.09
39.45
32.70
2.07
448.50
4.48
15.08
66.07
138.56
708.74
165.14
0.27
146.00
10.45
435.00
23.73
19.54
28.27
28.48
28.39
40.84
44.31
38.49
41.53
42.47
44.70
45.18
45.86
Mean (Baa1 to Baa3)
52.88
57.60
58.32
68.87
86.10
91.84
90.96
103.61
113.21
128.00
137.69
147.32
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia [6]
Kazakhstan
Latvia
Lithuania
Mauritius [7]
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [8]
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Public sector only
2007 increase due to conversion of some "wholesale" (previously "offshore") banks to "retail" (previously "onshore") banks. As per our treatment of other offshore financial centres, only foreign liabilities of onshore banks included in external debt
External debt includes intercompany loans
Series break in 2009; Excludes principal and interest transactions related to old banks obligations from 2009 onward
External debt includes nonresident deposits
• 140 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador
Georgia [4]
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria [5]
Paraguay
Philippines
Suriname [6]
Tunisia
—
1.76
17.41
1.24
5.86
24.85
8.60
1.75
6.72
58.15
12.69
—
18.33
34.88
3.25
63.14
0.38
18.07
9.20
1.87
18.51
1.22
6.28
31.21
8.87
1.76
7.33
81.43
13.05
—
17.02
38.04
3.63
61.52
0.38
19.79
10.20
1.83
19.29
1.35
6.96
30.75
9.54
1.65
7.76
84.67
12.93
—
16.30
22.31
3.25
62.03
0.39
18.33
7.40
2.01
19.42
1.50
5.85
39.14
10.37
3.80
8.80
132.28
14.01
0.88
17.94
7.96
3.44
61.53
0.39
18.78
9.60
2.91
20.71
1.57
5.42
50.08
10.12
5.79
9.84
177.53
15.03
1.30
20.68
8.81
3.59
66.56
0.30
20.40
13.50
3.44
21.29
1.68
5.94
58.19
11.14
7.65
9.99
220.02
13.87
1.50
20.96
11.60
4.18
65.16
0.32
20.86
15.07
5.02
21.80
1.93
6.02
64.95
11.31
8.81
9.64
240.03
14.55
2.36
24.63
10.36
4.13
65.33
0.27
22.14
16.90
6.29
21.45
1.59
6.05
61.65
11.03
10.07
10.42
206.87
17.10
1.59
26.30
10.39
5.08
74.64
0.33
21.96
19.30
7.39
23.61
1.59
6.47
59.17
12.15
11.54
12.17
208.92
17.72
2.09
29.05
13.11
6.01
76.92
0.46
22.64
21.80
7.63
23.54
1.58
7.91
59.20
13.54
13.36
13.61
202.17
19.34
2.26
32.76
14.30
5.91
80.80
0.56
25.40
29.30
7.98
26.00
1.56
8.77
59.79
13.55
13.98
14.09
204.28
21.79
2.32
39.66
16.40
7.24
90.00
1.11
25.74
33.70
8.40
29.50
1.61
9.57
61.59
14.24
14.61
15.26
204.00
22.70
2.45
42.73
17.50
8.04
97.00
1.25
26.51
Median (Ba1 to Ba3)
10.65
9.20
10.20
8.38
9.72
11.37
10.83
10.72
12.64
13.95
15.24
16.38
Mean (Ba1 to Ba3)
17.32
18.89
18.21
19.75
23.90
27.29
29.35
28.32
29.46
30.31
32.42
33.93
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Public sector only
Public sector only from 2010 onward
Series break in 2006, prior to 2006 public sector only
In 2006 granted external debt relief by the Paris Club creditors
Includes arrears; Public sector only
Country
Rating
• 141 •
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba [2]
Dominican Republic
Ecuador
Egypt [3]
Fiji
Ghana [4]
Honduras [5]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [6]
Nicaragua [5]
Pakistan [3]
Papua New Guinea
Senegal [5]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
Median (B1 to C)
Mean (B1 to C)
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.60
164.64
4.17
0.75
4.48
3.32
—
6.83
16.24
29.40
0.27
7.89
5.34
5.69
6.92
20.11
1.93
1.42
6.80
33.35
2.18
3.95
11.70
0.21
23.81
42.97
14.59
6.87
1.87
171.20
4.94
0.85
5.57
3.56
—
7.30
16.76
29.87
0.28
7.44
6.02
6.52
6.98
23.11
1.88
1.47
5.67
33.31
2.10
4.02
12.78
0.22
30.65
42.30
17.33
7.54
1.95
113.77
5.13
0.93
6.38
3.62
5.90
7.22
17.21
28.95
0.29
7.18
5.13
6.60
6.48
22.98
2.08
1.29
5.64
34.04
2.05
3.64
13.02
0.23
39.62
44.82
18.87
5.46
2.48
108.84
6.84
0.99
7.13
3.55
7.79
8.69
17.24
29.59
0.45
3.69
3.93
8.14
6.68
25.65
2.49
1.41
4.76
37.23
2.18
1.89
13.98
0.24
54.51
41.84
21.50
2.38
3.29
124.54
12.50
0.97
9.25
2.81
8.91
10.32
17.10
29.90
0.47
5.11
3.19
10.51
7.52
28.79
3.32
1.82
4.05
40.32
1.98
2.37
16.48
0.19
79.96
56.26
26.77
2.86
4.61
124.92
15.15
0.96
9.82
3.27
11.59
10.28
17.44
33.89
0.45
5.69
3.46
10.43
7.61
30.20
4.08
2.18
4.68
46.16
2.00
2.67
17.77
0.21
101.66
66.36
30.49
3.08
5.14
115.55
22.06
1.26
11.34
3.52
9.53
11.28
16.90
31.53
0.43
7.19
3.34
11.12
8.59
35.60
4.36
2.99
5.65
52.33
4.51
3.92
20.91
0.22
103.40
81.95
37.82
3.77
5.24
129.33
28.40
1.25
10.93
3.83
9.31
13.36
13.52
33.69
0.49
9.32
3.77
14.19
8.80
37.26
4.79
5.93
6.41
61.57
7.07
3.96
24.83
0.28
117.35
97.09
44.43
4.41
6.21
140.66
34.02
1.24
10.73
4.34
9.23
15.39
13.93
34.91
0.57
11.29
4.19
14.35
10.26
40.55
5.44
9.63
7.24
66.37
13.95
4.31
29.39
0.29
126.24
110.74
52.21
4.36
6.98
141.13
34.12
1.24
10.97
5.03
11.12
16.55
14.48
34.38
0.59
12.24
4.78
15.00
12.74
44.61
6.13
14.41
7.79
65.48
14.84
4.88
33.67
0.28
135.05
118.95
54.05
5.85
7.30
145.10
36.41
1.24
11.51
5.68
11.87
18.10
15.35
37.88
0.59
14.52
4.97
15.30
14.63
47.47
6.44
15.90
8.50
66.70
15.85
5.43
39.68
0.30
139.56
128.06
55.29
6.67
7.25
150.20
37.52
1.24
12.04
6.54
12.06
19.22
16.27
41.84
0.61
16.86
5.21
15.60
16.60
50.42
6.87
18.50
9.15
68.50
16.26
5.77
45.70
0.32
146.17
139.04
56.55
7.77
6.80
6.52
6.14
6.76
8.22
8.71
9.06
9.31
11.01
13.57
14.96
16.27
15.83
16.72
14.66
15.22
18.27
20.40
22.01
25.03
27.93
29.55
31.30
33.22
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Prior to 2009 public sector only
Public sector only; Starting 2004, debt not restructured since 1986 in the amount of US$7,591.7 million has been deemed "Immobilized Debt", of which 60.2% corresponds to Paris Club, and is not included in the total
Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) official debt relief initiatives completed in 2006
Public sector only
33. Public Sector External Debt/Total External Debt
• 142 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana [2]
Cayman Islands [1]
Chile
China [3]
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland [2]
Qatar
Saudi Arabia
Taiwan
59.3
39.8
100.0
22.5
—
7.8
40.6
—
5.4
0.0
51.8
29.5
42.2
22.7
—
0.3
48.0
61.4
48.8
100.0
23.6
—
15.0
40.0
—
4.8
0.0
48.3
29.2
44.6
22.9
—
6.2
40.7
100.0
35.5
100.0
21.6
—
20.1
39.9
—
9.3
0.0
43.6
17.9
45.7
21.2
—
16.1
28.0
100.0
27.7
100.0
23.1
—
21.1
38.2
—
7.6
0.0
40.9
19.8
40.7
12.9
—
12.4
17.2
25.2
14.1
100.0
21.9
—
20.2
35.5
—
9.6
0.0
32.8
14.7
37.2
7.8
—
3.7
11.8
21.9
32.1
100.0
18.3
—
18.4
32.4
—
11.7
0.0
37.8
12.0
28.3
13.5
—
1.7
12.9
15.3
58.8
100.0
18.4
—
22.7
34.0
—
10.1
0.0
38.5
14.6
32.9
22.3
—
7.2
13.3
18.1
76.2
100.0
20.4
—
26.5
38.0
—
14.6
0.0
38.4
17.8
36.7
17.7
—
7.9
13.6
19.1
65.5
100.0
20.8
—
25.3
34.8
—
16.5
0.0
34.1
14.1
37.7
18.3
—
3.7
14.8
23.1
72.1
100.0
21.4
—
28.3
33.4
—
16.8
0.0
32.8
12.2
42.8
16.7
—
2.2
15.3
26.7
73.7
100.0
22.7
—
30.9
33.4
—
15.3
0.0
31.4
11.6
44.6
17.7
—
2.3
15.4
30.5
74.2
100.0
23.0
—
31.2
33.4
—
15.2
0.0
25.7
10.5
47.2
16.3
—
2.3
14.9
Median (Aaa to A3)
34.7
34.6
24.8
22.1
17.4
18.4
20.3
19.2
20.0
22.3
24.7
24.4
Mean (Aaa to A3)
33.6
34.7
35.6
33.0
23.9
24.4
27.7
30.4
28.9
29.8
30.4
30.3
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
[3]
General government only
Includes government guaranteed debt except that of the banking sector
• 143 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain
Brazil [2]
Bulgaria
Colombia
Costa Rica
Iceland [3]
India [4]
Indonesia [5]
Kazakhstan [6]
Latvia
Lithuania
Mauritius [7]
Mexico
Namibia
Panama
Peru
Romania [5]
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [8]
Uruguay
50.5
100.0
37.4
55.8
62.3
64.6
67.6
18.8
46.8
59.7
15.8
9.1
31.5
92.2
48.6
—
76.0
76.2
44.8
57.0
55.2
—
32.9
37.1
49.2
74.8
44.6
100.0
31.3
56.9
46.4
65.4
61.2
12.8
44.4
59.4
9.6
9.0
28.3
91.3
47.7
—
76.3
77.6
41.7
49.4
53.7
—
26.1
39.3
47.0
74.7
35.4
100.0
26.5
51.4
28.7
62.8
48.5
5.3
38.0
59.6
5.0
6.7
21.9
92.8
41.4
36.2
77.8
77.7
32.8
58.6
49.0
—
25.6
32.7
41.3
76.5
36.5
100.0
16.5
42.9
17.9
65.6
47.2
4.7
33.3
57.2
4.2
5.2
21.0
93.9
31.9
30.6
80.4
76.3
23.9
43.8
42.9
—
22.0
20.0
34.3
74.3
36.2
100.0
6.4
33.6
10.7
64.7
43.3
3.3
30.8
57.1
2.2
4.0
17.3
93.1
28.1
30.2
87.4
64.6
16.4
39.6
32.3
100.0
20.0
22.0
29.4
76.6
32.2
100.0
3.7
30.3
6.8
63.5
34.9
5.6
30.5
55.8
2.0
8.4
12.0
93.8
27.7
30.4
87.6
57.8
14.2
34.0
30.5
100.0
19.5
21.9
27.9
71.7
38.0
100.0
3.8
32.9
7.5
69.1
39.4
23.4
31.0
57.4
3.3
16.5
24.7
76.3
49.4
30.5
87.1
57.6
16.7
38.8
35.5
100.0
20.5
30.8
31.0
73.0
35.2
100.0
3.1
28.7
7.8
61.1
44.6
25.5
30.8
58.6
4.3
20.1
36.2
88.4
44.5
23.1
88.6
52.6
20.0
40.9
41.5
100.0
26.2
19.4
30.5
71.5
46.4
100.0
2.8
24.2
7.7
56.3
38.1
29.5
29.2
52.8
4.4
22.1
39.4
92.9
41.3
28.4
86.5
51.1
22.6
41.1
47.4
100.0
28.4
24.8
31.0
78.7
50.3
100.0
5.4
24.6
9.0
59.0
41.2
26.9
29.6
50.2
4.3
23.8
47.2
93.4
36.1
32.5
89.5
45.1
25.7
43.3
52.1
100.0
30.5
27.7
30.6
78.8
48.8
100.0
8.5
25.8
8.9
53.0
45.3
22.4
30.2
48.1
4.7
26.4
48.4
88.4
35.0
32.5
90.4
39.6
26.1
41.1
50.5
100.0
31.2
28.6
26.9
78.8
50.0
100.0
10.7
24.9
8.9
51.0
47.0
28.1
30.4
47.0
5.2
24.5
49.1
85.8
36.0
31.9
91.1
37.1
26.7
38.1
46.2
100.0
29.8
29.2
21.7
78.8
52.9
47.3
41.3
34.3
31.6
30.5
34.2
35.7
38.8
38.6
37.3
36.5
Mean (Baa1 to Baa3)
52.7
49.8
45.3
41.1
40.4
38.6
42.1
42.4
43.3
44.5
43.8
43.4
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Public sector only
General government and government guaranteed debt only; Data for total public sector external debt for 2012 only available from National Bank of Kazakhstan; Share of public sector external debt in total external debt was 23% in 2012
• 144 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador
Georgia [4]
Guatemala
Hungary [5]
Jordan
Montenegro
Morocco
Nigeria [6]
Paraguay
Philippines
Suriname [7]
Tunisia
—
62.3
99.1
60.4
71.3
41.9
54.8
100.0
51.6
42.6
43.5
—
78.9
89.7
67.8
62.8
100.0
77.0
100.0
63.3
99.0
65.5
72.8
37.4
53.9
100.0
52.5
39.9
41.0
—
82.9
85.6
67.0
61.9
100.0
75.6
100.0
60.3
99.0
66.2
65.8
33.5
52.2
100.0
48.0
37.5
40.3
—
76.3
90.8
69.7
59.1
100.0
75.9
100.0
60.1
99.0
71.0
54.5
29.2
54.9
45.7
45.0
30.7
38.0
43.5
75.2
48.1
64.9
60.8
100.0
75.3
100.0
49.9
98.9
72.4
40.6
29.8
53.8
31.8
42.9
28.7
35.0
24.2
75.7
41.0
61.1
57.1
100.0
74.5
100.0
45.9
99.2
66.4
40.6
26.9
52.4
33.3
43.9
25.0
26.2
26.6
78.9
33.6
54.1
62.4
100.0
72.7
100.0
61.9
94.2
69.0
42.3
28.3
57.9
41.5
51.1
28.2
26.6
20.6
78.0
40.7
54.7
66.2
100.0
68.8
100.0
54.7
94.6
100.0
46.5
30.9
62.0
41.9
53.4
33.6
27.0
42.8
80.0
45.2
46.5
61.9
100.0
68.7
100.0
50.2
95.2
100.0
52.7
30.8
58.8
39.1
46.1
33.6
25.3
39.3
76.8
45.0
38.4
60.3
100.0
68.2
100.0
52.5
93.2
100.0
49.6
30.9
53.5
36.1
46.3
35.2
25.5
43.4
79.3
45.5
45.0
55.9
100.0
66.7
100.0
50.6
93.7
100.0
51.2
31.8
58.1
34.5
48.5
34.0
25.2
48.2
79.3
42.7
43.3
52.2
100.0
68.4
100.0
48.2
89.1
100.0
50.4
32.3
57.0
33.8
49.1
35.0
26.4
50.2
79.3
42.9
42.2
49.5
100.0
72.8
Median (Ba1 to Ba3)
65.3
67.0
66.2
57.5
51.9
49.1
56.3
54.1
51.5
51.1
50.9
49.9
Mean (Ba1 to Ba3)
69.0
70.5
69.1
60.9
56.5
54.9
57.2
60.5
58.9
58.8
59.0
58.8
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
• 145 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus [1]
Belize [2]
Cambodia
Cuba [4]
Dominican Republic
Ecuador
Egypt [5]
Fiji [1]
Ghana
Honduras [6]
Jamaica
Kenya
Lebanon
Moldova [7]
Mongolia [8]
Nicaragua [6]
Pakistan [5]
Papua New Guinea
Senegal
Sri Lanka
Ukraine [9]
Venezuela
Vietnam
Zambia [10]
70.8
64.3
15.0
100.0
51.6
89.5
—
82.3
69.8
64.2
38.1
9.3
89.5
80.0
84.1
37.2
49.3
80.0
96.9
87.6
67.3
98.7
—
100.0
44.8
67.1
83.3
81.1
68.7
67.7
11.5
100.0
48.2
89.2
—
84.0
68.5
63.5
39.6
9.9
86.4
80.7
87.0
32.3
43.9
88.7
95.1
89.7
67.3
96.4
80.5
100.0
38.3
66.5
85.7
77.5
64.1
57.5
11.8
100.0
40.1
89.4
100.0
81.5
64.3
63.0
39.5
8.6
85.0
83.9
89.0
36.2
36.2
98.1
94.8
91.3
60.8
96.1
79.1
100.0
29.7
68.1
83.8
72.2
56.2
56.1
8.6
100.0
38.2
93.5
100.0
73.4
62.9
63.7
59.2
31.6
77.0
75.7
87.9
39.9
34.5
96.6
95.1
91.7
54.8
92.0
78.4
100.0
21.7
63.6
82.5
40.5
47.4
56.8
21.1
100.0
32.1
91.2
100.0
62.0
59.7
65.2
58.3
25.1
63.5
64.1
82.8
39.4
27.9
84.2
83.6
93.8
56.0
91.6
74.9
100.0
15.4
68.8
86.9
38.7
42.0
51.6
26.6
100.0
30.6
89.4
100.0
67.7
60.8
63.9
63.8
23.6
67.1
66.5
84.0
38.1
23.2
73.4
75.0
93.3
53.2
93.2
73.2
100.0
16.4
76.7
83.2
37.6
49.2
53.5
39.8
80.4
31.6
88.8
100.0
70.4
59.3
81.9
66.8
18.5
73.6
60.4
78.2
31.0
25.5
69.1
64.8
93.3
23.5
90.9
69.8
100.0
23.2
82.3
84.9
31.8
52.0
53.7
41.9
80.6
34.1
89.8
100.0
69.9
54.5
77.9
72.8
24.3
75.0
53.6
79.3
28.6
27.6
34.8
60.5
87.0
14.7
92.2
72.1
100.0
27.7
87.9
86.7
29.7
45.2
52.0
40.8
82.3
36.1
88.0
100.0
69.9
61.9
77.6
89.8
24.7
76.4
54.1
73.8
25.3
27.0
23.0
56.3
87.2
7.7
93.9
69.5
100.0
26.4
88.5
87.7
31.6
43.7
50.5
38.1
81.9
41.9
89.5
100.0
72.0
62.7
74.4
91.4
24.7
76.3
58.7
76.5
25.2
27.9
27.1
55.1
85.2
7.9
93.9
68.3
100.0
23.8
88.9
88.0
42.2
40.0
52.0
37.5
82.6
41.4
91.5
100.0
74.1
62.9
72.5
91.9
22.4
79.0
60.1
75.1
25.5
25.4
28.3
52.9
85.0
13.8
94.5
66.3
100.0
24.5
89.7
88.1
41.5
41.2
53.3
36.4
83.2
41.1
91.7
100.0
76.1
63.0
73.7
92.1
25.0
80.0
59.6
75.8
25.7
25.3
29.7
51.9
85.4
13.8
94.8
67.8
100.0
25.5
90.5
88.4
39.9
Median (B1 to C)
75.4
77.5
75.7
68.6
63.8
66.8
67.9
65.2
65.7
65.5
64.6
65.4
Mean (B1 to C)
69.3
69.1
68.7
67.0
63.9
63.4
62.2
61.0
60.6
61.3
61.4
61.8
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
General government only for 2011
Public sector only
General government and monetary authorities only
General government and monetary authority only
Includes publicly guaranteed external debt
34. Short-term External Debt/Total External Debt
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
—
—
16.5
46.8
40.1
35.8
35.9
60.4
—
17.9
38.0
18.3
27.5
58.1
75.8
36.6
—
—
—
17.9
52.7
34.0
35.0
37.4
47.9
—
21.8
32.3
19.1
30.1
51.5
76.0
41.7
—
—
—
14.8
57.9
31.3
36.4
40.8
47.1
—
23.7
27.6
20.4
32.1
44.0
85.0
51.2
—
—
—
16.8
58.8
26.9
36.9
50.5
44.0
—
23.2
32.7
20.4
39.5
28.2
86.5
59.3
—
—
—
16.9
60.6
29.6
39.8
48.1
46.9
—
29.1
41.5
26.1
48.6
38.3
88.1
64.1
—
—
—
22.0
58.0
32.1
38.2
47.2
49.2
—
33.8
45.8
26.9
47.1
24.2
87.2
62.5
—
—
—
22.0
60.5
26.7
39.3
43.2
37.1
—
33.3
43.9
25.0
42.1
36.0
83.2
60.8
—
—
—
19.2
68.4
25.1
47.1
38.8
40.1
—
35.0
38.3
24.4
42.2
38.0
82.4
60.7
—
—
—
19.8
72.1
28.7
44.0
34.5
48.9
—
40.4
39.4
22.4
41.3
32.0
88.0
60.5
—
—
—
19.4
73.4
25.7
38.1
30.6
61.0
—
36.8
41.6
19.2
44.5
50.1
88.5
60.4
—
—
—
21.8
74.1
29.5
37.5
29.6
65.0
—
41.2
41.7
22.8
41.9
49.8
88.8
60.1
—
—
—
24.3
74.8
32.1
38.5
28.6
68.9
—
42.9
42.0
23.7
43.2
50.8
88.7
60.5
Median (Aaa to A3)
36.6
35.0
36.4
36.9
41.5
45.8
39.3
38.8
40.4
41.6
41.7
42.9
Mean (Aaa to A3)
39.1
38.3
39.4
40.3
44.4
44.2
42.5
43.1
44.0
45.3
46.4
47.6
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia [1]
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 146 •
Notes:
[1]
Short-term external debt derived from BIS
Country
Rating
• 147 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.6
—
42.1
8.6
14.3
9.3
28.7
22.1
4.0
3.8
12.3
60.4
39.3
3.6
13.3
—
0.0
8.8
9.1
19.4
23.5
—
21.0
—
16.0
22.4
3.8
—
46.0
8.5
19.4
13.0
29.1
18.7
6.1
5.6
12.1
57.3
36.0
3.7
11.4
—
0.0
9.2
14.9
16.7
24.9
—
32.4
—
20.0
23.9
4.0
—
46.9
10.0
25.4
16.0
32.1
15.9
14.0
8.2
18.8
49.3
38.8
14.7
11.5
37.9
0.0
11.3
20.3
16.9
31.0
—
38.9
—
22.8
22.1
9.0
—
55.3
10.2
29.8
11.9
33.5
16.9
16.3
9.2
17.1
44.1
29.9
13.9
13.7
38.5
0.0
11.3
30.5
18.1
34.6
—
38.9
—
20.6
24.3
14.8
—
69.5
16.2
32.3
11.6
38.3
34.3
20.4
13.2
12.3
42.9
25.8
18.7
13.8
31.8
0.0
18.3
34.0
21.5
31.9
—
45.7
—
17.2
23.9
11.8
—
73.4
13.9
34.7
12.1
43.1
37.7
19.3
13.2
9.2
33.5
25.1
4.0
13.9
17.3
0.0
17.8
28.5
15.3
34.9
—
44.2
—
18.7
27.4
8.8
—
72.8
11.2
32.1
7.5
27.5
10.6
20.1
13.9
9.1
24.6
18.6
17.8
15.6
16.7
0.0
13.4
19.2
11.3
27.1
—
44.0
—
18.2
27.8
7.8
—
72.5
16.3
30.2
12.7
28.5
10.2
21.2
16.3
7.7
32.0
18.3
7.5
18.4
18.8
0.0
14.5
21.1
12.3
20.9
—
50.4
—
26.5
28.1
7.6
—
73.3
9.9
27.8
14.2
23.5
7.0
22.6
16.9
7.3
31.3
17.8
6.6
18.0
10.0
0.0
13.3
23.1
12.8
18.2
—
45.2
—
27.0
21.1
7.4
—
71.6
7.4
27.7
14.2
25.5
7.7
23.5
17.8
7.2
36.8
19.1
6.3
21.0
10.6
0.0
14.6
20.5
13.0
20.3
—
45.4
—
29.3
21.9
7.2
—
68.6
11.2
27.5
13.6
26.1
8.3
23.3
16.8
7.7
36.3
17.0
10.1
20.8
11.1
0.0
15.1
19.4
15.4
19.2
—
45.6
—
31.8
21.5
7.0
—
66.8
9.5
27.5
13.5
27.2
7.7
23.3
16.4
8.4
37.3
15.7
12.2
21.1
11.3
0.0
15.2
18.8
17.8
17.3
—
47.2
—
31.0
21.7
13.8
15.8
18.8
18.1
21.5
18.7
17.8
18.4
17.8
19.1
17.0
17.3
Mean (Baa1 to Baa3)
17.5
18.8
22.0
22.9
25.6
23.9
20.3
21.4
19.8
20.4
20.6
20.6
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius [6]
Mexico
Namibia [7]
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [8]
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Public sector only
Moody's estimate
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
17.6
2.6
—
11.4
8.1
19.5
—
23.4
14.4
39.0
—
6.8
9.6
17.0
13.0
—
18.1
—
16.4
3.0
—
10.2
11.5
20.1
—
22.1
21.0
41.4
—
1.1
13.8
18.4
12.4
—
16.9
—
15.4
4.5
—
8.5
13.1
19.2
—
17.0
21.9
44.4
—
4.2
8.2
15.8
15.2
—
17.1
—
15.3
4.2
—
10.6
14.9
12.4
14.6
16.6
17.1
47.1
0.0
9.7
48.9
20.6
12.5
—
17.9
—
15.8
6.6
—
11.6
9.8
13.0
12.2
15.5
18.8
49.5
31.2
9.3
56.1
22.4
14.9
46.2
19.5
—
14.3
4.8
—
13.4
15.0
14.6
13.5
15.1
12.6
62.0
40.1
7.8
64.3
27.4
15.3
47.2
20.7
—
10.0
4.3
—
8.8
11.2
8.1
10.7
15.6
12.0
58.5
51.2
8.8
33.9
18.2
10.0
15.5
21.8
—
9.9
5.2
—
11.3
12.9
7.6
10.9
14.9
15.9
56.7
11.7
6.8
30.0
22.6
14.2
12.7
22.6
—
11.8
6.5
—
9.1
14.3
10.1
14.1
13.6
15.2
58.4
21.7
10.4
31.6
31.5
16.0
3.0
22.6
—
10.5
6.1
—
9.7
10.9
12.0
14.9
12.9
11.3
57.2
22.6
9.8
29.5
31.0
20.5
2.6
24.7
—
10.7
8.0
—
10.0
10.9
11.0
13.6
12.8
14.6
59.1
22.8
8.7
29.1
31.5
22.2
1.4
23.6
—
11.0
7.6
—
9.6
10.9
11.2
11.6
12.3
14.0
58.4
21.6
8.4
31.4
31.2
22.7
1.6
21.1
Median (Ba1 to Ba3)
14.4
16.4
15.4
14.9
15.6
15.1
11.6
12.8
14.2
12.4
13.2
11.9
Mean (Ba1 to Ba3)
15.4
16.0
15.7
17.5
22.0
24.3
18.7
16.6
18.1
17.9
18.1
17.8
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia [2]
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria [3]
Paraguay
Philippines
Suriname [4]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 148 •
Notes:
[1]
[2]
[3]
[4]
Country
Rating
• 149 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
13.1
13.5
59.2
—
2.4
6.7
—
15.1
10.9
6.3
0.1
83.8
2.8
17.4
13.1
45.3
30.8
25.1
8.8
0.6
2.4
—
—
—
37.9
16.4
6.4
1.3
12.8
15.5
71.0
—
5.6
7.4
—
12.5
11.1
6.6
19.0
82.5
4.2
16.8
10.5
49.6
31.1
12.8
8.8
0.1
12.4
—
16.3
—
34.1
18.5
9.1
1.8
11.5
30.6
64.3
—
15.1
7.7
15.6
12.3
10.0
6.4
0.1
84.4
5.1
9.3
7.7
47.1
37.1
2.0
9.6
0.8
5.5
—
17.9
—
27.6
22.6
10.1
4.3
20.0
26.0
64.0
—
16.4
5.9
25.0
16.1
11.6
5.5
2.6
61.5
7.4
13.6
9.0
44.3
34.2
3.4
13.0
0.5
4.8
—
18.8
—
27.9
27.5
11.8
18.7
22.7
15.5
58.9
—
18.2
8.0
22.2
24.0
10.9
4.8
4.8
69.7
12.3
14.6
12.8
44.5
33.7
4.3
19.8
0.2
22.1
—
21.9
—
25.9
32.2
17.3
20.1
24.6
16.0
49.9
—
9.2
9.9
25.5
18.9
9.6
7.4
4.3
71.8
11.4
12.1
12.0
46.7
32.7
3.4
15.4
1.6
22.6
—
23.2
—
20.0
30.0
14.0
21.9
13.2
17.2
41.1
—
14.8
7.5
20.7
12.4
8.2
6.7
16.3
70.0
5.8
6.8
11.8
52.3
31.3
9.9
12.7
1.2
9.4
—
25.6
—
18.4
21.2
13.1
12.6
10.5
10.7
41.8
—
9.5
6.8
21.5
12.9
5.9
8.8
12.6
65.7
8.0
7.7
11.4
54.2
32.3
12.8
12.8
2.2
3.0
—
24.2
—
21.8
17.3
15.6
27.0
17.6
11.9
39.5
—
12.2
9.0
22.0
13.6
5.3
7.9
10.6
65.6
6.1
7.0
15.5
57.4
34.2
17.7
10.2
1.9
7.3
—
28.3
—
25.9
17.2
19.1
7.5
21.5
11.6
35.4
—
12.3
8.0
21.4
14.0
6.5
8.4
12.8
67.6
6.7
8.7
13.5
57.6
34.0
12.9
9.7
2.5
7.5
—
29.9
—
24.6
16.3
19.0
17.8
21.3
12.9
36.3
—
12.4
6.2
21.6
14.5
5.9
9.5
8.4
68.9
7.0
9.2
14.5
57.3
34.1
11.2
9.0
2.7
7.6
—
29.0
—
23.9
16.3
16.4
17.3
21.5
13.5
35.2
—
12.4
6.1
21.7
15.0
5.9
10.0
8.2
69.7
6.6
9.0
14.0
57.2
33.5
10.0
8.4
2.8
7.8
—
26.9
—
23.8
16.3
16.0
16.4
Median (B1 to C)
13.1
12.7
10.1
16.1
19.8
16.0
13.1
12.8
13.6
13.5
14.5
14.0
Mean (B1 to C)
18.2
19.6
18.6
19.6
21.7
20.6
18.4
18.3
18.8
19.2
18.9
18.7
Albania
Argentina
Belarus
Belize
Cambodia
Cuba [2]
Dominican Republic
Ecuador
Egypt [3]
Fiji
Ghana
Honduras [4]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [5]
Nicaragua [4]
Pakistan [3]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
Short-term external debt derived from BIS for 2011
Public sector only
35. External Debt/GDP
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.4
13.4
7.5
56.5
13.3
33.3
62.4
22.0
25.6
10.7
43.1
18.2
47.6
62.1
9.3
20.3
24.4
6.4
10.7
7.8
43.5
13.5
34.5
62.0
20.9
26.0
7.9
41.2
18.8
42.0
55.0
9.2
23.8
25.7
4.6
11.9
7.8
37.1
13.0
36.7
58.5
19.1
25.1
12.0
36.4
17.4
44.1
40.5
9.5
23.8
32.4
4.7
11.6
7.3
31.2
12.1
35.7
60.2
23.7
30.4
21.4
32.1
20.2
46.6
43.7
11.3
22.8
45.4
23.3
18.8
8.0
30.9
11.1
37.6
54.2
31.8
50.2
31.0
29.3
24.1
48.3
53.4
18.2
24.0
60.6
42.0
8.6
13.4
35.5
8.6
42.3
43.1
34.1
35.9
35.3
29.5
21.9
56.8
50.3
16.0
22.6
47.9
92.9
21.9
20.3
41.8
8.5
43.6
47.3
41.4
43.1
51.2
33.6
26.3
59.4
82.3
20.8
21.7
59.7
104.3
10.6
24.1
38.8
9.2
46.6
48.6
35.4
34.3
59.9
29.8
19.6
66.4
85.6
17.8
23.7
58.8
126.9
11.1
24.5
39.3
9.6
49.1
42.5
35.8
21.7
48.3
28.1
19.6
71.7
76.0
13.5
26.4
49.4
121.3
10.9
23.3
43.9
9.0
50.7
38.8
36.6
16.3
46.8
27.2
19.9
70.8
81.8
12.1
26.3
50.1
126.0
9.9
22.3
43.4
8.5
55.3
35.3
33.6
16.4
43.2
29.4
19.7
75.2
79.5
12.1
25.8
53.2
123.4
9.0
21.5
43.0
8.1
59.8
34.1
31.9
16.4
34.5
32.8
19.5
76.1
82.6
11.9
25.0
53.3
Median (Aaa to A3)
22.0
23.8
23.8
23.7
30.9
35.3
41.8
35.4
35.8
36.6
33.6
32.8
Mean (Aaa to A3)
28.0
26.4
25.3
27.1
32.6
32.0
42.1
42.0
40.8
40.3
40.5
40.2
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 150 •
Notes:
[1]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 151 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius [6]
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [7]
Uruguay
38.4
5.2
55.7
40.0
57.9
40.2
32.5
150.9
18.1
58.3
74.3
79.8
40.2
16.5
23.2
—
58.3
46.6
37.9
43.2
23.4
—
36.4
37.9
47.6
114.2
40.8
4.9
65.6
30.1
61.6
33.7
30.9
205.6
17.1
54.6
75.8
93.5
42.1
14.8
21.9
—
54.2
43.2
38.6
36.1
20.5
—
36.4
29.4
41.1
94.5
34.7
4.4
61.7
20.5
66.7
26.3
32.7
285.9
16.7
47.1
76.0
100.0
50.5
14.4
20.4
21.9
52.4
35.9
36.8
33.7
19.7
—
33.6
25.5
35.3
77.8
27.4
4.2
74.2
18.0
78.1
24.6
31.2
435.2
18.2
36.4
91.4
114.5
59.9
12.2
18.0
25.2
52.1
30.7
44.2
31.6
22.8
—
33.8
34.4
39.3
67.2
21.3
4.0
161.5
16.0
94.3
21.5
32.1
588.1
18.1
32.7
92.4
128.1
71.5
10.4
19.0
22.9
44.4
31.0
50.6
35.7
26.3
31.7
30.1
29.3
38.7
58.2
20.2
5.4
164.0
20.3
105.1
19.0
31.0
728.8
18.3
30.4
80.9
130.0
71.0
8.2
18.8
21.4
40.4
27.6
49.3
28.9
26.7
31.8
27.9
24.6
38.5
59.0
20.8
9.9
181.3
14.9
108.3
23.0
27.8
238.8
19.1
32.0
97.9
156.5
83.9
14.4
22.1
24.3
46.7
27.7
71.2
38.2
27.7
32.3
28.6
32.0
43.8
51.7
21.3
11.8
174.4
15.7
102.7
22.6
23.5
228.2
17.9
28.5
80.5
164.8
83.2
13.4
24.0
28.0
42.1
28.4
75.0
32.1
28.8
29.6
31.5
43.4
39.9
47.5
17.8
13.4
140.9
18.1
94.1
22.6
25.1
208.1
18.5
26.6
68.4
145.0
77.8
14.1
24.3
33.2
40.2
26.9
70.0
28.4
28.2
22.3
30.3
33.9
39.3
40.7
17.5
17.9
145.5
20.4
94.8
21.3
32.6
174.3
20.6
28.6
68.4
136.2
75.6
14.4
29.6
30.8
35.4
29.3
77.1
31.1
35.8
26.7
36.6
36.5
42.7
40.3
17.0
18.3
140.4
19.4
91.5
18.5
31.4
162.3
20.7
28.1
65.5
135.9
72.3
15.4
29.8
31.2
33.9
28.8
74.8
30.0
37.6
30.4
33.5
38.2
45.9
39.7
16.0
18.6
139.1
18.7
90.8
16.8
29.4
152.7
19.9
26.6
60.5
126.6
70.4
15.8
29.5
32.3
32.3
26.9
70.0
29.8
40.1
30.0
32.2
39.6
46.6
39.5
40.2
39.7
34.7
33.8
31.9
29.7
32.0
30.6
29.3
34.0
32.5
32.2
Mean (Baa1 to Baa3)
49.0
49.5
49.2
57.0
65.8
70.3
56.7
55.3
50.3
50.8
49.6
48.1
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Public sector only; Series break in 2005
• 152 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador
Georgia [4]
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria [5]
Paraguay
Philippines
Suriname [6]
Tunisia
65.5
62.6
33.5
38.1
72.5
72.8
57.2
43.9
30.7
69.6
124.4
—
36.8
44.5
49.0
75.3
23.7
65.8
46.2
52.3
32.8
34.8
71.6
76.1
56.1
34.4
30.6
79.9
114.4
—
29.9
43.3
45.2
67.3
20.5
63.5
33.4
37.3
31.9
34.5
72.9
68.6
55.8
25.7
28.5
76.7
102.7
—
27.4
19.9
37.2
60.2
17.5
56.8
16.4
31.5
31.3
35.6
51.1
78.5
55.9
49.1
29.1
117.6
93.0
32.6
27.3
5.5
32.2
50.3
14.8
54.6
15.9
31.6
30.3
34.9
41.3
84.4
50.4
56.9
28.8
130.4
87.8
35.4
27.5
5.3
26.0
44.6
10.2
52.5
16.0
29.5
26.8
38.7
35.6
83.6
52.0
59.8
25.5
142.7
63.1
33.2
23.6
5.6
22.5
37.4
9.1
46.6
20.0
58.1
24.4
43.9
34.7
104.4
54.7
81.8
25.6
189.5
61.0
56.9
27.1
6.1
25.9
38.8
6.9
51.0
20.5
67.9
21.4
37.4
30.8
104.7
51.5
86.6
25.2
161.7
64.7
38.8
29.0
5.3
25.3
37.4
7.7
49.6
18.5
72.9
21.1
36.8
27.0
95.8
52.6
79.9
25.9
150.6
61.3
46.6
29.3
5.4
23.1
34.2
11.6
49.4
18.5
76.7
20.4
36.2
30.0
104.9
56.9
84.4
26.9
160.9
62.0
52.9
33.9
5.5
23.0
32.3
11.8
56.3
22.6
75.8
20.2
35.4
30.5
102.5
53.9
83.3
25.9
161.9
64.0
50.8
38.2
5.3
22.7
31.7
21.1
54.6
23.6
78.3
20.0
35.4
30.2
105.9
53.7
78.6
26.0
170.2
62.0
53.3
39.6
5.1
22.0
30.5
21.7
53.3
Median (Ba1 to Ba3)
57.2
46.2
37.2
34.1
35.2
34.4
41.4
37.4
35.5
35.1
36.8
37.5
Mean (Ba1 to Ba3)
56.8
52.9
46.3
44.8
44.1
41.7
50.6
48.1
46.8
49.6
50.0
50.5
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
• 153 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba [2]
Dominican Republic
Ecuador
Egypt [3]
Fiji
Ghana [4]
Honduras [5]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [6]
Nicaragua [5]
Pakistan [3]
Papua New Guinea
Senegal [5]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
24.4
127.0
23.4
75.9
53.6
71.2
—
33.8
50.1
36.1
11.7
70.6
64.9
60.3
46.4
100.1
97.4
88.3
127.9
39.9
62.0
57.6
62.0
43.7
47.5
51.4
36.9
158.3
23.2
111.8
21.3
80.4
52.6
66.7
—
32.7
45.8
37.9
10.3
51.1
67.9
64.1
43.3
106.1
72.4
73.4
97.8
34.0
53.3
50.0
61.8
41.9
47.2
37.6
38.2
138.6
24.8
62.1
17.0
83.7
55.0
57.5
12.8
21.6
41.5
32.2
9.5
41.2
52.6
58.7
34.6
105.1
69.5
51.2
89.2
31.1
42.1
41.8
53.3
42.0
46.0
30.8
35.7
76.1
26.4
50.8
18.5
81.2
52.6
48.8
13.7
24.3
36.8
27.6
14.7
18.1
36.0
68.2
29.7
115.6
73.0
40.9
70.1
29.2
39.4
20.2
49.4
39.8
50.6
22.8
35.3
22.2
27.9
47.5
27.6
76.0
54.1
32.6
14.1
25.2
33.5
22.9
13.8
20.7
25.8
82.2
27.6
115.3
75.4
42.2
54.3
28.2
31.3
21.0
51.0
27.7
56.0
24.4
37.7
24.8
37.5
38.0
24.9
70.2
46.6
31.6
17.7
22.8
28.2
20.9
12.4
19.9
25.0
76.1
25.0
101.7
67.4
38.3
56.7
28.2
25.0
19.9
43.7
30.0
56.5
21.0
33.5
21.0
42.5
37.4
44.8
93.7
57.2
33.9
14.2
24.3
27.5
16.7
14.7
27.7
22.9
91.5
28.1
102.7
80.1
65.4
69.2
32.3
55.6
30.6
49.7
32.0
88.2
24.9
38.9
29.5
43.8
34.9
51.4
89.7
65.2
34.1
13.4
26.2
19.9
15.4
15.1
29.0
23.8
107.3
27.3
100.4
82.4
95.1
74.6
34.9
72.8
30.6
50.1
41.2
86.0
24.7
41.7
27.2
50.6
31.4
57.0
85.8
58.8
33.8
12.7
27.8
17.8
14.8
15.1
28.5
23.7
99.3
30.1
103.9
77.6
109.1
75.1
31.6
108.0
29.8
49.7
41.9
77.2
35.0
42.2
22.7
54.5
29.6
53.9
81.2
64.8
35.1
14.4
28.1
17.1
13.4
14.6
30.0
25.2
99.2
31.1
107.9
84.5
133.8
74.1
28.4
94.7
34.8
56.7
38.8
76.6
31.1
38.2
28.1
56.2
28.5
47.2
77.6
65.0
36.0
14.5
29.8
16.8
15.4
14.0
31.3
24.1
100.4
31.4
108.3
85.7
122.4
76.3
27.3
93.6
35.2
58.0
40.9
78.7
36.1
35.1
30.7
55.4
27.9
40.9
74.3
66.6
37.4
13.8
30.2
16.5
15.6
13.4
32.0
23.9
99.2
32.1
108.0
86.0
115.2
77.2
25.2
86.2
36.2
58.6
42.3
78.4
44.2
32.5
33.6
Median (B1 to C)
57.6
51.1
42.0
36.4
29.7
29.1
35.6
38.1
38.4
36.6
36.0
39.2
Mean (B1 to C)
63.8
57.8
47.1
41.3
40.0
37.1
45.6
48.5
49.7
50.7
50.6
50.1
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Public sector only
36. External Debt/Current Account Receipts
• 154 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands [1]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
12.8
21.3
—
147.2
42.2
57.4
137.5
56.7
41.7
9.7
40.3
31.1
135.4
102.3
20.2
33.3
43.6
11.7
17.7
—
101.7
37.4
54.9
125.1
46.6
38.0
7.1
35.5
31.2
124.2
89.7
17.5
35.7
40.1
8.4
17.9
—
84.8
32.8
51.2
111.8
44.9
34.8
11.8
31.1
26.4
105.4
65.9
15.8
35.4
46.3
7.0
17.3
5.3
64.7
29.5
53.2
110.4
54.0
39.9
21.4
26.3
30.1
109.3
73.2
18.0
31.1
64.2
32.9
25.9
5.1
60.9
26.5
56.7
99.6
67.7
64.7
29.8
25.1
35.4
119.8
94.6
28.7
30.7
80.1
66.4
14.1
8.5
74.9
22.3
52.3
88.1
56.6
46.9
33.8
29.3
32.7
103.6
86.6
24.2
28.2
59.7
167.5
45.3
15.1
100.2
28.9
70.0
111.7
75.3
61.1
51.5
33.5
42.4
149.0
183.4
40.3
31.5
75.6
186.2
22.4
20.2
90.2
28.4
65.3
109.8
62.2
46.9
54.8
28.9
29.3
146.6
151.2
33.4
29.6
74.2
220.4
19.9
17.7
94.3
30.4
55.4
95.7
58.6
27.8
42.1
29.8
27.4
126.3
112.1
22.7
32.0
57.4
213.6
18.9
15.4
101.3
30.0
62.5
86.9
59.2
20.0
48.1
29.1
27.1
147.9
112.8
20.3
32.8
56.8
225.4
18.1
15.3
102.2
29.9
61.7
82.0
59.2
20.7
45.3
32.7
27.7
143.0
126.6
21.0
32.4
59.0
224.8
16.9
15.2
105.8
29.5
58.4
77.7
59.2
20.8
36.1
36.1
27.9
135.6
145.7
20.4
32.1
58.5
Median (Aaa to A3)
42.0
37.7
35.1
31.1
35.4
46.9
61.1
54.8
42.1
48.1
45.3
36.1
Mean (Aaa to A3)
58.3
50.9
45.3
44.4
52.0
48.7
75.4
69.4
62.9
63.7
64.8
64.7
Notes:
[1]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 155 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius [6]
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [7]
Uruguay
85.2
13.9
58.7
262.2
94.1
200.7
65.5
400.5
93.2
188.7
148.1
149.4
74.9
30.3
82.6
—
86.5
231.9
96.0
112.2
78.7
—
53.5
70.1
195.4
390.5
78.9
11.3
57.2
191.1
93.8
169.1
63.0
547.7
79.6
160.7
139.9
165.1
75.2
25.8
73.4
—
77.1
182.2
93.5
97.4
73.2
—
50.1
51.6
168.9
296.0
51.0
10.4
45.1
133.0
101.7
133.3
54.3
708.3
71.4
124.3
135.6
164.5
80.7
22.2
66.9
46.2
67.6
129.3
98.5
88.5
66.6
—
43.1
36.6
154.5
236.1
38.4
10.0
50.4
118.6
113.0
118.4
50.7
914.5
70.8
107.2
168.5
195.6
91.7
16.6
57.6
45.2
62.6
95.7
110.8
84.5
69.6
—
43.0
41.3
165.6
194.3
29.1
9.4
107.7
119.7
142.6
110.0
51.7
1045.8
71.2
100.3
172.2
238.6
117.2
16.4
60.8
41.7
53.0
94.3
133.7
103.2
76.8
21.7
38.2
43.6
163.0
186.2
28.8
12.0
128.2
107.3
160.8
94.5
55.2
1384.2
62.9
93.5
133.7
241.6
106.6
11.5
59.8
36.2
50.3
88.8
130.3
80.7
69.2
21.8
34.0
34.2
150.9
149.5
37.3
23.8
201.1
143.0
199.2
123.5
53.2
425.7
75.4
121.8
218.7
279.6
133.4
26.6
71.3
40.6
56.9
100.8
195.8
120.7
94.9
25.6
38.8
60.4
177.3
190.8
36.7
27.4
193.7
143.7
159.3
127.5
51.8
404.0
68.2
109.8
171.0
257.7
107.3
22.6
71.6
49.9
54.1
100.5
184.2
99.2
99.2
22.6
41.9
72.2
179.7
162.4
29.3
28.8
122.5
130.7
127.2
109.2
56.8
331.1
65.4
97.0
128.2
210.1
89.6
22.5
70.7
61.2
47.0
86.5
154.2
84.9
90.9
16.6
37.2
37.6
160.7
135.4
36.9
36.8
132.9
147.5
125.8
107.5
79.5
271.5
71.6
113.2
135.0
191.3
81.7
22.8
82.7
57.4
41.9
105.9
170.2
96.2
118.4
19.5
44.9
41.0
157.5
152.6
45.6
37.2
130.8
144.3
120.4
101.2
79.7
263.0
73.0
115.5
137.6
185.8
81.9
25.0
88.8
58.3
39.8
110.8
163.4
101.0
133.7
22.5
41.6
44.1
184.9
142.8
41.1
38.1
134.4
140.1
120.9
97.7
80.8
248.3
74.0
111.6
130.9
172.3
81.4
25.7
93.4
61.3
37.3
102.9
156.1
103.5
149.6
22.5
40.3
46.4
186.5
130.1
93.7
86.6
80.7
84.5
97.3
84.7
110.7
99.9
88.1
101.1
101.1
100.3
135.9
125.9
114.8
121.4
128.8
135.6
124.5
116.1
97.4
101.6
102.8
101.0
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Public sector only
Series break in 2009; Excludes re-exports
• 156 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador
Georgia [4]
Guatemala
Hungary
Jordan
Montenegro [5]
Morocco
Nigeria [6]
Paraguay
Philippines
Suriname [7]
Tunisia
—
133.6
160.0
72.0
230.3
144.9
133.5
104.7
83.4
106.1
147.8
—
97.3
122.0
105.5
124.6
65.7
145.9
65.9
94.3
151.1
69.0
197.4
152.6
125.8
77.0
76.7
113.7
132.9
—
77.0
93.8
94.3
109.9
37.9
129.6
41.7
73.7
136.2
63.7
171.9
141.0
124.0
58.9
72.9
104.4
128.7
—
65.4
30.8
73.2
102.6
26.2
112.4
22.1
68.7
112.1
63.2
106.7
158.9
120.8
111.8
71.5
133.8
115.9
66.1
62.1
10.1
58.1
86.8
25.9
105.4
21.2
80.5
101.9
59.9
81.2
172.4
108.3
134.0
69.7
139.5
110.9
69.6
57.3
9.9
49.0
84.0
16.7
91.6
20.8
86.3
85.8
64.7
67.7
170.8
113.8
150.2
63.9
150.8
77.9
67.9
49.1
10.4
42.9
81.7
14.7
75.4
36.2
170.4
78.6
85.6
86.2
247.9
134.1
190.5
67.1
200.5
92.1
129.3
71.2
13.1
50.6
91.7
14.4
99.7
32.7
170.9
70.7
66.1
74.6
231.0
118.7
177.7
65.0
157.0
98.0
81.8
68.8
10.2
46.6
84.4
13.4
89.1
28.2
159.9
62.6
64.1
61.3
197.2
116.2
158.1
66.7
141.7
94.2
86.9
65.5
11.0
44.7
85.3
16.2
91.0
29.9
159.1
58.0
61.7
59.3
185.0
123.9
176.6
73.5
117.1
105.2
99.0
75.9
11.6
45.2
83.2
19.4
101.7
38.5
152.7
59.8
58.3
57.7
203.9
114.4
174.9
69.8
109.3
102.1
97.0
87.5
18.2
43.0
84.7
36.4
102.3
42.4
150.1
62.5
57.2
55.6
181.1
111.5
182.6
68.9
110.0
100.0
100.0
91.3
21.3
43.5
84.2
40.4
99.6
Median (Ba1 to Ba3)
123.3
94.3
73.7
79.2
80.9
71.6
89.0
78.2
76.0
79.5
86.1
87.7
Mean (Ba1 to Ba3)
123.6
105.8
89.9
83.3
81.0
77.5
103.3
92.0
86.1
88.1
89.5
89.0
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
General government and banks only
• 157 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba [2]
Dominican Republic
Ecuador
Egypt [3]
Fiji
Ghana
Honduras [4]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [5]
Nicaragua [4]
Pakistan [3]
Papua New Guinea
Senegal [4]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
70.1
427.8
34.8
126.6
96.8
107.0
—
57.9
176.8
132.1
17.2
176.7
98.9
108.0
152.0
118.7
111.5
140.0
349.7
161.7
78.9
142.5
147.1
104.9
75.6
142.8
56.6
496.3
62.2
383.1
30.4
139.5
95.6
91.6
—
58.6
150.5
109.2
16.2
147.9
92.2
107.6
129.9
125.0
84.7
101.2
234.3
151.3
66.0
123.4
144.8
102.0
69.1
98.2
51.5
342.4
54.6
216.5
27.5
132.8
99.7
78.0
63.5
53.8
118.9
84.4
15.3
125.0
65.9
105.5
96.3
118.7
78.7
77.4
198.4
126.0
51.2
115.7
133.5
98.4
82.1
72.9
46.7
201.0
61.1
176.5
30.0
110.4
93.2
61.9
71.1
56.9
97.2
71.4
24.7
49.6
45.4
112.3
84.8
116.7
83.1
63.3
143.3
117.2
44.3
52.7
129.1
94.4
98.9
55.3
43.3
51.1
64.8
166.9
44.3
100.3
95.9
44.2
70.4
62.7
85.4
60.4
24.7
62.5
33.6
131.8
80.3
116.7
83.8
62.9
109.9
122.1
35.2
50.6
135.4
72.6
111.4
68.3
43.1
52.5
77.5
139.3
39.8
94.5
88.3
46.0
82.6
63.4
71.2
51.4
20.7
60.7
33.9
122.5
69.9
97.8
80.2
63.8
110.3
123.9
30.1
51.3
139.4
84.5
106.8
62.7
38.9
51.7
94.5
160.4
85.4
151.5
148.6
54.4
78.8
79.0
91.0
55.1
26.5
73.5
39.4
173.9
86.7
119.5
113.3
115.6
138.2
148.0
90.1
79.5
172.9
92.9
165.9
130.9
54.0
73.7
92.5
149.7
90.7
132.1
137.2
50.4
58.0
84.1
60.5
58.2
25.2
78.5
37.6
217.0
77.2
121.3
109.6
158.8
130.4
161.4
108.1
78.9
164.6
123.9
150.4
138.7
50.5
53.8
100.4
134.5
69.3
117.2
118.4
50.9
55.0
84.4
50.2
56.3
23.0
65.4
35.0
209.4
76.9
115.5
96.8
162.2
121.2
139.1
175.4
83.6
156.7
126.6
127.4
113.7
45.5
46.0
123.6
140.1
62.5
110.9
106.1
51.1
63.3
86.8
47.5
51.9
23.1
76.3
39.0
182.9
94.0
154.7
104.7
253.1
113.9
135.7
229.3
84.2
174.7
121.3
133.6
117.0
39.6
69.7
112.5
126.1
58.8
111.6
107.8
50.5
65.0
82.1
46.4
54.8
22.7
82.2
36.6
180.0
97.1
150.1
103.9
281.6
109.9
136.4
216.1
95.3
192.2
125.7
137.7
124.1
35.5
75.8
106.1
125.2
54.0
111.2
110.4
51.5
61.8
80.1
44.2
57.6
22.2
86.8
34.5
189.1
105.3
149.5
105.6
273.3
105.7
129.7
180.8
101.7
196.8
129.4
136.5
132.8
33.1
72.6
Median (B1 to C)
118.7
102.0
90.3
71.3
69.3
70.5
92.0
100.3
98.6
105.4
105.8
105.6
Mean (B1 to C)
144.8
122.5
97.8
80.0
78.3
75.1
103.3
103.6
98.4
106.8
107.8
106.7
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Public sector only
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.01
0.01
0.01
1.49
5.22
1.01
2.95
3.29
0.38
—
1.78
0.09
3.60
0.33
0.33
1.20
0.36
0.01
0.01
0.01
1.43
5.22
1.10
2.88
3.35
0.46
—
1.63
0.13
4.07
0.45
0.41
0.85
0.61
0.01
0.01
0.01
1.51
3.08
1.53
3.32
4.75
0.84
—
1.93
0.26
4.25
0.85
1.19
1.88
1.81
0.01
0.01
0.01
2.00
3.10
1.57
4.30
6.69
1.54
—
2.17
0.47
5.29
1.40
2.13
3.17
4.20
0.02
0.01
0.01
2.15
4.96
2.14
4.57
7.40
4.08
—
2.03
0.63
7.17
2.16
3.72
3.77
6.75
0.02
0.01
0.01
1.86
4.15
1.56
4.01
9.98
3.14
—
1.96
0.54
10.24
2.03
2.75
2.69
4.67
0.03
0.01
0.02
1.76
3.63
2.64
3.11
3.45
1.58
—
1.85
0.27
8.38
1.47
0.80
1.01
1.71
0.06
0.02
0.03
2.22
3.01
2.36
2.65
1.65
1.79
—
1.58
0.17
9.38
1.44
0.66
0.66
0.83
0.07
0.02
0.04
2.15
2.28
3.07
2.85
1.94
1.52
—
1.69
0.21
11.67
1.81
0.72
0.87
0.85
0.04
0.02
0.04
2.15
2.29
1.12
1.90
1.98
0.86
—
1.77
0.26
9.80
2.44
0.88
1.64
1.20
0.10
0.02
0.04
2.15
2.55
3.47
1.88
2.01
0.74
—
1.73
0.23
10.25
2.59
1.08
1.94
1.45
0.10
0.02
0.04
2.15
2.82
2.70
1.86
2.05
1.03
—
2.03
0.25
11.50
3.19
1.36
2.38
2.40
Median (Aaa to A3)
0.69
0.73
1.52
2.06
2.94
2.36
1.65
1.51
1.60
1.42
1.80
2.04
Mean (Aaa to A3)
1.38
1.41
1.70
2.38
3.22
3.10
1.98
1.78
1.99
1.77
2.01
2.24
Bermuda [1]
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 158 •
Notes:
[1]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 159 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia [6]
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
0.02
0.03
0.10
14.18
0.46
2.37
0.30
0.30
4.40
2.61
0.72
0.16
0.24
0.04
11.95
—
0.46
1.34
0.82
6.84
2.17
0.01
1.86
0.27
6.99
0.62
0.02
0.03
0.18
14.24
0.48
2.36
0.22
0.39
3.04
3.03
0.94
0.13
0.24
0.03
11.60
—
0.51
1.44
1.01
7.15
2.20
0.01
1.69
0.19
7.15
0.74
0.03
0.03
0.37
14.46
0.46
2.77
0.27
0.77
5.08
3.06
1.70
0.17
0.25
0.04
12.69
—
0.54
1.66
1.25
8.37
2.55
0.01
1.54
0.32
8.03
0.84
0.04
0.04
0.63
14.88
0.61
2.52
0.30
1.80
5.47
3.23
2.72
0.30
0.41
0.04
14.73
0.01
0.73
1.79
1.40
10.68
3.54
0.01
1.87
0.50
8.56
0.92
0.08
0.04
1.30
15.34
0.95
2.95
0.35
2.97
6.61
3.14
5.30
0.73
0.83
0.03
16.92
0.01
0.61
2.02
1.96
13.11
4.21
0.02
1.89
0.57
10.12
0.88
0.09
0.04
1.34
15.57
1.06
2.99
0.46
3.24
6.52
3.12
5.76
1.16
1.37
0.03
16.76
0.01
0.64
1.99
2.93
16.22
4.68
0.01
1.60
0.63
11.35
0.84
0.06
0.04
0.76
13.92
0.97
2.89
0.43
0.22
5.72
3.04
5.06
1.23
1.08
0.02
12.89
0.01
0.68
1.62
2.78
12.32
3.05
0.02
1.16
0.53
9.88
0.81
0.08
0.07
0.55
13.46
0.71
3.21
0.40
0.26
6.07
2.94
4.60
1.03
1.00
0.02
14.16
0.01
0.73
1.59
2.18
13.46
3.06
0.02
1.19
0.55
8.33
0.61
0.95
0.06
0.56
15.47
0.86
3.70
0.43
0.25
8.53
2.53
4.59
0.95
1.16
0.02
17.69
0.02
0.74
1.68
2.46
11.81
3.08
0.01
1.26
0.45
8.59
0.61
0.95
0.08
0.63
15.47
0.84
3.50
0.60
0.44
9.40
5.13
4.96
1.02
1.14
0.03
20.21
0.05
0.79
1.62
2.50
22.95
3.50
0.02
1.14
0.74
9.30
0.53
0.98
0.04
0.64
15.47
0.86
3.00
0.65
0.40
10.38
6.21
4.68
1.11
1.20
0.04
18.95
0.05
0.84
1.88
2.50
25.64
3.70
0.02
1.25
0.82
10.07
0.76
1.00
0.06
0.91
15.47
0.83
2.90
0.71
0.33
11.44
7.25
3.97
1.17
1.05
0.04
19.58
0.05
0.91
2.00
2.50
20.84
4.00
0.02
1.50
0.89
10.35
0.63
0.62
0.74
0.84
1.16
1.59
1.48
1.12
1.01
1.06
1.08
1.16
1.11
Mean (Baa1 to Baa3)
2.37
2.36
2.69
2.99
3.57
3.86
3.12
3.09
3.40
4.14
4.31
4.25
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Public sector only
Moody's estimate from total external debt service
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
0.02
0.17
0.06
0.13
—
0.29
0.06
0.22
1.80
0.36
—
1.24
0.43
0.11
2.52
0.01
0.60
0.44
0.02
0.19
0.06
0.14
—
0.41
0.06
0.31
2.22
0.33
—
0.51
0.57
0.17
2.37
0.01
0.65
0.34
0.02
0.20
0.08
0.18
—
0.45
0.07
0.41
2.69
0.43
—
0.50
5.01
0.14
2.72
0.01
0.62
0.91
0.04
0.20
0.08
0.22
—
0.57
0.07
0.50
3.13
0.55
0.04
0.47
0.38
0.15
3.26
0.01
0.69
0.57
0.03
0.21
0.08
0.21
—
0.54
0.20
0.58
4.45
0.60
0.08
0.56
0.34
0.17
3.56
0.02
0.73
1.27
0.09
0.23
0.10
0.19
—
0.52
0.34
0.61
6.43
0.40
0.12
0.66
0.24
0.16
3.23
0.01
0.66
0.90
0.10
0.22
0.09
0.14
1.04
0.49
0.32
0.51
5.03
0.22
0.12
0.61
0.16
0.13
2.63
0.01
0.66
0.70
0.11
0.21
0.08
0.10
1.16
0.48
0.34
0.49
4.39
0.19
0.14
0.82
0.11
0.14
2.54
0.01
0.58
0.30
0.20
0.22
0.09
0.10
1.47
0.51
0.45
0.51
5.35
0.21
0.14
0.72
0.14
0.16
3.05
0.01
0.56
0.30
0.20
0.25
0.08
0.13
1.67
0.51
0.67
0.54
4.90
0.27
0.11
1.16
0.15
0.16
3.10
0.01
0.56
0.22
0.21
0.26
0.08
0.12
1.58
0.50
0.69
0.53
4.92
0.31
0.14
1.34
0.17
0.15
3.25
0.04
0.54
0.15
0.22
0.26
0.08
0.11
1.52
0.50
0.73
0.52
4.67
0.39
0.15
1.51
0.18
0.16
3.55
0.04
0.54
Median (Ba1 to Ba3)
0.22
0.32
0.37
0.38
0.34
0.34
0.27
0.27
0.26
0.28
0.29
0.33
Mean (Ba1 to Ba3)
0.53
0.53
0.87
0.66
0.76
0.90
0.74
0.70
0.79
0.82
0.84
0.85
Angola
Armenia [1]
Bangladesh [2]
Barbados
Bolivia [3]
Croatia
El Salvador
Georgia [1]
Guatemala
Hungary [4]
Jordan
Montenegro [5]
Morocco [6]
Nigeria [7]
Paraguay
Philippines
Suriname [6]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 160 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Derived from the Balance of Payments
Foreign currency debt only
Public sector only
Country
Rating
• 161 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.02
2.09
0.07
0.08
0.09
0.01
—
0.24
1.17
0.64
0.00
0.09
0.09
0.30
0.13
0.40
0.05
0.01
0.04
0.88
0.08
0.07
0.19
0.00
0.44
2.28
0.39
0.17
0.02
2.42
0.08
0.11
0.12
0.01
—
0.28
1.24
0.61
0.00
0.10
0.13
0.31
0.09
0.60
0.07
0.02
0.04
0.92
0.06
0.08
0.22
0.01
0.64
2.21
0.46
0.07
0.02
3.02
0.10
0.13
0.14
0.02
—
0.21
1.26
0.58
0.00
0.11
0.17
0.39
0.09
1.10
0.07
0.02
0.04
0.87
0.06
0.07
0.16
0.01
1.02
2.95
0.46
0.06
0.03
4.05
0.13
0.13
0.17
0.02
—
0.67
1.33
0.59
0.00
0.10
0.13
0.47
0.10
1.53
0.08
0.02
0.05
0.91
0.07
0.07
0.27
0.01
1.60
3.34
0.54
0.04
0.03
3.52
0.24
0.12
0.23
0.02
—
1.12
1.36
0.64
0.03
0.10
0.08
0.66
0.11
1.70
0.10
0.02
0.06
1.09
0.08
0.05
0.30
0.01
2.31
3.63
0.77
0.03
0.04
3.19
0.49
0.09
0.32
0.02
—
1.18
1.17
0.77
0.04
0.16
0.09
0.67
0.11
1.19
0.10
0.03
0.10
1.25
0.06
0.05
0.45
0.01
3.29
3.34
0.69
0.04
0.07
3.48
0.48
0.08
0.27
0.02
—
1.17
0.95
0.74
0.04
0.14
0.07
0.75
0.11
0.70
0.08
0.03
0.12
1.16
0.10
0.05
0.36
0.01
4.31
2.99
0.84
0.04
0.07
3.64
0.60
0.10
0.26
0.03
—
1.18
0.90
0.65
0.04
0.22
0.06
0.83
0.12
0.55
0.08
0.03
0.11
1.01
0.13
0.05
0.62
0.01
3.42
3.32
1.70
0.03
0.08
3.56
0.92
0.11
0.27
0.04
—
1.30
1.01
0.64
0.02
0.13
0.08
1.15
0.12
0.59
0.09
0.04
0.11
1.07
0.21
0.08
0.71
0.01
3.87
4.50
2.86
0.05
0.08
5.80
1.22
0.06
0.28
0.04
—
1.44
0.95
0.66
0.07
0.28
0.09
1.20
0.14
0.64
0.08
0.07
0.18
1.02
0.23
0.10
0.99
0.01
3.92
6.22
2.97
0.06
0.08
6.50
1.30
0.10
0.29
0.04
—
1.56
0.95
0.69
0.07
0.20
0.08
1.30
0.17
1.01
0.08
0.09
0.16
1.40
0.24
0.13
1.10
0.01
3.52
6.69
3.02
0.06
0.08
6.90
1.34
0.10
0.30
0.04
—
1.68
0.97
0.80
0.06
0.20
0.08
1.32
0.20
1.22
0.08
0.07
0.19
1.60
0.25
0.13
1.25
0.01
3.06
7.24
3.25
0.06
Median (B1 to C)
0.09
0.11
0.13
0.13
0.12
0.16
0.14
0.22
0.21
0.28
0.24
0.25
Mean (B1 to C)
0.37
0.40
0.49
0.61
0.68
0.70
0.71
0.73
0.87
1.07
1.14
1.20
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba
Ecuador
Egypt [3]
Fiji
Ghana
Honduras [4]
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua [4]
Pakistan [3]
Papua New Guinea
Senegal [4]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
Public sector only
• 162 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana
Cayman Islands [2]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
0.00
0.01
0.15
6.54
25.39
3.55
5.57
27.46
0.83
—
5.75
0.76
16.24
2.12
1.15
2.19
3.35
0.00
0.01
0.01
8.12
22.42
5.36
3.87
29.25
0.78
—
4.91
0.75
25.67
2.28
1.54
5.07
3.65
0.08
0.01
0.01
6.06
20.75
6.60
4.17
22.41
0.30
—
6.70
0.75
29.34
2.34
2.33
9.12
4.16
0.08
0.01
0.02
12.54
17.90
7.59
4.89
22.42
0.10
—
6.27
0.77
30.04
2.56
4.07
5.83
5.14
0.00
0.01
0.02
9.74
20.27
4.02
10.60
24.52
0.11
—
5.21
0.85
43.03
2.92
6.24
3.78
6.68
0.02
0.01
0.02
14.27
23.29
4.18
4.09
30.99
1.91
—
3.78
1.01
43.96
3.72
8.41
8.78
8.17
0.00
0.01
0.03
16.38
34.19
6.22
4.66
30.22
15.80
—
10.82
1.17
46.92
5.10
7.63
2.54
9.72
0.00
0.01
0.03
12.29
27.18
5.37
5.15
35.67
11.59
—
14.62
1.33
43.38
7.13
7.74
3.17
11.20
0.20
0.01
0.16
12.85
33.16
8.60
16.23
42.74
9.87
—
24.17
1.51
42.80
9.58
8.17
6.75
12.23
0.00
0.01
0.02
18.46
38.82
5.38
9.90
43.53
8.06
—
25.44
1.71
44.50
12.20
5.84
3.39
12.84
0.00
0.00
0.02
18.93
39.21
4.25
7.59
44.28
8.05
—
29.07
1.88
46.30
14.83
6.05
2.88
13.72
0.32
0.00
0.02
19.20
41.21
6.62
7.37
45.06
8.10
—
35.59
2.00
47.80
17.24
5.93
2.95
14.50
Median (Aaa to A3)
2.77
3.76
4.16
5.02
4.61
4.14
6.92
7.44
9.72
8.98
7.82
7.73
Mean (Aaa to A3)
6.32
7.11
7.20
7.51
8.62
9.79
11.96
11.62
14.31
14.38
14.82
15.87
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
2003 reflects debt prepayment and refinancing; 2011 reflects payment of loan facility
• 163 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [6]
Namibia [7]
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Turkey
Uruguay
0.20
0.31
0.87
38.81
1.22
6.18
0.53
2.05
14.61
15.67
5.26
0.96
4.05
0.18
15.60
—
0.40
1.90
2.60
14.93
4.27
0.04
13.42
0.09
20.82
2.40
0.21
0.07
1.19
37.56
3.09
5.17
0.69
2.58
6.12
18.83
8.19
1.23
4.91
0.21
15.40
—
0.79
2.37
3.41
12.70
3.84
0.05
8.18
0.23
23.34
1.59
0.20
0.07
1.40
51.59
6.65
7.28
0.57
3.72
13.89
22.75
11.05
2.72
5.65
0.30
12.30
—
1.21
5.23
5.17
33.46
2.56
0.06
13.04
0.09
28.77
2.23
0.21
0.05
1.61
42.02
5.43
7.64
0.50
4.65
5.94
34.63
11.77
2.85
9.63
0.26
29.30
0.39
2.22
1.72
6.30
40.94
3.07
0.09
15.47
0.25
30.71
0.63
0.09
0.18
2.39
36.69
8.31
5.46
0.56
17.92
8.34
31.45
25.45
3.06
15.07
0.15
10.00
0.33
0.17
7.13
8.24
28.47
2.47
0.18
20.06
0.06
37.87
0.87
0.17
0.07
3.13
22.06
9.04
4.75
1.12
10.62
9.05
40.18
31.83
4.37
17.63
0.14
12.40
0.39
0.66
3.35
14.47
47.21
2.71
0.17
15.69
0.07
41.81
0.80
0.26
0.58
3.20
29.64
9.66
5.78
0.86
1.67
14.18
36.99
30.46
5.18
15.25
0.10
11.00
0.39
0.19
2.99
13.17
49.92
2.14
0.14
12.60
0.34
48.37
1.04
0.32
0.17
3.31
32.86
8.95
6.44
0.57
1.35
13.00
49.49
21.14
5.29
14.31
0.20
12.10
0.21
0.32
6.57
15.78
40.75
1.69
0.17
9.35
0.07
47.05
1.04
0.90
0.12
3.34
37.13
7.95
6.40
1.11
2.37
22.99
88.30
22.50
4.30
13.77
0.19
13.31
0.49
0.19
1.94
15.73
51.99
2.35
0.15
7.97
0.11
41.84
1.55
0.55
0.10
3.47
40.00
7.55
6.01
1.15
1.30
25.34
163.98
23.72
5.58
14.06
0.20
14.64
0.30
1.27
2.94
15.50
90.48
7.38
0.16
10.58
0.12
44.90
1.35
0.65
0.14
3.64
38.56
7.80
5.66
1.40
1.38
27.99
125.87
13.80
4.15
13.39
0.19
16.11
0.49
0.18
3.71
15.50
139.08
4.79
0.18
11.25
0.13
48.18
2.07
0.76
0.15
3.93
39.28
7.53
5.47
1.60
1.77
30.84
106.00
7.48
5.81
12.33
0.24
17.72
0.53
0.30
4.17
15.50
67.74
6.37
0.18
11.50
0.13
49.50
0.79
2.40
3.09
5.17
3.86
6.30
4.56
4.19
5.86
3.82
5.80
4.47
5.64
Mean (Baa1 to Baa3)
6.69
6.48
9.28
9.93
10.42
11.30
11.39
11.25
13.42
18.56
18.70
15.29
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Public sector only; 2003 reflects debt prepayment and refinancing
Public sector only
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
0.10
0.45
0.03
0.28
—
0.77
0.18
0.22
5.49
1.55
—
2.53
1.22
0.24
5.43
0.04
1.16
3.17
0.11
0.42
0.04
0.36
—
0.77
0.21
0.27
7.54
1.03
—
2.09
1.16
0.31
4.85
0.03
1.57
2.48
0.10
0.47
0.05
0.32
—
0.78
0.25
0.20
8.77
0.86
—
1.88
3.86
0.33
4.91
0.03
1.38
4.03
0.08
0.50
0.05
0.21
—
2.52
0.28
0.34
7.75
0.87
0.02
1.56
6.44
0.27
4.84
0.05
2.31
3.98
0.08
0.54
0.05
0.53
—
2.04
0.34
0.36
9.30
0.90
0.12
1.86
0.92
0.26
4.13
0.13
2.00
1.56
0.08
0.59
0.05
0.77
—
2.03
0.39
0.26
15.22
3.71
0.02
1.80
0.34
0.30
4.14
0.01
1.34
2.77
0.12
0.66
0.06
0.45
14.81
2.21
0.69
0.27
21.94
0.74
0.04
1.14
0.34
0.31
4.32
0.09
1.76
1.57
0.09
0.69
0.25
0.57
17.83
1.51
0.51
0.26
20.47
0.96
0.06
1.27
0.25
0.31
4.78
0.02
1.69
1.43
0.23
0.73
0.06
0.36
21.01
1.85
0.59
0.61
25.76
1.09
0.08
1.48
0.27
0.29
4.95
0.02
1.93
2.03
0.38
0.69
0.08
0.54
17.48
1.93
0.74
0.50
21.57
1.41
0.12
1.50
0.25
0.67
3.45
0.04
2.07
1.72
0.74
0.72
0.08
0.48
10.16
1.90
0.79
0.45
15.71
1.53
0.12
1.80
0.30
0.48
4.00
0.05
1.57
1.39
1.33
0.70
0.07
0.49
9.75
1.88
0.67
0.42
18.76
1.53
0.11
2.00
0.30
0.57
4.50
0.05
1.55
Median (Ba1 to Ba3)
0.45
0.60
0.63
0.50
0.54
0.59
0.67
0.63
0.67
0.72
0.76
1.01
Mean (Ba1 to Ba3)
1.31
1.50
1.67
1.89
1.62
1.92
2.93
2.95
3.49
3.08
2.37
2.56
Angola
Armenia [1]
Bangladesh [2]
Barbados [3]
Bolivia [4]
Croatia
El Salvador
Georgia [1]
Guatemala [3]
Hungary [5]
Jordan
Montenegro [6]
Morocco [3]
Nigeria
Paraguay
Philippines
Suriname [3]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 164 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Derived from the Balance of Payments; Long-term amortization only
Public sector only
Country
Rating
• 165 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.02
6.50
1.51
0.08
0.07
0.02
—
0.89
6.41
1.61
0.02
0.37
0.56
0.51
0.45
2.20
0.10
0.27
0.12
3.10
0.45
0.12
0.41
0.01
2.84
6.67
1.18
0.31
0.03
4.98
1.75
0.13
0.07
0.02
—
0.79
6.87
1.92
0.02
0.16
0.53
0.50
0.27
2.33
0.20
0.01
0.09
4.11
0.24
0.24
0.54
0.01
3.36
7.61
2.01
0.14
0.03
3.45
2.16
0.15
0.10
0.02
—
0.73
8.47
2.12
0.01
0.19
1.39
0.55
0.45
2.43
0.17
0.02
0.10
1.92
0.30
0.23
0.27
0.01
5.16
4.04
2.15
0.14
0.04
5.04
3.56
0.07
0.10
0.02
—
1.40
10.11
2.45
0.02
0.19
2.07
0.32
0.33
2.86
0.25
0.03
0.11
1.99
0.43
0.22
0.66
0.01
7.34
7.38
2.30
0.09
0.05
5.19
3.73
0.62
0.11
0.01
—
1.45
11.82
2.30
0.03
0.13
1.68
0.59
0.35
3.20
0.24
0.03
0.23
1.79
1.02
0.11
0.54
0.02
8.70
3.95
2.30
0.08
0.06
4.65
5.96
0.05
0.14
0.02
—
1.40
9.35
1.83
0.03
0.14
0.62
0.47
0.30
3.22
0.46
0.18
0.32
1.93
1.29
0.09
0.88
0.02
14.51
7.50
1.60
0.11
0.08
11.22
5.35
0.04
0.17
0.03
—
1.29
11.48
2.38
0.04
0.14
0.92
0.73
0.28
3.39
0.37
0.26
0.37
3.59
0.55
0.09
1.03
0.02
18.69
4.28
1.19
0.12
0.34
10.69
4.56
0.06
0.45
0.03
—
1.31
7.44
1.96
0.04
0.15
0.45
0.34
0.28
3.41
0.31
0.30
0.46
3.59
0.79
0.10
0.71
0.02
23.72
6.86
1.15
0.09
0.10
11.97
5.74
0.07
0.62
0.04
—
1.50
7.42
2.14
0.23
0.20
1.02
0.62
0.31
3.46
0.37
0.41
0.53
2.87
1.18
0.11
0.80
0.02
21.18
11.01
2.42
0.13
0.11
12.83
6.49
0.04
0.63
0.05
—
1.80
8.78
2.25
0.13
0.30
0.85
0.62
0.36
3.78
0.34
0.52
0.91
3.49
1.26
0.17
1.43
0.02
26.29
7.91
1.75
0.13
0.11
13.14
6.93
0.05
0.66
0.05
—
1.58
7.88
2.32
0.11
0.80
0.81
0.65
0.45
4.05
0.36
1.01
0.80
4.00
1.34
0.18
1.48
0.02
31.02
9.64
1.77
0.13
0.12
14.00
7.14
0.05
0.69
0.05
—
2.06
8.03
2.56
0.10
0.40
0.78
0.70
0.51
4.32
0.37
1.21
1.00
4.50
1.38
0.14
1.55
0.02
23.67
12.39
2.00
0.10
Median (B1 to C)
0.45
0.27
0.30
0.33
0.59
0.47
0.55
0.45
0.62
0.85
0.81
1.00
Mean (B1 to C)
1.36
1.44
1.36
1.83
1.86
2.12
2.52
2.58
2.83
3.08
3.38
3.33
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras [3]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [4]
Nicaragua [3]
Pakistan [2]
Papua New Guinea
Senegal [3]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
2003 reflects settlement of debt owed to Russia
Public sector only
39. Net Foreign Direct Investment/GDP
• 166 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
-1.7
0.0
-1.6
-1.7
2.4
0.7
7.9
3.4
-0.6
1.1
0.5
3.6
10.8
0.5
-0.5
-36.3
8.0
-4.3
3.8
-1.1
0.3
14.5
4.2
-0.6
-0.3
-5.0
0.3
-2.1
-0.8
4.8
-1.5
2.6
-4.3
2.5
0.0
5.7
2.1
-1.2
-1.1
0.5
-8.6
-15.4
-0.1
-0.5
-15.8
6.7
-4.0
2.3
-1.0
-3.0
11.9
5.4
0.8
-3.4
-2.8
-6.8
-1.7
-1.4
0.9
-0.1
0.5
-0.2
3.7
-1.3
15.7
0.3
-1.4
-1.0
-0.3
3.9
-22.7
-1.2
-0.9
-23.0
11.4
-13.2
0.2
-5.4
0.9
5.2
3.7
-0.1
-1.5
-4.3
-13.5
4.3
0.6
0.7
-1.4
2.1
1.1
5.2
-2.1
4.1
1.4
-1.7
-2.2
0.4
-1.4
-9.4
-0.2
-1.3
32.9
27.7
-8.4
5.2
-4.0
1.9
12.4
6.0
-0.6
-5.9
0.2
-7.9
3.0
0.0
3.0
-2.0
2.9
3.6
4.5
-2.8
4.4
2.1
-2.6
-2.7
-1.1
-2.7
1.4
-2.4
-1.2
-145.8
13.0
8.1
5.1
-1.6
-1.0
5.7
3.6
-0.7
-5.0
-2.2
-4.1
-4.4
-1.4
1.3
-5.5
-5.3
-1.1
-5.2
-3.3
2.6
-3.8
-3.2
-1.8
0.7
4.5
-13.5
-3.4
-2.2
-53.9
6.1
-7.3
3.6
-3.6
0.8
2.8
4.4
0.9
0.1
1.3
-5.8
-3.6
-0.1
1.1
-0.2
11.3
-1.2
13.2
-0.8
1.5
-2.1
-3.2
-1.4
0.1
-1.7
-0.4
-0.1
-1.2
-45.4
8.2
0.5
-1.6
-4.0
0.8
0.5
-1.0
-1.8
-0.2
-3.9
0.5
1.7
-1.0
0.6
-2.4
8.9
-0.3
0.4
-3.7
7.7
-1.2
-1.8
-1.9
-0.2
-6.9
9.9
-1.1
-1.1
33.5
10.7
-9.7
0.7
-0.1
4.4
12.2
0.9
1.2
0.1
-4.4
-8.5
0.5
-0.8
3.4
-3.2
4.0
-0.5
2.1
-0.2
7.7
-0.8
-1.8
-0.1
0.0
0.1
7.1
-0.9
-2.0
69.6
4.3
-2.8
4.2
-1.0
-1.6
11.2
1.7
1.8
-0.7
-3.5
-5.4
-2.3
-1.2
2.6
-2.6
-3.4
-0.5
12.1
-1.3
2.7
-2.5
0.1
-1.0
0.0
-3.6
4.9
-1.0
-2.1
35.8
2.8
0.4
1.4
-1.4
3.3
12.1
3.2
0.5
2.4
-3.8
-6.4
-0.4
-1.1
2.1
-1.5
-2.6
-0.6
-1.2
-1.8
2.7
-1.7
-1.1
-0.6
0.9
-1.7
6.0
-1.0
-2.4
43.6
5.7
0.5
2.1
-0.8
-0.3
8.4
2.0
0.9
1.4
-3.3
-6.4
-0.8
-0.9
1.8
-2.0
-1.3
-0.4
0.2
-1.4
2.7
-1.6
-0.9
-0.8
1.0
-1.5
5.5
-1.0
-2.6
62.6
6.6
0.5
2.6
-1.0
-0.6
8.6
2.3
1.4
0.5
-3.4
-5.5
-0.4
-1.0
Median
0.3
-1.0
-0.1
0.2
-1.1
-1.8
-0.4
-0.1
-0.2
0.0
-0.6
-0.4
Mean
0.2
-0.9
-1.3
2.0
-4.4
-3.2
-1.1
1.6
3.1
1.8
1.6
2.4
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.0
2.8
—
3.4
3.0
1.9
1.0
-0.1
10.2
6.5
1.0
-0.3
2.0
2.1
-0.3
-1.7
2.6
18.4
4.8
—
5.1
3.1
3.5
-1.3
0.5
-4.3
8.3
2.0
0.3
4.7
4.7
-0.1
-1.5
5.3
0.3
2.2
—
4.0
4.0
8.9
1.4
0.0
-6.1
14.5
0.7
4.2
2.3
5.6
3.8
-1.2
4.0
-5.9
4.3
—
3.4
3.6
2.7
-0.1
-0.8
-8.0
14.6
0.0
3.6
3.1
5.7
4.9
0.0
0.9
9.8
4.1
—
4.5
4.0
5.0
0.1
-1.7
-8.4
27.8
-1.4
8.0
4.2
5.9
5.9
-0.8
-0.1
-2.4
5.5
—
3.5
2.5
1.0
1.8
-1.8
-6.2
15.1
-3.4
3.9
2.0
3.1
6.9
-1.2
-0.7
-1.0
1.2
—
3.3
1.7
1.0
1.4
-1.8
-7.0
0.9
-3.1
2.9
2.0
5.1
8.0
-0.8
0.5
4.1
-0.1
—
2.7
3.1
2.5
-1.6
-2.2
-4.0
13.4
-1.7
0.2
1.5
-0.5
3.4
-2.1
1.2
0.0
2.8
—
1.0
3.2
1.2
3.2
-1.5
-5.2
5.6
-1.1
0.3
2.2
0.3
2.0
-3.2
1.5
6.3
2.1
—
3.4
2.3
4.7
3.0
-1.6
-4.7
4.7
-2.3
1.3
0.9
0.2
1.8
-2.1
0.8
1.2
2.2
—
2.6
1.7
3.3
3.0
-1.3
-4.1
4.6
-1.2
2.4
1.7
-0.5
1.7
-2.0
0.9
1.4
2.3
—
2.2
1.2
3.6
1.4
-1.2
-5.1
3.7
-0.7
2.9
1.5
-0.6
1.6
-1.9
1.0
Median (Aaa to A3)
1.9
3.3
3.0
2.9
4.1
1.9
1.1
0.7
1.1
1.6
1.7
1.4
Mean (Aaa to A3)
2.1
3.3
3.0
2.0
4.2
1.9
0.9
1.2
0.8
1.3
1.0
0.8
Bermuda [1]
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 167 •
Notes:
[1]
Series break in 2005 and 2011
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 168 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
31.8
2.7
-2.3
1.8
6.7
0.8
3.1
-0.4
0.4
-0.2
7.2
2.3
0.8
1.2
2.5
3.2
6.3
2.1
3.6
-0.4
0.1
—
3.2
5.2
0.4
3.3
26.7
3.9
-1.5
1.3
11.1
2.5
3.9
-13.9
0.5
-0.6
12.6
3.8
2.3
-0.3
2.7
3.8
7.2
2.3
8.4
0.3
-0.3
—
3.6
7.3
0.5
2.3
3.4
7.3
-0.6
1.4
13.9
3.8
4.5
-24.6
0.4
1.8
3.7
3.6
2.6
-0.1
2.1
5.5
5.9
3.2
6.6
0.0
2.3
—
4.3
3.8
1.9
4.7
-6.1
8.9
12.2
-0.9
23.0
3.4
6.1
-10.2
0.8
0.6
8.2
7.5
5.0
1.4
1.5
5.0
14.9
3.8
8.9
0.7
-2.5
—
4.1
2.8
3.6
7.6
-15.2
8.6
0.5
2.0
28.7
3.9
6.2
-16.5
1.3
0.5
7.6
6.8
3.6
3.6
2.2
8.3
9.0
5.1
5.7
0.7
1.0
9.3
3.4
3.8
3.1
5.3
-1.1
10.4
0.8
1.5
17.5
3.4
6.9
30.5
1.8
0.7
9.8
3.0
3.4
3.4
2.4
8.1
9.5
4.9
6.7
1.2
4.4
9.0
1.6
7.5
2.3
7.0
0.3
8.6
10.6
2.2
7.2
1.7
4.6
-18.2
1.3
0.5
8.7
0.6
-0.6
2.5
0.9
5.9
5.2
4.7
3.0
-0.6
1.5
5.0
0.3
3.6
1.1
5.0
0.6
11.2
-0.8
1.7
2.7
0.1
4.0
20.7
0.5
1.6
2.0
1.5
2.2
3.1
0.6
7.1
8.7
5.3
1.8
-0.6
0.4
3.5
1.4
2.6
1.0
6.0
1.4
8.6
-0.4
2.7
3.1
1.5
5.0
7.7
1.2
1.4
4.6
4.9
3.2
1.6
0.8
6.5
8.9
4.6
1.4
-0.8
1.6
-5.9
-0.1
3.3
1.7
5.4
-1.2
5.5
-4.1
3.0
3.3
4.3
5.0
28.0
1.2
1.6
6.2
2.8
1.0
2.4
-1.1
2.8
8.3
6.2
1.4
0.0
0.1
3.0
-0.9
5.0
1.0
5.4
0.0
8.0
-3.4
2.5
3.1
3.4
4.8
2.0
1.9
2.0
6.3
3.1
3.2
2.8
1.0
5.0
8.5
5.9
1.5
0.5
0.9
5.0
-0.3
6.0
1.8
5.8
0.1
8.5
-3.3
2.1
3.3
3.3
5.0
5.0
1.9
1.9
6.4
3.2
3.4
2.8
0.9
5.0
8.0
5.8
1.5
0.7
1.2
4.0
-0.2
6.5
2.5
5.5
2.3
2.5
3.4
3.8
3.7
3.9
2.4
1.9
2.2
2.8
3.0
3.3
Mean (Baa1 to Baa3)
3.4
3.6
2.5
4.4
3.8
6.0
2.5
3.4
2.8
3.5
3.1
3.3
Azerbaijan
Bahamas [1]
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
24.9
4.3
0.7
5.1
2.4
5.5
0.8
8.3
1.0
0.6
5.4
2.6
4.6
—
0.3
0.2
12.4
2.0
7.2
6.9
0.5
3.5
0.7
2.0
2.3
9.4
1.1
3.1
8.0
3.0
1.3
2.1
0.4
0.1
15.3
1.9
-3.5
4.7
1.3
5.9
-2.5
3.5
2.3
8.5
1.7
4.9
14.5
22.0
2.6
4.4
0.5
1.6
17.8
2.2
0.3
7.0
1.2
7.1
2.4
6.4
1.4
15.3
1.8
0.8
24.5
21.9
2.9
3.1
1.6
2.3
12.3
9.4
0.0
7.6
1.2
8.8
2.8
8.0
7.2
16.5
2.1
2.3
15.0
21.2
2.9
3.1
1.3
-0.4
6.1
3.9
5.0
7.9
0.9
10.8
3.1
6.8
3.8
11.1
1.9
1.2
12.8
18.9
2.4
3.4
1.5
0.7
3.5
5.8
2.9
8.4
1.1
6.9
2.4
3.4
1.8
6.3
1.5
0.6
9.8
35.9
1.6
4.1
1.4
1.0
6.2
3.5
-2.3
6.1
0.9
8.1
3.3
1.0
0.5
5.9
1.9
3.1
6.1
17.8
0.7
2.6
1.7
0.3
2.6
3.0
-1.3
4.4
0.7
6.7
3.6
2.4
1.7
5.7
2.1
0.2
5.0
12.0
2.3
3.3
1.9
0.7
3.9
0.9
-3.7
4.8
0.9
6.9
4.0
0.8
2.2
6.1
2.3
0.1
4.5
13.6
2.6
2.1
2.0
0.1
4.2
3.9
-2.6
3.4
0.9
7.4
3.6
1.8
2.3
6.1
2.4
0.1
5.8
13.0
2.8
2.6
2.1
1.1
6.6
2.5
-1.7
4.3
0.7
7.7
3.5
2.3
2.2
5.6
2.6
0.2
6.5
13.8
2.9
2.5
2.5
1.5
8.7
3.2
Median (Ba1 to Ba3)
2.6
2.2
3.1
3.0
3.5
3.7
3.2
2.6
2.3
2.4
2.5
2.7
Mean (Ba1 to Ba3)
4.8
3.8
5.1
6.8
6.1
5.6
5.5
3.5
3.1
3.2
3.4
3.8
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 169 •
Notes:
[1]
Country
Rating
• 170 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.1
0.7
1.0
-1.1
—
1.6
—
3.0
2.7
0.8
1.6
0.9
4.7
6.4
0.5
11.2
3.7
8.2
3.8
0.9
3.0
0.7
1.1
11.4
2.8
0.9
3.7
8.0
4.5
2.3
0.7
10.5
—
2.3
—
4.1
2.3
0.3
9.1
1.0
6.2
5.3
0.3
4.9
3.3
4.6
4.3
0.9
0.7
0.8
1.1
12.6
2.6
0.8
3.5
7.2
3.2
2.2
1.0
11.3
5.5
6.0
—
3.4
1.2
4.3
4.8
0.8
6.1
5.2
0.1
8.7
6.4
7.3
3.8
1.3
0.6
0.6
1.0
7.3
8.7
1.0
3.7
5.0
3.5
1.4
1.0
8.9
6.8
6.5
—
3.0
0.6
5.6
13.3
3.1
6.1
6.7
0.1
8.1
7.6
10.0
4.2
2.7
-0.1
2.2
1.6
17.9
5.3
-1.1
3.9
5.8
6.0
1.9
4.0
10.9
10.9
10.0
—
4.1
0.4
8.1
10.1
3.5
7.5
5.9
2.5
10.1
11.9
8.4
5.1
3.5
1.4
2.4
1.7
17.4
6.5
0.6
9.4
11.5
6.7
2.5
3.6
12.2
5.0
7.7
—
6.4
1.7
7.5
8.8
7.4
7.3
9.9
0.2
11.3
11.5
14.7
7.6
3.3
-0.4
2.0
1.7
22.8
5.5
0.0
10.2
6.4
7.9
1.1
3.6
8.0
1.2
5.0
—
4.7
0.5
3.6
1.8
6.5
3.5
3.9
0.2
10.6
2.5
12.5
5.3
2.3
5.2
1.9
0.9
15.5
4.0
-1.3
7.1
3.3
8.7
1.6
2.4
6.8
1.5
6.8
—
3.7
0.2
2.6
5.9
7.9
6.1
1.3
0.6
10.2
3.3
26.1
5.9
1.2
0.3
2.0
0.9
15.3
4.2
0.0
6.7
3.9
7.6
1.3
6.5
6.3
2.1
7.3
—
4.1
0.8
0.5
4.9
8.1
5.6
1.2
1.0
8.6
3.7
52.4
10.0
0.8
-2.4
1.9
1.5
16.0
4.3
1.6
5.2
4.3
7.8
0.3
2.1
12.0
3.5
5.8
—
6.1
0.8
0.7
4.8
9.2
5.5
1.3
1.7
7.7
1.9
35.8
7.7
0.3
-1.5
2.1
1.3
17.6
3.8
0.5
4.7
4.7
8.2
0.1
1.4
8.1
2.3
5.9
—
4.0
0.9
1.0
4.9
8.3
5.8
1.6
1.7
6.8
2.1
20.0
8.0
0.2
-0.7
2.3
1.3
18.4
4.2
-0.9
4.0
5.1
7.9
0.2
1.0
7.3
2.5
5.9
—
4.0
1.0
1.5
5.0
7.5
5.7
1.6
1.9
8.6
2.3
18.7
9.0
0.3
-0.6
2.3
2.3
18.7
4.2
0.0
3.2
5.1
Median (B1 to C)
2.8
2.9
3.8
4.2
6.0
6.7
3.6
3.7
4.3
3.8
4.0
3.2
Mean (B1 to C)
3.3
3.7
4.1
5.0
6.5
6.8
4.5
5.0
6.1
5.5
4.6
4.7
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
40. Net International Investment Position/GDP
• 171 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Australia
Austria
Belgium
Canada
Cyprus
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
-51.9
-14.3
32.0
-20.6
4.3
-28.3
-65.9
-26.5
0.6
6.6
-58.9
245.6
-20.0
-13.6
37.5
—
38.7
-1.7
-68.5
44.6
-58.2
199.1
-24.5
-5.9
-45.2
-22.2
126.1
-9.6
-18.8
-53.8
-17.3
22.4
-15.4
14.1
-20.3
-86.5
-10.0
-1.0
10.7
-67.0
251.3
-17.9
-15.8
38.3
—
39.0
3.7
-73.4
48.2
-63.1
188.0
-31.0
-7.8
-51.9
-27.3
123.6
-18.1
-19.0
-54.2
-21.7
27.0
-13.3
20.3
-9.9
-85.2
-15.3
1.1
21.0
-77.3
246.1
-24.5
-16.8
33.5
121.1
36.0
-2.6
-75.2
54.5
-67.4
203.3
-38.7
-11.0
-55.6
-20.1
131.3
-21.4
-15.3
-56.2
-20.5
23.2
-8.0
21.4
-10.8
-73.9
-13.8
1.1
27.9
-85.4
273.3
-5.3
-22.2
41.5
137.9
27.4
3.2
-77.1
59.9
-78.8
220.6
-46.8
-17.1
-65.8
-13.8
125.3
-28.8
-16.4
-56.3
-18.2
21.1
-10.3
13.0
-15.8
-72.1
-27.9
-1.5
26.5
-96.1
232.5
-19.6
-24.5
50.4
102.5
19.1
-6.0
-74.4
57.5
-88.9
192.5
-46.2
-21.8
-78.1
-1.2
143.9
-23.3
-12.8
-56.8
-16.9
26.9
-4.0
-15.1
-11.1
-76.7
-7.0
-12.9
25.4
-76.8
287.0
-76.2
-24.1
51.2
114.3
6.6
4.2
-82.1
48.3
-96.1
157.9
-57.4
-35.7
-79.3
-8.8
115.6
-5.8
-22.8
-61.0
-8.0
38.8
-10.3
-30.4
-19.3
-81.9
3.4
-9.4
33.8
-89.6
343.7
-93.0
-25.3
57.4
87.8
13.4
16.7
-81.1
85.5
-110.6
210.2
-66.7
-39.6
-93.7
-13.2
141.4
-27.7
-16.6
-56.1
-6.1
48.5
-11.6
-43.2
-11.4
-72.8
17.1
-7.8
34.9
-98.4
291.0
-88.9
-23.9
56.2
96.5
9.2
24.4
-74.6
96.4
-107.2
228.7
-63.2
-42.8
-88.8
-9.9
137.2
-19.9
-17.1
-57.7
-0.5
47.2
-12.2
-71.3
-0.1
-57.8
15.7
-15.9
32.6
-86.1
285.3
-94.8
-20.7
55.2
99.6
7.5
36.2
-72.3
97.7
-104.9
262.4
-64.4
-41.2
-91.3
-7.0
140.8
-17.0
-26.7
-58.5
0.5
—
—
-61.9
7.1
-53.0
11.5
—
40.5
-114.1
277.9
-95.8
—
—
27.6
—
50.9
-71.7
—
-116.5
—
—
-44.6
-93.0
—
151.3
-35.3
-28.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-14.0
-15.6
-13.3
-10.8
-12.8
-11.1
-13.2
-11.4
-12.2
-35.3
—
—
6.4
5.1
9.3
11.1
5.7
2.5
5.3
6.8
8.2
-10.8
—
—
Median
Mean
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
• 172 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait [1]
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
—
70.2
—
-49.7
—
-21.6
-22.1
-9.9
62.1
—
-32.8
—
-43.3
—
—
95.3
—
—
70.9
—
-35.2
14.2
-32.4
-18.2
-8.6
61.5
—
-26.1
—
-50.9
—
—
100.1
—
—
78.2
—
-29.7
17.9
-26.2
-16.5
-17.1
60.8
—
-13.8
—
-42.1
—
—
94.5
—
—
99.3
—
-14.1
23.0
-35.0
-3.5
-16.0
63.2
—
-3.9
—
-48.7
—
—
102.4
—
—
95.4
—
-5.3
34.0
-43.5
-3.8
-17.5
62.4
—
-2.3
—
-56.8
—
90.1
119.2
—
—
112.0
—
-15.0
33.0
-35.4
4.3
-7.8
70.8
—
13.6
—
-45.8
—
89.2
140.8
—
—
95.8
—
-13.1
29.4
-47.7
3.5
-12.6
102.5
—
14.8
—
-64.4
—
101.3
159.3
—
—
79.4
—
-13.6
28.4
-49.2
8.6
-13.6
70.3
—
1.7
—
-66.6
—
91.8
150.1
—
47.3
87.2
—
-12.6
23.4
-42.2
14.1
-7.6
79.0
—
4.3
—
-54.8
—
87.2
158.8
—
35.5
76.8
—
-16.7
21.1
-51.1
20.8
-9.1
82.6
—
—
—
-69.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-21.6
-13.4
-15.1
-3.7
-2.3
13.6
14.8
8.6
18.7
20.8
—
—
5.3
7.5
10.6
16.7
24.7
32.7
33.5
26.1
32.0
10.1
—
—
Median (Aaa to A3)
Mean (Aaa to A3)
Notes:
[1]
Excludes KIA's assets
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 173 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
-104.8
—
53.3
-48.8
-29.1
-31.0
-29.2
-67.6
-7.6
-45.1
-47.9
-43.8
-33.1
15.1
-28.0
-1.6
-71.8
-46.1
-27.6
0.9
-6.3
—
-38.3
—
-34.9
-10.4
-107.2
—
53.3
-44.4
-33.0
-27.4
-16.5
-76.2
-7.5
-45.4
-36.4
-52.3
-34.4
14.0
-31.2
-7.1
-71.7
-39.2
-29.6
-1.8
-8.3
—
-31.6
—
-32.6
-11.2
-69.4
—
58.3
-35.5
-41.9
-24.3
-18.4
-84.5
-7.2
-43.7
-35.5
-59.6
-42.6
14.0
-34.5
8.2
-74.3
-34.1
-27.5
-4.1
-13.7
—
-30.5
—
-36.2
-7.5
-33.7
—
64.2
-33.5
-60.9
-24.6
-15.4
-100.7
-6.6
-37.5
-35.8
-69.9
-48.9
20.1
-36.9
16.6
-68.8
-28.7
-39.6
-3.9
-16.2
—
-27.1
—
-38.8
-3.6
1.9
—
71.3
-39.2
-87.1
-23.1
-17.2
-115.6
-4.1
-39.1
-42.3
-74.7
-55.8
28.7
-35.9
38.2
-68.8
-30.7
-46.8
-11.6
-23.1
—
-22.3
—
-48.5
-8.7
25.8
—
69.8
-16.9
-94.9
-21.8
-22.8
-504.7
-5.4
-29.0
-29.1
-79.0
-51.6
22.5
-29.7
27.7
-68.5
-25.1
-47.0
15.3
-4.0
—
-4.9
—
-27.4
-6.7
39.4
—
83.1
-36.8
-107.0
-25.4
-26.0
-72.9
-11.7
-39.6
-37.4
-82.7
-57.3
26.6
-36.8
61.7
-61.3
-26.5
-64.6
8.5
-11.5
—
-1.8
—
-45.0
-16.8
54.0
—
78.9
-41.2
-97.0
-24.1
-25.9
-74.7
-11.9
-41.0
-24.3
-80.3
-55.4
20.7
-38.2
36.3
-63.7
-27.8
-63.1
1.1
-16.9
—
-13.1
—
-49.5
-17.4
66.1
—
79.0
-29.8
-81.1
-23.4
-29.2
-53.1
-13.1
-37.7
-13.2
-73.3
-52.6
—
-28.4
33.2
-70.1
-25.4
-59.8
7.3
—
—
-9.2
—
-41.3
—
77.8
—
—
-33.0
—
-24.6
—
-59.1
-15.6
—
-12.7
-65.1
-52.3
—
—
41.7
—
-23.1
-66.6
—
—
—
—
—
-52.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-31.0
-31.6
-34.1
-33.5
-30.7
-22.8
-26.5
-25.9
-28.8
-28.8
—
—
Mean (Baa1 to Baa3)
-29.7
-29.5
-28.0
-27.4
-28.5
-39.5
-23.5
-25.0
-22.8
-23.7
—
—
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland [1]
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
-56.2
—
—
-98.6
-39.6
-44.7
-78.2
—
-84.2
-70.8
—
-35.5
—
-26.2
-49.6
—
-107.3
—
-43.7
—
—
-88.8
-51.1
-45.0
-68.4
—
-96.0
-94.5
—
-32.4
—
-17.1
-44.0
—
-101.2
-36.9
-30.0
—
—
-75.6
-53.8
-45.3
-62.8
-10.6
-88.2
-158.2
—
-29.1
-19.7
-7.7
-38.7
—
-90.4
-1.7
-24.2
—
—
-31.7
-80.4
-47.2
-66.9
-11.7
-107.4
-102.8
—
-33.9
3.8
-0.7
-32.9
—
-94.7
13.7
-22.7
-43.4
—
-5.3
-99.7
-44.9
-69.7
-13.3
-97.4
-127.9
—
-38.2
5.3
-2.0
-29.2
—
-96.2
15.7
-29.7
-48.4
243.6
12.9
-70.0
-44.2
-75.1
-14.1
-96.6
-89.6
—
-36.8
7.0
-3.7
-17.1
—
-89.2
7.6
-47.2
-42.5
223.6
17.5
-90.6
-48.9
-99.3
-12.7
-129.0
-72.7
—
-44.8
-4.7
6.7
-13.7
—
-98.6
12.9
-61.3
-38.3
171.7
15.9
-95.0
-49.7
-99.9
-13.5
-110.5
-68.6
—
-51.5
-6.3
7.5
-13.2
—
-97.8
21.9
-64.4
-37.3
—
16.6
-84.0
-53.3
-93.0
-15.6
-86.5
-73.0
—
-50.2
-5.3
6.1
-8.7
—
-99.9
—
-68.7
—
—
—
-90.5
-58.0
-86.6
-18.8
—
—
—
—
—
—
—
—
-109.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
-56.2
-51.1
-42.0
-33.4
-38.2
-33.3
-43.7
-44.0
-50.2
-77.6
—
—
Mean (Ba1 to Ba3)
-62.8
-62.0
-53.4
-45.2
-44.7
-21.0
-28.1
-31.1
-41.8
-72.0
—
—
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 174 •
• 175 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
—
-0.6
-22.3
—
—
-16.6
—
-44.0
-60.9
—
—
—
—
—
—
—
-84.6
—
—
-31.8
—
-62.8
—
—
-23.4
10.6
—
13.7
—
2.0
-19.2
—
—
-16.8
—
-40.0
-53.7
—
—
—
-62.0
—
—
—
-60.5
—
—
-28.3
—
-47.3
—
—
-18.7
15.0
—
0.6
—
11.6
-12.9
—
-30.4
-17.0
—
-29.4
-45.3
-26.2
—
—
-49.0
-96.8
—
—
-56.9
—
-130.3
-26.6
—
-41.4
—
—
-16.4
24.9
—
-26.3
—
10.2
-15.2
—
-28.6
-15.4
—
-24.0
-29.0
-17.8
—
—
-29.2
-103.1
—
—
-60.0
—
-113.9
-27.8
—
-19.1
—
—
-18.5
33.1
—
-25.5
-19.4
13.1
-17.5
—
-33.8
-19.6
—
-24.5
-23.3
-10.0
—
—
-24.9
-105.6
—
—
-61.1
—
-95.6
-35.4
—
-26.4
—
—
-18.7
39.0
—
4.7
-25.2
17.6
-22.0
—
-39.1
-22.3
—
-30.5
-17.1
-6.4
—
—
-33.4
-112.1
—
—
-61.3
—
-96.3
-31.9
—
-33.2
—
—
-22.3
41.8
—
5.5
-33.2
17.8
-38.3
—
-50.4
-21.5
—
-35.1
-15.0
-16.6
—
—
-37.6
-134.1
—
—
-74.8
—
-109.3
-33.9
—
-40.4
—
—
-34.3
40.2
—
-5.5
-34.0
12.5
-46.8
—
-58.0
-24.2
—
-41.3
-16.3
-15.8
—
—
-40.6
-127.6
—
—
-77.9
—
-110.4
-33.5
—
—
—
—
-28.4
34.7
—
-7.6
—
10.9
-48.1
—
-55.2
—
—
—
—
-20.2
—
—
-41.7
-129.9
—
—
-72.2
—
-114.8
-29.2
—
—
—
—
-29.3
50.8
—
-1.7
—
—
-47.8
—
-60.8
—
—
—
—
-22.6
—
—
-48.4
—
—
—
-75.6
—
—
-27.7
—
—
—
—
-33.8
38.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
-23.4
-23.7
-28.0
-24.8
-23.3
-25.2
-34.3
-33.8
-35.5
-40.8
—
—
Mean (B1 to C)
-29.3
-27.4
-35.5
-30.2
-27.0
-28.7
-36.6
-38.5
-40.1
-34.8
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Country
Rating
• 176 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
29.97
7.14
7.65
31.54
3.15
36.00
1.37
9.54
23.12
41.10
3.84
118.36
3.42
26.06
652.79
0.09
2.62
7.34
5.41
35.89
5.25
95.47
11.68
8.34
17.51
18.02
45.56
28.64
39.72
33.90
6.76
7.72
30.17
3.83
38.20
1.79
11.43
29.08
39.90
0.74
123.54
2.32
24.01
824.26
0.14
2.62
7.21
6.44
43.08
4.63
111.84
14.42
8.66
10.48
20.64
53.63
34.08
42.72
40.97
6.30
6.82
30.66
4.16
32.51
1.94
10.08
24.00
39.76
0.31
124.24
0.51
23.53
828.81
0.17
2.47
7.08
8.69
46.38
3.17
115.71
14.90
7.99
8.59
21.38
35.42
35.85
37.84
52.82
6.57
7.62
33.20
5.62
29.16
2.78
6.13
40.29
37.72
0.41
133.17
0.49
24.41
874.94
0.16
2.86
9.33
13.92
56.18
1.84
135.81
12.65
6.98
10.09
24.07
37.36
38.89
40.94
24.24
10.26
9.30
39.31
6.10
32.03
3.26
6.69
43.59
40.77
0.52
152.64
0.59
27.32
948.36
0.09
3.66
8.75
17.12
60.29
1.04
162.52
18.03
0.94
10.79
26.38
43.87
47.50
45.80
29.87
8.24
7.77
41.54
0.59
39.82
3.96
6.49
30.38
38.56
0.16
182.47
0.61
35.31
1,003.67
0.26
0.29
9.37
10.86
50.21
1.02
173.65
17.80
0.81
11.54
25.13
44.15
41.55
49.58
33.00
4.78
7.80
42.60
0.56
71.26
3.87
7.40
27.73
36.93
0.20
255.77
0.52
34.52
996.96
0.27
0.33
8.61
13.98
45.72
0.81
186.00
0.05
0.59
12.79
38.54
91.61
38.03
50.52
32.79
6.18
7.88
44.89
0.28
70.33
2.46
4.92
36.21
37.36
0.11
268.65
0.50
35.68
1,036.26
0.27
0.34
8.90
15.13
49.74
2.01
222.69
0.05
0.51
13.31
37.92
217.35
49.34
52.08
36.00
7.07
7.99
52.81
0.16
78.11
0.10
5.31
26.15
38.08
0.03
285.26
0.03
34.16
1,221.25
0.18
0.29
9.16
15.24
45.61
0.34
234.98
0.07
0.33
25.84
38.91
271.12
56.24
51.88
37.92
7.97
8.45
55.24
0.14
82.37
0.18
5.70
30.35
37.96
0.05
317.19
0.00
34.82
1,193.58
0.15
0.41
10.80
15.78
48.00
0.56
256.47
0.02
0.27
28.21
40.29
467.93
64.95
49.92
40.49
8.50
8.68
58.00
0.13
80.00
0.09
6.00
31.23
38.31
0.05
340.00
0.01
34.91
1,220.91
0.16
0.33
11.00
16.25
48.96
0.60
263.89
0.14
0.35
28.20
40.50
449.79
73.39
50.80
42.73
9.00
8.97
62.00
0.11
78.00
0.09
6.30
29.56
38.64
0.05
365.00
0.01
34.66
1,220.73
0.16
0.32
11.00
16.75
49.50
0.60
279.87
0.18
0.48
29.40
41.10
443.17
79.00
51.04
Median
17.51
14.42
14.90
13.92
18.03
17.80
13.98
15.13
25.84
28.21
28.20
29.40
Mean
45.40
53.04
52.42
56.77
61.78
64.33
69.37
77.73
87.68
96.40
98.33
99.95
Australia
Austria
Belgium
Canada
Cyprus [1]
Denmark
Estonia [2]
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Luxembourg
Malta [1]
Netherlands
New Zealand
Norway
Portugal
Singapore
Slovakia [3]
Slovenia [4]
Spain
Sweden
Switzerland
United Kingdom
Aaa
Aaa
Aa3
Aaa
Caa3
Aaa
A1
Aaa
Aa1
Aaa
C
Aa1
Ba1
Baa2
Aa3
Aaa
A3
Aaa
Aaa
Aaa
Ba3
Aaa
A2
Ba1
Baa3
Aaa
Aaa
Aa1
Aaa
Notes:
[1]
[2]
[3]
[4]
Series break in 2008 due to euro adoption
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.12
5.24
0.08
15.21
403.25
26.29
25.78
154.51
6.64
4.34
40.56
3.47
31.72
2.76
17.66
206.63
14.73
0.10
5.58
0.10
15.50
609.93
27.84
26.62
198.18
7.35
5.44
61.74
3.48
34.55
3.23
23.27
241.74
18.21
0.13
6.25
0.11
16.69
818.87
29.14
27.84
209.97
8.38
6.69
66.22
4.31
40.49
4.46
152.57
253.29
20.87
0.13
7.93
0.12
19.22
1,066.34
31.05
29.01
238.39
12.18
9.13
78.36
4.97
46.11
5.31
224.48
266.15
27.51
0.14
9.72
0.13
16.70
1,528.25
34.45
28.41
261.77
16.29
13.23
94.96
9.49
62.72
9.35
304.00
270.31
77.16
0.15
9.04
0.12
22.85
1,946.03
36.47
42.32
200.48
16.61
15.93
85.67
11.54
58.93
9.55
440.13
291.71
31.56
0.15
8.54
0.12
23.85
2,399.15
39.67
59.09
265.20
17.61
18.35
86.48
11.86
73.39
17.87
396.75
348.20
25.07
0.14
7.72
0.11
26.32
2,847.34
40.34
69.26
286.93
18.62
23.73
95.86
12.67
86.32
30.11
432.09
382.00
31.75
0.15
7.91
0.11
40.12
3,181.15
37.85
73.05
298.23
22.92
34.03
120.22
13.98
89.69
15.64
525.52
385.55
36.09
0.15
7.45
0.12
42.10
3,311.59
42.41
74.04
316.90
25.96
16.60
126.42
14.01
100.32
31.96
640.98
403.17
45.83
0.15
7.50
0.12
43.15
3,356.36
44.20
80.82
332.74
26.87
23.27
145.00
14.07
109.70
34.24
744.16
408.07
48.04
0.15
7.70
0.13
43.90
3,358.68
45.30
85.31
346.05
28.57
30.76
150.00
14.13
114.10
37.80
824.71
419.22
50.92
Median (Aaa to A3)
15.21
18.21
20.87
27.51
28.41
31.56
25.07
31.75
37.85
42.41
44.20
45.30
Mean (Aaa to A3)
56.41
75.46
98.02
121.55
161.00
189.36
223.02
258.31
287.19
305.88
318.73
326.91
Bermuda [1]
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 177 •
Notes:
[1]
Foreign assets of Bermuda Monetary Authority
Country
Rating
• 178 •
Azerbaijan
Bahamas
Bahrain
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [1]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.78
0.48
1.43
48.84
6.17
10.19
1.81
0.76
107.45
36.25
4.24
1.43
3.37
1.52
57.74
0.33
0.99
9.78
8.04
73.17
6.16
—
40.96
2.26
33.79
2.08
1.06
0.66
1.58
52.46
8.71
12.77
1.89
1.02
135.57
36.27
8.47
1.91
3.51
1.54
62.78
0.34
0.61
12.18
14.62
120.80
12.79
—
48.50
2.99
35.48
2.51
1.16
0.58
1.88
53.22
7.99
14.21
2.28
1.01
145.11
34.72
6.08
2.23
3.72
1.29
73.02
0.31
1.19
13.60
19.87
175.69
18.26
—
50.50
4.89
50.40
3.07
2.48
0.45
2.69
85.15
10.89
14.67
3.08
2.27
191.92
42.59
17.75
4.35
5.65
1.23
75.45
0.45
1.32
16.73
28.07
295.28
22.72
—
65.15
6.53
60.71
3.08
4.26
0.45
4.11
179.43
16.42
20.10
4.08
2.55
299.23
56.92
15.78
5.55
7.56
1.74
86.31
0.90
1.92
26.85
37.19
466.38
29.23
0.22
85.11
6.66
73.16
4.11
6.47
0.56
3.81
192.84
16.76
22.81
3.77
3.49
241.43
51.64
17.87
5.03
6.28
1.69
93.99
1.29
2.40
30.26
36.75
410.70
30.24
0.27
108.32
9.38
70.23
6.35
5.13
0.82
3.53
231.89
16.12
23.16
3.83
3.64
254.68
66.10
20.18
6.44
6.20
2.00
94.10
1.85
2.74
31.00
39.34
405.82
32.43
0.29
133.60
8.65
69.18
7.64
6.17
0.86
4.78
280.57
14.43
26.35
4.39
5.56
274.33
96.21
24.69
7.07
6.12
2.25
114.88
1.49
2.43
41.65
42.30
432.95
35.42
0.30
165.66
9.07
79.05
7.17
10.04
0.89
4.24
343.38
14.26
29.88
4.52
7.71
260.07
110.12
24.65
5.85
7.70
2.38
137.49
1.78
2.02
46.10
42.35
441.16
39.85
0.33
165.20
9.82
76.66
9.77
11.04
0.83
4.90
362.10
17.38
34.92
6.62
4.04
257.37
112.78
21.60
6.95
8.01
2.63
153.47
1.74
2.00
61.17
41.01
473.11
41.18
0.34
171.11
9.20
98.28
13.06
11.29
0.85
4.90
379.12
17.50
38.10
8.10
4.54
261.47
104.06
25.00
8.95
8.35
2.73
170.00
1.87
2.00
70.00
44.06
484.18
41.30
0.35
189.26
9.50
112.00
13.97
12.36
0.89
5.10
398.07
18.20
40.20
8.30
5.00
266.30
107.06
30.00
9.95
9.12
2.83
185.00
1.87
2.00
75.00
46.98
491.36
42.12
0.36
196.97
10.00
121.00
14.81
4.24
8.47
6.08
10.89
11.67
13.07
12.38
11.75
12.15
15.22
15.74
16.51
18.40
23.24
27.45
38.43
55.24
52.87
56.55
64.85
69.16
73.72
77.44
80.80
Notes:
[1]
• 179 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
0.63
0.48
2.47
0.73
0.66
8.19
1.76
0.19
2.82
12.03
5.19
0.06
13.63
7.13
0.81
13.52
0.09
2.91
1.37
0.54
2.70
0.57
0.82
8.76
1.72
0.38
3.42
15.33
5.26
0.08
16.11
16.95
1.00
12.98
0.12
3.90
3.20
0.66
2.93
0.60
1.28
8.80
1.69
0.48
3.66
18.30
5.25
0.20
16.01
28.28
1.14
15.80
0.12
4.41
8.60
1.06
3.48
0.63
2.56
11.49
1.78
0.93
3.91
21.32
6.72
0.43
20.18
42.30
1.53
19.89
0.20
6.74
11.20
1.65
5.08
0.83
4.50
13.67
2.07
1.35
4.13
23.77
7.54
0.68
23.98
51.33
2.38
30.07
0.36
7.82
17.87
1.40
6.15
0.73
6.87
12.96
2.40
1.47
4.46
33.62
8.56
0.42
21.98
53.00
2.77
33.05
0.55
8.81
13.24
1.88
7.47
0.77
7.31
14.42
2.61
1.89
4.69
42.48
11.46
0.52
21.92
42.38
3.63
37.50
0.46
10.65
19.34
1.83
10.75
0.74
7.87
13.67
2.32
2.04
5.37
43.58
12.83
0.51
21.76
32.34
3.93
53.99
0.47
9.00
26.08
1.88
10.91
0.72
9.64
14.02
1.90
2.59
5.57
47.72
11.24
0.34
18.80
32.64
4.75
65.70
0.58
7.00
30.60
1.77
10.36
0.73
11.39
14.34
2.55
2.69
6.06
44.03
7.61
0.41
15.81
43.80
4.35
71.66
0.75
7.90
39.10
1.69
12.40
0.74
12.81
14.80
2.68
2.49
6.13
44.80
7.97
0.41
15.81
53.50
5.14
75.00
0.92
8.27
47.60
1.75
13.21
0.70
14.20
15.00
2.87
2.30
6.38
44.26
9.63
0.63
15.81
50.00
5.34
80.00
1.10
8.77
Median (Ba1 to Ba3)
2.11
2.21
3.06
3.70
4.79
6.51
7.39
8.43
8.32
7.75
8.12
9.20
Mean (Ba1 to Ba3)
4.07
5.11
6.27
8.54
10.69
12.06
12.52
13.46
14.56
15.38
16.93
17.75
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
• 180 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
0.91
13.14
0.59
0.08
1.81
0.82
—
0.25
0.79
13.55
0.39
1.31
1.42
1.19
1.46
12.46
0.30
0.20
0.50
9.53
0.49
1.10
2.19
0.05
6.66
15.55
6.22
0.25
1.25
18.01
0.75
0.04
2.43
0.94
—
0.80
0.99
13.50
0.45
1.61
1.96
1.85
1.50
11.67
0.47
0.19
0.67
10.56
0.63
1.36
2.06
0.07
9.49
17.87
7.04
0.31
1.39
22.74
1.14
0.06
2.55
0.95
—
1.93
1.67
17.95
0.29
1.75
2.31
2.17
1.78
11.83
0.60
0.33
0.73
9.80
0.72
1.18
2.58
0.07
18.99
23.45
9.05
0.54
1.75
30.42
1.07
0.10
3.67
1.16
—
2.24
1.46
21.24
0.28
2.09
2.62
2.32
2.40
13.31
0.78
0.58
0.92
10.77
1.40
1.33
2.65
0.08
21.84
28.93
13.38
0.71
2.10
44.18
3.95
0.10
5.04
1.81
—
2.93
2.76
26.85
0.49
1.98
2.51
1.88
3.33
12.84
1.33
0.80
1.10
13.35
2.05
1.66
3.30
0.09
31.78
23.69
23.47
1.08
2.31
44.36
2.69
0.16
4.48
2.29
—
2.65
3.69
32.55
0.29
1.77
2.46
1.77
2.86
20.18
1.67
0.56
1.14
8.58
1.95
1.60
2.39
0.08
30.79
32.58
23.88
1.08
2.23
42.92
4.25
0.18
4.52
2.74
—
3.29
2.82
29.28
0.44
2.93
1.91
1.73
3.48
28.74
1.48
1.22
1.41
9.12
2.38
1.92
4.52
0.08
25.49
17.69
16.03
1.25
2.39
46.62
2.86
0.18
4.37
3.15
—
3.74
1.38
31.61
0.62
4.31
2.50
2.17
3.98
31.16
1.72
2.12
1.64
12.96
3.02
1.84
6.63
0.11
33.32
9.19
12.05
1.47
2.31
40.08
5.44
0.20
4.15
3.34
—
4.07
1.60
22.20
0.73
5.05
2.58
1.97
4.23
33.39
1.96
2.21
1.72
14.78
4.24
1.74
6.17
0.09
30.39
6.00
13.13
1.71
2.42
36.76
5.24
0.28
4.28
3.49
—
3.53
1.80
10.91
0.89
4.20
2.33
1.13
5.68
36.84
2.51
3.86
1.72
10.80
3.92
1.88
6.40
0.11
22.65
5.96
23.80
2.44
2.62
36.00
5.57
0.30
4.47
3.62
—
4.50
1.95
8.89
0.90
3.75
2.57
1.15
6.43
37.00
2.54
3.37
1.80
6.28
4.05
1.91
7.19
0.10
22.00
6.00
29.50
2.00
2.70
35.50
4.61
0.30
4.68
3.80
—
4.90
2.10
9.51
0.92
3.45
2.78
1.20
7.19
37.50
2.60
3.86
1.90
6.18
4.15
1.96
8.16
0.10
24.50
6.00
32.00
1.80
Median (B1 to C)
1.10
1.36
1.75
2.09
2.51
2.39
2.82
3.02
4.07
3.86
3.75
3.86
Mean (B1 to C)
3.45
4.02
5.13
6.28
8.02
8.55
7.93
8.41
7.98
7.62
7.65
7.94
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
Country
Rating
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
• 181 •
Median (Aaa to A3)
Mean (Aaa to A3)
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
702.00
0.32
—
-3.01
85.46
5.22
-3.86
-24.90
1.70
9.03
-5.22
0.11
2.28
3.97
10.94
15.68
22.17
667.00
0.30
—
-2.95
108.16
10.25
0.32
-21.60
4.63
9.79
-6.16
0.92
11.23
4.95
12.55
8.92
22.87
159.00
0.28
—
-3.36
159.83
14.30
4.32
-25.70
5.25
10.72
-9.72
1.76
12.86
8.10
7.02
18.26
24.46
126.00
0.18
—
-1.82
205.13
15.02
10.29
-45.60
7.36
13.44
-3.15
2.50
9.85
10.57
18.82
24.87
14.77
-41.00
0.36
—
0.12
189.92
18.64
7.81
-20.40
5.16
12.19
2.87
0.59
-8.00
6.06
11.30
25.70
-33.78
-426.00
0.59
—
-5.45
251.07
13.19
-0.11
-63.10
11.22
11.76
-9.29
-0.10
-38.16
1.76
10.80
42.19
-21.57
-806.00
0.37
—
-7.36
172.64
12.70
-2.87
-45.70
15.45
14.54
-5.90
-0.55
-47.54
-6.76
29.63
54.34
-11.69
-167.00
0.46
—
-9.51
171.31
11.49
-4.48
-40.60
15.26
16.62
3.95
0.64
-52.56
-14.18
26.21
41.14
-10.40
-384.00
0.63
—
-12.34
261.01
9.51
-6.30
-45.10
17.89
17.89
0.89
1.60
-49.40
-12.42
35.41
44.13
-11.15
—
0.75
—
-11.42
300.47
15.19
—
-32.00
23.55
25.77
2.57
1.65
-46.10
-26.11
35.43
44.00
-2.40
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.13
6.93
7.56
10.43
4.02
0.24
-1.71
0.55
0.76
2.11
—
—
51.37
51.95
24.21
25.51
11.10
-13.82
-39.67
-0.73
-8.24
23.67
—
—
Country
Rating
• 182 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.11
-0.61
1.77
-20.56
0.98
-0.24
-0.54
-1.45
-13.47
5.42
-1.90
-1.27
-0.89
1.97
-19.16
-0.21
1.49
0.45
-1.14
-3.82
14.25
0.23
4.56
-0.21
-1.02
1.18
0.11
-0.54
1.38
-22.70
-0.26
-1.69
-0.36
-0.80
-17.36
0.93
-3.62
-2.28
-0.95
2.53
-15.24
-0.26
2.01
0.19
-3.18
-8.70
14.25
0.25
4.07
0.21
-0.34
1.83
0.12
-0.50
1.84
-17.15
0.05
1.63
0.25
3.21
-10.23
5.26
-6.18
-4.37
-2.52
3.42
-7.61
-0.34
1.43
0.13
-6.69
-14.23
14.11
0.28
6.59
0.20
-12.73
1.97
-0.13
-0.65
3.23
-22.12
1.32
6.60
0.13
9.08
-9.23
2.70
-15.14
-9.01
-4.40
5.67
-3.34
0.24
2.29
0.60
-14.61
-42.75
16.80
0.29
15.84
1.09
-8.71
2.16
-0.78
-0.56
5.56
-46.57
-2.96
4.84
-0.63
-24.31
-17.56
-2.14
-22.33
-14.49
-8.80
7.62
0.86
0.11
2.99
-3.24
-27.39
-74.98
14.36
0.28
19.08
0.85
-11.79
2.34
-1.34
-0.88
3.34
-46.16
-7.76
4.21
-0.76
-0.77
-10.47
3.20
-13.17
-16.06
-12.66
7.22
4.20
0.08
3.14
-3.37
-34.35
-11.23
8.93
0.33
7.44
1.10
-5.04
1.72
-0.91
-0.66
2.01
-33.03
-6.66
8.00
-0.04
-0.14
-12.42
10.02
-3.85
-12.01
-8.73
8.83
-1.02
1.73
5.01
-2.69
-28.35
30.38
9.11
0.58
1.34
1.90
-8.66
2.79
-1.07
-0.74
0.58
-58.08
-4.61
5.40
-0.17
0.72
-13.69
3.99
2.90
-9.79
-6.07
10.47
-8.88
1.74
5.44
-5.34
-28.26
22.78
10.67
0.90
-6.71
1.57
-50.06
4.91
-0.89
-3.72
0.00
-88.14
-2.26
3.39
-1.15
1.70
-15.68
-5.92
6.69
-6.83
-5.84
9.91
-7.20
1.30
4.37
-7.41
-28.23
49.34
17.13
0.67
-0.46
1.73
-59.04
4.76
-1.44
-0.62
-0.48
-101.09
-2.35
7.91
-1.87
2.02
-16.21
-9.37
11.28
-6.47
-4.73
10.15
-2.50
0.85
3.50
-11.81
-23.78
39.20
11.97
0.59
-13.60
—
-72.96
3.65
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-0.22
-0.30
0.12
0.27
-0.70
-0.77
-0.09
0.20
-0.67
-1.44
—
—
Mean (Baa1 to Baa3)
-1.31
-1.94
-1.62
-2.39
-7.68
-4.58
-1.44
-4.67
-5.07
-7.13
—
—
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
Only "retail" (previously "onshore") banks
• 183 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
1.19
0.08
0.01
0.47
0.49
-2.38
-0.60
0.02
-0.03
-6.56
1.71
0.01
0.24
3.05
0.34
2.83
0.08
-2.75
1.26
0.12
0.04
0.47
0.43
-3.20
-0.68
0.03
-0.13
-9.19
2.06
-0.02
1.00
3.49
0.33
3.36
0.09
-3.19
1.62
0.05
0.14
0.54
0.66
-5.11
-0.54
-0.15
-0.24
-12.03
2.22
0.04
1.73
3.41
0.28
4.92
0.09
-2.95
2.93
0.04
-0.04
0.46
0.73
-6.55
-0.42
-0.34
-0.18
-13.37
2.71
-0.03
2.10
4.69
0.27
6.86
0.12
-3.14
2.42
-0.24
-0.02
0.93
0.52
-3.80
0.04
-0.86
-0.35
-17.56
2.30
-0.46
2.58
5.84
0.16
7.18
0.17
-3.27
2.22
-0.57
0.02
0.45
0.46
-5.18
-0.10
-1.14
-0.33
-27.82
0.23
-1.01
1.90
9.72
0.30
7.32
0.16
-3.46
0.02
-0.40
-0.12
0.42
0.98
-6.14
0.38
-0.90
0.34
-25.55
-0.65
-0.71
2.08
7.14
0.28
9.83
0.21
-3.57
-0.40
-0.65
-0.02
0.38
1.05
-6.53
0.70
-0.71
0.43
-22.93
0.00
-0.53
0.58
7.64
0.15
4.74
0.21
-3.47
3.51
-1.15
0.37
—
0.88
-8.90
0.30
-1.47
-0.33
-18.58
-0.02
-0.35
0.20
7.41
-0.12
0.20
0.20
-3.72
1.48
-1.43
0.40
—
1.42
-6.33
-0.06
-1.70
-0.96
-14.41
-0.10
-0.16
0.32
10.63
-0.35
—
0.23
-3.91
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.08
0.11
0.12
0.08
0.10
0.09
0.11
0.07
-0.02
-0.13
—
—
-0.10
-0.21
-0.30
-0.17
-0.24
-0.94
-0.91
-1.08
-1.27
-0.93
—
—
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
• 184 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
0.58
-6.05
-0.06
0.05
-0.58
0.13
—
0.12
1.55
2.31
0.13
0.19
0.32
0.20
0.30
0.58
0.05
0.09
-0.01
1.35
0.09
0.38
0.03
0.07
-0.27
1.04
2.53
0.20
0.76
-4.43
-0.16
0.05
-0.53
0.18
—
0.77
2.04
5.71
0.07
0.26
0.29
0.16
0.47
1.46
0.03
0.10
0.01
1.22
0.09
0.41
0.18
0.08
0.06
1.57
2.48
0.29
0.70
-2.65
-0.16
0.06
-0.89
0.26
—
0.90
2.45
7.54
0.03
0.29
0.25
0.09
0.63
1.63
0.07
0.18
-0.06
2.21
0.18
0.31
0.04
0.09
-2.41
1.28
3.01
0.20
0.77
-2.16
-0.95
0.04
-1.16
0.39
—
1.13
2.66
12.53
0.01
0.32
0.11
0.06
0.79
4.23
0.10
0.34
-0.24
2.07
0.11
0.42
-0.54
0.08
-8.75
2.76
4.14
0.25
0.74
-1.15
-1.24
0.08
-1.21
0.51
—
1.26
3.52
21.68
0.02
0.06
0.02
0.15
0.80
7.07
-0.14
0.22
-0.28
3.69
0.41
0.46
-0.60
0.04
-22.55
2.80
1.51
0.31
0.06
-0.39
-1.38
0.09
-2.28
-0.13
—
0.69
3.61
23.17
0.01
0.21
0.06
-0.52
0.77
3.32
-0.30
-0.10
-0.29
3.51
0.22
0.23
-0.62
0.06
-29.37
2.29
0.10
0.17
0.31
-0.36
-2.11
0.08
-1.88
0.28
—
0.67
4.31
14.75
-0.03
0.31
0.17
-0.31
0.28
2.51
-0.01
0.00
0.00
3.32
0.51
0.29
-0.10
0.06
-18.67
1.54
0.41
0.25
0.83
-0.08
-4.25
0.10
-1.34
0.49
—
0.18
5.00
16.22
-0.02
0.15
0.06
0.03
0.22
2.74
-0.02
0.17
0.31
3.01
0.50
0.52
-1.17
0.06
-13.27
1.64
0.09
0.43
1.24
-1.07
-3.70
0.13
-0.96
0.38
—
-0.11
5.22
17.84
0.02
0.53
0.06
0.35
0.43
-1.58
-0.23
0.02
0.47
2.95
0.59
0.27
-2.13
0.06
-10.58
1.74
-0.13
0.64
1.74
0.59
-4.55
0.16
-0.97
0.55
—
-0.05
—
13.46
0.00
0.84
-0.26
0.35
-0.44
-3.82
-0.13
-0.39
0.28
1.91
0.70
0.21
-3.32
0.04
-5.70
1.67
—
0.24
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
0.13
0.18
0.20
0.25
0.22
0.06
0.25
0.17
0.13
0.16
—
—
Mean (B1 to C)
0.20
0.50
0.60
0.72
0.67
0.12
0.24
0.47
0.46
0.12
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
IV. Monetary, External
Vulnerability and
Liquidity Indicators
• 185 •
43. M2 (% change Dec/Dec)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
10.5
17.6
—
-2.6
19.2
7.2
2.0
3.0
7.8
12.3
11.1
0.7
5.7
5.5
8.5
5.7
15.5
10.1
13.9
—
18.6
14.9
4.5
5.6
6.3
12.3
8.9
25.2
4.0
7.5
20.8
17.3
7.2
23.8
-5.3
10.6
—
21.4
16.7
10.6
5.3
7.0
12.0
12.2
15.6
21.4
12.6
42.9
13.2
6.6
30.5
4.0
67.4
—
17.4
22.1
13.7
7.2
12.5
21.7
24.5
17.1
24.9
15.9
39.6
20.4
5.2
23.2
3.9
31.5
—
20.3
16.7
16.3
14.3
10.8
19.1
9.8
9.5
37.0
14.2
39.5
20.1
0.8
41.7
5.0
21.5
—
18.7
17.8
14.1
13.7
12.0
15.8
2.3
13.4
23.3
20.2
19.7
18.0
7.2
19.2
0.2
-1.3
—
-5.5
28.4
0.7
13.5
9.9
13.4
11.8
9.5
4.7
8.3
16.9
10.8
5.8
9.8
-4.7
10.7
—
9.3
18.9
2.1
3.6
6.0
3.0
14.5
7.2
11.3
8.4
23.1
5.2
5.4
6.2
-3.6
4.4
—
18.5
17.3
4.1
10.5
5.5
8.2
22.6
14.7
12.2
11.5
17.1
13.3
4.8
5.0
—
9.0
—
7.6
14.4
4.6
8.2
4.8
6.5
25.7
9.7
10.7
4.2
22.9
16.5
3.5
4.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
7.5
11.2
12.4
18.9
16.5
16.8
9.7
6.7
11.0
8.2
—
—
Mean (Aaa to A3)
8.1
12.6
14.6
21.0
19.1
15.1
8.6
8.1
10.4
10.2
—
—
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 186 •
Country
Rating
• 187 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
29.7
4.2
6.4
21.8
18.8
11.5
18.9
17.5
16.7
8.1
—
19.8
16.5
25.1
13.1
9.6
3.0
-2.1
23.3
50.5
15.9
—
6.2
6.2
33.7
15.2
47.5
10.8
4.1
17.9
23.3
19.1
17.6
14.9
12.0
8.2
67.9
34.1
31.0
18.9
9.9
16.1
8.3
1.5
39.9
35.8
11.6
—
5.8
12.1
31.2
-3.0
22.1
8.3
22.0
18.0
24.3
17.7
25.7
23.2
21.1
16.3
24.7
43.7
36.9
6.6
14.9
9.8
8.7
18.4
33.9
38.5
17.7
—
6.1
34.4
120.0
0.0
86.8
6.3
14.9
18.1
26.9
17.4
29.2
19.4
21.7
14.9
76.9
43.7
23.5
9.5
13.9
29.6
22.5
9.5
29.4
48.4
20.1
—
8.2
17.3
24.7
11.6
71.7
9.1
39.3
17.4
31.3
17.7
30.2
56.8
21.4
19.3
24.2
19.1
24.7
15.3
8.3
10.2
15.9
21.7
32.5
43.5
20.5
—
6.3
13.5
15.7
3.8
44.0
5.3
19.7
18.0
8.7
16.8
12.8
32.1
19.3
14.9
29.1
-4.6
-1.9
14.6
16.4
17.9
14.1
26.4
17.3
0.8
12.1
—
9.2
13.0
26.7
28.6
-0.3
1.3
5.8
15.6
4.3
5.8
11.1
-1.1
16.9
13.0
18.7
0.6
5.2
8.1
6.4
66.0
10.3
2.1
8.3
17.7
1.7
—
6.8
27.0
13.0
-2.6
24.3
2.9
10.5
15.6
6.4
10.2
12.3
-9.9
16.1
15.4
24.3
9.9
8.5
1.8
8.0
9.6
11.1
21.8
6.1
31.1
5.6
—
10.9
5.0
19.1
22.1
32.1
2.3
3.4
18.8
12.1
18.9
11.8
8.7
13.2
16.4
22.0
-3.8
1.0
6.6
11.9
13.8
8.4
9.0
6.3
22.3
7.2
—
15.1
13.9
14.8
18.0
20.7
-0.3
4.8
16.1
8.5
16.3
13.0
-2.7
13.3
14.9
5.2
3.8
6.9
8.0
8.3
5.3
11.2
11.7
4.6
11.9
3.9
—
10.4
10.6
10.2
9.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
16.2
16.1
21.1
20.1
19.3
16.4
6.8
10.5
12.1
9.2
—
—
Mean (Baa1 to Baa3)
16.2
19.9
24.5
25.8
23.6
16.4
10.5
11.9
12.2
9.0
—
—
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [3]
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
2012 as of November
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
66.3
15.0
15.6
4.6
17.7
11.0
0.5
30.9
47.5
13.7
16.6
18.7
10.1
15.8
29.8
4.2
3.9
6.4
37.0
32.1
13.8
11.7
26.5
9.3
2.4
40.4
11.5
9.9
10.5
22.5
9.3
23.5
24.0
10.0
27.9
11.3
60.5
18.1
16.8
16.9
47.3
10.6
2.6
33.4
14.1
13.0
21.4
83.4
12.4
22.5
16.3
9.8
13.3
11.0
57.3
24.0
19.3
5.3
50.4
18.1
11.7
61.0
13.4
11.8
12.8
119.2
16.1
40.1
15.9
22.1
22.9
11.6
38.6
33.2
17.1
20.9
69.9
18.3
17.6
49.4
8.5
8.7
12.4
98.8
17.5
78.2
39.4
10.7
25.9
12.4
66.2
7.3
17.6
1.2
35.8
4.4
0.1
13.3
8.9
9.9
21.1
-10.1
7.4
56.9
42.7
15.4
15.4
14.8
62.6
35.9
19.2
0.6
12.2
-0.6
1.2
5.8
11.4
0.9
24.3
-9.0
7.7
15.6
25.8
7.7
25.4
12.5
13.2
14.0
22.4
-0.7
25.1
4.3
4.3
36.6
9.8
-0.1
9.2
3.2
5.0
8.6
16.5
10.7
177.1
11.3
34.4
28.1
21.3
—
20.7
3.4
-2.5
17.3
7.3
7.1
2.7
1.9
7.2
13.4
17.4
6.5
21.5
9.3
10.3
23.8
17.4
—
20.2
3.3
3.2
12.3
9.3
-1.2
-1.1
7.9
4.9
18.5
12.6
10.9
21.1
7.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
15.3
12.8
16.5
18.7
19.6
14.0
11.8
10.2
9.3
10.3
—
—
Mean (Ba1 to Ba3)
18.2
18.5
23.5
29.6
32.1
18.2
14.4
20.6
12.8
10.7
—
—
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan [2]
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 188 •
Notes:
[1]
[2]
2012 as of November
Country
Rating
• 189 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
9.2
29.6
54.3
3.5
8.4
15.4
—
64.8
18.9
16.9
24.7
18.4
12.2
3.2
13.2
12.8
30.4
49.6
12.6
18.0
-4.4
31.5
15.5
1.9
47.5
51.3
33.1
19.2
12.0
21.4
50.0
13.4
24.3
28.3
—
9.3
30.9
13.2
10.3
32.7
16.3
15.0
13.5
10.2
38.1
20.4
17.2
19.6
14.8
13.1
19.6
13.7
32.3
53.2
31.1
26.6
8.6
21.5
42.2
6.5
18.2
15.8
—
15.4
19.7
13.6
13.8
23.1
19.8
9.8
10.5
4.4
34.4
34.6
9.8
19.8
29.5
8.2
19.0
6.4
53.9
53.1
30.9
3.7
11.8
20.3
39.3
13.1
22.6
40.5
—
11.8
13.1
13.5
20.1
43.6
24.0
16.6
17.2
7.8
23.6
34.8
8.4
14.9
38.9
11.9
17.9
7.5
34.3
87.9
29.7
47.9
6.0
24.5
40.0
15.4
20.7
61.8
—
18.5
18.4
18.3
9.2
39.6
17.1
11.6
19.7
12.4
39.8
56.3
18.5
18.9
27.8
12.7
16.5
7.1
50.8
22.4
49.1
21.5
9.7
8.1
26.3
13.3
4.1
5.4
—
7.5
23.6
15.7
-5.4
42.4
2.5
4.1
18.1
14.8
15.9
-5.5
7.3
11.8
7.8
1.8
8.4
6.4
31.0
21.3
20.7
22.3
4.2
17.0
23.1
6.4
2.1
35.6
—
15.0
10.1
8.4
7.4
24.6
-0.2
2.9
17.5
19.5
3.2
26.9
14.3
9.6
21.9
11.4
18.7
1.4
-5.4
9.9
26.2
7.4
4.6
33.1
31.9
-0.1
7.2
21.3
—
13.0
18.6
10.4
4.2
29.7
13.3
6.3
22.4
12.3
13.4
62.5
21.7
13.0
10.2
13.7
15.8
2.6
23.1
7.7
29.7
31.4
7.0
26.0
121.2
5.3
5.8
3.9
—
11.6
17.4
10.0
14.8
35.5
12.6
6.4
20.0
5.5
10.6
37.0
12.6
16.8
17.3
6.8
19.1
-0.3
14.2
44.5
11.9
22.2
3.5
34.8
44.6
11.0
3.4
39.4
—
10.3
—
8.4
6.3
26.4
4.4
3.9
15.0
7.0
20.8
18.8
15.4
13.4
10.9
6.8
17.5
6.5
13.1
56.0
—
20.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
18.0
19.6
18.2
20.1
18.9
9.7
10.1
13.4
12.6
13.1
—
—
Mean (B1 to C)
22.7
22.2
20.2
24.9
25.0
12.6
12.6
17.5
19.1
16.7
—
—
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
44. Monetary Policy Rate (% per annum, Dec 31)
• 190 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands
Chile
China [1]
Czech Republic
Israel
Korea
Kuwait [2]
Macao
Malaysia [3]
Oman [2]
Poland
Qatar [4]
Saudi Arabia
Taiwan [5]
—
14.25
—
2.25
1.98
2.00
5.20
3.75
2.40
2.50
2.71
2.37
5.25
—
1.37
1.38
—
—
14.25
—
2.25
2.25
2.50
3.90
3.25
2.70
3.75
2.70
2.32
6.50
2.80
1.34
1.75
—
—
14.50
—
4.50
2.25
2.00
4.50
3.75
3.50
5.75
3.00
3.30
4.50
4.20
3.24
2.25
—
—
15.00
—
5.25
2.52
2.50
5.00
4.50
4.90
6.75
3.50
4.00
4.00
4.40
4.58
2.75
—
—
14.50
—
6.00
4.14
3.50
4.00
5.00
5.40
5.75
3.50
4.14
5.00
3.40
4.87
3.38
—
—
15.00
—
8.25
2.25
2.25
2.50
3.00
4.80
0.50
3.25
4.48
5.00
4.10
2.31
2.00
—
—
10.00
—
0.50
2.25
1.00
1.00
2.00
2.80
0.50
2.00
4.14
3.50
3.70
0.47
1.25
1.89
—
9.50
—
3.25
2.75
0.75
2.00
2.50
2.30
0.50
2.75
3.37
3.50
1.60
0.25
1.62
2.14
—
9.50
—
5.25
3.50
0.75
2.75
3.25
2.20
0.50
3.00
2.80
4.50
1.50
0.25
1.88
1.52
—
9.50
—
5.00
3.00
0.05
2.00
2.75
2.00
0.50
3.00
2.62
4.25
1.30
0.25
1.88
1.30
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
2.40
2.70
3.62
4.45
4.51
3.12
2.00
2.30
2.75
2.00
—
—
Mean (Aaa to A3)
3.65
3.73
4.37
4.98
5.18
4.26
2.47
2.59
2.88
2.63
—
—
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
One year deposit rate
Deposit rate
Overnight interbank rate prior to 2004.
Deposit rate; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
Discount rate
3-Month EIBOR
• 191 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil
Bulgaria [3]
Colombia
Costa Rica [4]
Iceland
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania [6]
Mauritius [7]
Mexico
Namibia
Panama [8]
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [9]
Uruguay
7.00
5.75
1.10
16.50
2.83
7.25
—
5.30
6.00
8.31
7.00
3.00
2.41
9.53
6.12
7.75
9.93
2.50
21.25
16.00
8.00
2.25
1.25
5.00
26.00
12.48
7.00
5.75
1.60
17.75
2.37
6.50
—
8.25
6.00
7.43
7.00
4.00
2.25
8.15
8.75
7.50
8.82
3.00
17.00
13.00
7.50
2.75
2.00
5.00
18.00
6.00
9.00
5.25
3.60
18.00
2.05
6.00
—
10.50
6.50
12.75
8.00
4.00
2.50
7.25
8.27
7.00
8.66
3.25
7.50
12.00
7.00
4.50
4.00
6.00
13.50
4.60
9.50
5.25
5.00
13.25
3.26
7.50
8.97
14.25
7.50
9.75
9.00
5.00
3.73
9.55
7.02
9.00
8.39
4.50
8.75
11.00
9.00
5.50
5.00
8.00
17.50
3.45
12.00
5.25
4.90
11.25
4.58
9.50
5.52
13.75
7.75
8.00
11.00
6.00
5.83
11.77
7.57
10.50
8.25
5.00
7.50
10.00
11.00
5.00
3.25
8.00
15.75
7.25
8.00
5.25
2.50
13.75
5.77
9.50
10.00
18.00
5.00
9.25
10.50
6.00
8.21
10.11
8.25
10.00
8.16
6.50
10.25
13.00
11.50
1.00
2.75
8.75
15.00
7.75
2.00
5.25
1.10
8.75
0.55
3.50
9.00
10.00
5.00
6.50
7.00
4.00
1.28
8.45
4.50
7.00
8.25
1.25
8.00
8.75
7.00
1.00
1.25
5.25
6.50
6.25
3.00
5.25
0.80
10.75
0.18
3.00
6.50
4.50
6.75
6.50
7.00
3.50
1.05
8.35
4.50
6.00
7.74
3.00
6.25
7.75
5.50
1.00
2.00
3.75
1.50
6.50
5.25
4.50
1.00
11.00
0.22
4.75
5.00
4.75
8.50
6.00
7.50
3.50
1.06
7.11
4.50
6.00
6.91
4.25
6.00
8.00
5.50
1.00
3.25
3.00
5.00
8.75
5.00
4.50
1.10
7.25
0.03
4.25
5.00
6.00
7.50
5.75
5.50
2.50
0.51
6.23
4.50
5.50
6.91
4.25
5.25
8.25
5.00
1.00
2.75
2.75
5.00
9.25
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.00
7.00
7.00
8.19
7.88
8.50
5.75
4.88
5.00
5.00
—
—
Mean (Baa1 to Baa3)
8.02
7.33
7.27
8.02
8.31
8.64
5.28
4.72
5.09
4.67
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Bank discount rate
T-bill rate; 2012 as of November
LEONIA rate
Central Bank introduced Monetary Policy Rate in 2006
1-Month VILIBOR
3-Month deposit rate
Lending rate
TUIBON Inter-bank rate (O/N)
Country
Rating
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador [4]
Georgia [5]
Guatemala
Hungary
Jordan [6]
Montenegro [7]
Morocco
Nigeria [8]
Paraguay [7]
Philippines
Suriname [7]
Tunisia [9]
• 192 •
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
150.00
9.00
7.40
7.50
7.50
4.50
3.37
9.94
—
12.50
3.14
4.86
3.25
15.00
15.83
6.75
8.28
5.14
95.00
3.75
5.00
7.50
6.00
4.50
3.34
6.44
—
9.50
2.49
4.82
3.25
15.00
5.11
6.75
8.34
5.00
95.00
3.50
6.70
10.00
5.25
4.50
3.44
9.30
4.25
6.00
2.91
4.99
3.25
13.00
1.66
7.50
7.27
5.00
14.00
4.75
7.40
12.00
5.25
4.50
4.39
10.14
5.00
8.00
4.62
5.40
3.25
10.00
6.72
7.50
6.63
5.07
20.00
5.75
7.60
12.00
6.50
9.00
4.71
12.03
6.50
7.50
5.45
3.35
3.25
9.50
5.00
5.25
6.42
5.24
20.00
7.25
7.71
10.00
13.00
9.00
4.21
8.00
7.25
10.00
5.46
4.10
3.50
9.75
3.08
5.50
6.34
5.21
30.00
5.00
3.04
7.00
3.00
9.00
4.48
5.00
4.50
6.30
4.94
3.86
3.25
6.00
1.46
4.00
6.38
4.30
25.00
7.25
2.52
7.00
3.00
9.00
2.87
7.50
4.50
5.80
3.53
3.26
3.25
6.25
1.21
4.00
6.17
4.43
20.00
8.00
6.75
7.00
4.00
7.00
1.76
6.75
5.50
7.00
3.40
3.25
3.25
12.00
3.83
4.50
6.39
4.03
20.00
8.00
7.75
—
4.00
7.00
2.52
5.25
5.00
5.80
4.02
3.23
3.00
12.00
3.92
3.50
6.79
3.77
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.50
5.11
5.12
6.02
6.46
7.25
4.72
4.46
5.94
5.00
—
—
16.12
11.28
10.75
6.92
7.50
7.74
6.19
5.92
6.36
6.21
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Bank discount rate
Discount rate
Deposit rate (foreign currency)
Deposit rate prior to 2008
Deposit rate; 2012 as of November
Deposit rate
Introduced on December 11, 2006; Minimum rediscount rate prior to 2006
Money market rate
• 193 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina [1]
Belarus
Belize [2]
Cambodia [2]
Cuba
Dominican Republic
Ecuador [4]
Egypt [5]
Fiji
Ghana
Honduras
Jamaica [6]
Kenya
Lebanon [7]
Moldova
Mongolia
Nicaragua [2]
Pakistan [8]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela [4]
Vietnam [9]
Zambia
6.50
10.16
28.00
6.93
2.01
1.90
—
—
11.67
8.50
1.19
21.50
—
25.53
4.41
7.99
14.00
10.24
4.50
7.50
14.00
4.50
7.00
6.50
7.00
28.50
7.50
14.35
5.25
2.61
17.00
7.42
2.00
1.90
—
45.00
10.23
7.70
1.75
18.50
—
12.79
11.04
7.89
14.50
15.36
4.48
7.50
7.00
4.00
7.50
6.50
9.00
28.50
7.50
16.68
5.00
3.76
11.00
7.71
1.00
2.00
—
33.00
9.96
7.60
2.25
15.50
7.00
10.96
11.07
8.68
12.50
6.13
4.44
9.00
6.00
4.00
8.75
6.50
9.50
28.50
8.25
14.81
5.50
6.42
10.00
8.15
1.00
1.90
—
18.00
9.54
5.90
4.25
12.50
6.00
9.37
10.00
8.68
14.50
6.12
5.24
9.00
6.00
4.30
10.00
6.50
8.50
28.50
8.25
8.79
6.25
7.97
10.00
8.32
1.00
1.90
—
16.00
10.72
6.10
4.25
13.50
7.50
9.04
8.75
8.68
16.00
8.40
6.55
9.50
6.00
4.30
10.50
6.50
8.00
28.50
8.25
11.73
6.25
11.05
12.00
8.46
1.00
1.90
—
16.00
9.14
6.50
4.25
17.00
7.75
10.78
8.50
8.43
14.00
9.75
6.85
12.00
8.00
4.80
10.50
6.50
12.00
33.50
8.50
14.49
5.25
11.60
13.50
8.37
0.50
1.30
—
9.50
9.19
6.50
4.25
18.00
4.50
8.79
7.00
6.42
5.00
10.00
5.64
14.00
7.00
4.30
7.50
6.50
10.25
29.50
8.00
8.39
5.00
9.17
10.50
7.76
0.26
1.20
—
9.50
8.68
6.30
2.50
13.50
4.50
5.44
6.00
5.41
7.00
11.00
2.16
12.50
7.00
4.30
7.25
6.50
7.75
29.50
9.00
7.17
4.75
10.68
45.00
6.44
0.19
1.40
—
9.00
8.17
6.60
1.00
12.50
5.50
3.59
18.00
5.41
9.50
12.25
1.49
14.00
7.75
4.30
7.00
6.50
7.75
29.50
15.00
9.71
4.00
12.02
30.00
4.41
0.01
1.30
—
7.00
8.17
7.70
1.00
15.00
7.00
4.70
11.00
5.93
4.50
13.25
0.86
12.00
6.75
4.00
7.50
6.50
7.50
29.50
9.00
9.50
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.50
7.60
8.25
8.25
8.32
8.50
7.50
7.00
7.75
7.00
—
—
10.48
10.75
9.44
8.63
9.04
10.00
8.55
7.66
9.74
8.52
—
—
Median (B1 to C)
Mean (B1 to C)
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Time deposit rate
Deposit rate
Renumberation rate on required reserves with CBBH
Bank discount rate
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Deposit rate
Money market rate
T-bill rate
Base interest rate prior to 2011, refinancing rate thereafter
45. Domestic Credit (% change Dec/Dec)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
7.3
9.8
—
3.5
19.5
20.3
-0.8
9.7
15.4
-1.4
8.3
1.1
5.2
5.1
20.4
2.9
22.9
11.6
23.5
—
11.4
8.8
0.5
4.9
2.9
4.2
8.5
2.4
2.5
4.2
18.4
12.3
8.9
27.1
17.6
7.5
—
9.7
10.7
3.1
6.8
9.2
14.5
21.8
6.6
1.7
13.8
40.4
-9.4
7.8
46.2
13.1
19.5
—
12.3
16.3
20.5
5.1
14.6
35.3
13.3
6.8
18.8
23.0
33.7
-15.2
5.0
41.1
14.4
24.5
—
23.1
17.6
20.1
9.9
9.5
28.8
42.2
7.8
33.8
27.0
59.2
-16.5
2.1
42.7
11.6
26.1
—
8.3
11.7
13.9
12.3
17.0
15.4
27.4
17.6
28.5
32.6
47.0
-128.4
3.0
48.4
5.8
15.2
—
-1.4
30.4
5.8
2.7
3.7
5.1
10.2
9.0
9.7
8.8
25.2
-111.8
0.9
14.4
0.3
11.9
—
8.2
18.8
4.8
8.6
3.9
-9.8
29.2
8.2
12.7
9.9
20.5
-129.3
6.3
4.2
2.9
26.4
—
17.4
17.1
9.1
7.9
4.6
1.4
28.5
11.8
6.4
11.8
35.6
4080.6
6.2
6.7
—
23.6
—
13.4
17.1
1.6
5.0
3.2
-1.0
18.2
11.1
19.1
5.1
22.7
171.3
6.1
0.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
7.8
8.6
9.5
15.4
21.6
16.2
7.3
8.2
10.5
11.1
—
—
Mean (Aaa to A3)
9.3
9.5
13.0
16.4
21.6
12.0
2.1
0.5
267.1
21.1
—
—
Bermuda
Botswana [1]
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao [1]
Malaysia
Oman
Poland
Qatar
Saudi Arabia [2]
Taiwan
• 194 •
Notes:
[1]
[2]
Excludes central government
Includes net claims on the government
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 195 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain [1]
Brazil [2]
Bulgaria
Colombia
Costa Rica
Iceland
India [3]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru [2]
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
26.1
0.1
12.0
6.6
33.9
7.5
23.2
28.2
9.5
3.8
38.1
39.7
42.4
45.4
3.8
16.2
2.8
-4.6
49.0
26.6
13.5
—
11.1
5.3
19.2
-13.0
39.4
4.8
23.2
18.5
34.2
16.9
24.6
39.3
16.9
15.0
82.1
39.6
44.9
16.7
2.3
22.0
11.5
0.0
33.0
18.7
10.1
9.5
4.5
15.8
21.6
-20.7
50.0
14.3
24.4
24.0
33.0
13.8
19.2
62.8
22.0
12.5
51.5
62.4
62.3
10.7
3.9
21.3
9.0
16.7
43.7
3.0
13.5
19.5
4.6
27.7
33.5
-18.2
75.4
14.2
11.6
29.5
15.3
20.0
20.2
43.1
20.4
8.5
76.5
53.9
30.5
9.7
15.3
10.6
11.2
5.7
38.5
28.8
21.2
19.9
1.1
8.2
14.3
-8.4
98.5
11.4
39.9
32.5
58.8
15.3
29.3
15.4
17.9
15.3
58.8
32.0
45.9
11.1
11.1
6.0
12.0
33.2
74.5
37.2
21.1
8.8
3.9
21.6
18.6
-8.0
33.7
6.6
41.3
27.6
33.0
14.0
30.6
-33.0
23.7
13.5
65.2
9.4
21.1
22.3
2.4
6.1
13.9
34.9
42.6
26.7
15.2
7.9
7.7
14.3
17.3
61.1
22.8
1.4
10.9
10.1
6.8
9.9
9.3
-0.5
20.3
9.8
6.8
-14.8
-10.5
0.4
10.2
8.9
1.9
1.4
10.6
31.4
5.4
11.1
4.7
10.9
20.1
-9.4
22.3
5.9
5.7
28.7
5.1
15.3
5.1
-6.5
20.2
14.3
6.7
-7.5
-4.6
4.4
8.0
24.0
16.5
14.1
11.5
31.9
6.1
0.9
10.0
1.5
26.6
27.7
2.3
0.5
20.4
22.9
7.4
17.5
14.0
-5.9
17.9
21.9
12.1
-1.6
-0.3
10.6
8.8
7.2
19.6
21.9
8.7
26.8
2.7
-2.4
16.0
1.7
15.7
6.2
33.4
1.7
7.0
18.4
2.6
14.8
9.4
1.5
7.4
21.5
12.4
-13.1
-3.0
14.4
4.7
14.8
14.8
12.7
0.5
20.0
10.3
-3.3
15.2
5.7
13.9
18.6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
13.5
17.7
20.4
17.6
19.8
19.2
9.1
9.0
9.7
11.3
—
—
Mean (Baa1 to Baa3)
17.8
20.9
24.7
22.9
27.8
21.5
7.3
11.3
10.5
9.9
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
2012 as of November
• 196 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola [1]
Armenia
Bangladesh [2]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan [3]
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
135.0
-10.1
8.1
8.9
3.8
14.5
10.1
14.5
27.5
18.5
7.0
98.9
3.2
33.0
-26.2
5.9
21.9
5.4
66.8
41.2
14.6
15.4
2.5
14.1
4.4
8.6
8.1
11.4
20.9
41.7
5.1
-26.3
10.5
8.5
31.8
11.4
54.9
54.6
17.4
14.4
2.2
17.4
9.8
34.0
20.2
14.2
33.5
12.1
12.0
-7.2
10.8
-1.6
16.2
8.5
93.1
8.7
20.3
8.6
-6.6
23.1
5.3
31.3
27.1
18.1
18.9
142.0
17.1
-27.5
3.4
7.2
21.3
10.1
74.4
78.4
14.8
8.2
3.0
15.3
9.1
61.2
13.6
16.8
19.1
171.9
24.3
358.3
26.2
5.2
16.3
9.8
70.1
73.6
20.9
11.1
5.2
13.4
3.6
18.0
9.1
13.6
24.8
29.5
21.0
55.9
53.5
16.8
22.0
13.1
55.4
1.5
16.0
4.5
5.6
0.0
-5.6
-5.0
4.9
-3.0
2.2
-16.4
8.7
41.1
16.4
7.4
20.7
10.3
25.9
42.5
17.9
—
6.2
6.1
1.7
16.2
5.7
4.9
6.0
-7.2
9.8
14.1
31.7
8.7
15.3
16.1
28.5
42.7
27.4
—
24.2
4.9
6.3
20.7
11.9
-2.4
16.5
-5.2
11.9
33.9
22.6
14.7
5.0
14.9
24.0
28.4
19.5
—
18.5
-3.9
-2.9
10.1
13.2
-9.6
13.8
-3.7
6.4
2.6
20.9
7.8
32.1
9.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9.5
11.4
14.3
17.6
16.5
19.5
5.3
9.8
14.9
10.1
—
—
21.1
16.2
18.0
23.4
51.4
26.4
9.2
13.0
16.4
11.0
—
—
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
Excludes central and local governments
2012 as of November
• 197 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia [2]
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
8.8
-2.3
72.2
20.4
20.7
28.8
—
46.9
0.6
10.6
26.3
5.4
23.0
28.6
9.3
5.0
24.3
77.0
7.0
10.7
-7.1
7.1
7.4
-2.5
39.6
-14.6
32.4
3.0
8.9
6.7
30.8
20.6
16.3
40.4
—
11.7
22.3
19.0
20.4
41.0
10.5
4.0
13.8
8.4
25.8
75.5
4.2
28.2
1.5
3.8
22.0
0.3
23.4
57.5
39.4
16.0
16.7
0.0
33.5
1.4
27.6
8.8
—
17.3
29.0
9.2
27.0
19.5
15.5
9.6
5.4
-0.3
15.8
26.7
8.6
25.2
8.5
17.1
18.2
10.5
34.3
71.0
34.9
-20.7
20.1
-1.6
52.2
11.3
22.3
42.2
—
41.1
12.2
6.3
21.2
31.6
24.2
7.2
12.7
10.6
30.1
-0.7
6.3
19.6
19.2
8.8
29.4
10.7
69.4
91.3
22.9
-11.1
23.0
14.3
21.3
15.6
29.5
70.9
—
19.6
23.8
4.9
-0.1
34.1
34.1
10.8
12.3
6.6
39.0
73.7
12.0
16.8
5.5
17.9
16.3
16.2
77.0
34.6
49.8
17.8
19.7
8.6
63.3
8.8
22.4
50.6
—
15.4
15.8
4.6
4.0
59.1
14.0
23.3
25.8
11.2
16.6
48.9
8.6
32.9
15.6
10.9
17.3
7.7
76.9
40.4
27.6
36.6
8.8
27.7
11.0
2.6
-3.2
21.0
—
12.4
11.7
20.0
6.5
24.7
12.4
11.2
21.0
12.6
0.0
-5.6
-0.2
15.9
36.6
9.5
1.3
1.4
3.9
34.4
45.3
14.1
5.7
31.4
59.9
-1.3
3.1
29.8
—
10.9
16.9
9.7
-1.0
24.4
6.0
-7.9
27.8
12.5
6.9
28.7
5.3
11.1
4.9
15.0
18.6
-11.7
6.3
26.3
31.9
22.9
9.3
36.7
46.5
-0.4
5.3
17.6
—
9.6
20.7
16.4
0.0
25.8
13.7
4.5
19.3
8.6
21.5
76.9
8.2
13.2
-5.2
14.9
33.2
4.1
12.3
74.6
13.9
39.6
0.6
40.1
53.0
2.8
4.1
52.5
—
14.5
—
19.0
3.1
47.6
15.0
10.5
15.9
8.8
14.2
-3.9
14.3
19.9
37.7
5.6
18.0
4.0
7.1
72.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
10.6
19.0
16.7
19.6
17.9
17.3
11.7
11.1
13.9
14.4
—
—
Mean (B1 to C)
18.1
21.2
17.4
22.6
25.8
25.4
13.2
14.6
20.0
19.9
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Series break in 2005 due to reclassification of loans to nonresidents
46. Domestic Credit/GDP
• 198 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana [1]
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao [1]
Malaysia
Oman
Poland
Qatar
Saudi Arabia [2]
Taiwan
61.3
21.0
—
70.9
151.0
46.6
74.3
88.7
76.7
53.2
133.6
38.4
35.0
48.6
43.3
148.9
33.4
63.9
23.0
—
68.7
139.6
43.0
74.2
84.6
65.1
44.6
121.5
34.4
33.3
42.7
40.4
152.7
35.7
69.2
20.5
—
66.2
132.7
41.7
74.8
88.3
55.3
47.3
116.2
27.9
35.6
42.7
28.8
159.3
42.7
70.4
21.0
—
62.4
129.9
46.7
73.0
96.4
59.9
43.5
113.0
27.8
40.6
41.7
21.3
160.5
49.0
73.9
23.0
—
69.7
127.8
51.3
75.9
98.4
69.8
49.7
109.3
32.7
46.4
50.7
16.1
155.4
60.2
79.6
25.7
—
72.7
120.5
55.6
80.5
109.4
66.2
55.2
111.1
29.0
56.8
51.6
-3.7
163.7
73.3
88.7
27.3
—
69.8
142.8
60.2
78.1
109.4
90.5
59.4
130.7
40.1
58.6
76.1
0.5
167.0
101.5
89.6
23.7
—
65.7
145.8
62.6
79.8
103.1
72.5
57.6
126.9
37.1
61.1
70.4
-0.1
163.4
96.8
95.7
26.7
—
70.4
147.8
67.7
80.4
102.4
56.9
56.9
128.0
33.1
63.3
70.1
-4.1
172.0
85.7
—
31.5
—
74.4
155.1
68.7
79.2
102.6
50.9
57.0
133.6
36.0
63.7
77.5
-10.3
177.8
81.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
57.3
54.2
51.3
54.5
65.0
69.5
77.1
71.4
70.3
74.4
—
—
Mean (Aaa to A3)
70.3
66.7
65.6
66.1
69.4
71.7
81.3
78.5
78.3
78.6
—
—
Notes:
[1]
[2]
Includes net claims on the government
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 199 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru [3]
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey
Uruguay
9.4
69.8
44.7
31.0
28.6
29.9
40.0
130.3
58.0
48.5
14.8
45.1
23.1
94.8
36.9
46.5
88.8
19.4
15.9
27.9
74.4
85.1
130.7
32.4
41.9
74.0
10.9
71.7
47.8
32.2
34.5
30.9
42.7
164.2
59.3
45.4
21.1
54.0
30.4
99.2
33.2
49.6
90.3
17.4
16.8
25.7
73.7
76.2
124.5
31.7
41.4
50.8
11.2
75.4
49.6
36.1
40.2
31.9
43.5
242.4
63.5
43.4
24.7
72.3
42.9
103.8
32.0
55.6
90.3
18.5
20.7
20.8
75.3
83.5
119.2
33.8
47.6
38.4
13.1
83.3
47.0
42.3
40.7
33.9
43.3
304.6
65.8
39.0
32.5
90.1
48.7
102.1
32.9
52.6
90.6
16.9
24.0
21.5
81.1
92.4
109.0
31.6
46.6
31.7
17.2
88.9
56.5
50.0
55.6
34.8
47.4
314.0
66.8
36.2
41.0
89.9
59.6
99.3
33.5
48.5
87.8
20.3
34.7
23.9
86.1
100.6
104.2
32.6
49.7
25.0
16.2
95.6
66.5
56.0
64.3
35.6
53.6
185.9
73.3
33.2
54.2
90.0
64.0
107.9
31.9
43.8
86.1
24.8
40.1
24.4
88.6
100.7
105.4
29.1
51.7
34.8
22.5
103.6
84.7
57.7
69.6
37.2
54.6
182.8
76.6
32.9
54.6
94.4
69.6
105.2
35.9
46.3
83.8
24.4
45.5
34.1
87.6
111.9
110.8
45.4
61.9
29.4
23.0
108.9
80.3
63.7
70.9
39.8
50.6
166.7
76.5
31.6
45.8
89.3
64.1
103.9
35.4
53.4
86.8
24.5
48.5
37.7
84.2
105.5
109.0
43.1
68.0
32.9
19.2
109.3
80.3
71.3
71.3
41.0
53.1
147.7
78.3
32.5
41.4
78.7
57.3
106.4
34.9
51.1
89.7
26.6
49.6
39.7
78.8
102.9
121.2
40.5
66.6
30.3
24.7
106.7
82.0
79.4
71.0
44.0
53.1
143.2
75.3
36.4
41.8
62.9
52.2
114.2
34.0
50.5
89.0
27.8
47.3
42.5
80.4
96.6
129.5
40.2
69.5
31.8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
43.3
44.0
43.4
44.9
49.8
55.1
59.8
63.9
61.9
58.0
—
—
Mean (Baa1 to Baa3)
51.6
52.9
58.3
62.2
65.5
63.7
67.8
67.1
66.2
66.4
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
2012 as of November
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.6
5.6
33.2
83.9
58.1
49.0
51.6
20.0
32.3
57.5
84.0
13.3
68.2
18.3
18.5
57.7
20.9
59.6
5.9
6.7
34.2
89.9
52.9
51.7
51.3
18.9
32.0
58.1
90.7
17.0
67.7
11.7
16.5
55.6
22.7
60.5
5.6
8.8
35.8
92.0
48.9
56.3
52.1
21.5
35.2
62.3
109.7
17.5
72.5
8.6
17.2
49.4
22.1
60.8
8.0
8.1
37.9
93.0
38.4
63.5
50.5
23.7
40.4
68.4
109.1
35.9
77.6
4.9
17.1
47.9
22.7
61.3
10.9
12.1
37.7
94.2
35.2
67.0
50.9
31.1
40.3
75.7
114.3
78.2
90.4
20.1
17.8
45.9
23.6
61.8
13.6
18.6
40.4
108.0
31.6
70.4
49.4
32.7
38.9
80.9
111.0
88.0
97.8
26.6
20.0
47.8
23.9
63.2
22.2
21.4
41.6
111.5
33.1
73.6
48.4
32.9
39.2
81.3
104.6
76.2
100.0
36.7
29.1
49.4
26.2
65.5
22.1
27.7
42.7
—
31.0
79.2
47.5
33.2
38.4
82.1
99.9
67.9
105.2
35.8
30.7
47.9
27.0
70.5
22.0
36.2
47.4
—
32.0
81.5
46.9
34.1
39.1
76.5
106.7
61.8
112.1
37.4
30.0
50.8
26.0
79.4
23.7
44.0
50.0
—
34.5
78.3
44.2
35.0
40.9
68.2
112.3
57.9
114.6
35.8
37.9
50.4
28.4
79.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
41.1
42.7
42.4
39.4
43.1
44.1
45.0
42.7
46.9
44.2
—
—
Mean (Ba1 to Ba3)
41.0
41.3
43.1
44.9
50.4
53.5
55.2
52.3
54.1
55.0
—
—
Angola [1]
Armenia
Bangladesh [2]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan [3]
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 200 •
Notes:
[1]
[2]
[3]
2012 as of November
• 201 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia [2]
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
46.1
50.3
22.2
56.8
34.7
6.4
—
38.8
15.5
96.6
47.0
18.4
39.1
63.3
39.0
180.9
29.5
15.3
72.2
37.1
24.2
21.3
40.7
56.4
33.1
10.3
51.8
38.3
46.4
45.1
21.2
64.1
35.0
6.7
—
29.4
16.8
98.9
52.5
19.2
38.2
57.6
39.4
180.5
32.0
24.5
65.5
35.6
24.4
20.8
43.3
52.2
31.7
10.2
61.9
35.1
49.9
38.0
21.8
61.5
40.9
7.5
—
30.8
19.1
97.4
62.0
19.0
38.8
56.1
37.4
180.0
31.5
24.8
62.0
38.7
22.2
22.5
43.6
54.7
33.2
12.2
71.2
22.6
55.4
30.4
27.2
62.9
43.1
7.4
—
37.2
19.0
90.3
71.1
21.1
42.9
53.7
36.7
192.5
34.5
21.4
58.5
39.5
23.7
22.9
47.1
54.6
45.7
18.0
75.4
16.7
62.1
28.0
26.9
69.1
48.4
9.7
—
38.8
21.5
78.5
69.6
22.9
50.9
52.7
36.5
182.4
40.2
20.8
56.9
40.6
22.4
24.5
45.0
56.6
61.1
19.3
96.2
16.4
66.0
23.9
32.9
70.4
51.4
15.0
—
38.8
20.6
68.3
68.7
27.9
51.6
57.7
39.9
170.5
39.8
27.5
53.0
45.6
22.6
24.5
42.8
59.7
82.1
19.8
94.5
18.8
68.0
27.5
34.5
73.0
50.2
16.8
—
41.0
23.1
70.4
74.0
28.7
55.2
59.9
43.0
164.4
41.4
30.5
51.0
42.6
29.8
26.6
39.6
63.0
88.6
25.5
123.0
18.8
66.6
28.7
46.1
69.5
58.2
19.7
—
40.1
24.5
66.7
67.8
28.4
53.9
51.1
51.1
172.7
37.2
27.3
48.6
40.6
26.5
28.8
40.5
55.4
79.5
22.4
135.8
19.2
68.9
30.7
37.4
66.9
59.2
23.9
—
39.4
25.6
68.3
62.3
27.5
54.8
49.6
51.3
178.5
39.4
31.3
44.6
37.8
21.7
31.1
46.2
56.6
74.2
29.3
120.8
18.0
67.1
36.6
32.2
64.3
61.4
29.4
—
41.3
—
72.6
60.4
33.1
58.7
50.7
52.0
183.2
42.2
35.9
44.5
39.5
28.0
31.3
47.0
56.8
73.5
41.9
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
38.8
35.6
38.0
39.5
40.6
42.8
42.6
46.1
44.6
45.8
—
—
Mean (B1 to C)
43.9
44.0
44.4
46.3
48.1
49.4
52.2
52.1
51.7
53.5
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
—
0.5
—
2.5
6.3
2.2
2.1
4.9
5.3
3.2
2.8
2.1
2.9
4.6
6.2
3.8
3.7
—
0.6
—
3.1
4.8
2.5
2.2
4.7
5.4
2.8
2.3
2.2
3.6
4.7
5.6
3.3
3.7
—
0.4
—
3.8
4.3
2.4
2.1
4.8
5.3
2.5
2.5
2.2
3.3
4.9
1.0
3.2
4.2
—
0.5
—
3.7
4.2
3.1
2.4
5.2
4.5
2.3
2.6
2.3
3.7
5.7
0.8
3.1
4.0
—
0.6
—
5.5
3.6
3.7
3.0
5.2
4.3
1.7
2.5
1.7
4.1
4.5
0.7
3.0
2.0
—
0.6
—
3.8
3.6
3.7
2.3
5.6
4.8
1.5
3.0
1.7
3.9
5.3
0.6
3.2
5.8
—
0.7
—
4.2
3.7
3.6
1.9
5.1
4.9
1.4
3.3
1.7
3.6
3.3
0.7
3.1
8.0
—
0.9
—
4.5
3.8
3.6
1.8
5.1
4.9
1.3
3.6
1.8
3.2
2.4
0.7
2.8
6.7
—
0.8
—
3.2
4.2
3.7
1.7
5.1
4.3
1.1
3.2
1.8
2.9
5.4
0.6
2.8
6.2
—
0.8
—
3.8
4.7
3.6
1.9
5.4
4.0
2.8
3.4
2.0
3.0
3.3
0.6
2.9
5.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
3.2
3.3
3.2
3.1
3.0
3.6
3.3
3.2
3.2
3.3
—
—
Mean (Aaa to A3)
3.5
3.4
3.1
3.2
3.1
3.3
3.3
3.1
3.1
3.2
—
—
Bermuda [1]
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 202 •
Notes:
[1]
Country
Rating
• 203 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.3
8.1
5.2
5.9
1.7
2.6
2.2
8.6
4.3
3.2
1.8
2.1
1.4
3.8
5.3
6.3
10.4
3.0
2.2
1.5
17.9
—
4.4
1.3
1.8
3.3
1.5
6.5
4.8
7.1
1.6
2.9
2.2
8.6
3.8
3.2
1.7
2.2
1.9
4.1
5.4
8.1
18.4
2.6
2.0
1.3
11.4
—
3.9
1.1
2.3
2.9
1.7
8.1
5.0
9.4
1.9
3.2
2.1
10.3
4.2
3.7
2.8
2.4
2.1
4.8
5.5
8.8
10.2
2.6
1.7
1.2
8.3
—
3.8
0.9
3.5
2.6
1.6
11.0
4.0
7.6
2.0
3.7
2.0
4.8
4.0
3.8
1.8
1.9
1.9
4.9
6.1
7.2
11.4
2.5
2.0
1.2
7.3
—
3.7
0.8
3.5
2.9
1.6
12.0
3.6
5.1
1.9
3.6
2.0
7.8
3.4
3.2
2.7
2.0
2.0
4.9
5.7
4.1
9.0
2.0
2.4
1.1
7.0
—
3.2
0.9
4.0
2.5
1.6
10.3
4.7
4.2
2.0
3.4
2.2
3.9
3.9
3.5
3.0
2.0
2.3
5.1
4.9
2.4
8.2
2.2
2.3
1.1
5.6
—
2.6
0.7
4.1
1.9
2.1
7.1
5.4
5.5
2.2
3.8
2.4
3.5
4.9
3.8
2.6
1.6
2.5
4.9
5.4
3.6
8.0
2.4
2.3
1.2
6.6
—
2.4
1.0
4.8
1.9
2.1
6.9
4.4
5.4
2.4
3.7
2.6
2.3
5.3
3.1
2.7
1.5
2.5
4.4
5.1
5.4
10.0
2.2
2.0
1.5
7.1
—
2.4
1.0
4.8
2.4
1.8
6.9
5.1
4.7
2.6
4.0
2.8
1.7
5.5
3.1
3.2
1.7
2.0
4.6
4.2
4.2
13.0
2.3
1.9
1.7
5.5
—
2.6
1.0
4.6
2.1
1.9
7.2
4.6
4.8
2.4
4.4
2.2
2.9
6.0
3.2
3.8
1.5
2.1
4.3
4.4
4.3
14.6
2.0
2.1
1.9
5.3
—
2.9
1.2
4.2
1.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.2
2.9
3.5
3.7
3.2
3.0
3.5
2.7
3.1
3.2
—
—
Mean (Baa1 to Baa3)
4.4
4.5
4.4
4.1
3.9
3.5
3.7
3.7
3.7
3.8
—
—
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [3]
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
2012 as of November
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.5
0.5
7.1
4.4
1.0
2.6
3.4
1.6
3.2
3.4
2.5
3.6
2.7
1.4
1.0
2.6
2.5
5.2
2.1
0.7
7.2
6.3
1.0
2.9
3.6
1.3
3.0
3.4
2.7
3.7
2.6
0.7
1.0
2.9
2.5
4.3
1.5
0.7
6.5
7.1
0.9
2.8
3.8
1.4
3.3
2.7
3.3
2.4
2.6
0.6
1.1
2.8
2.8
3.7
0.9
0.7
5.2
7.1
0.7
2.9
4.0
1.2
3.5
2.9
2.9
2.7
2.6
0.5
1.1
2.9
1.9
2.9
1.0
0.7
5.0
6.5
0.7
3.2
4.0
1.4
3.6
3.2
2.9
3.9
2.9
0.8
1.0
2.5
1.4
2.9
1.1
0.9
4.8
7.5
0.7
3.4
3.5
1.4
3.5
2.3
3.1
5.2
3.2
1.1
1.2
2.3
1.0
2.8
1.9
0.8
4.0
7.1
0.7
3.1
3.2
1.1
3.5
1.8
2.9
4.0
3.6
1.5
1.3
2.2
1.6
2.6
1.5
0.9
4.7
—
0.8
3.1
3.8
1.3
3.5
1.6
2.8
4.0
3.5
2.1
1.4
1.8
4.3
3.1
1.4
1.1
5.4
—
0.8
3.0
4.5
1.3
3.7
1.3
3.3
5.8
4.3
2.2
1.4
1.6
3.5
4.2
1.3
1.3
5.2
—
0.8
3.1
3.5
1.4
3.7
1.6
4.9
5.3
5.4
2.0
1.8
1.7
3.2
3.9
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
2.6
2.8
2.7
2.8
2.9
2.5
2.4
2.8
3.0
3.1
—
—
Mean (Ba1 to Ba3)
2.9
2.9
2.8
2.6
2.6
2.7
2.6
2.6
2.9
2.9
—
—
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan [2]
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 204 •
Notes:
[1]
[2]
2012 as of November
Country
Rating
• 205 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.6
3.0
4.6
7.2
2.0
1.0
—
25.9
7.5
4.7
3.2
1.2
2.0
1.7
4.2
3.4
2.1
3.1
3.3
3.8
2.1
2.2
3.4
5.3
2.7
1.6
3.9
3.6
3.4
2.6
5.4
16.0
2.0
1.1
—
10.8
7.8
5.2
3.2
1.3
1.6
1.2
4.7
4.1
2.0
3.6
2.8
4.0
2.0
2.2
4.1
4.1
2.5
1.8
4.5
3.6
3.0
2.4
5.1
10.6
1.9
1.3
—
4.6
5.5
4.8
5.4
1.5
1.6
1.1
3.7
4.2
2.1
2.8
2.7
5.1
2.3
2.4
3.9
4.7
2.0
1.9
4.5
2.9
2.9
2.2
7.7
7.2
1.8
1.5
—
4.6
7.2
4.6
7.0
1.7
1.7
1.2
3.0
4.0
2.0
2.3
2.2
5.3
1.7
2.6
4.4
4.5
2.4
2.8
3.9
2.6
2.9
1.8
2.9
8.8
1.8
1.6
—
4.1
4.5
4.3
4.7
2.4
2.1
1.5
2.6
4.7
1.8
2.6
2.1
5.0
1.5
2.7
3.9
4.3
2.4
4.2
3.3
2.4
2.7
1.8
5.2
6.3
2.0
1.3
—
4.6
4.1
4.4
6.7
3.1
2.2
1.5
3.6
3.4
1.8
3.2
2.0
7.7
1.9
2.7
5.9
4.8
2.2
3.7
3.7
2.3
2.7
1.9
3.1
6.0
2.1
1.4
—
4.2
6.0
5.1
4.3
2.0
2.8
1.4
3.6
2.9
1.8
1.6
1.8
6.7
1.8
2.6
3.5
5.3
2.4
7.5
6.6
2.2
2.4
2.3
5.9
5.8
2.1
1.5
—
4.0
14.4
5.1
3.4
1.7
2.5
1.2
3.7
3.0
1.8
1.8
1.8
5.1
1.6
2.8
2.8
3.7
2.2
12.9
10.9
2.4
2.6
3.1
2.4
5.5
2.3
1.5
—
4.0
14.7
7.6
3.3
1.9
2.7
1.4
4.5
2.9
1.8
2.1
1.8
5.2
1.7
3.1
3.7
4.7
2.8
17.3
10.1
2.4
2.6
4.0
3.6
4.4
2.4
2.0
—
4.9
—
16.6
2.9
2.3
3.1
2.5
4.0
2.8
1.6
1.4
2.0
7.3
2.1
3.1
3.6
4.0
4.3
27.1
—
2.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
3.3
3.4
2.9
2.8
2.7
3.2
2.8
2.8
2.9
3.1
—
—
Mean (B1 to C)
4.2
4.0
3.5
3.5
3.2
3.5
3.5
4.0
4.3
4.7
—
—
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
48. Total External Debt/Official Foreign Exchange Reserves
• 206 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda [1]
Botswana
Cayman Islands [2]
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
—
21.5
217.0
282.7
54.4
132.7
287.3
91.7
184.2
19.5
121.2
113.3
338.1
529.9
116.7
30.5
205.7
—
18.8
180.8
278.9
43.1
162.5
294.6
76.0
210.6
15.0
85.5
133.2
376.1
541.4
102.5
33.5
208.4
—
17.5
201.5
273.4
36.2
159.7
280.7
76.9
241.6
21.1
79.0
125.0
328.2
405.1
20.5
34.2
280.1
—
14.4
181.1
251.3
31.8
184.5
301.3
94.5
253.5
34.1
66.7
149.4
368.2
500.9
18.9
32.3
366.1
—
21.6
197.5
320.0
25.5
221.2
317.2
127.4
353.4
42.4
59.7
106.4
372.0
455.2
24.9
35.0
202.4
—
9.6
349.4
278.9
20.0
231.0
205.4
158.3
318.7
45.9
79.7
115.0
415.3
606.6
18.9
31.0
477.6
—
27.7
511.2
301.6
17.9
225.0
155.9
130.3
259.5
59.4
78.6
107.0
381.8
450.7
22.5
23.5
618.4
—
19.8
663.2
320.9
19.3
233.6
153.1
125.4
220.7
71.6
76.8
90.9
367.4
362.1
21.7
26.6
526.0
—
19.5
648.4
246.1
21.8
248.7
141.8
133.7
152.7
52.3
67.4
97.9
357.5
842.6
17.1
31.8
468.3
—
20.7
600.0
296.4
22.3
240.2
126.4
130.5
110.1
122.9
65.4
108.8
363.0
492.3
13.7
30.9
392.2
—
20.0
595.0
284.2
23.7
245.5
116.9
128.6
106.3
91.7
67.0
111.2
347.3
484.8
12.1
31.7
409.3
—
19.0
544.6
291.7
25.5
247.9
111.9
128.0
100.6
62.2
79.1
113.4
343.6
497.3
11.0
31.6
399.1
Median (Aaa to A3)
126.9
147.8
142.4
165.3
162.4
181.9
143.1
139.2
137.7
124.6
114.1
112.7
Mean (Aaa to A3)
171.6
172.5
161.3
178.1
180.1
210.1
210.7
206.2
221.7
196.0
192.2
187.9
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Notes:
[1]
[2]
Country
Rating
• 207 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
361.9
75.4
380.0
482.0
217.6
373.6
314.8
2164.4
103.9
393.9
541.2
656.3
247.3
67.5
281.7
—
759.2
292.2
280.2
254.2
637.7
—
126.7
188.5
426.4
636.8
339.4
51.9
465.0
419.7
196.4
309.3
304.3
2678.6
98.8
403.7
386.1
703.5
298.1
61.3
264.8
—
1256.2
247.3
200.4
176.7
351.8
—
121.2
130.3
453.8
561.6
401.4
58.5
442.7
353.3
228.9
271.1
285.6
4614.8
95.9
410.4
713.9
680.1
337.6
69.9
237.1
509.4
680.0
209.5
183.5
146.4
266.1
—
117.4
83.0
338.4
447.1
231.4
73.9
436.1
234.1
250.2
273.3
228.0
3187.7
89.8
325.9
417.0
546.0
335.3
61.6
227.2
447.6
679.0
169.7
193.3
106.1
261.4
—
107.4
96.6
343.3
420.8
165.1
74.1
726.4
134.0
260.1
221.7
207.0
4713.4
75.0
258.8
614.2
701.7
398.3
51.9
228.0
225.3
458.7
123.8
232.0
99.5
257.6
105.8
87.4
95.1
342.3
361.3
152.6
79.4
953.9
136.3
309.3
203.3
245.5
3518.9
93.0
315.4
604.0
840.6
516.2
41.9
218.5
146.3
386.0
115.6
274.0
117.0
241.0
85.6
70.3
73.0
400.2
243.0
179.7
93.4
989.5
119.7
338.0
232.0
213.4
795.2
102.5
286.4
559.3
648.9
517.4
67.0
207.2
116.8
410.1
113.4
297.3
115.1
242.2
86.0
56.4
72.8
389.2
235.1
182.6
106.6
783.7
125.4
342.9
245.6
194.0
515.9
111.5
225.5
478.8
557.1
496.4
58.3
215.8
206.6
467.8
104.9
292.0
112.9
294.9
76.5
60.7
99.7
369.3
257.0
117.0
117.6
860.1
117.7
328.7
254.1
227.6
379.9
133.0
217.4
507.9
650.3
402.5
65.0
205.3
233.0
622.0
103.1
301.6
122.1
283.9
57.2
63.3
81.2
396.8
187.9
108.9
174.5
803.0
121.7
285.4
225.2
222.0
588.7
148.1
238.5
634.5
572.5
410.1
61.8
227.1
226.7
641.5
95.7
318.4
133.5
333.9
65.7
78.1
94.7
342.8
161.4
112.5
182.4
834.5
122.8
280.1
194.2
188.9
540.3
161.0
254.7
577.1
461.9
390.8
68.6
234.4
221.2
704.0
91.9
304.8
137.0
357.6
75.0
73.0
101.7
351.0
161.3
105.9
185.4
826.6
123.2
272.4
177.8
189.2
468.9
174.2
259.2
483.6
396.3
358.5
73.1
242.4
239.3
754.0
88.1
294.9
144.2
392.0
75.5
74.1
104.5
359.5
160.2
338.3
306.8
285.6
250.2
226.7
229.7
222.7
220.7
222.5
225.9
207.7
214.2
Mean (Baa1 to Baa3)
427.6
436.7
487.3
389.7
431.5
399.3
287.8
268.6
270.6
281.3
276.2
270.1
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil [3]
Bulgaria
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius [6]
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten
Thailand
Trinidad & Tobago
Turkey [7]
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
External debt data is public sector only
• 208 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados [2]
Bolivia [3]
Croatia
El Salvador
Georgia [4]
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname [5]
Tunisia
—
363.6
704.9
169.4
883.3
303.4
490.1
916.9
237.8
483.4
244.3
—
134.5
489.3
400.2
466.9
404.6
620.4
669.7
349.1
684.3
212.9
768.3
356.4
517.1
469.2
214.3
531.3
247.9
—
105.7
224.4
362.5
473.9
325.6
508.0
319.1
277.0
658.2
226.2
545.2
349.5
565.2
345.6
212.2
462.8
246.3
—
101.8
78.9
284.9
392.6
337.9
416.1
86.1
190.0
557.4
238.2
228.5
340.7
583.2
408.7
225.2
620.6
208.5
203.3
88.9
18.8
224.7
309.3
190.5
278.5
85.7
176.4
408.0
188.5
120.5
366.3
489.0
430.1
238.5
746.8
199.3
191.6
86.2
17.2
150.7
221.4
82.9
261.0
75.5
245.3
346.3
230.4
86.4
449.1
463.1
521.4
224.0
654.4
162.1
353.4
95.4
21.9
151.1
197.2
57.9
236.7
113.8
267.3
291.8
249.4
82.3
450.5
432.9
465.8
205.6
565.1
127.0
452.1
112.3
24.4
113.8
174.2
58.4
208.0
87.4
343.3
199.5
215.2
76.9
451.1
475.8
493.5
194.1
474.7
133.3
315.3
120.8
32.1
129.0
138.3
71.3
244.0
74.0
395.6
216.4
221.8
67.1
422.1
639.1
444.5
218.5
437.7
157.6
611.4
154.5
40.2
126.6
117.1
80.1
323.7
71.2
472.7
227.1
215.4
69.5
412.8
530.1
496.1
224.6
459.2
254.2
553.8
207.2
32.6
135.7
112.8
75.2
321.6
74.9
519.4
209.8
210.3
68.5
404.0
504.8
561.6
229.7
439.4
273.5
567.8
250.8
30.7
141.0
120.0
121.5
311.1
70.8
538.4
223.3
231.6
67.4
410.6
495.5
634.8
239.3
440.0
235.8
388.8
270.2
35.0
150.5
121.2
113.3
302.2
Median (Ba1 to Ba3)
435.8
362.5
337.9
226.8
195.5
227.2
206.8
196.8
217.4
225.9
240.2
237.5
Mean (Ba1 to Ba3)
457.1
413.0
342.3
277.8
247.8
254.0
244.2
233.1
263.8
270.7
279.9
276.0
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; External debt data is public sector only
Public sector debt only from 2010 onward
Country
Rating
• 209 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
175.4
1252.5
702.0
985.5
247.7
407.2
—
2700.3
2065.4
216.9
69.0
604.4
377.0
475.9
473.8
161.4
638.1
723.3
1355.5
350.0
445.9
359.5
533.5
417.8
357.4
276.4
234.5
2780.9
149.7
950.7
658.6
2170.4
229.7
377.5
—
916.6
1697.8
221.2
62.4
463.4
307.8
353.3
465.4
198.0
400.2
761.6
848.9
315.3
332.0
295.8
621.1
295.0
323.0
236.8
246.2
2415.2
140.5
500.3
451.2
1485.5
250.4
379.8
—
373.5
1031.9
161.3
98.4
410.0
221.8
304.3
364.1
194.2
347.8
388.0
775.2
347.1
285.5
307.7
504.7
336.5
208.7
191.1
208.5
1003.8
141.1
357.8
640.5
943.3
194.3
306.8
—
388.2
1183.8
139.4
162.1
176.7
150.4
351.1
278.8
192.7
321.0
241.7
516.5
345.8
155.7
141.6
527.0
312.2
249.6
144.6
160.7
336.3
156.9
281.9
316.2
985.8
183.5
155.7
—
352.3
618.4
111.3
95.1
257.8
126.9
559.8
225.6
224.1
248.8
226.7
366.8
302.2
96.5
143.2
499.9
220.0
251.6
237.5
114.1
264.5
199.9
281.6
564.2
613.4
219.2
142.6
—
388.6
473.3
104.1
156.8
321.6
140.8
588.3
266.4
149.6
244.0
389.1
410.2
538.2
102.5
166.7
742.8
252.8
330.1
203.7
127.7
283.8
230.5
269.2
518.7
720.9
250.5
128.4
—
343.0
599.4
107.7
97.9
245.4
175.2
643.1
247.0
123.8
295.2
245.2
400.8
573.9
189.5
204.8
462.6
286.4
405.6
463.3
236.0
300.9
219.5
277.4
992.0
694.8
250.4
121.7
—
357.2
977.0
106.6
79.0
216.0
151.0
653.6
221.0
119.6
278.7
279.1
391.2
475.1
234.2
214.7
374.3
250.8
352.2
1056.3
368.6
300.4
268.4
351.0
625.6
621.4
258.6
129.6
—
378.2
871.9
157.2
77.7
223.4
162.4
729.9
242.6
121.4
277.1
436.6
421.5
448.9
329.0
247.3
476.3
328.2
415.4
1846.4
397.7
255.5
288.3
383.9
650.9
443.9
256.2
144.1
—
469.0
804.7
315.2
66.0
291.1
204.9
1332.6
224.2
121.1
244.4
373.0
451.8
606.1
379.1
259.8
526.2
251.5
596.3
1994.4
227.1
240.2
278.4
416.7
654.0
414.2
257.1
157.0
—
402.3
787.3
426.1
65.9
387.5
193.5
1330.4
227.4
128.3
253.7
471.1
472.2
1061.6
391.2
284.4
552.0
300.0
634.4
2134.4
187.4
333.5
268.7
423.1
814.0
414.3
257.4
171.9
—
392.1
775.0
440.0
66.5
489.0
187.6
1300.0
230.8
134.5
264.4
478.7
481.6
1108.7
392.0
294.2
560.0
320.0
584.7
2317.3
176.7
431.7
Median (B1 to C)
445.9
353.3
347.1
278.8
237.5
266.4
269.2
278.7
329.0
315.2
391.2
414.3
Mean (B1 to C)
718.0
604.2
417.5
335.5
282.3
311.2
324.6
370.8
411.1
449.9
489.0
510.2
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [2]
Fiji
Ghana
Honduras [3]
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua [3]
Pakistan [2]
Papua New Guinea
Senegal [3]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
49. Debt Service Ratio
(Interest + Current-Year Repayment of Principal)/Current Account Receipts
Country
Rating
2003
2004
2005
2006
• 210 •
2007
2008
2009
2010
2011
2012
2013F
2014F
0.4
1.1
—
27.5
5.9
7.5
15.8
12.3
4.1
—
6.2
6.7
25.0
17.1
1.5
1.8
5.3
0.4
0.9
—
22.5
3.9
7.8
10.8
10.1
2.8
—
4.4
5.9
28.4
14.0
1.4
2.6
4.5
3.2
0.8
—
14.1
2.6
8.9
10.7
7.6
1.3
—
5.2
4.9
26.6
11.6
1.8
4.5
4.7
2.6
0.8
0.7
19.5
1.8
8.5
11.6
7.0
1.2
—
4.6
5.0
22.7
10.9
2.6
3.3
6.0
0.4
0.6
0.6
13.6
1.7
4.6
16.8
6.5
1.8
—
3.6
5.2
25.8
11.3
3.8
2.5
6.9
1.0
0.9
0.8
19.0
1.6
3.6
8.2
7.3
5.3
—
2.4
3.8
22.9
8.6
3.2
3.6
5.1
1.1
0.9
1.3
25.3
2.5
7.0
9.4
7.3
25.3
—
6.1
4.8
29.4
15.0
3.8
1.4
5.6
1.7
1.1
1.8
15.5
1.6
5.4
8.1
6.4
15.0
—
7.3
3.8
24.4
11.9
3.0
1.1
5.3
8.4
0.9
4.8
14.3
1.5
6.9
17.6
6.6
9.3
—
9.6
3.4
21.5
9.7
2.2
2.0
4.4
1.1
0.9
1.3
15.9
1.7
4.0
11.0
6.5
6.7
—
9.6
3.5
22.1
10.5
1.6
1.3
4.4
3.1
0.7
1.3
13.3
1.6
4.4
8.2
6.4
6.5
—
10.7
3.7
21.2
13.3
1.7
1.2
4.5
13.1
0.7
1.2
13.6
1.5
4.8
7.5
6.3
6.4
—
11.8
3.9
20.5
15.8
1.6
1.3
4.9
Median (Aaa to A3)
6.2
4.5
4.9
4.8
4.2
3.7
5.8
5.3
6.7
4.2
4.5
5.6
Mean (Aaa to A3)
9.2
8.0
7.2
6.8
6.6
6.1
9.1
7.1
7.7
6.4
6.4
7.2
Bermuda [1]
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
Notes:
[1]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
Country
Rating
• 211 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.4
12.9
10.5
59.0
11.8
45.1
9.6
56.8
15.9
25.2
38.6
18.7
42.7
6.3
14.0
—
9.9
26.3
14.4
13.1
12.9
7.0
15.7
10.1
37.7
89.2
5.0
3.1
10.6
45.0
19.6
32.3
10.0
59.6
5.9
25.1
39.0
17.6
40.6
6.7
11.9
—
13.1
23.1
13.9
9.1
9.8
7.3
8.4
8.4
32.0
49.0
2.5
3.1
9.6
46.7
39.5
34.8
7.0
68.3
9.7
23.8
39.8
29.8
36.1
8.2
9.7
—
14.6
31.3
16.3
14.4
7.0
7.5
10.6
8.1
33.3
52.9
1.6
2.6
9.6
33.8
25.1
30.0
5.7
81.4
4.7
30.6
33.0
27.1
50.8
6.5
14.8
8.9
20.6
11.8
15.8
13.9
7.7
10.8
10.7
15.8
31.2
23.1
0.7
6.0
13.3
25.9
31.0
20.8
5.6
181.9
4.7
24.6
54.6
24.6
66.3
3.3
8.3
7.0
4.7
25.9
16.2
9.3
6.8
18.9
11.3
10.4
31.2
22.0
0.8
2.9
15.8
15.4
30.9
15.8
9.5
156.3
4.4
26.1
46.6
30.7
60.1
2.8
8.5
7.6
7.0
13.6
22.1
10.7
7.0
17.0
7.7
9.3
28.5
15.9
1.3
19.2
22.8
22.4
39.0
19.9
8.4
27.9
5.8
28.2
68.8
44.3
70.1
2.5
8.7
7.5
4.4
13.2
26.0
16.1
6.3
15.9
7.1
7.9
38.4
19.7
1.3
7.1
19.9
18.9
31.3
19.0
5.9
22.7
4.3
28.5
37.2
41.0
54.0
3.7
7.6
3.6
5.0
18.8
26.6
11.0
4.5
18.0
4.4
4.1
34.1
14.6
4.6
5.1
13.1
17.0
23.9
14.5
8.5
29.6
6.0
39.2
27.7
26.7
40.1
3.1
7.8
7.6
3.5
6.6
22.0
10.1
4.4
14.7
3.3
3.8
26.6
16.0
4.6
4.8
13.9
18.6
21.3
13.0
9.5
19.8
6.5
76.2
28.3
32.6
39.0
3.2
8.3
5.0
3.8
8.3
23.5
17.3
9.4
15.7
3.9
4.3
25.3
13.6
5.8
4.2
13.7
16.7
21.1
11.8
10.7
19.1
6.7
57.6
17.6
23.2
36.1
3.0
7.8
7.6
2.9
9.6
21.9
25.1
7.7
16.7
3.8
9.2
27.4
18.0
5.5
4.8
15.4
15.6
19.8
11.4
11.9
22.3
6.7
45.6
10.3
30.2
33.0
3.4
7.8
7.9
3.0
9.6
20.3
12.9
9.4
16.5
3.6
8.2
25.7
7.8
14.4
13.1
14.6
15.3
14.8
14.5
17.7
16.3
11.6
13.3
12.8
10.9
Mean (Baa1 to Baa3)
24.4
20.2
22.6
20.3
24.4
22.0
21.2
17.2
14.8
16.5
15.6
14.2
Azerbaijan
Bahamas [1]
Bahrain [2]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland [3]
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico [5]
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten [6]
Thailand
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
External debt data is public sector only; 2003 reflects debt prepayment and refinancing
Principal payment is public sector only
St. Maarten and Curacao
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
22.7
8.9
8.5
5.5
16.3
18.5
16.4
14.6
5.5
13.3
22.3
—
20.0
5.8
11.6
15.7
8.1
14.2
25.8
6.8
8.5
5.5
15.7
19.5
16.7
11.9
6.1
13.6
13.8
—
11.8
4.3
12.4
12.9
3.5
14.5
11.5
5.1
8.0
5.8
12.1
21.8
15.9
11.6
5.7
14.1
12.9
—
9.6
12.2
10.7
12.6
2.8
12.2
14.7
3.9
8.4
5.7
7.8
32.3
35.9
10.3
6.9
11.0
11.8
4.3
7.0
8.6
7.1
11.4
3.8
16.8
10.0
3.3
7.6
5.3
11.0
30.3
27.6
12.4
6.6
10.8
11.1
11.2
6.7
1.4
5.8
9.7
8.0
12.3
4.4
4.1
7.9
5.9
10.9
25.4
26.0
14.4
5.6
14.8
23.1
6.6
5.7
0.5
4.7
9.2
0.9
7.2
8.8
7.5
6.3
6.5
8.5
40.6
32.0
21.8
5.4
22.5
6.1
8.8
5.1
0.6
5.4
9.8
5.3
10.9
4.4
5.6
5.6
13.8
8.2
36.9
21.4
15.0
4.7
18.9
6.6
10.2
5.5
0.4
4.2
8.3
1.0
9.2
2.5
9.2
4.9
6.1
4.3
32.2
22.5
14.3
6.1
21.1
6.9
9.0
5.0
0.4
3.4
8.9
1.0
10.0
3.2
12.2
6.9
6.2
5.0
77.0
22.3
18.6
5.6
15.3
9.1
7.5
6.2
0.3
6.3
6.7
1.9
10.5
2.5
18.2
6.8
5.8
3.9
52.9
20.3
18.6
4.9
11.0
8.7
8.3
6.9
0.5
3.7
6.8
2.9
8.4
2.0
27.8
6.5
5.4
3.5
42.0
18.6
17.5
4.2
12.3
8.5
8.6
7.5
0.6
3.9
7.0
3.1
7.8
Median (Ba1 to Ba3)
14.2
12.4
11.6
8.5
9.9
6.9
8.0
7.4
6.5
6.8
6.9
7.2
Mean (Ba1 to Ba3)
13.4
12.0
10.9
11.5
10.6
9.9
11.8
10.0
9.3
12.3
10.6
10.4
Angola
Armenia [1]
Bangladesh [2]
Barbados
Bolivia [3]
Croatia
El Salvador
Georgia [1]
Guatemala
Hungary [4]
Jordan
Montenegro [5]
Morocco [6]
Nigeria
Paraguay
Philippines
Suriname [6]
Tunisia
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 212 •
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Debt service derived from the Balance of Payments; Long-term amortization only
Public sector only
Country
Rating
• 213 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.5
37.3
13.2
27.7
7.6
0.8
—
9.5
82.6
10.1
1.3
9.9
12.0
22.4
12.7
15.3
8.5
27.5
8.3
19.3
19.0
7.9
7.5
6.2
10.4
29.7
6.1
34.7
1.6
28.9
11.3
40.0
6.8
0.7
—
8.6
72.9
9.2
1.2
4.9
10.1
20.4
6.6
15.9
12.2
2.3
5.3
22.9
9.5
10.7
8.6
9.1
9.0
22.8
7.3
9.6
1.6
19.1
12.6
40.2
6.8
0.7
—
7.0
67.2
7.9
1.0
5.3
20.1
22.5
8.0
18.2
9.0
2.2
5.0
10.3
9.1
9.0
4.3
9.4
12.8
11.4
6.5
7.1
1.7
35.5
16.7
22.3
7.1
0.6
—
13.6
64.5
7.3
0.9
3.9
25.4
16.1
5.5
19.9
10.8
1.9
4.9
9.1
10.1
8.5
8.6
9.3
16.2
14.2
5.7
2.8
1.5
11.7
14.4
76.0
6.5
0.5
—
15.6
65.9
5.9
3.4
2.9
18.6
23.5
4.9
19.9
8.6
1.7
7.7
8.7
19.6
3.7
6.9
9.5
15.3
9.2
4.9
2.0
1.7
8.7
17.3
14.0
5.5
0.6
—
15.9
42.9
3.9
3.2
3.2
6.9
19.4
3.8
14.3
11.1
6.4
9.8
8.5
20.3
2.5
10.5
11.1
18.7
10.2
2.9
2.6
2.7
20.4
23.0
14.3
12.6
0.8
—
17.2
67.0
5.5
5.0
2.8
11.6
34.8
3.9
13.7
11.7
11.2
11.9
13.4
12.8
3.0
11.5
13.0
36.9
11.6
2.9
3.1
7.2
16.6
16.8
16.8
19.9
0.8
—
15.7
37.4
4.5
4.3
3.1
5.1
28.0
3.5
12.9
9.0
8.8
11.7
12.1
14.1
3.0
8.8
13.4
34.8
14.5
3.2
1.4
2.9
14.8
13.5
16.9
8.3
0.9
—
15.3
30.4
4.5
10.5
1.9
9.2
36.5
3.2
11.5
8.3
7.6
10.7
8.3
17.5
3.5
8.0
13.4
25.3
15.9
4.6
1.9
3.3
18.5
14.1
9.0
8.8
0.9
—
17.0
31.9
4.4
8.0
3.6
7.7
22.2
3.7
15.3
7.1
10.5
15.9
9.3
22.9
4.9
12.6
13.3
29.9
13.9
3.5
2.3
3.0
17.1
13.3
13.3
8.9
0.8
—
14.3
26.7
4.4
6.9
5.7
6.5
22.9
4.1
16.0
7.0
19.5
12.4
11.0
21.6
5.4
12.5
12.7
34.1
15.8
3.1
2.1
3.0
17.4
12.2
13.6
9.1
0.7
—
15.6
24.5
4.6
5.8
3.1
5.7
24.5
4.5
16.4
6.9
18.9
13.7
11.5
18.1
4.7
12.1
12.3
25.0
18.8
3.1
1.5
Median (B1 to C)
10.4
9.2
9.0
9.1
8.6
8.7
11.7
11.7
9.2
9.3
12.4
12.1
Mean (B1 to C)
16.6
13.6
12.4
12.7
13.7
10.2
14.0
12.1
11.3
11.6
11.9
11.4
Albania
Argentina
Belarus
Belize [1]
Cambodia
Cuba
Ecuador
Egypt [4]
Fiji
Ghana
Honduras [5]
Jamaica
Kenya
Lebanon
Moldova
Mongolia [6]
Nicaragua [5]
Pakistan [4]
Papua New Guinea
Senegal [5]
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Private sector interest payments estimated by Moody's
Interest payment is public sector only
50. External Vulnerability Indicator
(Short-Term External Debt + Currently Maturing Long-Term External Debt + Total Nonresident Deposits Over One Year)/Official Foreign Exchange
Reserves
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
• 214 •
Bermuda
Botswana
Cayman Islands [1]
Chile
China [2]
Czech Republic [2]
Israel
Korea
Kuwait [2]
Macao
Malaysia [2]
Oman [2]
Poland [2]
Qatar [3]
Saudi Arabia [4]
Taiwan [2]
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
2014F
—
1.7
195.7
82.3
39.3
60.0
141.0
62.6
87.4
—
46.4
83.0
107.7
—
64.8
22.4
89.9
—
2.1
14.3
100.1
31.0
73.6
129.2
51.8
111.3
—
33.9
64.5
142.7
228.4
76.5
25.6
100.1
—
2.2
13.1
89.0
26.1
79.0
125.5
39.7
101.0
—
29.5
64.6
156.8
235.6
62.8
29.2
109.7
—
2.0
16.2
115.7
23.1
76.1
123.7
42.1
113.9
—
28.2
52.5
141.0
187.5
11.7
31.4
168.0
—
1.7
16.5
92.8
20.6
62.6
161.8
58.0
111.5
—
22.4
66.1
168.3
252.7
8.1
29.3
241.3
—
1.8
19.4
139.5
16.9
77.6
101.4
73.1
165.7
—
21.5
54.8
167.1
260.9
12.3
34.1
140.4
—
2.0
25.5
133.1
13.4
91.3
69.0
89.8
157.0
—
39.0
62.8
191.5
339.1
6.3
27.9
329.1
—
4.5
25.8
117.9
11.9
73.7
63.7
69.7
96.3
—
43.5
58.1
154.5
229.7
10.1
20.5
420.8
—
5.9
149.8
110.5
14.4
79.9
94.1
63.6
88.5
—
53.2
46.7
139.1
184.7
10.1
23.7
357.8
—
6.2
17.6
94.8
17.0
85.7
78.0
60.7
74.8
—
47.6
50.8
129.7
426.3
6.6
28.8
318.8
—
6.5
16.7
94.1
17.5
71.8
56.6
53.9
67.2
—
47.3
58.6
115.8
265.2
7.8
28.1
266.7
—
6.5
15.0
97.2
18.8
87.4
53.1
51.6
69.1
—
52.4
60.6
122.9
253.3
6.8
28.9
276.1
Median (Aaa to A3)
73.6
73.6
64.6
52.5
62.6
73.1
69.0
63.7
79.9
60.7
56.6
53.1
Mean (Aaa to A3)
77.4
79.0
77.6
75.5
87.6
85.8
105.1
93.4
94.8
96.2
78.3
80.0
Notes:
[1]
[2]
[3]
[4]
Central government only; 2003 reflects debt prepayment and refinancing; 2011 reflects payment of loan facility; Excludes total nonresident deposits over one year
Excludes total nonresident deposits over one year
Excludes total nonresident deposits over one year and QIA assets
Short-term external debt derived from BIS; Excludes total nonresident deposits over one year
Country
Rating
• 215 •
Azerbaijan [1]
Bahamas [2]
Bahrain [3]
Brazil
Bulgaria [1]
Colombia
Costa Rica
Iceland [4]
India [5]
Indonesia [1]
Kazakhstan [1]
Latvia
Lithuania [6]
Mauritius [7]
Mexico [8]
Namibia
Panama
Peru [1]
Romania
Russia [1]
South Africa [1]
St. Maarten
Thailand [1]
Turkey
Uruguay
Mean (Baa1 to Baa3)
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
38.6
83.7
219.0
167.3
52.1
96.5
138.2
1099.3
70.2
50.9
278.0
419.8
168.9
16.8
78.7
—
34.0
48.0
84.7
94.7
225.1
—
66.6
3.6
145.8
1084.4
39.4
13.7
266.1
118.2
66.2
85.7
128.5
815.1
40.3
54.2
259.7
490.5
147.1
17.2
65.8
—
79.4
50.1
95.3
66.6
211.9
—
46.6
4.0
144.8
338.6
31.8
10.7
272.5
134.1
101.7
97.1
118.6
865.3
42.6
68.6
177.0
551.2
171.9
23.0
53.5
—
197.3
65.7
81.8
57.2
107.5
—
66.2
7.6
181.2
315.1
33.7
8.6
241.9
114.3
96.8
97.3
113.6
1196.3
46.0
63.0
327.5
471.7
255.4
31.6
71.5
318.0
185.9
36.3
88.9
48.1
99.4
—
76.3
1.9
145.3
198.0
24.6
39.0
288.3
67.0
117.7
69.7
94.6
1326.0
41.8
67.6
214.7
316.9
265.8
20.5
48.8
245.9
13.0
61.9
130.8
28.8
101.4
—
72.6
3.8
140.5
216.2
28.5
15.0
758.5
34.0
118.8
49.3
106.8
2032.6
32.2
54.1
277.5
383.4
234.1
18.8
50.0
115.0
34.4
35.2
153.2
31.5
91.5
76.5
58.4
0.9
124.2
188.2
22.2
103.4
956.9
34.3
145.7
50.1
128.6
1373.1
43.7
64.4
226.3
390.6
248.3
8.4
46.4
55.1
7.9
30.5
135.8
30.1
91.3
52.2
42.7
0.7
153.7
144.2
22.0
20.8
695.3
27.5
146.2
45.1
73.6
121.6
45.9
71.1
155.6
254.7
242.4
22.3
54.4
30.8
11.7
36.4
115.9
23.0
70.9
57.7
31.8
3.9
149.0
130.5
28.8
14.2
878.6
33.7
140.9
55.4
80.6
95.4
53.4
52.1
128.0
252.5
224.5
13.7
59.1
72.0
7.6
19.8
117.2
25.9
68.2
49.9
35.4
0.8
163.0
139.7
14.4
11.9
779.7
23.3
130.3
56.3
79.0
43.5
65.3
53.6
133.5
313.1
186.2
14.1
54.4
40.2
62.9
20.1
102.4
36.1
70.1
50.4
35.0
1.1
178.8
91.1
13.9
16.3
812.5
19.6
111.5
48.3
77.7
79.4
73.2
53.1
109.9
283.3
183.4
12.1
58.3
52.4
9.1
20.0
101.7
46.7
79.3
52.4
42.0
1.3
161.8
83.9
14.9
17.6
794.1
24.1
109.6
40.8
69.1
83.9
79.7
54.9
74.5
243.1
159.3
16.7
59.2
53.1
15.0
19.8
93.1
35.1
84.1
51.4
39.4
1.4
164.6
68.7
89.7
82.5
99.4
97.3
72.6
67.4
59.7
56.0
57.3
55.4
55.7
57.1
198.5
151.9
158.3
174.7
160.7
196.3
176.4
102.3
108.1
101.8
100.1
94.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
External debt data is public sector only; 2003 reflects debt prepayment and refinancing; Excludes total nonresident deposits over one year and short-term external debt
2008 increase due to conversion of some "wholesale" (previously "offshore") banks to "retail" (previously "onshore") banks. As per our treatment of other offshore financial centres, only foreign liabilities of onshore banks included in external debt;
Excludes total nonresident deposits over one year and short-term external debt
Series break in 2004; Excluded total nonresident deposits over one year in 2003
Series break in 2009; Series break in 2005; Excluded total nonresident deposits over one year in 2003 and 2004
Currently maturing long-term external debt is public sector only
Excludes short-term external debt; External debt data is public sector only
• 216 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia [1]
Bangladesh [2]
Barbados
Bolivia [3]
Croatia
El Salvador [4]
Georgia [1]
Guatemala
Hungary [5]
Jordan [4]
Montenegro [6]
Morocco [7]
Nigeria [4]
Paraguay
Philippines [4]
Suriname [4]
Tunisia
—
26.0
72.5
67.7
298.2
—
151.0
—
63.5
240.2
188.2
—
42.7
47.6
149.9
101.8
37.2
174.9
541.2
87.7
53.3
66.0
154.6
—
139.4
—
65.2
269.8
123.3
—
24.6
63.3
105.9
96.6
26.7
165.6
204.2
76.4
55.5
115.0
116.8
—
149.2
—
53.1
293.5
125.9
—
12.8
53.7
99.7
96.5
24.2
126.0
142.9
54.6
72.5
93.1
62.9
—
257.9
—
45.4
283.9
132.8
—
14.0
29.3
68.6
90.4
40.4
121.0
57.9
36.9
61.9
147.8
44.8
—
187.4
96.0
46.6
310.8
117.1
13.2
17.8
11.4
63.3
59.4
61.9
77.8
25.8
32.5
61.0
90.6
31.0
—
161.6
81.6
43.2
342.5
168.1
61.5
15.5
10.3
46.1
46.7
42.3
69.4
26.5
43.4
41.4
89.0
18.2
206.9
159.4
117.5
40.0
260.5
112.5
145.8
12.6
14.7
52.6
43.3
43.6
69.1
33.2
31.6
32.6
103.9
15.0
192.4
92.7
77.1
37.7
197.7
85.9
238.1
15.7
8.9
29.3
30.2
12.7
62.8
21.9
46.3
25.3
57.2
13.2
234.1
116.0
82.5
40.2
202.0
87.6
45.9
15.1
10.5
36.6
28.7
13.5
77.5
21.8
66.9
37.2
60.7
11.7
193.8
165.6
91.2
38.7
158.8
109.7
152.2
24.1
13.4
53.9
24.0
10.2
103.6
17.7
95.7
40.0
59.4
11.0
173.1
137.9
103.1
36.3
135.6
173.7
141.9
31.8
10.3
53.1
28.7
8.6
100.7
3.6
142.3
39.4
57.7
10.7
170.1
125.6
103.3
36.2
138.2
188.8
147.0
34.4
9.5
55.5
32.7
7.2
92.5
87.1
96.6
99.7
72.5
61.9
46.7
48.1
35.5
43.0
57.3
56.2
56.6
118.7
132.2
106.8
100.6
83.1
78.2
83.2
72.1
64.1
74.3
75.5
77.5
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Currently maturing long-term debt derived from the Balance of Payments; Excludes total nonresident deposits over one year
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; External debt data is public sector only; Excludes total nonresident deposits over one year
Currently maturing long-term external debt is general government only; Excludes total nonresident deposits over one year
Public sector only
Country
Rating
• 217 •
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.6
204.7
417.5
75.6
65.1
28.4
—
621.8
1266.2
29.1
6.5
178.2
47.1
78.4
113.6
99.7
231.7
141.8
150.7
75.7
161.6
19.6
—
109.9
278.9
171.6
42.3
85.9
5.3
207.6
455.9
171.4
52.6
27.8
—
719.8
1099.6
27.9
5.3
68.1
48.0
124.9
80.7
73.2
270.4
151.6
137.3
45.1
71.7
21.7
—
119.4
185.8
71.5
47.2
93.8
4.5
166.1
535.5
378.5
54.6
28.6
—
205.9
1047.2
30.3
15.9
57.9
84.0
89.3
78.8
98.1
166.2
94.9
89.1
18.3
64.9
16.9
113.9
85.5
164.4
57.3
53.0
87.5
5.0
175.4
332.5
112.1
87.4
30.9
—
118.5
709.3
24.0
5.5
45.7
100.9
43.0
46.8
91.4
176.6
15.1
89.7
23.0
92.1
18.8
115.9
98.2
96.3
52.6
46.5
59.1
4.5
110.1
480.7
591.3
74.6
19.2
—
126.9
949.2
18.5
27.0
62.3
75.4
73.2
39.6
85.4
147.1
13.1
91.5
18.2
84.7
8.5
119.4
101.2
146.9
47.1
36.2
73.4
4.9
54.2
207.9
55.0
74.3
13.5
—
132.3
405.8
12.2
18.7
71.6
40.3
106.8
37.9
99.8
126.6
32.3
101.5
15.0
67.1
5.3
136.1
95.4
229.2
88.0
26.5
63.8
6.4
70.4
327.4
27.1
69.7
15.2
—
122.1
357.3
15.0
34.9
83.8
53.3
112.4
41.5
69.8
112.6
58.6
95.2
50.3
28.4
5.8
215.8
107.3
221.8
63.5
22.9
73.3
18.3
71.1
242.9
31.5
77.7
10.9
—
82.4
313.2
14.0
35.0
50.6
33.8
63.5
37.3
64.8
128.9
45.4
83.6
46.5
38.2
5.3
134.0
124.2
232.4
104.6
38.0
44.7
7.6
55.5
480.3
38.2
67.7
9.6
—
86.2
594.3
16.1
51.9
57.1
53.1
83.7
33.1
64.8
122.2
36.7
82.2
32.6
46.3
6.1
102.6
85.2
198.3
209.8
77.6
90.0
8.0
73.6
310.4
21.6
78.0
13.0
—
95.8
596.4
22.5
57.2
61.1
42.9
89.4
46.2
69.8
118.4
50.2
96.0
32.3
53.5
10.0
158.1
102.7
257.6
350.1
89.3
26.8
8.0
80.1
257.3
18.6
77.3
12.9
—
110.4
490.2
47.9
28.7
90.9
48.5
182.1
38.1
69.8
103.6
48.9
90.4
52.0
93.7
9.7
180.5
81.9
368.9
386.0
50.6
48.0
7.9
90.8
265.9
18.1
76.5
11.3
—
104.1
458.4
69.3
23.2
97.4
44.0
187.0
40.9
73.6
107.3
62.5
88.3
100.3
96.5
7.2
181.6
91.0
346.6
454.3
37.5
62.8
Median (B1 to C)
104.8
77.0
85.5
87.4
74.6
67.1
69.7
50.6
64.8
69.8
77.3
88.3
Mean (B1 to C)
181.0
168.6
144.0
104.2
134.3
86.0
91.2
80.5
103.3
108.6
113.9
118.7
Albania [1]
Argentina
Belarus
Belize [2]
Cambodia [1]
Cuba
Dominican Republic
Ecuador
Egypt [4]
Fiji [1]
Ghana [1]
Honduras [5]
Jamaica [1]
Kenya [1]
Lebanon [1]
Moldova
Mongolia [6]
Nicaragua [5]
Pakistan [4]
Papua New Guinea
Senegal [7]
Sri Lanka [1]
Ukraine
Venezuela
Vietnam [1]
Zambia [1]
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Excludes total nonresident deposits over one year
Excludes total nonresident deposits over one year; Beneficiary of the Heavily Indebted Poor Countries (HIPC) official debt relief initiative
2003 reflects settlement of debt owed to Russia; Excludes total nonresident deposits over one year
51. Liquidity Ratio
• 218 •
Liabilities to BIS Banks Falling Due Within One Year/Total Assets Held in BIS Banks
Country
Rating
2003
2004
2005
2006
2007
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
2008
2009
2010
2011
2012
2013F
2014F
31.1
4.8
11.7
71.9
32.1
53.7
18.8
113.7
25.7
6.2
57.5
22.3
63.4
29.2
24.8
29.3
16.5
23.8
4.0
14.4
67.5
36.1
50.2
13.9
90.7
22.0
7.0
56.1
22.7
35.4
24.3
21.8
39.6
27.3
32.0
3.6
17.1
62.1
44.3
64.0
12.8
109.1
23.1
8.0
82.4
16.5
46.7
26.9
16.8
38.8
31.5
32.0
1.6
16.7
52.3
51.9
65.3
10.0
144.5
20.2
10.0
69.5
16.7
42.9
34.0
11.3
28.2
32.6
46.1
1.2
17.1
64.5
42.7
81.2
9.4
152.7
27.2
11.3
46.1
16.5
56.5
75.4
17.7
22.5
39.9
39.9
5.9
13.1
79.2
43.1
70.9
16.9
172.8
19.3
12.9
86.9
39.3
142.9
96.6
11.1
17.5
56.5
33.7
14.2
17.1
76.5
76.2
65.3
22.2
278.4
32.2
20.0
80.5
39.3
182.0
93.4
19.0
34.3
56.1
34.4
24.4
19.2
77.3
116.2
54.1
43.0
250.0
22.4
30.9
84.8
41.8
149.2
58.5
21.2
66.9
69.6
34.0
26.8
21.2
93.4
128.4
67.5
29.1
180.1
15.0
25.2
93.2
31.1
166.3
61.2
15.3
56.6
74.0
39.5
20.7
29.5
94.7
110.7
54.1
27.1
191.1
17.2
25.4
100.6
23.1
146.1
56.3
17.7
51.8
66.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
29.2
24.3
31.5
32.0
39.9
39.9
39.3
54.1
56.6
51.8
—
—
Mean (Aaa to A3)
36.0
32.7
37.4
37.6
42.8
54.4
67.1
68.5
65.8
63.0
—
—
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
51. Liquidity Ratio
• 219 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten [3]
Thailand
Trinidad & Tobago
Turkey
Uruguay
9.7
7.5
41.7
46.4
49.7
29.7
67.5
163.8
43.1
105.9
206.9
103.1
239.6
38.0
43.6
39.9
19.1
83.3
110.9
38.8
26.3
—
45.4
47.9
89.7
16.3
9.1
6.9
37.4
42.7
53.6
33.2
57.1
95.1
53.8
153.2
141.9
66.2
140.0
25.2
35.6
31.4
20.0
72.8
157.0
32.1
23.1
—
44.2
41.8
101.6
21.5
11.3
7.7
60.1
54.0
71.5
36.9
44.3
110.8
48.0
136.2
108.3
186.9
193.4
18.2
35.9
61.5
19.0
83.7
208.0
29.7
18.1
—
37.7
29.0
100.1
17.6
29.7
8.1
50.8
66.1
85.5
35.2
42.1
74.9
58.0
172.3
190.1
378.8
194.5
22.0
39.3
47.4
19.7
42.8
609.1
23.3
28.6
—
31.5
20.1
77.9
20.5
44.7
6.0
59.2
77.9
105.7
52.7
39.5
162.4
190.0
222.8
104.4
199.5
136.0
30.8
32.6
34.5
21.1
51.0
577.5
39.6
25.1
—
21.6
10.2
90.1
19.2
107.8
5.2
56.6
74.0
170.4
36.3
51.9
233.8
136.2
198.0
48.3
319.0
251.3
36.1
34.1
83.2
18.2
132.2
960.7
59.1
27.8
—
42.7
12.7
87.4
25.0
88.4
9.5
56.0
115.8
128.4
31.9
49.9
309.7
242.0
155.9
48.5
138.6
207.2
26.6
35.1
30.2
20.4
87.4
571.9
51.4
30.4
—
61.1
12.1
83.9
26.5
59.9
10.1
41.3
118.4
104.1
65.5
57.5
151.1
302.6
255.4
35.5
88.3
155.3
55.2
38.8
14.7
25.4
98.5
647.5
60.6
30.7
—
74.1
11.3
112.1
25.9
97.0
5.9
54.4
125.2
102.3
74.4
69.9
147.9
385.0
314.0
28.4
57.7
95.5
33.9
44.1
16.4
28.7
80.9
746.5
52.9
42.1
72.6
53.8
15.6
175.0
40.6
152.1
13.0
36.9
120.4
90.7
81.2
57.4
49.0
525.7
244.9
22.0
78.9
104.4
42.2
56.8
17.7
30.6
105.5
506.8
55.2
37.2
24.1
69.8
16.7
200.3
48.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
45.4
42.7
48.0
42.8
51.0
59.1
56.0
60.6
63.8
57.1
—
—
Mean (Baa1 to Baa3)
68.6
59.9
69.1
94.7
94.2
128.3
104.8
105.6
113.9
107.2
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
Includes wholesale and islamic banks
51. Liquidity Ratio
• 220 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
16.7
4.0
23.8
10.5
28.0
62.1
296.7
12.2
37.1
174.2
6.2
—
19.2
10.2
66.2
85.4
7.4
21.4
17.1
5.8
30.2
9.1
33.9
63.0
299.8
22.3
39.0
172.5
4.9
—
17.3
11.2
69.4
72.5
3.6
18.8
40.7
7.6
29.1
3.2
20.6
119.2
271.7
17.6
34.5
169.3
5.3
—
16.9
10.4
70.0
76.5
2.5
18.7
25.6
8.7
32.9
8.2
4.4
104.6
52.1
19.8
49.4
193.4
4.6
61.8
15.0
11.6
48.7
48.0
1.7
18.9
24.2
14.5
25.7
3.4
5.6
121.9
43.8
21.6
55.7
235.9
5.9
54.7
16.8
14.4
51.4
42.0
2.8
12.5
13.2
41.2
27.6
5.1
5.4
167.2
47.7
28.6
60.2
252.5
10.9
344.0
19.2
34.3
69.2
36.1
2.1
21.9
22.0
36.6
39.4
4.0
20.3
213.1
73.0
39.4
32.4
177.9
10.0
547.5
27.5
18.0
45.7
53.1
0.9
20.5
15.1
51.0
39.2
6.4
5.3
179.7
80.1
64.0
38.4
161.3
9.7
170.6
27.1
14.7
57.7
72.4
1.3
16.7
9.9
65.2
66.6
8.0
16.6
267.8
73.5
17.7
52.7
149.5
11.2
314.1
56.2
22.6
101.5
60.1
0.6
28.0
9.5
101.0
79.5
3.6
5.4
253.5
77.8
33.4
51.3
223.8
12.4
169.2
58.8
32.1
94.0
59.1
0.6
18.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
21.4
22.3
20.6
22.7
22.9
31.4
34.5
38.8
54.5
55.1
—
—
Mean (Ba1 to Ba3)
51.8
52.4
53.7
39.4
41.8
65.9
76.7
56.2
73.4
71.3
—
—
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
51. Liquidity Ratio
• 221 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
31.5
46.5
30.3
89.9
4.3
15.2
209.7
65.2
18.6
17.3
28.4
47.8
37.7
45.1
13.7
12.1
9.5
54.9
70.6
11.5
21.5
13.0
29.1
24.1
28.0
10.8
47.1
11.4
54.1
31.6
41.9
89.3
9.6
21.2
182.6
46.3
22.7
13.9
21.4
46.1
34.9
34.4
11.9
14.6
2.3
35.0
54.4
7.5
19.5
8.8
22.0
24.2
24.4
10.2
85.9
12.7
64.1
30.3
49.7
49.7
27.2
18.9
163.8
45.3
19.2
13.4
49.8
53.4
31.7
20.5
8.1
11.9
3.0
13.5
52.8
7.8
31.0
11.6
37.0
19.9
34.0
6.5
76.1
19.1
62.1
36.6
71.7
28.9
27.6
12.1
78.0
23.4
38.1
14.2
5.6
68.2
13.6
38.3
8.0
11.0
33.5
14.0
30.8
11.6
15.3
9.1
50.6
15.2
48.6
7.8
60.1
31.5
67.4
37.4
37.0
33.4
29.6
12.9
74.1
34.7
40.6
22.8
11.3
86.9
17.3
47.4
10.1
13.2
13.6
11.7
49.9
11.1
15.2
21.1
65.9
19.5
78.1
10.1
77.4
40.3
199.6
39.8
60.6
18.2
52.2
29.3
38.0
33.2
30.2
33.5
9.7
104.4
18.8
48.3
10.5
9.3
22.2
118.1
25.9
15.3
1.2
13.9
175.6
13.5
65.8
5.5
138.8
60.9
250.0
36.3
58.5
21.8
91.2
17.4
28.1
30.7
23.4
35.6
34.3
114.5
11.9
32.8
11.0
7.4
17.1
88.1
19.0
16.4
4.2
13.7
102.4
17.7
54.6
5.4
134.4
31.6
156.7
38.1
135.7
21.4
84.1
31.1
15.1
30.9
23.1
42.6
29.4
106.9
13.6
47.5
11.1
8.2
35.6
54.2
21.1
16.0
12.8
13.3
68.5
19.8
35.6
5.6
155.7
69.0
169.5
51.1
46.2
18.9
92.4
42.1
21.1
37.5
20.3
36.3
63.0
126.5
21.0
45.4
15.7
8.1
31.1
132.5
14.8
20.6
4.4
16.1
128.0
17.9
35.8
6.9
232.0
32.0
108.8
39.3
45.3
15.4
80.8
110.2
25.2
37.3
27.1
28.6
7.1
67.6
32.4
37.7
17.3
9.6
15.2
194.8
23.7
49.3
17.0
29.0
137.7
16.2
39.5
7.9
266.2
50.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
28.2
23.4
28.8
28.2
31.5
31.7
29.4
31.0
33.9
34.9
—
—
Mean (B1 to C)
37.3
35.1
34.6
30.9
35.4
49.7
46.8
46.5
53.1
54.9
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
52. Total Liabilities due BIS Banks/Total Assets Held in BIS Banks
• 222 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Bermuda
Botswana
Cayman Islands
Chile
China
Czech Republic
Israel
Korea
Kuwait
Macao
Malaysia
Oman
Poland
Qatar
Saudi Arabia
Taiwan
94.3
19.0
80.2
155.0
68.9
192.1
46.6
191.5
50.8
8.5
180.9
62.7
176.0
101.8
42.7
55.5
29.7
76.5
16.5
88.1
135.6
74.8
210.5
32.4
167.7
46.6
7.3
110.5
77.5
134.5
104.1
42.0
70.3
42.7
92.3
13.7
101.7
124.7
76.9
168.6
33.1
209.0
55.2
8.6
175.3
67.1
162.7
90.1
36.4
70.1
52.4
87.3
12.3
106.1
102.1
83.7
179.6
34.0
265.3
53.1
14.2
134.8
64.7
184.1
111.3
36.6
54.6
67.9
91.6
8.1
101.2
118.8
67.0
232.2
27.0
279.2
70.2
21.4
104.4
90.3
237.3
189.4
43.8
47.9
87.8
128.7
7.9
84.3
162.9
65.0
232.3
33.6
321.9
68.8
28.5
190.0
135.5
519.2
274.7
43.1
42.6
138.0
109.3
12.9
93.4
192.2
87.8
226.6
46.6
469.7
55.2
36.9
183.4
150.9
703.1
260.1
48.5
46.7
125.4
109.4
23.7
96.0
182.6
135.2
203.2
77.6
391.4
44.9
45.6
163.7
130.1
522.4
190.7
51.3
73.3
137.2
113.0
35.7
101.5
162.2
156.8
222.6
65.1
302.5
31.1
36.8
173.7
99.9
499.1
158.1
44.0
78.2
135.8
124.3
36.5
104.9
190.1
142.0
179.9
52.1
313.2
25.5
36.5
182.5
79.6
556.5
149.3
31.8
71.0
119.6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Aaa to A3)
68.9
76.5
76.9
83.7
90.3
128.7
109.3
130.1
113.0
119.6
—
—
Mean (Aaa to A3)
91.5
84.6
90.5
93.6
106.9
145.7
167.6
151.7
142.1
140.9
—
—
Aa3
A2
Aa3
Aa3
Aa3
A1
A1
Aa3
Aa2
Aa3
A3
A1
A2
Aa2
Aa3
Aa3
Aa2
• 223 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Azerbaijan
Bahamas
Bahrain [1]
Brazil
Bulgaria
Colombia
Costa Rica
Iceland
India [2]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama
Peru
Romania
Russia
South Africa
St. Maarten [3]
Thailand
Trinidad & Tobago
Turkey
Uruguay
21.0
62.4
131.1
144.5
78.2
95.6
156.5
466.2
84.1
232.6
269.7
133.6
367.7
82.5
105.3
101.3
80.1
68.9
185.9
83.0
57.8
—
103.8
112.4
217.9
28.2
31.0
62.5
125.4
144.3
80.2
82.1
123.6
359.4
93.4
291.6
148.2
133.4
237.7
91.1
112.4
113.2
74.7
65.6
220.7
72.1
49.4
—
92.3
101.1
195.0
26.5
49.5
61.8
158.7
172.4
98.4
88.5
117.1
312.6
87.1
256.3
139.8
293.5
318.2
58.6
100.3
152.5
71.3
65.0
260.0
59.5
49.8
—
85.4
76.2
201.4
24.7
66.6
59.4
116.0
187.3
112.5
76.9
74.1
205.9
97.9
312.4
297.0
496.3
475.9
46.4
114.5
268.9
65.7
55.9
430.5
49.6
58.0
—
74.2
54.7
187.4
20.1
64.4
57.9
130.2
234.0
200.4
93.3
93.3
305.2
336.9
365.6
173.2
470.7
543.4
51.5
122.1
212.8
64.7
80.5
649.3
79.5
62.4
—
68.6
40.4
223.8
24.1
277.0
60.7
171.2
243.1
334.2
92.6
120.2
400.6
256.6
315.3
164.2
896.9
1097.6
87.3
112.5
182.3
76.7
166.0
1799.9
137.7
80.3
—
94.3
64.3
219.2
26.9
271.1
70.1
160.5
259.1
276.6
70.3
125.5
525.0
380.6
238.6
133.3
462.5
629.7
91.8
117.9
72.8
90.4
162.3
1238.4
121.0
86.3
—
142.1
80.0
223.2
27.8
166.4
103.5
110.0
289.3
251.1
109.0
143.9
231.5
436.1
363.1
97.5
284.0
522.1
100.6
119.7
58.4
111.4
139.6
1359.2
136.9
82.9
2087.5
195.2
90.3
293.0
41.9
327.3
87.8
148.0
312.6
196.5
126.7
179.3
246.5
582.5
428.9
64.9
231.6
337.0
97.4
113.8
58.4
122.1
135.4
1559.5
130.5
87.1
77.2
169.6
79.9
368.8
50.7
281.4
78.1
88.7
305.2
176.9
131.7
123.2
126.7
786.5
349.3
51.7
231.2
364.0
119.1
142.1
75.1
124.8
151.0
1091.1
117.8
94.3
21.9
199.2
70.3
413.9
48.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
103.8
101.1
98.4
97.9
122.1
166.0
142.1
141.7
141.7
129.2
—
—
Mean (Baa1 to Baa3)
138.8
125.1
134.3
160.2
189.9
299.1
242.3
304.8
243.1
221.7
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
• 224 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh [1]
Barbados
Bolivia
Croatia
El Salvador
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
79.4
3.7
35.3
66.8
64.0
117.6
315.6
99.5
78.2
557.1
12.8
—
89.8
29.7
122.5
193.2
6.7
97.4
47.5
5.3
43.1
41.8
66.2
127.6
286.2
88.5
92.1
504.5
9.4
—
78.4
27.9
113.5
165.9
5.5
95.5
76.5
15.9
51.6
44.2
36.5
222.4
326.0
64.6
88.4
513.9
12.0
—
64.8
22.0
120.6
164.1
3.5
82.9
43.0
15.6
39.4
53.5
14.7
244.5
107.0
63.0
98.8
619.1
10.7
321.8
38.7
15.5
62.7
113.9
1.7
62.0
37.9
28.5
37.3
51.1
13.6
284.9
97.2
41.2
98.9
677.6
13.6
126.1
68.4
22.0
67.3
94.2
3.7
57.2
40.4
104.9
35.5
86.3
11.0
479.1
151.5
45.1
120.5
796.1
26.1
688.9
84.1
48.1
63.9
101.6
2.7
101.9
69.5
91.1
39.3
60.5
25.0
479.2
111.5
33.4
89.6
573.4
35.6
664.9
92.4
38.8
45.3
104.5
2.8
89.4
52.3
82.1
33.4
66.6
18.8
443.7
122.8
26.2
99.1
418.7
34.0
621.6
104.6
32.2
63.6
149.9
3.6
59.6
37.5
94.3
59.8
82.5
24.2
592.0
137.1
107.7
132.9
358.6
33.1
825.8
180.2
42.1
87.2
129.2
14.0
68.5
37.8
120.9
62.0
56.7
9.1
562.3
136.0
65.6
127.7
494.8
37.7
420.0
239.7
39.3
82.8
142.4
14.1
75.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
79.4
78.4
64.8
57.7
54.1
85.2
79.5
65.1
90.8
78.9
—
—
115.8
105.8
112.3
107.0
101.1
166.0
147.0
135.1
167.0
151.3
—
—
Median (Ba1 to Ba3)
Mean (Ba1 to Ba3)
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
Notes:
[1]
• 225 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador
Egypt [1]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [1]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
29.6
94.2
65.0
31.3
27.1
40.5
464.1
131.9
42.7
34.9
20.4
100.7
64.0
58.4
20.9
16.4
28.6
80.4
239.8
30.2
46.7
60.0
74.9
34.2
51.9
49.5
96.1
28.7
38.0
76.3
68.0
32.6
31.9
38.6
343.8
99.4
41.1
33.3
27.5
99.3
65.2
53.2
20.3
20.7
23.5
65.0
182.5
29.3
54.2
63.2
61.2
38.9
59.8
40.7
124.1
31.1
230.9
63.9
54.6
26.2
59.8
40.3
281.5
75.3
42.5
28.4
53.0
91.8
56.7
52.9
14.8
16.9
17.7
29.2
145.0
26.1
91.9
62.0
62.4
26.9
66.9
26.1
117.4
28.8
25.8
65.1
101.6
21.1
56.2
39.1
172.2
40.5
50.4
33.3
91.2
109.2
32.2
72.6
13.5
14.6
51.0
23.2
98.6
31.8
46.6
44.9
79.9
16.1
94.5
23.2
106.2
17.8
47.6
78.9
54.6
21.9
67.6
88.7
159.9
59.5
60.9
41.9
136.9
177.0
38.2
78.6
18.1
18.3
56.6
19.6
86.2
28.8
33.3
54.8
101.1
38.3
140.4
21.0
143.0
37.5
199.4
62.6
104.4
23.6
171.3
102.6
67.8
58.2
39.4
56.1
58.3
176.2
48.4
96.5
17.8
18.5
73.6
160.6
68.2
50.1
39.8
54.5
252.6
36.3
182.2
13.6
344.9
98.5
271.9
50.9
90.9
28.3
232.5
156.2
46.3
61.3
29.0
68.4
197.7
229.0
35.8
109.6
18.8
21.1
50.9
185.7
45.7
41.5
16.5
64.8
148.5
47.1
141.1
13.8
301.0
89.5
162.8
56.1
183.1
26.8
220.1
122.0
33.5
63.8
34.9
74.1
148.0
210.0
37.2
102.6
18.8
17.3
68.7
126.0
28.6
36.4
24.2
66.7
141.8
52.7
100.6
17.0
323.1
68.2
160.7
65.4
64.1
26.8
208.8
140.0
40.4
75.7
30.5
56.5
34.3
215.6
46.8
129.6
23.3
19.8
46.2
357.8
31.3
35.9
39.5
81.7
256.2
53.6
96.5
22.9
340.5
81.3
99.9
52.0
71.1
23.3
180.1
226.2
50.5
84.4
38.8
176.3
123.9
132.2
63.6
120.1
32.2
22.8
32.7
388.5
41.0
224.9
65.3
90.5
241.4
49.8
102.9
26.7
382.4
124.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
48.1
47.1
53.8
45.7
55.7
65.2
63.0
67.4
60.3
87.5
—
—
Mean (B1 to C)
73.7
66.5
67.5
56.1
68.2
95.6
99.8
91.6
99.3
116.7
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
53. "Dollarization" Ratio
• 226 •
Total Foreign Currency Deposits in the Domestic Banking System/Total Deposits in the Domestic Banking System
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
Azerbaijan
Bahamas
Bahrain [1]
Brazil [2]
Bulgaria
Colombia [3]
Costa Rica
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama [5]
Peru
Romania
Russia
South Africa
St. Maarten [6]
Thailand
Trinidad & Tobago
Turkey
Uruguay
2011
2012
2013F
2014F
81.9
3.3
37.6
0.0
48.3
0.0
46.5
—
3.2
13.1
47.1
38.6
26.6
11.2
5.6
—
100.0
73.9
42.5
35.8
2.7
15.6
0.9
20.3
48.0
91.3
79.9
2.9
40.9
0.0
43.4
0.0
53.3
—
2.9
14.5
43.2
39.2
25.7
14.2
6.6
—
100.0
70.3
41.3
46.4
2.7
15.7
1.0
27.0
43.3
90.0
80.7
4.0
38.4
0.0
44.1
0.0
52.0
—
2.8
17.2
41.9
41.7
26.9
19.5
7.2
—
100.0
68.8
34.6
41.7
2.7
17.6
1.5
22.3
35.4
86.6
61.2
4.1
41.5
0.0
45.3
0.0
49.5
—
2.5
14.8
35.2
41.5
21.4
21.1
6.6
—
100.0
64.6
32.3
22.0
3.3
19.5
1.5
25.8
36.6
84.8
47.0
4.6
44.9
0.0
47.1
0.0
43.9
—
1.8
14.6
32.0
47.6
21.5
22.1
5.8
—
100.0
60.1
32.1
33.8
3.0
16.9
1.2
25.9
33.2
79.8
55.5
4.3
46.8
0.0
48.0
0.0
49.3
—
1.8
16.6
35.4
48.3
26.4
22.7
6.2
—
100.0
58.6
34.8
43.4
3.6
19.9
1.6
29.4
32.2
81.9
53.6
4.9
36.2
0.0
51.3
0.0
50.6
—
1.4
15.7
43.7
55.9
33.0
21.3
6.2
—
100.0
56.1
38.8
36.8
2.6
18.5
1.9
31.6
31.3
78.1
44.0
4.6
32.3
0.0
49.0
0.0
46.6
—
1.3
14.6
34.9
50.3
29.4
16.9
5.7
—
100.0
49.2
36.0
32.0
2.5
20.3
2.2
26.7
27.6
75.3
43.1
4.2
36.9
0.0
45.6
0.0
44.0
—
1.3
13.6
31.4
52.4
27.6
15.7
5.5
—
100.0
49.6
33.5
29.7
2.8
19.0
2.2
24.7
30.2
72.4
39.5
4.4
37.7
0.0
41.2
0.0
40.8
—
1.3
14.4
29.8
53.1
27.7
16.7
5.8
—
100.0
43.9
36.4
28.6
3.5
17.3
1.9
24.5
28.4
72.2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
31.2
33.1
30.7
23.9
28.9
30.8
32.3
28.5
28.7
28.1
—
—
Mean (Baa1 to Baa3)
33.1
33.5
32.8
30.6
29.9
31.9
32.1
29.2
28.6
27.9
—
—
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Retail banks only
Legislation prohibits foreign currency deposits
With restricted exemptions, legislation prohibits foreign currency deposits
Dollarized economy
• 227 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador [1]
Georgia
Guatemala
Hungary
Jordan
Montenegro [2]
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
73.6
70.8
29.8
13.2
82.9
64.6
100.0
86.4
10.3
15.8
40.3
100.0
0.9
9.2
59.7
29.2
54.3
3.0
71.9
74.7
21.9
14.4
76.2
64.0
100.0
73.9
13.2
14.7
41.5
100.0
0.8
10.4
54.1
29.8
56.7
3.0
66.4
63.5
13.1
16.7
67.6
61.4
100.0
70.0
13.2
15.5
37.2
100.0
0.8
9.3
51.3
27.8
55.4
4.5
73.9
52.1
20.4
14.2
55.1
52.8
100.0
67.2
13.4
21.2
38.5
100.0
0.9
9.3
47.7
25.3
55.0
4.9
65.3
35.5
16.3
18.9
49.9
51.9
100.0
62.3
15.4
18.6
36.3
100.0
0.9
9.5
42.5
21.3
54.5
4.7
57.3
43.7
14.2
14.9
38.3
57.0
100.0
72.6
16.3
27.1
28.2
100.0
1.0
11.6
43.9
22.8
56.6
4.8
59.3
69.1
14.2
13.4
41.7
65.6
100.0
68.8
18.7
26.7
23.2
100.0
1.0
15.8
39.8
23.0
52.1
3.3
54.3
63.3
11.5
12.9
34.0
68.2
100.0
67.1
19.8
26.8
23.7
100.0
1.0
15.4
42.1
21.5
49.2
3.9
53.0
60.4
13.3
6.6
27.1
65.3
100.0
58.6
20.0
24.1
22.1
100.0
1.2
17.2
39.1
19.8
54.8
3.6
49.0
62.7
14.6
4.0
27.8
66.7
100.0
60.4
19.9
23.9
30.5
100.0
1.3
20.8
38.5
18.0
51.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
47.3
47.8
44.3
43.1
35.9
33.2
33.2
30.4
25.6
30.5
—
—
Mean (Ba1 to Ba3)
46.9
45.6
43.0
41.8
39.1
39.5
40.9
39.7
38.1
40.6
—
—
Notes:
[1]
[2]
Dollarized economy
Euroized economy
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 228 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador [1]
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
28.3
6.8
54.4
0.0
47.9
95.4
—
28.2
100.0
26.1
—
30.8
31.1
38.1
14.5
60.9
50.1
43.8
69.7
8.0
—
—
21.4
3.0
32.0
0.2
30.4
41.1
29.5
11.4
46.5
0.0
48.1
95.8
—
25.6
100.0
26.8
—
29.3
32.6
38.9
18.0
64.9
44.7
46.2
68.9
7.6
—
—
23.1
4.2
37.1
0.1
29.8
47.8
33.8
10.0
38.0
0.0
47.3
95.9
—
27.8
100.0
23.6
—
29.2
30.9
39.5
17.2
68.5
41.8
45.0
68.1
7.9
—
—
22.0
3.8
34.9
0.2
28.1
39.1
36.4
11.6
34.7
5.3
44.2
97.2
—
26.2
100.0
24.2
—
28.1
29.0
37.8
17.5
72.3
49.1
37.9
65.6
7.3
6.0
—
20.3
6.0
38.1
0.5
24.4
36.2
40.4
12.7
38.2
5.2
48.6
98.0
—
26.1
100.0
23.7
—
22.3
27.9
38.2
16.3
74.0
43.3
32.9
66.2
6.4
12.3
—
20.3
5.4
32.3
0.2
21.4
41.4
40.8
16.9
38.9
3.5
50.7
97.0
—
25.5
100.0
21.4
—
28.4
29.0
38.5
16.8
65.3
41.1
37.3
68.5
7.1
7.8
—
17.9
5.9
43.9
0.1
22.6
37.9
43.1
19.5
49.5
3.4
49.4
96.4
—
24.3
100.0
20.7
—
32.7
29.4
41.6
15.7
59.5
49.3
38.3
72.6
7.0
11.8
—
17.1
5.1
48.3
0.2
21.1
40.4
46.6
20.8
51.4
3.3
48.4
96.8
—
28.0
100.0
17.9
—
25.4
27.2
37.4
15.1
58.3
45.6
35.4
73.4
7.7
9.5
—
15.5
5.3
42.6
0.3
18.0
39.2
46.9
15.1
64.9
4.2
46.7
96.4
—
28.1
100.0
18.7
—
27.4
26.8
37.0
19.0
61.1
42.2
29.8
69.8
7.2
7.6
—
14.3
5.8
43.0
0.2
16.8
39.2
47.3
9.7
61.6
—
46.4
95.7
—
31.4
100.0
18.5
—
31.7
28.9
39.6
16.4
59.6
41.6
32.7
74.3
7.4
6.5
—
13.3
3.9
44.0
0.1
—
25.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
31.0
31.2
32.3
29.0
27.9
29.0
32.7
28.0
28.1
31.7
—
—
Mean (B1 to C)
35.9
36.5
35.5
34.2
34.2
34.5
35.9
34.8
34.7
36.3
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Dollarized economy
54. "Dollarization" Vulnerability Indicator
Total Foreign Currency Deposits in the Domestic Banking System/(Official Foreign Exchange Reserves + Foreign Assets of Domestic Banks)
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
• 229 •
Azerbaijan
Bahamas
Bahrain [1]
Brazil [2]
Bulgaria
Colombia [3]
Costa Rica
Iceland
India [4]
Indonesia
Kazakhstan
Latvia
Lithuania
Mauritius
Mexico
Namibia
Panama [5]
Peru
Romania
Russia
South Africa
St. Maarten [6]
Thailand
Trinidad & Tobago
Turkey
Uruguay
Baa3
Baa1
Baa1
Baa2
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa2
Baa2
Baa1
Baa1
Baa1
Baa3
Baa2
Baa2
Baa3
Baa1
Baa1
Baa1
Baa1
Baa1
Baa3
Baa3
2014F
46.0
0.1
62.7
0.0
48.4
0.0
123.3
—
8.1
37.5
38.1
21.1
28.8
6.2
12.0
—
—
82.6
70.5
24.9
12.3
—
2.2
22.6
105.8
135.7
83.1
0.1
67.5
0.0
40.0
0.0
149.2
—
6.7
34.2
34.3
21.4
31.8
8.4
13.8
—
—
69.7
63.8
21.3
12.7
—
2.2
28.9
104.5
133.3
79.4
0.2
63.3
0.0
46.8
0.0
116.1
—
6.9
41.9
34.5
27.9
34.1
11.2
14.2
—
—
69.8
45.6
18.8
11.7
—
3.2
19.8
80.5
118.4
52.7
0.2
47.9
0.0
47.8
0.0
101.8
—
6.1
39.4
24.8
31.5
24.7
9.2
14.0
—
—
61.9
52.5
13.2
12.9
—
2.8
20.2
73.2
120.1
36.4
0.2
27.3
0.0
54.8
0.0
86.6
—
3.6
36.5
26.7
31.4
25.8
7.2
12.1
—
—
48.3
60.7
28.4
10.2
39.9
1.9
22.7
76.0
110.3
37.9
0.2
31.4
0.0
58.5
0.0
115.9
—
3.7
40.7
36.8
33.7
35.0
11.0
10.3
—
—
51.4
64.8
37.8
9.6
39.1
2.4
22.8
68.5
105.3
42.6
0.3
26.7
0.0
69.3
0.0
125.0
—
3.9
39.8
43.9
36.2
40.7
9.0
12.4
—
—
53.3
70.0
34.7
9.1
33.5
2.6
32.5
80.8
94.7
33.6
0.3
26.1
0.0
72.7
0.0
121.8
—
3.7
32.9
38.1
30.5
39.2
6.0
10.0
—
—
44.9
56.0
34.4
9.4
29.0
2.7
26.9
82.1
92.4
29.9
0.2
34.2
0.0
72.9
0.0
128.7
—
3.5
33.1
37.9
31.1
34.8
5.1
8.3
—
—
46.4
52.6
35.3
8.8
33.4
2.7
25.4
82.4
85.0
27.7
0.2
35.8
0.0
61.1
0.0
100.7
—
3.3
37.2
40.9
30.3
37.3
6.3
9.6
—
—
36.1
62.2
38.0
11.3
33.5
3.0
—
73.3
83.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
26.9
30.4
31.0
24.7
27.3
35.0
34.7
30.5
33.1
34.7
—
—
Mean (Baa1 to Baa3)
40.4
42.1
38.4
34.4
32.5
35.5
37.4
34.5
34.4
33.2
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Retail banks only
Dollarized economy
• 230 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Angola
Armenia
Bangladesh
Barbados
Bolivia
Croatia
El Salvador [1]
Georgia
Guatemala
Hungary
Jordan
Montenegro
Morocco
Nigeria
Paraguay
Philippines
Suriname
Tunisia
69.1
26.5
22.0
26.7
210.6
88.9
260.6
87.9
14.9
33.2
52.2
—
1.9
8.7
74.8
56.9
157.8
12.4
59.8
36.4
16.6
36.1
172.9
87.7
262.8
69.0
19.3
31.4
57.4
—
1.7
6.3
72.5
61.1
171.9
10.8
54.7
35.7
10.3
41.9
113.2
95.5
260.0
74.7
21.2
28.0
55.3
—
1.7
4.6
66.9
51.0
188.0
15.4
42.6
30.5
14.7
34.9
97.8
84.7
289.8
66.8
25.1
36.2
54.4
—
2.0
5.0
57.9
49.2
153.3
12.9
46.4
22.4
9.1
37.2
65.5
89.6
297.9
64.3
28.6
31.5
51.5
—
2.3
6.8
53.0
38.9
122.9
11.6
41.2
32.2
7.8
32.2
47.1
99.9
262.9
66.7
31.1
38.7
45.2
—
2.9
10.8
65.0
40.5
115.1
12.7
79.5
40.5
7.7
35.1
45.5
109.8
268.3
58.0
33.6
32.6
36.5
—
3.3
19.0
52.7
40.7
129.1
8.1
58.2
44.1
5.2
—
41.4
119.3
301.2
62.6
36.6
30.1
37.2
—
3.4
24.3
63.0
34.1
131.5
12.3
52.6
50.3
7.0
—
34.9
119.2
386.2
63.0
39.6
24.3
39.5
—
4.5
28.4
65.8
28.9
132.0
15.8
49.9
64.8
8.7
—
32.6
126.0
312.1
—
39.3
29.0
67.7
—
6.2
30.9
73.3
—
118.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (Ba1 to Ba3)
52.2
57.4
51.0
42.6
38.9
40.5
40.5
39.3
39.6
49.9
—
—
Mean (Ba1 to Ba3)
70.9
69.0
65.8
62.2
57.6
56.0
68.8
62.8
68.3
73.7
—
—
Notes:
[1]
Dollarized economy
Ba3
Ba2
Ba3
Ba1
Ba3
Ba1
Ba3
Ba3
Ba1
Ba1
Ba2
Ba3
Ba1
Ba3
Ba3
Ba1
Ba3
Ba1
• 231 •
Country
Rating
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Albania
Argentina
Belarus
Belize
Cambodia
Cuba
Dominican Republic
Ecuador [1]
Egypt [2]
Fiji
Ghana
Honduras
Jamaica
Kenya
Lebanon
Moldova
Mongolia
Nicaragua
Pakistan [2]
Papua New Guinea
Senegal
Sri Lanka
Ukraine
Venezuela
Vietnam
Zambia
52.6
12.2
6.9
0.0
48.1
56.4
—
202.2
—
102.5
—
35.9
51.0
58.0
39.4
113.9
52.7
64.7
199.9
19.2
—
—
46.6
6.5
46.8
0.2
59.2
70.1
54.9
19.2
6.7
0.0
49.8
64.5
—
86.7
—
89.0
—
32.5
45.1
46.0
48.1
118.8
50.5
78.3
167.4
20.3
—
—
53.1
7.7
50.2
0.2
68.0
78.5
63.1
16.0
5.9
0.0
51.5
67.8
—
74.2
—
70.1
—
34.8
42.7
46.9
45.7
131.9
48.8
64.8
161.1
24.1
—
—
50.4
6.8
42.6
0.3
67.5
62.6
68.7
16.5
6.3
20.4
49.7
77.9
—
66.6
—
65.3
—
37.9
45.1
44.3
43.0
126.5
53.5
44.6
135.0
24.4
2.9
—
55.2
10.6
54.1
0.9
53.0
53.8
90.1
15.1
7.7
21.9
57.2
87.7
—
62.6
—
52.2
—
39.7
52.8
53.5
38.8
129.1
51.2
49.8
129.1
19.5
6.1
—
51.4
9.4
47.9
0.7
48.3
59.5
90.1
19.6
7.5
12.0
64.0
81.7
—
73.8
—
48.5
—
63.1
58.3
59.5
37.5
111.5
49.6
71.4
127.8
30.2
5.3
—
61.6
10.3
53.6
0.4
58.5
55.5
97.7
25.7
11.2
12.1
64.0
90.5
—
69.1
—
62.7
—
51.7
76.4
63.7
41.4
91.4
49.8
45.7
108.0
26.0
7.6
—
40.4
9.9
56.8
1.1
81.5
57.3
101.0
32.6
13.0
11.0
65.8
95.9
—
82.6
—
54.5
—
37.9
64.3
52.1
41.8
92.5
48.1
45.7
102.7
24.0
5.6
—
33.9
9.6
49.6
3.4
95.8
56.7
98.8
31.2
12.3
13.1
67.2
111.1
—
86.9
—
68.2
—
43.6
68.6
54.8
50.5
98.7
47.9
46.4
101.9
23.2
5.8
—
40.0
11.9
60.6
3.8
85.9
54.5
92.7
24.8
16.2
—
69.9
104.3
—
102.2
—
105.9
—
53.5
90.0
85.8
41.9
96.2
40.5
37.0
116.5
31.6
5.9
—
36.2
8.5
81.4
2.4
—
38.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Median (B1 to C)
51.0
50.2
48.8
47.4
50.5
56.9
54.2
48.9
52.5
47.7
—
—
Mean (B1 to C)
58.5
53.7
51.3
48.2
49.2
52.1
51.7
50.8
53.6
58.2
—
—
B1
B3
B3
Caa2
B3
B2
Caa1
B1
Caa1
Caa1
B1
B1
B2
Caa3
B1
B1
B3
B1
B3
Caa1
B1
B1
B1
B2
B3
B2
B2
B1
Notes:
[1]
[2]
Dollarized economy
V. Country Statistics
• 233 •
Albania
Lead Analyst: Lucie Villa
Issuer Rating - Foreign Currency
Issuer Rating - Local Currency
Weighted Average Bank Financial Strength Rating
Exchange Rate Regime
B1
B1
E+
Floating
Bond Ceiling - Foreign Currency
Bond Ceiling - Local Currency
Bank Deposit Ceiling - Foreign Currency
Bank Deposit Ceiling - Local Currency
Ba2
Ba1
B2
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.7
3.1
1,833
5,199
11.5
5.8
3.3
38.7
13.9
33.1
30.4
65.4
-0.61
7.3
3.1
2,338
5,628
8.2
5.7
2.1
33.4
11.0
38.5
26.3
66.4
-0.44
8.2
3.1
2,597
6,102
8.5
5.7
2.0
35.8
11.1
15.9
19.4
70.3
-0.63
9.0
3.2
2,849
6,796
8.3
5.4
2.6
36.2
12.6
20.4
12.7
73.5
-0.45
10.7
3.2
3,376
7,179
9.7
5.9
3.0
36.3
9.6
34.0
34.4
82.9
-0.38
13.0
3.2
4,081
8,179
12.6
7.5
2.2
40.0
10.5
26.9
24.0
85.4
-0.35
12.1
3.2
3,796
8,574
5.7
3.3
3.7
35.7
9.1
-8.0
-11.0
82.3
-0.24
12.0
3.2
3,731
8,631
7.9
3.8
3.3
31.9
8.8
8.6
-2.1
84.8
-0.27
13.0
3.2
4,044
8,866
5.6
3.1
1.7
30.7
7.7
15.1
15.6
90.0
-0.20
12.5
3.2
3,863
—
3.3
1.2
2.4
28.5
7.5
-8.2
-13.6
82.6
—
13.1
3.3
4,033
—
3.6
1.7
2.6
28.4
7.7
7.2
4.9
83.3
—
13.2
3.3
4,019
—
5.5
2.6
2.9
27.2
7.9
1.3
0.0
83.6
—
24.1
28.7
-4.6
-0.3
3.66
56.2
233.4
17.8
28.0
24.5
29.6
-5.0
-1.2
4.36
53.8
219.3
15.4
27.0
25.1
28.5
-3.5
-0.3
4.31
54.8
218.8
12.7
26.7
26.0
29.4
-3.3
-0.5
4.98
53.2
204.4
10.9
25.6
26.0
29.3
-3.3
-0.6
5.91
50.6
194.6
10.2
24.5
26.7
31.8
-5.1
-2.3
6.42
51.8
194.0
10.8
29.0
26.0
33.4
-7.4
-4.3
6.65
55.3
213.0
12.1
35.7
25.7
29.9
-4.2
-0.8
6.44
53.9
209.7
13.0
40.0
25.2
28.7
-3.5
-0.5
6.74
55.2
219.2
11.8
40.6
24.4
27.8
-3.4
-0.3
7.32
57.2
234.5
12.6
41.3
24.9
28.1
-3.2
-0.1
7.62
58.7
235.3
12.6
42.3
24.8
27.8
-3.0
0.2
7.71
58.8
236.9
12.7
43.3
ECONOMIC STRUCTURE AND PERFORMANCE
• 234 •
Nominal GDP (US$ Bil.)
Population (Mil.)
GDP per capita (US$)
GDP per capita (PPP basis, US$)
Nominal GDP (% change, local currency)
Real GDP (% change)
Inflation (CPI, % change Dec/Dec)
Gross Investment/GDP
Gross Domestic Saving/GDP
Nominal Exports of G & S (% change, US$ basis)
Nominal Imports of G & S (% change, US$ basis)
Openness of the Economy [1]
Government Effectiveness [2]
GOVERNMENT FINANCE
Gen. Gov. Revenue/GDP
Gen. Gov. Expenditures/GDP
Gen. Gov. Financial Balance/GDP
Gen. Gov. Primary Balance/GDP
Gen. Gov. Debt (US$ Bil.)
Gen. Gov. Debt/GDP
Gen. Gov. Debt/Gen. Gov. Revenue
Gen. Gov. Int. Pymt/Gen. Gov. Revenue
Gen. Gov. FC & FC-indexed Debt/GG Debt
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
106.58
—
-0.41
-7.1
1.60
70.8
13.1
24.4
70.1
0.02
0.02
3.1
—
0.91
0.58
92.64
—
-0.36
-4.9
1.87
68.7
12.8
23.2
62.2
0.02
0.03
4.5
—
1.25
0.76
103.58
—
-0.57
-7.0
1.95
64.1
11.5
24.8
54.6
0.02
0.03
3.2
—
1.39
0.70
94.14
—
-0.67
-7.5
2.48
56.2
20.0
26.4
61.1
0.03
0.04
3.5
—
1.75
0.77
82.89
—
-1.15
-10.8
3.29
47.4
22.7
27.9
64.8
0.03
0.05
6.0
-19.4
2.10
0.74
87.91
—
-2.02
-15.5
4.61
42.0
24.6
37.5
77.5
0.04
0.06
6.7
-25.2
2.31
0.06
95.81
—
-1.85
-15.3
5.14
49.2
13.2
42.5
94.5
0.07
0.08
7.9
-33.2
2.23
0.31
104.00
—
-1.35
-11.3
5.24
52.0
10.5
43.8
92.5
0.07
0.34
8.7
-34.0
2.39
0.83
107.54
—
-1.59
-12.2
6.21
45.2
17.6
50.6
100.4
0.08
0.10
7.6
—
2.31
1.24
105.85
—
-1.31
-10.5
6.98
43.7
21.5
54.5
123.6
0.08
0.11
7.8
—
2.42
1.74
108.15
—
-1.27
-9.7
7.30
40.0
21.3
56.2
112.5
0.08
0.11
8.2
—
2.62
—
113.15
—
-1.25
-9.5
7.25
41.2
21.5
55.4
106.1
0.08
0.12
7.9
—
2.70
—
12.0
5.25
8.9
46.4
3.4
149.7
1.6
5.3
54.1
38.0
29.5
54.9
8.6
5.00
16.7
49.9
3.0
140.5
1.6
4.5
64.1
230.9
33.8
63.1
11.8
5.50
20.1
55.4
2.9
141.1
1.7
5.0
62.1
25.8
36.4
68.7
6.0
6.25
23.0
62.1
2.9
156.9
1.5
4.5
67.4
47.6
40.4
90.1
9.7
6.25
19.7
66.0
2.7
199.9
1.7
4.9
199.6
199.4
40.8
90.1
4.2
5.25
8.8
68.0
2.7
230.5
2.7
6.4
250.0
271.9
43.1
97.7
4.6
5.00
5.7
66.6
2.4
219.5
7.2
18.3
156.7
162.8
46.6
101.0
7.0
4.75
9.3
68.9
2.6
268.4
2.9
7.6
169.5
160.7
46.9
98.8
3.5
4.00
0.6
67.1
2.6
288.3
3.3
8.0
108.8
99.9
47.3
92.7
—
—
—
—
—
278.4
3.0
8.0
—
—
—
—
—
—
—
—
—
268.7
3.0
7.9
—
—
—
—
EXTERNAL PAYMENTS AND DEBT
Nominal Exchange Rate (local currency per US$, Dec)
Real Eff. Exchange Rate (% change)
Current Account Balance (US$ Bil.)
Current Account Balance/GDP
External Debt (US$ Bil.)
Public External Debt/Total External Debt
Short-term External Debt/Total External Debt
External Debt/GDP
External Debt/CA Receipts [3]
Interest Paid on External Debt (US$ Bil.)
Amortization Paid on External Debt (US$ Bil.)
Net Foreign Direct Investment/GDP
Net International Investment Position/GDP
Official Forex Reserves (US$ Bil.)
Net Foreign Assets of Domestic Banks (US$ Bil.)
MONETARY, EXTERNAL VULNERABILITY AND LIQUIDITY INDICATORS
• 235 •
M2 (% change Dec/Dec)
Monetary Policy Rate (% per annum, Dec 31)
Domestic Credit (% change Dec/Dec)
Domestic Credit/GDP
M2/Official Forex Reserves (X)
Total External Debt/Official Forex Reserves
Debt Service Ratio [4]
External Vulnerability Indicator [5] [6]
Liquidity Ratio [7]
Total Liabilities due BIS Banks/Total Assets Held in BIS Banks
"Dollarization" Ratio [8]
"Dollarization" Vulnerability Indicator [9]
9.2
6.50
8.8
46.1
3.6
175.4
1.5
4.6
31.5
29.6
28.3
52.6
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Current Account Receipts
(Short-Term External Debt + Currently Maturing Long-Term External Debt + Total Nonresident Deposits Over One Year)/Official Foreign Exchange Reserves
Angola [1]
Lead Analyst: Kilbinder Dosanjh
Ba3
Ba3
No Banks Rated
Ba1
Baa3
B1
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
14.0
15.4
905
2,568
109.2
3.4
76.6
13.8
20.3
13.8
24.3
132.6
-1.14
19.8
16.0
1,239
2,837
58.7
11.2
31.0
9.9
25.9
42.1
20.8
123.6
-1.28
30.6
16.5
1,858
3,355
61.6
20.6
18.5
8.8
38.6
76.0
42.4
128.7
-1.17
45.2
17.0
2,655
4,053
35.9
18.6
12.2
15.4
53.1
37.3
7.6
109.9
-1.37
60.4
17.5
3,449
4,962
27.7
23.2
11.8
13.5
43.9
34.1
61.5
117.5
-1.24
84.2
18.0
4,667
5,609
36.2
13.8
13.2
16.2
41.3
43.7
63.9
127.5
-1.07
75.5
18.6
4,069
5,657
-5.2
2.4
14.0
15.2
14.7
-35.5
-3.0
110.3
-0.98
82.5
19.1
4,324
5,729
26.6
3.4
15.3
12.7
32.1
24.1
-15.3
105.3
-1.12
104.1
19.6
5,307
5,920
29.0
3.1
11.4
11.4
34.6
32.2
23.9
107.5
-1.15
118.1
20.3
5,821
—
15.2
7.4
9.0
11.4
31.8
6.7
10.7
102.7
—
129.8
21.0
6,189
—
10.0
9.4
8.0
13.2
31.7
4.4
6.7
98.4
—
143.0
21.7
6,598
—
10.8
7.2
8.0
14.4
31.1
4.3
6.5
93.9
—
37.9
44.3
-6.4
-4.7
—
—
—
4.6
—
36.9
35.8
1.1
3.4
7.50
37.9
102.8
6.3
92.0
40.7
32.2
8.5
10.5
6.60
21.5
53.0
4.9
81.8
46.4
35.5
10.9
12.4
6.00
13.3
28.6
3.2
75.0
45.8
34.5
11.3
12.4
11.00
18.2
39.7
2.4
51.8
50.9
56.6
-5.6
-3.7
21.40
25.4
49.9
3.8
35.0
34.6
44.2
-9.6
-7.9
20.80
27.6
79.7
5.0
39.7
43.5
38.2
5.3
6.5
22.66
27.5
63.2
2.7
40.6
48.8
38.6
10.2
11.2
21.90
21.0
43.1
2.0
44.3
44.7
36.2
8.5
9.5
22.30
18.9
42.2
2.1
52.0
42.5
40.2
2.3
2.9
27.00
20.8
49.0
1.2
65.9
41.5
37.3
4.2
5.5
29.90
20.9
50.4
3.1
72.6
• 236 •
Population (Mil.)
Real GDP (% change)
Nominal Exports of G & S (% change, US$ basis) [2]
Nominal Imports of G & S (% change, US$ basis) [2]
Openness of the Economy [2] [3]
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
79.08
18.3
-0.72
-5.2
—
—
—
65.5
—
—
—
24.9
—
0.63
1.19
85.99
19.8
0.68
3.4
9.20
100.0
—
46.2
65.9
0.44
3.17
7.2
—
1.37
1.26
80.78
24.6
5.14
16.8
10.20
100.0
—
33.4
41.7
0.34
2.48
-3.5
-36.9
3.20
1.62
80.26
6.4
10.69
23.7
7.40
100.0
—
16.4
22.1
0.91
4.03
0.3
-1.7
8.60
2.93
75.02
7.9
10.58
17.5
9.60
100.0
—
15.9
21.2
0.57
3.98
0.0
13.7
11.20
2.42
75.17
-10.7
7.19
8.5
13.50
100.0
—
16.0
20.8
1.27
1.56
5.0
15.7
17.87
2.22
89.40
-12.6
-7.57
-10.0
15.07
100.0
—
20.0
36.2
0.90
2.77
2.9
7.6
13.24
0.02
92.64
5.7
7.42
9.0
16.90
100.0
—
20.5
32.7
0.70
1.57
-2.3
12.9
19.34
-0.40
95.27
-5.4
13.08
12.6
19.30
100.0
—
18.5
28.2
0.30
1.43
-1.3
21.9
26.08
3.51
95.83
—
10.46
8.9
21.80
100.0
—
18.5
29.9
0.30
2.03
-3.7
—
30.60
1.48
95.50
—
9.64
7.4
29.30
100.0
—
22.6
38.5
0.22
1.72
-2.6
—
39.10
—
96.00
—
9.20
6.4
33.70
100.0
—
23.6
42.4
0.15
1.39
-1.7
—
47.60
—
37.0
95.00
66.8
5.9
2.1
669.7
25.8
541.2
17.1
47.5
71.9
59.8
60.5
95.00
54.9
5.6
1.5
319.1
11.5
204.2
40.7
76.5
66.4
54.7
57.3
14.00
93.1
8.0
0.9
86.1
14.7
142.9
25.6
43.0
73.9
42.6
38.6
20.00
74.4
10.9
1.0
85.7
10.0
57.9
24.2
37.9
65.3
46.4
66.2
20.00
70.1
13.6
1.1
75.5
4.4
25.8
13.2
40.4
57.3
41.2
62.6
30.00
55.4
22.2
1.9
113.8
8.8
26.5
22.0
69.5
59.3
79.5
13.2
25.00
25.9
22.1
1.5
87.4
4.4
33.2
15.1
52.3
54.3
58.2
34.4
20.00
28.5
22.0
1.4
74.0
2.5
21.9
9.9
37.5
53.0
52.6
10.3
20.00
24.0
23.7
1.3
71.2
3.2
21.8
9.5
37.8
49.0
49.9
—
—
—
—
—
74.9
2.5
17.7
—
—
—
—
—
—
—
—
—
70.8
2.0
3.6
—
—
—
—
External Debt/GDP
• 237 •
Domestic Credit (% change Dec/Dec) [6]
Domestic Credit/GDP [6]
External Vulnerability Indicator [8]
Liquidity Ratio [9]
66.3
150.00
135.0
5.6
3.5
—
22.7
—
16.7
79.4
73.6
69.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Economic forecasts based on an assumed average price for the benchmark Brent crude oil of $106.4/b in 2013 and $104.4/b in 2014, the forward prices indicated by the futures market as of April 14, 2013.
Balance of Payments
Argentina
Lead Analyst: Gabriel Torres
B3
B3
E+
B3
Ba3
Caa1
Ba3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
129.6
38.0
3,410
8,721
20.3
8.8
3.7
14.1
25.4
16.0
39.8
40.6
-0.01
153.1
38.3
3,994
9,689
19.1
9.0
6.1
18.7
26.1
17.1
47.5
44.1
-0.02
183.2
38.7
4,736
10,833
18.8
9.2
12.3
20.9
26.8
16.7
25.0
44.3
-0.09
214.3
39.0
5,491
12,023
23.0
8.5
9.8
23.0
28.6
15.5
17.2
44.0
-0.03
262.5
39.4
6,667
13,325
24.1
8.7
8.5
24.2
28.5
21.8
29.5
45.0
-0.03
328.5
39.7
8,271
14,413
27.1
6.8
7.2
25.1
28.9
24.4
27.1
45.1
-0.12
308.7
40.1
7,707
14,599
10.9
0.8
7.7
21.2
26.5
-18.0
-27.2
37.4
-0.35
370.3
40.4
9,162
15,910
25.9
9.2
10.9
24.5
27.8
21.9
37.9
40.1
-0.21
448.2
40.8
10,994
17,554
27.7
8.9
9.5
26.2
28.4
21.7
28.5
41.4
-0.16
477.0
41.1
11,601
—
17.5
1.9
10.8
20.9
22.7
-2.0
-4.1
37.7
—
509.6
41.5
12,285
—
23.6
3.0
11.5
20.2
22.0
8.5
12.1
38.9
—
537.9
42.1
12,777
—
26.7
3.0
10.0
23.0
22.1
3.4
4.6
38.3
—
20.5
20.1
0.5
2.3
178.82
138.0
672.8
8.9
75.8
23.5
20.9
2.6
3.9
191.30
124.9
538.5
5.4
75.6
23.8
22.0
1.8
3.7
128.63
70.2
306.3
8.1
51.4
24.2
22.4
1.8
3.5
136.72
63.8
262.4
7.3
52.1
20.2
19.1
1.1
3.2
144.73
55.1
276.0
10.0
52.8
21.2
19.8
1.4
3.1
145.98
44.4
228.7
8.2
52.5
22.7
23.3
-0.6
1.5
147.12
47.7
213.7
9.4
54.1
24.3
24.1
0.2
1.7
164.33
44.4
185.5
6.3
58.8
23.6
25.3
-1.7
0.3
178.96
39.9
176.3
8.2
60.1
25.4
28.0
-2.6
-0.2
182.74
38.3
162.6
9.3
60.0
24.8
27.3
-2.5
-0.5
194.68
38.2
164.6
8.1
61.0
23.8
26.2
-2.4
-0.4
206.30
38.4
179.2
8.5
62.0
• 238 •
Population (Mil.)
Real GDP (% change)
Inflation (CPI, % change Dec/Dec) [1]
GOVERNMENT FINANCE
Gen. Gov. Revenue/GDP [5]
Gen. Gov. Expenditures/GDP [5]
Gen. Gov. Financial Balance/GDP [6]
Gen. Gov. Primary Balance/GDP [6]
Gen. Gov. Debt (US$ Bil.) [6]
Gen. Gov. Debt/GDP [6]
Gen. Gov. Debt/Gen. Gov. Revenue [6]
Gen. Gov. Int. Pymt/Gen. Gov. Revenue [6]
Gen. Gov. FC & FC-indexed Debt/GG Debt [6]
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.90
9.5
8.14
6.3
164.64
64.3
13.5
127.0
427.8
2.09
6.50
0.7
-0.6
13.14
-6.05
2.96
-2.6
3.21
2.1
171.20
67.7
15.5
111.8
383.1
2.42
4.98
2.3
2.0
18.01
-4.43
3.01
-1.0
5.27
3.0
113.77
57.5
30.6
62.1
216.5
3.02
3.45
2.2
11.6
22.74
-2.65
3.04
-2.7
7.77
3.6
108.84
56.1
26.0
50.8
176.5
4.05
5.04
1.4
10.2
30.42
-2.16
3.13
-1.0
7.35
2.8
124.54
56.8
15.5
47.5
166.9
3.52
5.19
1.9
13.1
44.18
-1.15
3.43
1.9
6.76
2.2
124.92
51.6
16.0
38.0
139.3
3.19
4.65
2.5
17.6
44.36
-0.39
3.78
-3.0
11.00
3.6
115.55
53.5
17.2
37.4
160.4
3.48
11.22
1.1
17.8
42.92
-0.36
3.96
0.6
1.36
0.4
129.33
53.7
10.7
34.9
149.7
3.64
10.69
1.6
12.5
46.62
-0.08
4.28
-2.7
-1.57
-0.4
140.66
52.0
11.9
31.4
134.5
3.56
11.97
1.3
10.9
40.08
-1.07
4.90
6.4
0.48
0.1
141.13
50.5
11.6
29.6
140.1
5.80
12.83
0.3
—
36.76
0.59
5.60
—
2.04
0.4
145.10
52.0
12.9
28.5
126.1
6.50
13.14
0.1
—
36.00
—
7.00
—
1.18
0.2
150.20
53.3
13.5
27.9
125.2
6.90
14.00
0.2
—
35.50
—
21.4
2.61
6.7
45.1
2.6
950.7
28.9
207.6
31.6
76.3
11.4
19.2
21.5
3.76
0.0
38.0
2.4
500.3
19.1
166.1
30.3
63.9
10.0
16.0
20.3
6.42
-1.6
30.4
2.2
357.8
35.5
175.4
36.6
65.1
11.6
16.5
24.5
7.97
14.3
28.0
1.8
281.9
11.7
110.1
37.4
78.9
12.7
15.1
8.1
11.05
8.6
23.9
1.8
281.6
8.7
54.2
39.8
62.6
16.9
19.6
17.0
11.60
27.7
27.5
1.9
269.2
20.4
70.4
36.3
50.9
19.5
25.7
33.1
9.17
31.4
28.7
2.3
277.4
16.6
71.1
38.1
56.1
20.8
32.6
26.0
10.68
36.7
30.7
3.1
351.0
14.8
55.5
51.1
65.4
15.1
31.2
34.8
12.02
40.1
36.6
4.0
383.9
18.5
73.6
39.3
52.0
9.7
24.8
—
—
—
—
—
416.7
17.1
80.1
—
—
—
—
—
—
—
—
—
423.1
17.4
90.8
—
—
—
—
External Debt/GDP
• 239 •
Monetary Policy Rate (% per annum, Dec 31) [8]
Domestic Credit/GDP
Liquidity Ratio [11]
29.6
10.16
-2.3
50.3
3.0
1,252.5
37.3
204.7
46.5
94.2
6.8
12.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Official figures
Balance of Payments
Central government
Time deposit rate
Armenia
Ba2
Ba2
E+
Floating
Baa3
Baa1
Ba3
Baa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.8
3.1
917
3,071
19.2
14.0
8.6
24.3
6.5
29.4
26.9
82.2
-0.26
3.6
3.1
1,168
3,486
17.4
10.5
2.0
24.9
7.4
17.8
15.4
75.0
-0.14
4.9
3.1
1,598
4,096
17.6
13.9
-0.2
30.5
14.0
32.7
30.7
72.0
-0.13
6.4
3.1
2,080
4,781
18.4
13.2
5.2
35.9
17.7
5.6
18.3
62.6
-0.21
9.2
3.1
2,995
5,588
18.6
13.7
6.6
37.8
18.2
18.4
43.8
58.3
-0.35
11.7
3.1
3,787
6,096
13.3
6.9
5.2
40.9
18.2
-0.7
31.5
55.7
-0.16
8.6
3.1
2,803
5,292
-12.0
-14.2
6.5
34.7
6.3
-23.7
-21.6
58.5
0.00
9.3
3.1
2,995
5,428
10.1
2.2
9.5
32.9
4.9
44.1
12.8
66.1
-0.15
10.1
3.1
3,271
5,789
9.2
4.7
4.7
27.3
3.4
24.9
14.4
71.1
-0.09
10.0
3.1
3,177
—
5.8
7.2
3.2
23.8
-1.4
3.6
2.1
74.4
—
10.5
3.2
3,329
—
10.5
6.0
4.0
22.2
-0.4
3.3
-0.1
71.0
—
10.7
3.2
3,359
—
10.8
5.5
4.0
22.3
2.5
-0.1
-5.3
67.2
—
21.2
22.4
-1.3
-0.6
1.16
40.3
190.2
3.3
94.4
19.1
20.6
-1.5
-1.0
1.27
32.3
169.2
2.7
92.9
20.1
21.8
-1.7
-1.3
1.21
24.2
120.8
2.2
90.8
20.1
21.4
-1.3
-1.0
1.36
18.7
93.0
1.7
88.4
22.2
23.7
-1.5
-1.2
1.67
16.1
72.6
1.4
86.9
22.5
23.2
-0.7
-0.3
1.91
16.4
72.7
1.4
82.7
22.7
30.2
-7.5
-7.0
3.36
40.4
178.5
2.3
88.2
23.2
28.2
-5.0
-4.1
3.80
39.9
171.5
3.8
86.9
24.0
26.8
-2.8
-1.9
4.13
42.2
175.8
3.9
86.4
24.1
26.2
-2.1
-1.0
4.37
44.1
183.0
4.7
85.6
24.8
27.4
-2.6
-1.4
4.50
42.7
172.5
4.8
87.1
24.4
26.6
-2.2
-1.0
4.70
43.8
179.4
5.0
85.0
• 240 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
566.00
-9.7
-0.19
-6.7
1.76
62.3
17.6
62.6
133.6
0.02
0.10
4.3
-56.2
0.48
0.08
485.84
5.2
-0.02
-0.5
1.87
63.3
16.4
52.3
94.3
0.02
0.11
6.9
-43.7
0.54
0.12
450.19
11.7
-0.05
-1.1
1.83
60.3
15.4
37.3
73.7
0.02
0.10
4.7
-30.0
0.66
0.05
363.50
8.7
-0.12
-1.8
2.01
60.1
15.3
31.5
68.7
0.04
0.08
7.0
-24.2
1.06
0.04
304.22
14.1
-0.59
-6.4
2.91
49.9
15.8
31.6
80.5
0.03
0.08
7.6
-22.7
1.65
-0.24
306.73
8.7
-1.38
-11.9
3.44
45.9
14.3
29.5
86.3
0.09
0.08
7.9
-29.7
1.40
-0.57
377.89
-7.5
-1.37
-15.8
5.02
61.9
10.0
58.1
170.4
0.10
0.12
8.4
-47.2
1.88
-0.40
363.44
1.3
-1.37
-14.8
6.29
54.7
9.9
67.9
170.9
0.11
0.09
6.1
-61.3
1.83
-0.65
385.77
0.1
-1.12
-11.0
7.39
50.2
11.8
72.9
159.9
0.20
0.23
4.4
-64.4
1.88
-1.15
403.58
-3.5
-1.06
-10.6
7.63
52.5
10.5
76.7
159.1
0.20
0.38
4.8
-68.7
1.77
-1.43
419.66
—
-1.00
-9.5
7.98
50.6
10.7
75.8
152.7
0.21
0.74
3.4
—
1.69
—
456.01
—
-0.96
-9.0
8.40
48.2
11.0
78.3
150.1
0.22
1.33
4.3
—
1.75
—
32.1
3.75
41.2
6.7
0.7
349.1
6.8
87.7
5.8
5.3
74.7
36.4
18.1
3.50
54.6
8.8
0.7
277.0
5.1
76.4
7.6
15.9
63.5
35.7
24.0
4.75
8.7
8.1
0.7
190.0
3.9
54.6
8.7
15.6
52.1
30.5
33.2
5.75
78.4
12.1
0.7
176.4
3.3
36.9
14.5
28.5
35.5
22.4
7.3
7.25
73.6
18.6
0.9
245.3
4.1
32.5
41.2
104.9
43.7
32.2
35.9
5.00
1.5
21.4
0.8
267.3
7.5
43.4
36.6
91.1
69.1
40.5
14.0
7.25
42.5
27.7
0.9
343.3
5.6
31.6
51.0
82.1
63.3
44.1
28.1
8.00
42.7
36.2
1.1
395.6
9.2
46.3
65.2
94.3
60.4
50.3
23.8
8.00
28.4
44.0
1.3
472.7
12.2
66.9
101.0
120.9
62.7
64.8
—
—
—
—
—
519.4
18.2
95.7
—
—
—
—
—
—
—
—
—
538.4
27.8
142.3
—
—
—
—
External Debt/GDP
Interest Paid on External Debt (US$ Bil.) [6]
Amortization Paid on External Debt (US$ Bil.) [7]
• 241 •
Domestic Credit/GDP
Debt Service Ratio [8] [9]
15.0
9.00
-10.1
5.6
0.5
363.6
8.9
26.0
4.0
3.7
70.8
26.5
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
Central government
Central government debt
Australia
Lead Analyst: Steven A. Hess
Aaa
Aaa
BFree Floating
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
536.5
19.9
26,964
29,792
5.8
3.3
2.4
5.9
26.5
23.8
10.9
20.9
-1.8
10.6
-2.6
37.5
1.81
654.8
20.1
32,533
31,324
7.6
3.8
2.5
5.4
27.1
24.5
22.9
23.9
4.1
15.0
-2.8
37.9
2.04
733.6
20.4
35,969
32,523
7.9
3.3
2.8
5.1
28.0
26.1
19.8
13.5
3.1
8.6
-1.8
39.4
1.77
779.6
20.7
37,666
34,140
7.8
2.6
3.3
4.8
27.3
26.4
14.7
10.1
3.3
7.2
-1.1
41.6
1.76
944.5
21.0
44,942
36,206
9.0
4.8
2.9
4.4
28.5
26.6
15.9
20.4
3.3
13.0
-1.8
40.6
1.82
1,034.2
21.4
48,364
37,179
9.2
2.4
3.7
4.3
28.9
28.3
26.8
19.8
3.6
11.2
-0.8
45.6
1.78
976.4
21.8
44,831
40,016
1.5
1.5
2.1
5.6
27.4
26.7
-16.4
-17.4
2.3
-8.9
-0.4
40.2
1.75
1,244.8
22.1
56,416
39,125
8.4
2.6
2.8
5.2
26.9
28.1
34.0
24.5
5.3
14.4
1.1
40.7
1.81
1,490.5
22.3
66,768
41,974
6.5
2.4
3.0
5.1
27.4
28.8
24.2
22.9
-0.8
10.5
1.3
42.0
1.74
1,540.7
22.6
68,216
—
3.0
3.6
2.2
5.2
28.9
27.0
-3.4
8.2
6.7
6.8
-1.1
41.6
—
1,582.1
22.9
69,238
—
5.3
2.8
2.5
5.3
29.2
29.6
1.8
5.5
5.6
6.6
-1.8
42.0
—
1,618.1
23.1
69,993
—
5.8
3.0
2.8
5.5
29.1
31.9
3.9
5.1
6.1
6.6
-2.1
42.9
—
35.7
34.8
0.9
1.8
65.71
14.1
39.4
2.6
36.1
35.0
1.2
2.0
75.38
12.3
34.1
2.2
36.5
35.0
1.5
2.2
80.34
11.6
31.8
2.0
36.6
34.6
2.0
2.7
76.75
10.3
28.2
1.9
36.1
34.5
1.6
2.3
81.78
9.6
26.6
1.7
35.7
34.3
1.4
2.0
102.81
9.8
27.4
1.7
33.5
36.9
-3.4
-2.7
129.03
14.0
41.7
2.0
32.5
38.1
-5.5
-4.7
217.21
19.1
58.6
2.7
32.0
36.7
-4.7
-3.7
305.41
22.1
69.0
3.4
33.0
37.2
-4.2
-2.9
383.37
25.2
76.4
4.0
33.5
35.8
-2.4
-0.9
417.60
26.3
78.6
4.5
33.3
34.7
-1.4
0.3
428.05
26.2
78.7
4.9
1.33
11.2
86.1
-28.54
-5.3
-1.7
-51.9
29.97
1.28
9.1
95.4
-39.93
-6.1
4.8
-53.8
33.90
1.36
5.7
100.0
-41.73
-5.7
0.9
-54.2
40.97
1.26
4.2
101.4
-41.32
-5.3
0.7
-56.2
52.82
1.13
6.8
111.5
-58.69
-6.2
3.0
-56.3
24.24
1.44
-0.8
110.0
-45.82
-4.4
1.3
-56.8
29.87
1.12
-8.3
103.4
-42.26
-4.3
1.1
-61.0
33.00
0.98
12.7
121.3
-36.54
-2.9
0.6
-56.1
32.79
0.98
6.6
132.8
-33.43
-2.2
3.4
-57.7
36.00
0.96
1.5
135.9
-56.35
-3.7
2.6
-58.5
37.92
1.02
—
—
-87.30
-5.5
2.1
—
40.49
1.03
—
—
-96.63
-6.0
1.8
—
42.73
• 242 •
Population (Mil.)
Real GDP (% change)
Unemployment Rate (%)
Real Exports of G & S (% change)
Real Imports of G & S (% change)
Net Exports of G & S/GDP
GOVERNMENT FINANCE
Relative Unit Labor Costs (2005 = 100)
Net Int'l Investment Position/GDP
Notes:
[1]
[2]
[3]
Austria
Lead Analyst: Kathrin Muehlbronner
Aaa
Aaa
D+
Free Floating (EMU)
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
254.4
8.1
31,330
31,318
2.0
0.9
1.2
4.3
23.1
26.4
21.0
24.4
1.5
4.5
3.5
93.0
2.02
291.8
8.2
35,710
32,845
4.3
2.6
2.9
5.0
22.8
26.8
22.4
22.3
10.1
9.8
3.8
99.2
1.91
305.3
8.2
37,102
33,626
4.5
2.4
1.6
5.2
22.7
26.6
9.4
9.3
7.4
6.4
4.0
103.7
1.72
325.3
8.3
39,336
36,535
5.6
3.7
1.4
4.7
22.3
27.6
11.5
9.6
7.7
5.2
5.1
107.7
1.82
375.6
8.3
45,246
38,053
5.8
3.7
3.6
4.4
23.1
29.1
20.7
19.7
8.9
7.1
5.7
112.1
1.86
415.8
8.3
49,875
39,783
3.2
1.4
1.3
3.8
22.8
28.6
11.4
11.4
1.4
0.0
5.8
112.8
1.77
384.8
8.4
45,994
38,888
-2.3
-3.8
1.0
4.8
21.0
25.4
-21.8
-21.2
-15.6
-13.3
4.5
95.6
1.72
380.0
8.4
45,293
40,401
3.7
2.1
2.3
4.4
21.6
25.9
6.7
8.2
8.7
8.8
4.2
104.0
1.88
418.5
8.4
49,682
42,172
5.0
2.7
3.2
4.2
23.2
26.8
16.6
19.1
7.2
7.2
3.3
111.3
1.66
398.4
8.4
47,202
—
3.1
0.8
2.8
4.4
22.8
26.8
-4.7
-5.6
1.7
0.8
3.8
110.8
—
419.7
8.5
49,523
—
2.6
0.6
2.1
4.7
22.7
27.2
5.8
5.4
1.1
0.7
4.1
111.2
—
417.1
8.5
48,992
—
3.6
1.8
2.0
4.7
22.3
28.4
1.2
0.4
3.7
2.9
4.5
112.8
—
49.7
51.3
-1.5
1.4
185.48
65.3
131.4
6.2
49.2
53.8
-4.4
-1.6
206.86
64.7
131.5
6.0
48.2
50.0
-1.7
1.2
185.72
64.2
133.2
6.2
47.5
49.1
-1.5
1.2
212.55
62.3
131.3
6.0
47.6
48.6
-0.9
1.9
242.93
60.2
126.5
6.0
48.3
49.3
-0.9
1.7
251.17
63.8
132.1
5.5
48.5
52.6
-4.1
-1.3
275.25
69.2
142.7
5.8
48.1
52.6
-4.5
-1.8
275.37
72.0
149.6
5.5
48.0
50.5
-2.5
0.2
281.91
72.5
150.8
5.4
48.7
51.2
-2.5
0.1
300.07
73.4
150.7
5.3
48.4
50.4
-1.9
0.7
303.48
73.4
151.6
5.4
48.4
49.9
-1.5
1.1
300.68
72.7
150.3
5.4
0.79
3.5
101.2
4.27
1.7
0.0
-14.3
7.14
0.73
1.3
101.2
6.33
2.2
-1.5
-17.3
6.76
0.85
-0.5
100.0
6.65
2.2
-0.1
-21.7
6.30
0.76
-0.8
100.1
9.11
2.8
-1.4
-20.5
6.57
0.68
0.8
100.4
13.18
3.5
-2.0
-18.2
10.26
0.72
0.7
100.9
20.23
4.9
-5.5
-16.9
8.24
0.69
0.8
102.4
10.43
2.7
-0.2
-8.0
4.78
0.75
-2.7
99.7
12.92
3.4
-2.4
-6.1
6.18
0.77
0.4
99.0
5.68
1.4
-3.2
-0.5
7.07
0.76
-1.6
98.3
7.03
1.8
-2.6
0.5
7.97
0.77
—
—
9.84
2.4
-1.5
—
8.50
0.80
—
—
11.93
2.9
-2.0
—
9.00
• 243 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Nominal Exchange Rate (local currency per US$, Dec) [3]
Notes:
[1]
[2]
[3]
Azerbaijan
Lead Analyst: Atsi Sheth
Baa3
Baa3
E+
Baa3
Baa3
Baa3
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
7.4
8.2
898
3,097
17.9
11.2
3.6
53.2
27.6
14.6
52.8
107.6
-0.80
8.8
8.3
1,062
3,478
19.4
10.2
10.4
58.0
31.3
38.6
32.3
121.5
-0.75
13.5
8.4
1,604
4,496
46.8
26.4
5.5
41.5
47.5
96.9
11.0
115.8
-0.68
21.0
8.5
2,473
6,174
49.7
34.5
11.4
29.9
54.4
64.7
14.2
105.3
-0.67
33.0
8.6
3,851
7,855
51.3
25.0
19.5
21.5
56.9
61.4
15.9
96.6
-0.76
48.9
8.8
5,574
8,711
41.5
10.8
15.4
18.7
58.1
42.7
21.7
89.2
-0.75
44.3
8.9
4,950
9,448
-11.3
9.3
0.7
18.9
46.1
-28.8
-10.7
74.7
-0.68
52.9
9.1
5,843
9,873
19.3
5.0
7.9
18.1
49.8
25.6
6.9
75.0
-0.83
66.0
9.2
7,190
10,062
22.6
0.1
5.6
19.1
48.5
29.5
45.2
80.5
-0.79
68.7
9.3
7,390
—
3.7
2.2
-0.3
22.6
50.0
-6.1
1.5
74.3
—
74.7
9.5
7,862
—
7.9
2.9
5.0
22.4
49.7
2.7
3.4
70.4
—
81.8
9.6
8,520
—
9.5
4.0
5.5
22.2
49.3
7.1
3.8
68.2
—
15.0
15.4
-0.4
0.1
1.60
21.7
126.5
1.3
90.4
17.1
17.3
-0.1
0.0
1.78
20.2
116.1
1.3
91.6
16.4
17.1
-0.7
-0.6
1.85
13.3
81.3
0.8
91.0
20.7
20.2
0.5
0.6
2.20
10.2
49.5
0.3
89.3
21.2
21.4
-0.2
-0.1
2.89
8.6
40.6
0.5
88.0
26.8
26.6
0.2
0.3
3.46
6.9
25.8
0.3
86.8
29.0
29.7
-0.7
-0.6
5.23
11.8
40.7
0.3
60.3
26.9
27.7
-0.9
-0.8
5.93
11.1
41.5
0.3
52.7
30.1
29.6
0.6
0.9
6.57
9.9
32.9
1.1
55.0
29.5
29.2
0.3
0.6
7.97
11.6
39.3
1.2
58.9
28.9
28.7
0.2
0.5
8.57
11.5
39.8
1.1
57.8
27.4
27.4
0.0
0.3
9.26
11.3
41.3
1.1
57.0
• 244 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
Nominal Exchange Rate (local currency per US$, Dec) [5] 4,846.09 4,826.41 4,521.25
-13.5
-1.3
15.6
-2.02
-2.59
0.17
-27.3
-29.3
1.2
2.84
3.60
4.67
50.5
44.6
35.4
3.6
3.8
4.0
External Debt/GDP
38.4
40.8
34.7
85.2
78.9
51.0
0.02
0.02
0.03
0.20
0.21
0.20
31.8
26.7
3.4
-104.8
-107.2
-69.4
0.78
1.06
1.16
0.11
0.11
0.12
0.87
3.7
3.71
17.7
5.75
36.5
9.0
27.4
38.4
0.04
0.21
-6.1
-33.7
2.48
-0.13
0.85
6.9
9.02
27.3
7.04
36.2
14.8
21.3
29.1
0.08
0.09
-15.2
1.9
4.26
-0.78
0.80
28.1
16.45
33.7
9.87
32.2
11.8
20.2
28.8
0.09
0.17
-1.1
25.8
6.47
-1.34
0.80
-5.2
10.17
23.0
9.21
38.0
8.8
20.8
37.3
0.06
0.26
0.3
39.4
5.13
-0.91
0.80
10.6
15.04
28.4
11.27
35.2
7.8
21.3
36.7
0.08
0.32
0.6
54.0
6.17
-1.07
0.79
5.1
17.14
26.0
11.74
46.4
7.6
17.8
29.3
0.95
0.90
1.4
66.1
10.04
-0.89
0.78
-2.9
14.46
21.0
12.03
50.3
7.4
17.5
36.9
0.95
0.55
-1.2
77.8
11.04
-1.44
0.78
—
12.56
16.8
12.70
48.8
7.2
17.0
45.6
0.98
0.65
0.0
—
11.29
—
0.78
—
13.98
17.1
13.09
50.0
7.0
16.0
41.1
1.00
0.76
0.1
—
12.36
—
86.8
9.50
75.4
13.1
1.6
231.4
1.6
33.7
29.7
66.6
61.2
52.7
71.7
12.00
98.5
17.2
1.6
165.1
0.7
24.6
44.7
64.4
47.0
36.4
44.0
8.00
33.7
16.2
1.6
152.6
0.8
28.5
107.8
277.0
55.5
37.9
-0.3
2.00
22.8
22.5
2.1
179.7
1.3
22.2
88.4
271.1
53.6
42.6
24.3
3.00
22.3
23.0
2.1
182.6
1.3
22.0
59.9
166.4
44.0
33.6
32.1
5.25
2.3
19.2
1.8
117.0
4.6
28.8
97.0
327.3
43.1
29.9
20.7
5.00
33.4
24.7
1.9
108.9
4.6
14.4
152.1
281.4
39.5
27.7
—
—
—
—
—
112.5
5.8
13.9
—
—
—
—
—
—
—
—
—
105.9
5.5
14.9
—
—
—
—
• 245 •
Domestic Credit/GDP
29.7
7.00
26.1
9.4
1.3
361.9
6.4
38.6
9.7
21.0
81.9
46.0
47.5
7.00
39.4
10.9
1.5
339.4
5.0
39.4
9.1
31.0
79.9
83.1
22.1
9.00
50.0
11.2
1.7
401.4
2.5
31.8
11.3
49.5
80.7
79.4
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Central government
Central government revenue
Azerbaijan Manat was redenominated in January 2006 at a rate of AZM 5,000 = AZN 1.00
Bahamas
Lead Analyst: Edward Al-Hussainy
Baa1
Baa1
No Banks Rated
Conventional Peg
A2
A1
Baa1
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.9
0.3
22,417
28,989
-0.1
-1.3
2.1
22.1
24.2
-1.1
3.2
81.4
1.19
7.1
0.3
22,522
29,634
2.1
0.9
1.9
21.2
23.2
8.9
9.4
87.1
1.14
7.7
0.3
24,157
31,199
8.6
3.4
1.8
25.3
22.5
10.2
22.6
93.2
1.17
8.0
0.3
24,585
32,537
3.4
2.5
2.2
30.3
19.5
2.2
19.4
100.1
1.14
8.3
0.3
25,286
33,469
4.4
1.4
2.9
28.2
20.9
9.3
1.6
100.7
1.10
8.2
0.3
24,691
32,934
-0.9
-2.3
4.5
24.5
16.8
-2.2
-0.8
100.1
1.15
7.7
0.3
22,832
31,227
-6.4
-4.9
1.6
23.9
14.9
-17.9
-16.3
88.8
1.00
7.8
0.3
22,657
31,215
0.7
0.2
1.5
21.5
13.3
3.6
5.8
92.4
1.07
7.8
0.3
22,442
32,198
0.2
1.6
3.2
24.0
11.5
7.6
12.9
101.9
0.96
8.1
0.4
23,037
—
4.1
1.8
2.3
26.5
13.3
6.6
7.3
104.7
—
8.5
0.4
23,803
—
4.5
2.5
2.0
30.0
17.3
5.8
4.6
105.4
—
8.9
0.4
24,598
—
4.5
2.5
2.0
30.5
18.8
4.0
2.5
104.0
—
13.2
15.8
-2.6
-1.2
1.94
27.9
202.0
11.0
14.9
13.7
16.0
-2.3
-0.7
2.10
29.6
202.4
11.8
13.6
14.2
16.4
-2.2
-0.6
2.24
29.0
205.7
11.1
12.8
15.5
17.3
-1.8
-0.3
2.39
30.0
190.8
9.6
12.3
16.7
19.0
-2.2
-0.7
2.64
31.7
179.4
9.3
11.2
17.6
19.2
-1.6
0.1
2.77
33.5
184.1
9.8
14.0
16.7
21.2
-4.5
-2.6
3.32
43.0
231.8
11.6
21.2
16.7
21.8
-5.2
-2.8
3.72
47.9
263.2
13.8
21.4
21.4
23.5
-2.1
0.6
3.80
48.9
213.8
12.7
21.0
19.2
24.8
-5.6
-3.3
4.39
54.2
256.8
12.1
23.6
16.4
23.4
-7.0
-4.5
4.57
53.9
302.5
14.9
24.0
18.4
24.3
-6.0
-3.5
4.92
55.6
282.6
13.5
24.0
• 246 •
Nominal GDP (US$ Bil.) [1]
Population (Mil.)
GDP per capita (US$) [1]
Nominal GDP (% change, local currency) [1]
Real GDP (% change)
Gross Investment/GDP [1]
Gross Domestic Saving/GDP [1]
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.00
-5.1
-0.47
-6.8
0.36
100.0
—
5.2
13.9
0.03
0.31
2.7
—
0.48
-0.61
1.00
-5.1
-0.31
-4.3
0.35
100.0
—
4.9
11.3
0.03
0.07
3.9
—
0.66
-0.54
1.00
-2.2
-0.70
-9.1
0.34
100.0
—
4.4
10.4
0.03
0.07
7.3
—
0.58
-0.50
1.00
-1.5
-1.40
-17.6
0.33
100.0
—
4.2
10.0
0.04
0.05
8.9
—
0.45
-0.65
1.00
-3.9
-1.32
-15.8
0.34
100.0
—
4.0
9.4
0.04
0.18
8.6
—
0.45
-0.56
1.00
-0.3
-1.22
-14.8
0.44
100.0
—
5.4
12.0
0.04
0.07
10.4
—
0.56
-0.88
1.00
7.3
-0.81
-10.5
0.77
100.0
—
9.9
23.8
0.04
0.58
8.6
—
0.82
-0.66
1.00
-1.8
-0.81
-10.5
0.92
100.0
—
11.8
27.4
0.07
0.17
11.2
—
0.86
-0.74
1.00
-3.4
-1.09
-14.0
1.04
100.0
—
13.4
28.8
0.06
0.12
8.6
—
0.89
-3.72
1.00
3.4
-1.45
-17.9
1.45
100.0
—
17.9
36.8
0.08
0.10
5.5
—
0.83
-0.62
1.00
—
-1.47
-17.4
1.55
100.0
—
18.3
37.2
0.04
0.14
8.0
—
0.85
—
1.00
—
-1.45
-16.3
1.65
100.0
—
18.6
38.1
0.06
0.15
8.5
—
0.89
—
10.8
5.75
4.8
71.7
6.5
51.9
3.1
13.7
6.9
62.5
2.9
0.1
8.3
5.25
14.3
75.4
8.1
58.5
3.1
10.7
7.7
61.8
4.0
0.2
6.3
5.25
14.2
83.3
11.0
73.9
2.6
8.6
8.1
59.4
4.1
0.2
9.1
5.25
11.4
88.9
12.0
74.1
6.0
39.0
6.0
57.9
4.6
0.2
5.3
5.25
6.6
95.6
10.3
79.4
2.9
15.0
5.2
60.7
4.3
0.2
1.3
5.25
1.4
103.6
7.1
93.4
19.2
103.4
9.5
70.1
4.9
0.3
2.9
5.25
5.9
108.9
6.9
106.6
7.1
20.8
10.1
103.5
4.6
0.3
2.3
4.50
0.5
109.3
6.9
117.6
5.1
14.2
5.9
87.8
4.2
0.2
-0.3
4.50
1.7
106.7
7.2
174.5
4.8
11.9
13.0
78.1
4.4
0.2
—
—
—
—
—
182.4
4.2
16.3
—
—
—
—
—
—
—
—
—
185.4
4.8
17.6
—
—
—
—
Current Account Balance/GDP [1]
External Debt (US$ Bil.) [8]
Public External Debt/Total External Debt [8]
Short-term External Debt/Total External Debt [8]
External Debt/GDP [9]
External Debt/CA Receipts [8] [10]
Net Foreign Direct Investment/GDP [1]
• 247 •
Total External Debt/Official Forex Reserves [13]
4.2
5.75
0.1
69.8
8.1
75.4
12.9
83.7
7.5
62.4
3.3
0.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
[15]
[16]
[17]
[18]
[19]
[20]
Central government
Public sector only
Public sector only; Series break in 2005
Public sector only; 2003 reflects debt prepayment and refinancing
Bank discount rate
External debt data is public sector only; 2003 reflects debt prepayment and refinancing
External debt data is public sector only; 2003 reflects debt prepayment and refinancing; Excludes total nonresident deposits over one year and short-term external debt
Bahrain [1]
Lead Analyst: Steffen Dyck
Baa1
Baa1
D
Conventional Peg
A2
A1
Baa1
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
9.7
0.8
12,747
23,212
14.8
7.2
1.7
20.9
39.1
14.7
10.3
145.5
0.46
11.2
0.8
13,637
25,137
15.3
5.6
2.2
24.9
44.1
29.5
31.7
164.7
0.59
13.5
0.9
15,140
27,723
19.8
7.9
2.6
24.5
47.6
29.6
25.9
176.0
0.40
15.8
1.0
16,501
29,925
17.8
6.7
2.0
24.4
50.3
16.9
12.4
171.7
0.40
18.5
1.0
17,770
32,720
16.5
8.4
3.3
27.0
52.4
10.5
9.2
162.1
0.42
22.1
1.1
20,069
34,859
19.9
6.3
3.5
33.9
56.3
22.6
28.9
169.3
0.41
19.3
1.2
16,367
27,220
-12.9
3.2
2.8
27.3
48.7
-26.0
-30.2
140.3
0.60
21.5
1.2
17,491
27,129
11.4
4.7
2.0
31.0
49.9
13.9
15.3
144.1
0.59
25.9
1.2
21,645
27,735
20.4
2.1
-0.4
24.7
60.5
28.3
6.0
142.4
0.65
27.0
1.3
21,157
—
4.7
3.9
1.2
26.5
58.5
-0.8
3.1
137.2
—
29.1
1.3
22,359
—
7.5
5.3
2.6
26.0
59.3
7.3
3.6
134.8
—
30.3
1.3
22,796
—
4.0
3.3
2.1
26.0
57.2
0.4
3.7
131.7
—
31.3
33.3
-2.0
-0.7
3.59
36.9
117.9
4.3
56.4
30.8
30.5
0.3
1.4
3.87
34.4
111.8
3.5
59.7
33.0
29.6
3.5
4.7
3.86
28.7
86.9
3.7
56.8
30.9
28.2
2.7
4.0
3.75
23.6
76.6
4.0
51.8
29.3
27.5
1.9
2.8
3.55
19.2
65.5
3.2
53.8
32.4
27.4
4.9
5.6
3.23
14.6
45.0
2.0
41.9
23.8
30.5
-6.6
-6.0
4.90
25.4
106.5
2.9
26.8
27.2
34.2
-7.0
-5.9
7.64
35.5
130.8
4.1
15.0
29.2
30.9
-1.7
-0.5
9.44
36.5
124.8
3.9
10.7
27.9
34.9
-7.0
-5.5
12.42
45.8
164.2
5.2
17.1
29.3
34.9
-5.6
-4.1
14.05
48.2
164.7
5.2
24.6
29.6
35.2
-5.6
-4.0
15.75
52.0
175.5
5.5
28.7
• 248 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.38
-7.9
0.20
2.1
5.42
37.4
42.1
55.7
58.7
0.10
0.87
-2.3
53.3
1.43
1.77
0.38
-8.7
0.47
4.2
7.36
31.3
46.0
65.6
57.2
0.18
1.19
-1.5
53.3
1.58
1.38
0.38
-5.8
1.47
11.0
8.30
26.5
46.9
61.7
45.1
0.37
1.40
-0.6
58.3
1.88
1.84
0.38
2.2
2.19
13.8
11.75
16.5
55.3
74.2
50.4
0.63
1.61
12.2
64.2
2.69
3.23
0.38
-6.4
2.91
15.7
29.82
6.4
69.5
161.5
107.7
1.30
2.39
0.5
71.3
4.11
5.56
0.38
-8.2
2.26
10.2
36.31
3.7
73.4
164.0
128.2
1.34
3.13
0.8
69.8
3.81
3.34
0.38
4.5
0.56
2.9
34.96
3.8
72.8
181.3
201.1
0.76
3.20
10.6
83.1
3.53
2.01
0.38
-2.5
0.77
3.6
37.48
3.1
72.5
174.4
193.7
0.55
3.31
-0.8
78.9
4.78
0.58
0.38
-7.0
3.25
12.6
36.46
2.8
73.3
140.9
122.5
0.56
3.34
-0.4
79.0
4.24
0.00
0.38
1.5
2.17
8.0
39.33
5.4
71.6
145.5
132.9
0.63
3.47
-4.1
—
4.90
-0.48
0.38
—
2.68
9.2
40.89
8.5
68.6
140.4
130.8
0.64
3.64
-3.4
—
4.90
—
0.38
—
1.74
5.7
42.15
10.7
66.8
139.1
134.4
0.91
3.93
-3.3
—
5.10
—
4.1
1.60
23.2
47.8
4.8
465.0
10.6
266.1
37.4
125.4
40.9
67.5
22.0
3.60
24.4
49.6
5.0
442.7
9.6
272.5
60.1
158.7
38.4
63.3
14.9
5.00
11.6
47.0
4.0
436.1
9.6
241.9
50.8
116.0
41.5
47.9
39.3
4.90
39.9
56.5
3.6
726.4
13.3
288.3
59.2
130.2
44.9
27.3
19.7
2.50
41.3
66.5
4.7
953.9
15.8
758.5
56.6
171.2
46.8
31.4
5.8
1.10
10.9
84.7
5.4
989.5
22.8
956.9
56.0
160.5
36.2
26.7
10.5
0.80
5.7
80.3
4.4
783.7
19.9
695.3
41.3
110.0
32.3
26.1
3.4
1.00
20.4
80.3
5.1
860.1
13.1
878.6
54.4
148.0
36.9
34.2
4.8
1.10
7.0
82.0
4.6
803.0
13.9
779.7
36.9
88.7
37.7
35.8
—
—
—
—
—
834.5
13.7
812.5
—
—
—
—
—
—
—
—
—
826.6
15.4
794.1
—
—
—
—
Net Foreign Assets of Domestic Banks (US$ Bil.) [7]
• 249 •
M2 (% change Dec/Dec) [8]
M2/Official Forex Reserves (X) [8]
Liquidity Ratio [13] [14]
Total Liabilities due BIS Banks/Total Assets Held in BIS Banks [14]
"Dollarization" Ratio [15] [16]
"Dollarization" Vulnerability Indicator [16] [17]
6.4
1.10
12.0
44.7
5.2
380.0
10.5
219.0
41.7
131.1
37.6
62.7
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
[15]
[16]
[17]
Economic forecasts based on an assumed average price for the benchmark Brent crude oil of $106.4/b in 2013 and $104.4/b in 2014, the forward prices indicated by the futures market as of April 14, 2013
Annual average
Only "retail" (previously "onshore") banks
2012 as of November
T-bill rate; 2012 as of November
2008 increase due to conversion of some "wholesale" (previously "offshore") banks to "retail" (previously "onshore") banks. As per our treatment of other offshore financial centres, only foreign liabilities of onshore banks included in external debt;
Excludes total nonresident deposits over one year and short-term external debt.
Retail banks only
Bangladesh
Lead Analyst: Anushka Shah
Ba3
Ba3
No Banks Rated
Ba2
Baa3
B1
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
51.9
136.5
380
1,003
10.0
5.3
5.0
23.4
18.6
8.7
14.8
34.2
-0.71
56.5
138.6
408
1,079
10.8
6.3
5.6
24.0
19.5
18.4
13.0
36.3
-0.78
60.4
140.6
430
1,165
11.3
6.0
7.4
24.5
20.0
14.6
18.4
39.6
-0.86
62.0
142.4
435
1,266
12.1
6.6
7.5
24.7
20.2
17.4
12.4
44.2
-0.76
68.4
144.0
475
1,371
13.7
6.4
9.2
24.5
20.4
15.1
16.8
46.5
-0.68
79.6
145.5
547
1,472
15.5
6.2
10.0
24.2
20.3
19.6
25.2
49.1
-0.70
89.4
147.0
608
1,561
12.6
5.7
2.2
24.4
20.1
7.3
3.7
46.0
-0.88
100.4
148.7
675
1,649
12.9
6.1
8.7
24.4
20.1
6.4
5.8
43.4
-0.84
111.9
150.5
744
1,777
14.7
6.7
10.2
25.2
19.3
38.8
40.9
54.5
-0.85
115.6
152.0
761
—
14.8
6.3
8.6
25.4
19.4
12.8
15.4
60.3
—
128.5
153.7
836
—
13.3
5.9
7.5
25.8
19.6
9.8
9.3
59.5
—
147.5
154.7
954
—
13.6
6.1
7.8
26.3
19.0
13.3
15.8
59.4
—
11.2
14.6
-3.4
-1.6
25.44
49.0
438.7
16.6
66.7
11.4
14.8
-3.4
-1.6
27.23
48.2
421.7
15.3
66.0
11.3
15.0
-3.7
-2.0
28.32
46.9
415.5
15.5
65.0
11.4
14.7
-3.3
-1.5
28.94
46.7
410.1
15.9
64.5
10.9
14.1
-3.2
-1.3
30.66
44.8
410.1
17.7
62.9
11.9
17.2
-5.3
-3.1
35.79
45.0
378.1
18.4
56.7
10.8
14.3
-3.6
-1.4
38.71
43.3
402.1
20.1
53.8
11.4
14.6
-3.2
-1.1
39.40
39.3
344.5
18.8
51.7
11.9
16.1
-4.2
-2.2
43.80
39.1
327.9
16.4
49.0
13.0
17.6
-4.6
-2.4
45.19
39.1
299.5
16.6
47.9
13.7
18.5
-4.7
-2.5
51.36
40.0
290.8
16.4
53.1
14.0
18.3
-4.2
-2.0
60.15
40.8
290.9
16.4
52.1
• 250 •
Population (Mil.)
Real GDP (% change) [1]
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
57.90
—
0.18
0.3
17.41
99.1
2.6
33.5
160.0
0.17
0.45
0.7
—
2.47
0.01
60.43
—
0.18
0.3
18.51
99.0
3.0
32.8
151.1
0.19
0.42
0.5
—
2.70
0.04
63.75
—
-0.56
-0.9
19.29
99.0
4.5
31.9
136.2
0.20
0.47
1.3
—
2.93
0.14
69.67
—
0.82
1.3
19.42
99.0
4.2
31.3
112.1
0.20
0.50
1.2
—
3.48
-0.04
68.80
—
0.94
1.4
20.71
98.9
6.6
30.3
101.9
0.21
0.54
1.2
-43.4
5.08
-0.02
68.52
—
0.70
0.9
21.29
99.2
4.8
26.8
85.8
0.23
0.59
0.9
-48.4
6.15
0.02
69.06
—
2.42
2.7
21.80
94.2
4.3
24.4
78.6
0.22
0.66
1.1
-42.5
7.47
-0.12
69.45
—
3.20
3.2
21.45
94.6
5.2
21.4
70.7
0.21
0.69
0.9
-38.3
10.75
-0.02
74.15
—
-2.23
-2.0
23.61
95.2
6.5
21.1
62.6
0.22
0.73
0.7
-37.3
10.91
0.37
81.82
—
-0.57
-0.5
23.54
93.2
6.1
20.4
58.0
0.25
0.69
0.9
—
10.36
0.40
79.50
—
0.16
0.1
26.00
93.7
8.0
20.2
59.8
0.26
0.72
0.9
—
12.40
—
80.00
—
-1.35
-1.0
29.50
89.1
7.6
20.0
62.5
0.26
0.70
0.7
—
13.21
—
13.8
5.00
14.6
34.2
7.2
684.3
8.5
53.3
30.2
43.1
21.9
16.6
16.8
6.70
17.4
35.8
6.5
658.2
8.0
55.5
29.1
51.6
13.1
10.3
19.3
7.40
20.3
37.9
5.2
557.4
8.4
72.5
32.9
39.4
20.4
14.7
17.1
7.60
14.8
37.7
5.0
408.0
7.6
61.9
25.7
37.3
16.3
9.1
17.6
7.71
20.9
40.4
4.8
346.3
7.9
61.0
27.6
35.5
14.2
7.8
19.2
3.04
16.0
41.6
4.0
291.8
6.3
41.4
39.4
39.3
14.2
7.7
22.4
2.52
17.9
42.7
4.7
199.5
5.6
32.6
39.2
33.4
11.5
5.2
21.3
6.75
27.4
47.4
5.4
216.4
4.9
25.3
66.6
59.8
13.3
7.0
17.4
7.75
19.5
50.0
5.2
227.1
6.9
37.2
79.5
62.0
14.6
8.7
—
—
—
—
—
209.8
6.8
40.0
—
—
—
—
—
—
—
—
—
223.3
6.5
39.4
—
—
—
—
Current Account Balance (US$ Bil.) [4]
Official Forex Reserves (US$ Bil.) [1]
• 251 •
15.6
7.40
8.1
33.2
7.1
704.9
8.5
72.5
23.8
35.3
29.8
22.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; External debt data is public sector only; Excludes total nonresident deposits over one year
Barbados
Lead Analyst: Aaron Freedman
Ba1
Ba1
No Banks Rated
Conventional Peg
Baa2
Baa1
Ba2
Baa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.2
0.3
12,061
15,873
4.2
2.0
0.3
18.1
14.7
13.8
9.5
89.1
1.30
3.5
0.3
12,943
16,886
7.7
1.4
4.3
18.9
9.8
4.1
14.7
90.7
1.09
3.9
0.3
14,421
17,965
11.8
4.0
7.3
19.0
9.8
19.2
16.3
95.4
1.26
4.2
0.3
15,485
19,139
7.4
5.7
5.7
19.9
14.9
13.3
5.7
97.0
1.48
4.5
0.3
16,482
19,747
6.8
1.7
4.8
20.8
15.8
5.4
4.0
95.0
1.34
4.3
0.3
15,969
20,179
-3.1
0.3
7.2
17.3
9.5
2.3
9.8
104.1
1.59
4.4
0.3
16,105
19,320
1.2
-4.1
4.3
15.0
11.3
-10.9
-16.2
88.7
1.50
4.2
0.3
15,550
—
-3.4
0.3
6.6
14.2
9.0
4.5
5.6
96.6
1.41
4.3
0.3
15,763
—
1.7
0.8
9.5
14.8
6.6
4.5
9.2
101.5
1.46
4.3
0.3
15,644
—
0.7
0.0
4.5
15.0
13.5
3.5
-7.8
98.2
—
4.4
0.3
15,822
—
1.5
0.2
4.8
15.6
13.7
5.0
6.0
102.1
—
4.6
0.3
16,312
—
3.1
1.1
5.0
16.3
13.8
5.0
6.0
104.5
—
28.7
30.9
-2.2
2.1
1.57
48.5
168.8
14.8
33.1
27.4
29.5
-2.1
1.7
1.66
47.6
173.3
13.7
31.8
27.7
30.0
-2.3
1.5
1.94
49.5
179.1
13.8
31.5
26.6
29.4
-2.8
1.1
2.13
50.7
190.4
14.8
35.6
27.6
30.9
-3.3
0.5
2.32
51.7
187.6
13.9
33.0
29.9
35.2
-5.3
-0.7
2.42
55.7
186.3
15.3
30.4
26.4
34.3
-7.9
-2.9
2.90
66.0
249.6
18.8
31.2
26.9
35.9
-9.0
-3.0
3.19
75.1
279.2
22.2
31.6
29.2
33.9
-4.7
1.5
3.46
80.1
273.9
20.9
29.6
27.5
34.8
-7.3
-0.8
3.61
83.0
302.3
23.7
26.8
28.5
35.0
-6.5
0.4
3.84
86.9
304.9
24.2
29.0
29.0
34.0
-5.0
2.0
4.00
87.8
302.7
24.2
29.5
• 252 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.00
-4.6
-0.18
-5.5
1.24
60.4
—
38.1
72.0
0.06
0.03
5.1
—
0.73
0.47
2.00
-5.2
-0.36
-10.3
1.22
65.5
—
34.8
69.0
0.06
0.04
3.5
—
0.57
0.47
2.00
1.3
-0.42
-10.6
1.35
66.2
—
34.5
63.7
0.08
0.05
5.9
—
0.60
0.54
2.00
3.8
-0.35
-8.4
1.50
71.0
—
35.6
63.2
0.08
0.05
7.1
—
0.63
0.46
2.00
-2.4
-0.25
-5.6
1.57
72.4
—
34.9
59.9
0.08
0.05
8.8
—
0.83
0.93
2.00
3.9
-0.49
-11.2
1.68
66.4
—
38.7
64.7
0.10
0.05
10.8
243.6
0.73
0.45
2.00
2.6
-0.31
-7.1
1.93
69.0
—
43.9
85.6
0.09
0.06
6.9
223.6
0.77
0.42
2.00
4.6
-0.26
-6.1
1.59
100.0
—
37.4
66.1
0.08
0.25
8.1
171.7
0.74
0.38
2.00
—
-0.50
-11.5
1.59
100.0
—
36.8
64.1
0.09
0.06
6.7
—
0.72
—
2.00
—
-0.20
-4.7
1.58
100.0
—
36.2
61.7
0.08
0.08
6.9
—
0.73
—
2.00
—
-0.24
-5.5
1.56
100.0
—
35.4
58.3
0.08
0.08
7.4
—
0.74
—
2.00
—
-0.28
-6.2
1.61
100.0
—
35.4
57.2
0.08
0.07
7.7
—
0.70
—
11.7
7.50
15.4
89.9
6.3
212.9
5.5
66.0
9.1
41.8
14.4
36.1
16.9
10.00
14.4
92.0
7.1
226.2
5.8
115.0
3.2
44.2
16.7
41.9
5.3
12.00
8.6
93.0
7.1
238.2
5.7
93.1
8.2
53.5
14.2
34.9
20.9
12.00
8.2
94.2
6.5
188.5
5.3
147.8
3.4
51.1
18.9
37.2
1.2
10.00
11.1
108.0
7.5
230.4
5.9
90.6
5.1
86.3
14.9
32.2
0.6
7.00
4.5
111.5
7.1
249.4
6.5
89.0
4.0
60.5
13.4
35.1
-0.7
7.00
—
—
—
215.2
13.8
103.9
6.4
66.6
12.9
—
—
7.00
—
—
—
221.8
6.1
57.2
8.0
82.5
6.6
—
—
—
—
—
—
215.4
6.2
60.7
3.6
56.7
4.0
—
—
—
—
—
—
210.3
5.8
59.4
—
—
—
—
—
—
—
—
—
231.6
5.4
57.7
—
—
—
—
• 253 •
Domestic Credit/GDP
4.6
7.50
8.9
83.9
4.4
169.4
5.5
67.7
10.5
66.8
13.2
26.7
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
Central government revenue; Fiscal years ending March 31, e.g. 2005 refers to fiscal year 2005/06
Public sector only
Bank discount rate
Public sector debt only from 2010 onward
Belarus
B3
B3
E+
B3
Ba3
Caa1
B1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.8
9.8
1,819
6,578
39.9
7.0
25.5
25.0
21.5
24.5
25.1
134.1
-0.99
23.1
9.7
2,378
7,589
36.7
11.4
14.6
28.7
25.7
35.3
39.7
142.1
-1.08
30.2
9.7
3,126
8,640
30.2
9.4
8.0
28.5
27.2
15.0
3.9
118.9
-1.10
37.0
9.6
3,849
9,871
21.8
10.0
6.5
32.2
29.3
22.9
33.0
124.3
-1.17
45.3
9.6
4,736
11,086
22.6
8.6
12.0
34.1
29.7
24.3
28.2
128.2
-1.13
60.8
9.5
6,376
12,535
33.6
10.2
13.4
37.6
31.5
34.2
37.1
129.6
-1.13
49.2
9.5
5,176
12,749
5.9
0.2
9.9
37.3
28.0
-32.8
-27.1
112.3
-1.15
55.2
9.5
5,819
13,852
19.7
7.7
10.0
41.2
28.7
20.5
23.3
122.2
-1.13
59.7
9.5
6,306
14,938
80.7
5.5
108.7
37.6
38.4
61.7
31.0
163.3
-1.09
63.3
9.5
6,691
—
77.5
1.5
21.7
34.5
38.3
6.6
-0.7
158.7
—
77.1
9.4
8,171
—
27.2
2.0
20.0
37.6
35.4
2.5
12.1
139.6
—
91.6
9.4
9,731
—
22.3
2.5
16.0
37.5
34.2
9.8
11.8
130.2
—
45.9
47.0
-1.1
-0.5
1.23
7.2
15.7
1.1
28.0
46.0
45.6
0.4
0.8
2.20
9.5
20.7
1.0
22.4
47.4
48.0
-0.7
-0.3
2.54
8.4
17.7
0.7
23.9
49.1
47.6
1.4
1.8
4.11
11.1
22.6
0.7
14.3
49.5
49.0
0.4
0.8
8.29
18.3
37.1
0.8
24.6
50.6
52.6
-2.0
-1.4
12.82
21.7
42.9
1.1
28.1
45.7
46.4
-0.7
0.1
16.74
34.9
76.4
1.8
50.0
41.6
43.4
-1.8
-1.1
23.05
42.0
101.1
1.6
43.6
38.8
36.0
2.8
3.9
15.45
43.4
112.0
2.9
79.9
40.8
40.1
0.7
2.7
22.71
36.9
90.5
4.9
55.3
40.3
40.0
0.2
2.1
25.63
35.2
87.3
4.7
53.0
38.9
39.0
-0.1
1.9
29.12
33.4
85.9
5.2
50.8
• 254 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
2,156.00 2,170.00 2,152.00 2,140.00 2,150.00 2,200.00 2,863.00 3,000.00 8,350.00 8,570.00 9,200.00 9,400.00
-2.4
-2.9
-0.7
-3.0
-5.7
-1.3
-1.6
-5.7
-13.4
-3.5
—
—
-0.43
-1.19
0.46
-1.39
-3.01
-4.96
-6.13
-8.28
-5.03
-1.82
-3.82
-3.54
-2.4
-5.2
1.5
-3.8
-6.7
-8.2
-12.5
-15.0
-8.4
-2.9
-5.0
-3.9
4.17
4.94
5.13
6.84
12.50
15.15
22.06
28.40
34.02
34.12
36.41
37.52
15.0
11.5
11.8
8.6
21.1
26.6
39.8
41.9
40.8
38.1
37.5
36.4
59.2
71.0
64.3
64.0
58.9
49.9
41.1
41.8
39.5
35.4
36.3
35.2
23.4
21.3
17.0
18.5
27.6
24.9
44.8
51.4
57.0
53.9
47.2
40.9
34.8
30.4
27.5
30.0
44.3
39.8
85.4
90.7
69.3
62.5
58.8
54.0
0.07
0.08
0.10
0.13
0.24
0.49
0.48
0.60
0.92
1.22
1.30
1.34
1.51
1.75
2.16
3.56
3.73
5.96
5.35
4.56
5.74
6.49
6.93
7.14
1.0
0.7
1.0
1.0
4.0
3.6
3.6
2.4
6.5
2.1
1.4
1.0
-22.3
-19.2
-12.9
-15.2
-17.5
-22.0
-38.3
-46.8
-48.1
-47.8
—
—
0.59
0.75
1.14
1.07
3.95
2.69
4.25
2.86
5.44
5.24
5.57
4.61
-0.06
-0.16
-0.16
-0.95
-1.24
-1.38
-2.11
-4.25
-3.70
-4.55
—
—
• 255 •
Domestic Credit/GDP
Liquidity Ratio [7]
54.3
28.00
72.2
22.2
4.6
702.0
13.2
417.5
30.3
65.0
54.4
6.9
50.0
17.00
30.8
21.2
5.4
658.6
11.3
455.9
41.9
68.0
46.5
6.7
42.2
11.00
33.5
21.8
5.1
451.2
12.6
535.5
49.7
54.6
38.0
5.9
39.3
10.00
52.2
27.2
7.7
640.5
16.7
332.5
71.7
101.6
34.7
6.3
40.0
10.00
21.3
26.9
2.9
316.2
14.4
480.7
37.0
54.6
38.2
7.7
26.3
12.00
63.3
32.9
5.2
564.2
17.3
207.9
60.6
104.4
38.9
7.5
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
23.1
13.50
11.0
34.5
3.1
518.7
23.0
327.4
58.5
90.9
49.5
11.2
31.9
10.50
59.9
46.1
5.9
992.0
16.8
242.9
135.7
183.1
51.4
13.0
121.2
45.00
46.5
37.4
2.4
625.6
13.5
480.3
46.2
64.1
64.9
12.3
44.6
30.00
53.0
32.2
3.6
650.9
14.1
310.4
45.3
71.1
61.6
16.2
—
—
—
—
—
654.0
13.3
257.3
—
—
—
—
—
—
—
—
—
814.0
12.2
265.9
—
—
—
—
Belgium
Aa3
Aa3
D+
Free Floating (EMU)
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
312.3
10.4
30,098
30,295
2.8
0.8
1.7
8.2
19.4
24.8
18.6
18.8
0.5
0.5
5.4
142.5
1.96
362.2
10.4
34,753
31,177
5.5
3.3
2.3
8.3
20.9
25.8
19.1
20.2
6.1
6.1
4.9
147.0
1.92
377.7
10.5
36,046
32,189
4.2
1.8
2.9
8.4
21.9
25.9
8.1
9.8
3.8
5.0
3.9
153.4
1.74
400.3
10.5
37,954
34,193
5.1
2.7
1.6
8.2
22.4
26.3
8.8
9.1
5.4
5.0
3.8
157.7
1.71
460.3
10.6
43,318
35,636
5.3
2.9
3.1
7.5
23.0
26.8
17.5
17.6
5.2
5.5
3.8
161.2
1.61
509.4
10.7
47,561
37,025
3.1
1.0
2.6
7.1
24.0
24.9
13.9
18.2
2.1
3.5
0.9
169.0
1.38
474.7
10.8
43,972
36,573
-1.6
-2.8
0.3
7.8
19.8
22.5
-20.1
-22.3
-11.1
-10.6
2.7
142.9
1.59
472.4
10.9
43,360
37,834
4.5
2.4
3.1
8.2
20.6
22.9
9.2
10.3
9.6
8.9
2.3
157.6
1.59
514.9
11.0
46,721
38,723
3.9
1.8
3.5
7.2
21.7
23.0
15.0
16.6
5.5
5.6
1.2
167.4
1.67
483.7
11.0
43,800
—
1.7
-0.2
2.3
7.6
21.0
22.2
-5.5
-5.5
0.7
0.6
1.2
168.4
—
504.8
11.1
45,339
—
1.7
0.0
1.4
8.1
20.4
22.1
4.1
3.6
0.8
0.2
1.7
167.6
—
497.3
11.2
44,314
—
2.7
1.0
1.8
8.1
20.5
22.2
0.4
0.4
3.3
3.3
1.7
170.7
—
50.9
51.0
-0.2
5.1
343.08
98.4
193.4
10.5
48.9
49.2
-0.2
4.5
373.05
94.0
192.2
9.8
49.3
51.9
-2.6
1.7
329.15
92.0
186.7
8.8
48.8
48.5
0.3
4.3
369.30
88.0
180.3
8.2
48.1
48.2
-0.1
3.8
415.29
84.0
174.5
8.1
48.7
49.8
-1.1
2.8
429.98
89.2
183.0
7.9
48.1
53.7
-5.6
-1.9
469.69
95.7
199.0
7.7
48.7
52.6
-3.9
-0.4
454.65
95.6
196.4
7.2
49.5
53.4
-3.9
-0.4
467.97
97.8
197.6
7.0
50.9
54.9
-4.0
-0.5
495.29
99.8
196.2
7.0
51.2
54.3
-3.1
0.2
505.18
101.6
198.4
6.4
51.2
54.5
-3.3
0.0
505.01
102.4
200.1
6.5
0.79
4.7
100.5
10.68
3.4
-1.6
32.0
7.65
0.73
1.7
100.7
11.52
3.2
2.6
22.4
7.72
0.85
0.3
100.0
7.46
2.0
0.5
27.0
6.82
0.76
-0.4
100.5
7.44
1.9
2.1
23.2
7.62
0.68
0.9
102.0
8.71
1.9
2.9
21.1
9.30
0.72
3.4
104.0
-6.70
-1.3
-5.3
26.9
7.77
0.69
0.2
105.0
-6.69
-1.4
11.3
38.8
7.80
0.75
-3.2
100.7
9.03
1.9
8.9
48.5
7.88
0.77
1.0
101.9
-5.88
-1.1
4.0
47.2
7.99
0.76
-2.2
100.0
-6.69
-1.4
-3.4
—
8.45
0.77
—
—
-3.43
-0.7
-2.6
—
8.68
0.80
—
—
-4.05
-0.8
-1.3
—
8.97
• 256 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
Belize
Caa2
Caa2
No Banks Rated
Conventional Peg
B2
B2
Caa3
B2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.0
0.3
3,611
5,824
6.0
9.3
2.3
20.5
7.9
7.5
5.9
119.4
-0.19
1.1
0.3
3,738
6,067
6.9
4.6
3.1
19.6
10.9
1.6
-5.2
109.2
-0.36
1.1
0.3
3,821
6,254
5.5
3.0
4.2
21.1
13.7
13.9
12.9
117.3
-0.15
1.2
0.3
4,025
6,542
8.8
4.7
2.9
18.9
19.8
22.2
7.5
123.2
-0.41
1.3
0.3
4,099
6,600
5.2
1.2
4.1
19.6
17.9
2.7
4.9
121.6
-0.50
1.4
0.3
4,233
6,752
6.8
3.8
4.4
27.1
19.7
10.3
20.8
131.7
-0.53
1.3
0.3
4,049
6,596
-1.1
0.0
-0.4
22.0
18.0
-13.7
-17.8
112.0
-0.47
1.4
0.3
4,057
6,637
3.7
2.7
0.0
18.0
19.9
13.9
3.5
117.2
-0.44
1.4
0.4
4,059
6,722
3.5
2.0
2.5
19.0
19.9
14.2
16.6
130.7
-0.36
1.5
0.4
4,151
—
5.8
5.2
0.6
19.0
18.2
2.4
4.1
127.5
—
1.6
0.4
4,193
—
4.5
2.5
2.0
19.5
18.9
-0.6
-0.9
121.1
—
1.7
0.4
4,236
—
4.5
2.5
2.0
19.8
20.2
0.3
-1.5
115.2
—
24.7
32.7
-8.0
-3.9
0.76
77.3
313.7
16.7
92.7
22.8
32.4
-9.5
-1.2
0.95
90.2
394.9
36.5
85.3
25.3
28.7
-3.4
3.5
1.02
91.5
361.5
27.2
86.8
26.2
30.3
-4.1
2.9
1.06
87.4
334.2
26.8
85.9
30.2
30.8
-0.6
3.7
1.07
84.0
278.4
14.4
85.0
28.5
28.1
0.4
4.1
1.08
79.0
277.1
13.2
84.6
27.2
28.8
-1.6
2.0
1.10
81.6
299.6
13.0
85.5
27.8
29.5
-1.7
1.8
1.13
80.7
290.2
12.4
83.7
28.9
30.0
-1.1
2.4
1.15
79.2
274.2
12.0
83.4
27.6
28.1
-0.6
1.3
1.16
75.6
274.0
6.8
83.1
27.2
29.2
-1.9
1.1
1.14
71.0
260.5
11.1
82.8
26.8
28.7
-1.9
1.1
1.15
68.8
256.4
11.0
81.8
• 257 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Belize (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.00
-2.5
-0.18
-18.7
0.75
100.0
—
75.9
126.6
0.08
0.08
-1.1
—
0.08
0.05
2.00
-2.5
-0.15
-14.7
0.85
100.0
—
80.4
139.5
0.11
0.13
10.5
—
0.04
0.05
2.00
-0.7
-0.15
-13.6
0.93
100.0
—
83.7
132.8
0.13
0.15
11.3
—
0.06
0.06
2.00
0.2
-0.03
-2.1
0.99
100.0
—
81.2
110.4
0.13
0.07
8.9
—
0.10
0.04
2.00
-4.9
-0.05
-4.1
0.97
100.0
—
76.0
100.3
0.12
0.62
10.9
—
0.10
0.08
2.00
-0.5
-0.14
-10.6
0.96
100.0
—
70.2
94.5
0.09
0.05
12.2
—
0.16
0.09
2.00
4.4
-0.08
-6.1
1.26
80.4
—
93.7
151.5
0.08
0.04
8.0
—
0.18
0.08
2.00
-2.8
-0.05
-3.3
1.25
80.6
—
89.7
132.1
0.10
0.06
6.8
—
0.18
0.10
2.00
-9.4
-0.03
-2.2
1.24
82.3
—
85.8
117.2
0.11
0.07
6.3
—
0.20
0.13
2.00
2.0
-0.04
-2.5
1.24
81.9
—
81.2
110.9
0.06
0.04
12.0
—
0.28
0.16
2.00
—
-0.05
-3.0
1.24
82.6
—
77.6
111.6
0.10
0.05
8.1
—
0.30
—
2.00
—
-0.06
-3.5
1.24
83.2
—
74.3
111.2
0.10
0.05
7.3
—
0.30
—
13.4
7.42
20.6
64.1
16.0
2,170.4
40.0
171.4
89.3
32.6
0.0
0.0
6.5
7.71
1.4
61.5
10.6
1,485.5
40.2
378.5
49.7
26.2
0.0
0.0
13.1
8.15
11.3
62.9
7.2
943.3
22.3
112.1
28.9
21.1
5.3
20.4
15.4
8.32
15.6
69.1
8.8
985.8
76.0
591.3
33.4
21.9
5.2
21.9
13.3
8.46
8.8
70.4
6.3
613.4
14.0
55.0
18.2
23.6
3.5
12.0
6.4
8.37
2.6
73.0
6.0
720.9
14.3
27.1
21.8
28.3
3.4
12.1
-0.1
7.76
-1.3
69.5
5.8
694.8
16.8
31.5
21.4
26.8
3.3
11.0
5.3
6.44
-0.4
66.9
5.5
621.4
16.9
38.2
18.9
26.8
4.2
13.1
11.0
4.41
2.8
64.3
4.4
443.9
9.0
21.6
15.4
23.3
—
—
—
—
—
—
—
414.2
13.3
18.6
—
—
—
—
—
—
—
—
—
414.3
13.6
18.1
—
—
—
—
• 258 •
Domestic Credit/GDP
3.5
6.93
20.4
56.8
7.2
985.5
27.7
75.6
89.9
31.3
0.0
0.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Central government
Deposit rate
Bermuda
Aa3
Aa3
D+
Conventional Peg
Aa2
Aa2
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.2
0.1
66,453
—
6.3
3.5
3.2
—
—
-47.0
8.6
63.4
1.04
4.5
0.1
70,848
—
7.1
2.3
3.8
—
—
10.4
10.1
65.2
1.06
4.9
0.1
76,543
—
8.6
1.7
2.5
—
—
8.4
0.4
62.1
0.99
5.4
0.1
84,863
—
11.2
5.5
3.4
—
—
32.3
11.3
66.9
0.99
5.9
0.1
92,110
—
8.9
2.7
3.6
—
—
1.7
13.1
66.4
0.98
6.1
0.1
95,170
—
3.6
0.8
4.9
—
—
-8.7
-3.5
60.4
1.01
5.8
0.1
90,161
—
-5.0
-5.1
1.0
—
—
-9.1
-8.4
58.0
1.01
5.8
0.1
89,739
—
-0.7
-2.2
2.7
—
—
4.5
-1.4
59.0
1.00
5.6
0.1
85,891
—
-3.6
-2.8
2.9
—
—
2.3
-5.2
59.9
0.99
5.6
0.1
85,971
—
0.4
-2.0
1.9
—
—
-3.2
-0.5
58.7
—
5.6
0.1
86,562
—
1.0
-1.0
2.1
—
—
0.0
2.9
59.1
—
5.8
0.1
88,653
—
3.6
1.5
2.0
—
—
3.2
2.4
58.7
—
16.9
17.0
-0.2
0.0
0.16
3.8
22.7
1.2
100.0
17.4
18.0
-0.5
-0.3
0.18
3.9
22.4
1.1
100.0
16.5
17.1
-0.6
-0.4
0.22
4.6
27.9
1.3
100.0
16.3
17.7
-1.4
-1.1
0.26
4.7
28.9
1.6
100.0
15.8
18.0
-2.2
-1.9
0.34
5.9
37.2
1.9
100.0
15.6
19.4
-3.8
-3.5
0.56
9.2
59.0
1.9
100.0
15.8
20.0
-4.2
-3.6
0.82
14.2
89.8
3.8
100.0
17.2
21.1
-3.9
-3.0
1.09
18.9
109.8
5.6
100.0
16.5
20.1
-3.7
-2.4
1.35
24.3
147.8
7.4
100.0
15.6
19.9
-4.4
-3.7
1.56
28.1
180.1
4.0
100.0
15.5
21.4
-5.9
-4.2
1.90
33.7
217.7
11.1
100.0
15.4
20.6
-5.2
-3.5
2.20
37.7
245.1
11.0
100.0
• 259 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Bermuda (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.00
—
0.18
4.3
0.27
59.3
—
6.4
12.8
0.01
0.00
0.0
—
0.12
702.00
1.00
—
0.30
6.7
0.28
61.4
—
6.4
11.7
0.01
0.00
18.4
—
0.10
667.00
1.00
—
0.45
9.3
0.22
100.0
—
4.6
8.4
0.01
0.08
0.3
—
0.13
159.00
1.00
—
1.18
21.8
0.26
100.0
—
4.7
7.0
0.01
0.08
-5.9
—
0.13
126.00
1.00
—
1.22
20.6
1.37
25.2
—
23.3
32.9
0.02
0.00
9.8
—
0.14
-41.00
1.00
—
0.91
14.9
2.57
21.9
—
42.0
66.4
0.02
0.02
-2.4
—
0.15
-426.00
1.00
—
0.61
10.6
5.39
15.3
—
92.9
167.5
0.03
0.00
-1.0
—
0.15
-806.00
1.00
—
0.72
12.6
6.01
18.1
—
104.3
186.2
0.06
0.00
4.1
—
0.14
-167.00
1.00
—
0.60
10.7
7.05
19.1
—
126.9
220.4
0.07
0.20
0.0
47.3
0.15
-384.00
1.00
—
0.66
11.8
6.76
23.1
—
121.3
213.6
0.04
0.00
6.3
35.5
0.15
—
1.00
—
0.63
11.1
7.10
26.7
—
126.0
225.4
0.10
0.00
1.2
—
0.15
—
1.00
—
0.60
10.2
7.20
30.5
—
123.4
224.8
0.10
0.32
1.4
—
0.15
—
10.1
—
11.6
63.9
—
—
0.4
—
23.8
76.5
-5.3
—
17.6
69.2
—
—
3.2
—
32.0
92.3
4.0
—
13.1
70.4
—
—
2.6
—
32.0
87.3
3.9
—
14.4
73.9
—
—
0.4
—
46.1
91.6
5.0
—
11.6
79.6
—
—
1.0
—
39.9
128.7
0.2
—
5.8
88.7
—
—
1.1
—
33.7
109.3
-4.7
—
0.3
89.6
—
—
1.7
—
34.4
109.4
-3.6
—
2.9
95.7
—
—
8.4
—
34.0
113.0
—
—
—
—
—
—
1.1
—
39.5
124.3
—
—
—
—
—
—
3.1
—
—
—
—
—
—
—
—
—
13.1
—
—
—
External Debt/GDP
• 260 •
Domestic Credit/GDP
10.5
—
7.3
61.3
—
—
0.4
—
31.1
94.3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Balance of Payments
Series break in 2005 and 2011
Bolivia
Lead Analyst: Sarah Glendon
Ba3
Ba3
DStabilized Arrangement
Ba2
Ba1
B1
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.1
8.8
917
3,387
9.2
2.7
4.0
13.2
12.4
20.8
-2.5
51.9
-0.28
8.8
9.0
977
3,560
12.4
4.2
4.7
11.1
15.9
32.2
8.5
57.5
-0.55
9.5
9.1
1,044
3,772
10.6
4.4
5.0
14.4
17.7
24.1
32.6
67.6
-0.68
11.4
9.3
1,230
4,010
19.0
4.8
3.1
14.0
22.9
40.9
22.2
74.5
-0.67
13.1
9.5
1,386
4,243
12.3
4.5
11.7
15.1
22.9
14.6
18.7
75.7
-0.60
16.7
9.6
1,733
4,530
17.1
6.2
11.8
17.5
24.6
37.1
41.9
82.9
-0.66
17.3
9.8
1,774
4,668
0.9
3.4
0.2
16.9
19.9
-17.5
-10.5
68.3
-0.53
19.6
9.9
1,977
4,818
13.2
4.1
7.1
17.0
24.0
30.7
18.4
75.2
-0.45
23.9
10.1
2,374
5,099
20.6
5.2
6.9
19.3
25.4
30.3
35.2
81.8
-0.41
26.4
10.2
2,574
—
9.7
5.2
4.6
18.8
23.4
26.4
8.9
87.8
—
28.8
10.4
2,763
—
9.2
4.8
4.4
19.9
24.0
13.8
20.5
93.9
—
31.6
10.6
2,992
—
9.1
4.9
4.2
19.6
23.2
13.3
17.2
98.2
—
23.9
31.7
-7.7
-5.1
5.86
74.0
309.3
10.8
108.6
26.3
32.0
-5.7
-3.0
7.75
89.6
340.5
10.0
72.5
30.4
32.7
-2.3
0.4
7.70
80.4
264.4
8.7
70.1
32.7
29.2
3.5
5.3
6.35
55.3
168.9
5.5
61.2
32.8
30.5
2.3
3.5
5.48
40.5
123.7
3.9
53.6
32.8
32.8
0.0
0.8
6.39
37.2
113.5
2.4
51.1
32.8
34.9
-2.0
-0.4
6.93
40.0
121.8
4.7
44.2
30.8
30.9
-0.1
1.4
7.60
38.6
125.2
4.9
42.9
32.8
33.9
-1.1
-0.2
8.34
34.7
105.8
3.0
44.9
36.0
34.1
1.9
2.8
7.84
29.7
82.6
2.6
51.0
35.7
34.2
1.5
2.4
7.39
25.7
72.1
2.6
51.5
35.0
34.5
0.5
1.4
7.39
23.1
66.1
2.6
50.0
• 261 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Bolivia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
7.83
-10.2
0.08
1.0
5.86
71.3
11.4
72.5
230.3
0.13
0.28
2.4
-98.6
0.66
0.49
8.05
-6.5
0.32
3.7
6.28
72.8
10.2
71.6
197.4
0.14
0.36
0.7
-88.8
0.82
0.43
8.04
-4.1
0.56
5.9
6.96
65.8
8.5
72.9
171.9
0.18
0.32
-2.5
-75.6
1.28
0.66
7.98
-0.5
1.29
11.3
5.85
54.5
10.6
51.1
106.7
0.22
0.21
2.4
-31.7
2.56
0.73
7.62
2.0
1.51
11.5
5.42
40.6
11.6
41.3
81.2
0.21
0.53
2.8
-5.3
4.50
0.52
7.02
14.0
1.99
11.9
5.94
40.6
13.4
35.6
67.7
0.19
0.77
3.1
12.9
6.87
0.46
7.02
10.2
0.75
4.3
6.02
42.3
8.8
34.7
86.2
0.14
0.45
2.4
17.5
7.31
0.98
6.99
-4.2
0.97
4.9
6.05
46.5
11.3
30.8
74.6
0.10
0.57
3.3
15.9
7.87
1.05
6.91
3.0
0.54
2.2
6.47
52.7
9.1
27.0
61.3
0.10
0.36
3.6
16.6
9.64
0.88
6.91
6.3
2.00
7.6
7.91
49.6
9.7
30.0
59.3
0.13
0.54
4.0
—
11.39
1.42
6.93
—
1.38
4.8
8.77
51.2
10.0
30.5
57.7
0.12
0.48
3.6
—
12.81
—
6.79
—
1.11
3.5
9.57
50.4
9.6
30.2
55.6
0.11
0.49
3.5
—
14.20
—
26.5
6.00
2.5
52.9
1.0
768.3
15.7
154.6
33.9
66.2
76.2
172.9
47.3
5.25
2.2
48.9
0.9
545.2
12.1
116.8
20.6
36.5
67.6
113.2
50.4
5.25
-6.6
38.4
0.7
228.5
7.8
62.9
4.4
14.7
55.1
97.8
69.9
6.50
3.0
35.2
0.7
120.5
11.0
44.8
5.6
13.6
49.9
65.5
35.8
13.00
5.2
31.6
0.7
86.4
10.9
31.0
5.4
11.0
38.3
47.1
12.2
3.00
5.6
33.1
0.7
82.3
8.5
18.2
20.3
25.0
41.7
45.5
25.1
3.00
6.2
31.0
0.8
76.9
8.2
15.0
5.3
18.8
34.0
41.4
20.7
4.00
24.2
32.0
0.8
67.1
4.3
13.2
16.6
24.2
27.1
34.9
20.2
4.00
18.5
34.5
0.8
69.5
5.0
11.7
5.4
9.1
27.8
32.6
—
—
—
—
—
68.5
3.9
11.0
—
—
—
—
—
—
—
—
—
67.4
3.5
10.7
—
—
—
—
• 262 •
Domestic Credit/GDP
Liquidity Ratio [8]
17.7
7.50
3.8
58.1
1.0
883.3
16.3
298.2
28.0
64.0
82.9
210.6
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Discount rate
B3
B3
No Banks Rated
Currency Board
B3
B3
B3
B3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.4
3.8
2,211
5,356
4.9
3.9
0.6
28.4
-11.4
34.6
26.6
69.7
-0.77
10.6
3.8
2,634
5,844
15.1
6.3
0.5
26.6
-12.4
34.2
17.7
94.7
-0.57
11.6
3.8
2,839
6,341
9.3
3.9
4.3
26.3
-12.4
20.1
11.3
99.9
-0.72
13.6
3.8
3,216
7,163
16.0
6.0
4.6
20.5
-6.0
27.6
3.2
93.0
-0.60
17.1
3.8
3,965
7,899
15.5
6.2
4.9
26.4
-1.6
26.1
29.2
94.6
-0.80
21.1
3.8
4,813
8,688
15.1
5.7
3.8
28.3
-0.6
20.4
23.3
93.7
-0.57
19.8
3.8
4,440
8,543
-0.8
-3.0
0.0
20.9
1.0
-19.7
-27.0
75.3
-0.69
16.8
3.8
4,365
8,635
-11.2
1.4
3.1
21.9
-12.5
13.7
3.3
95.7
-0.73
18.2
3.8
4,753
9,076
3.6
1.0
3.1
15.8
-5.6
17.1
18.8
74.7
-0.76
16.9
3.8
4,514
—
0.4
-0.5
1.9
19.3
-4.3
10.4
5.3
79.0
—
17.7
3.8
4,719
—
3.0
0.5
1.7
19.7
-4.1
14.1
9.0
85.1
—
18.1
3.8
4,807
—
3.5
1.8
2.3
19.0
-3.0
14.5
11.8
92.9
—
47.5
48.0
-0.4
0.3
2.62
28.0
58.9
1.6
98.9
43.5
43.7
-0.2
0.3
2.84
24.4
56.1
1.2
98.9
43.8
43.1
0.7
1.2
2.65
24.1
54.9
1.2
98.9
43.9
41.9
2.0
2.5
2.78
19.5
44.4
1.2
98.6
41.9
41.7
0.2
0.6
3.08
16.8
40.0
1.1
96.7
40.4
43.7
-3.2
-2.8
5.49
27.5
67.9
1.1
54.9
39.2
44.2
-5.1
-4.6
6.41
31.2
79.6
1.1
60.2
46.9
50.8
-3.9
-3.4
6.65
39.3
83.9
1.1
64.6
46.6
49.2
-2.6
-2.0
6.87
40.4
86.9
1.3
64.2
46.7
49.6
-2.8
-2.1
7.87
45.3
96.9
1.5
61.3
46.7
49.4
-2.6
-1.9
8.25
46.6
99.8
1.5
59.8
45.9
48.4
-2.5
-1.8
8.65
47.6
103.7
1.6
58.2
• 263 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Bosnia and Herzegovina (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.55
—
-1.63
-19.5
4.48
51.6
2.4
53.6
96.8
0.09
0.07
—
—
1.81
-0.58
1.44
—
-1.64
-15.5
5.57
48.2
5.6
52.6
95.6
0.12
0.07
—
—
2.43
-0.53
1.66
—
-1.84
-15.9
6.38
40.1
15.1
55.0
99.7
0.14
0.10
5.5
-30.4
2.55
-0.89
1.49
—
-1.00
-7.4
7.13
38.2
16.4
52.6
93.2
0.17
0.10
6.8
-28.6
3.67
-1.16
1.33
—
-1.65
-9.6
9.25
32.1
18.2
54.1
95.9
0.23
0.11
10.9
-33.8
5.04
-1.21
1.41
—
-2.60
-12.4
9.82
30.6
9.2
46.6
88.3
0.32
0.14
5.0
-39.1
4.48
-2.28
1.36
—
-1.09
-5.5
11.34
31.6
14.8
57.2
148.6
0.27
0.17
1.2
-50.4
4.52
-1.88
1.46
—
-0.95
-5.6
10.93
34.1
9.5
65.2
137.2
0.26
0.45
1.5
-58.0
4.37
-1.34
1.51
—
-1.59
-8.7
10.73
36.1
12.2
58.8
118.4
0.27
0.62
2.1
-55.2
4.15
-0.96
1.48
—
-1.41
-8.3
10.97
41.9
12.3
64.8
106.1
0.28
0.63
3.5
-60.8
4.28
-0.97
1.50
—
-1.18
-6.7
11.51
41.4
12.4
65.0
107.8
0.29
0.66
2.3
—
4.47
—
1.51
—
-1.18
-6.5
12.04
41.1
12.4
66.6
110.4
0.30
0.69
2.5
—
4.68
—
24.3
2.00
16.3
35.0
2.0
229.7
6.8
52.6
9.6
31.9
48.1
49.8
18.2
1.00
27.6
40.9
1.9
250.4
6.8
54.6
27.2
59.8
47.3
51.5
22.6
1.00
22.3
43.1
1.8
194.3
7.1
87.4
27.6
56.2
44.2
49.7
20.7
1.00
29.5
48.4
1.8
183.5
6.5
74.6
29.6
67.6
48.6
57.2
4.1
1.00
22.4
51.4
2.0
219.2
5.5
74.3
52.2
171.3
50.7
64.0
2.1
0.50
-3.2
50.2
2.1
250.5
12.6
69.7
91.2
232.5
49.4
64.0
7.2
0.26
3.1
58.2
2.1
250.4
19.9
77.7
84.1
220.1
48.4
65.8
5.8
0.19
5.3
59.2
2.3
258.6
8.3
67.7
92.4
208.8
46.7
67.2
3.4
0.01
4.1
61.4
2.4
256.2
8.8
78.0
80.8
180.1
46.4
69.9
—
—
—
—
—
257.1
8.9
77.3
—
—
—
—
—
—
—
—
—
257.4
9.1
76.5
—
—
—
—
External Debt/GDP
• 264 •
Domestic Credit/GDP
8.4
2.01
20.7
34.7
2.0
247.7
7.6
65.1
4.3
27.1
47.9
48.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
Series break in 2004; IMF estimates prior to 2004
Balance of Payments
General government only for 2011
Renumberation rate on required reserves with CBBH
Private sector interest payments estimated by Moody's
Botswana
A2
A2
No Banks Rated
Crawling-peg
Aa3
Aa3
A2
Aa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
7.5
1.8
4,104
10,338
8.0
4.6
6.4
30.1
39.4
29.3
28.8
85.8
0.73
9.0
1.9
4,836
11,130
13.1
2.7
7.9
31.5
39.7
21.2
33.4
91.0
0.64
9.9
1.9
5,295
11,542
20.7
4.6
11.3
27.2
42.5
18.3
-4.7
88.5
0.66
10.1
1.9
5,327
12,360
16.5
8.0
8.5
25.9
44.2
0.7
-2.3
86.3
0.51
10.9
1.9
5,675
13,146
13.6
8.7
8.2
30.8
42.8
11.0
27.0
93.8
0.58
11.1
2.0
5,685
13,639
13.0
3.9
13.7
34.4
36.6
-0.2
26.5
102.6
0.55
10.1
2.0
5,100
12,974
-4.7
-7.8
5.8
37.9
27.4
-36.1
-11.0
85.9
0.54
13.7
2.0
6,850
13,805
29.1
8.6
7.4
35.4
35.9
31.3
20.3
78.9
0.52
15.3
2.0
7,531
14,746
12.0
6.1
9.2
38.7
34.9
37.9
29.2
94.5
0.53
14.4
2.1
7,003
—
5.0
3.7
7.4
35.6
27.8
-4.8
-5.4
95.1
—
15.3
2.1
7,333
—
10.0
5.5
6.0
35.8
32.1
9.6
4.1
95.7
—
16.4
2.1
7,753
—
9.8
5.8
5.8
36.2
32.1
6.1
4.5
94.0
—
42.1
42.3
-0.2
0.3
1.01
11.7
27.7
1.2
44.3
40.8
39.5
1.3
2.0
1.10
10.6
26.1
1.8
46.7
42.5
33.7
8.8
9.5
0.71
7.4
17.5
1.4
55.1
45.0
32.4
12.6
13.0
0.61
6.0
13.3
0.9
52.1
41.3
35.8
5.5
5.9
0.66
5.7
13.9
0.9
44.6
40.9
47.2
-6.3
-5.9
0.76
7.6
18.7
0.9
36.8
39.0
51.3
-12.3
-11.8
2.06
17.9
45.9
1.2
67.4
33.1
39.8
-6.7
-6.2
2.89
19.3
58.4
1.6
67.5
36.0
36.2
-0.2
0.4
2.68
18.8
52.3
1.5
68.6
34.2
33.5
0.7
1.2
2.68
17.0
49.7
1.7
70.2
32.4
31.9
0.6
1.1
2.62
15.5
47.7
1.7
71.4
31.0
30.5
0.5
1.1
2.56
14.4
46.3
1.6
71.4
• 265 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Botswana (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.44
—
0.46
6.2
1.17
39.8
—
13.4
21.3
0.01
0.01
2.8
70.2
5.24
0.32
4.28
—
0.42
4.7
0.81
48.8
—
10.7
17.7
0.01
0.01
4.8
70.9
5.58
0.30
5.51
—
1.56
15.7
1.00
35.5
—
11.9
17.9
0.01
0.01
2.2
78.2
6.25
0.28
6.03
—
1.95
19.2
1.15
27.7
—
11.6
17.3
0.01
0.01
4.3
99.3
7.93
0.18
6.01
—
2.02
18.4
1.67
14.1
—
18.8
25.9
0.01
0.01
4.1
95.4
9.72
0.36
7.52
—
0.87
7.8
0.98
32.1
—
8.6
14.1
0.01
0.01
5.5
112.0
9.04
0.59
6.67
—
-0.52
-5.2
2.45
58.8
—
21.9
45.3
0.01
0.01
1.2
95.8
8.54
0.37
6.44
—
0.05
0.3
1.31
76.2
—
10.6
22.4
0.02
0.01
-0.1
79.4
7.72
0.46
7.53
—
-0.03
-0.2
1.49
65.5
—
11.1
19.9
0.02
0.01
2.8
87.2
7.91
0.63
7.77
—
-0.69
-4.8
1.50
72.1
—
10.9
18.9
0.02
0.01
2.1
76.8
7.45
0.75
8.00
—
0.65
4.3
1.46
73.7
—
9.9
18.1
0.02
0.00
2.2
—
7.50
—
8.20
—
0.70
4.3
1.20
74.2
—
9.0
16.9
0.02
0.00
2.3
—
7.70
—
13.9
14.25
23.5
23.0
0.6
18.8
0.9
2.1
4.0
16.5
10.6
14.50
7.5
20.5
0.4
17.5
0.8
2.2
3.6
13.7
67.4
15.00
19.5
21.0
0.5
14.4
0.8
2.0
1.6
12.3
31.5
14.50
24.5
23.0
0.6
21.6
0.6
1.7
1.2
8.1
21.5
15.00
26.1
25.7
0.6
9.6
0.9
1.8
5.9
7.9
-1.3
10.00
15.2
27.3
0.7
27.7
0.9
2.0
14.2
12.9
10.7
9.50
11.9
23.7
0.9
19.8
1.1
4.5
24.4
23.7
4.4
9.50
26.4
26.7
0.8
19.5
0.9
5.9
26.8
35.7
9.0
9.50
23.6
31.5
0.8
20.7
0.9
6.2
20.7
36.5
—
—
—
—
—
20.0
0.7
6.5
—
—
—
—
—
—
—
19.0
0.7
6.5
—
—
External Debt/GDP
• 266 •
Liquidity Ratio [9]
17.6
14.25
9.8
21.0
0.5
21.5
1.1
1.7
4.8
19.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Brazil
Lead Analyst: Mauro Leos
Baa2
Baa2
CFloating
Baa1
A1
Baa2
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
552.4
181.6
3,041
7,522
15.0
1.2
9.3
15.8
18.7
16.1
4.8
27.1
0.18
663.7
183.9
3,610
8,076
14.2
5.7
7.6
17.1
21.0
31.7
24.9
29.0
0.07
882.0
186.0
4,742
8,509
10.6
3.2
5.7
16.2
19.8
22.4
22.0
26.6
-0.10
1,089.3
188.0
5,795
9,036
10.4
3.9
3.1
16.8
19.7
17.3
22.9
25.8
-0.16
1,366.8
189.8
7,201
9,769
12.3
6.1
4.5
18.3
19.8
16.7
29.6
25.2
-0.13
1,653.5
191.5
8,633
10,405
13.9
5.2
5.9
20.7
20.9
23.7
37.6
27.1
-0.02
1,620.2
193.2
8,384
10,415
6.8
-0.3
4.3
17.8
17.7
-21.3
-19.0
22.1
0.02
2,143.1
194.9
10,993
11,180
16.4
7.5
5.9
20.2
19.2
31.0
41.3
22.8
0.07
2,476.7
196.7
12,594
11,640
9.9
2.7
6.5
19.7
19.0
26.4
22.6
24.5
-0.01
2,253.1
198.4
11,358
—
6.3
0.9
5.8
17.6
16.2
-3.9
0.8
26.5
—
2,371.7
200.1
11,852
—
8.9
3.0
5.9
18.1
18.6
8.0
9.5
27.4
—
2,629.7
201.9
13,027
—
9.7
3.5
6.2
19.0
18.6
8.5
10.0
27.0
—
34.5
40.2
-5.7
3.4
352.26
59.9
173.4
26.2
23.7
35.3
38.5
-3.3
3.8
409.93
56.0
158.8
20.0
20.3
36.6
40.0
-3.4
3.9
517.59
56.4
154.0
20.0
15.7
35.8
39.2
-3.4
3.9
625.42
56.4
157.6
20.4
11.3
36.5
38.5
-2.0
4.8
871.42
58.0
158.7
18.5
7.6
36.7
35.6
36.8
36.1
36.4
35.9
36.1
38.6
38.8
39.6
39.0
38.6
38.6
39.0
-1.9
-3.2
-2.8
-2.9
-2.2
-2.7
-2.9
4.8
2.7
3.0
3.2
2.9
2.3
2.1
745.18 1,133.89 1,193.21 1,207.02 1,264.84 1,421.70 1,572.96
57.4
60.9
53.4
54.2
58.7
59.3
59.8
156.6
171.3
145.0
150.1
161.1
165.2
165.7
18.3
16.6
15.8
17.0
13.8
14.0
13.9
8.3
5.6
5.4
4.8
5.0
5.2
5.0
• 267 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Brazil (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.89
9.2
4.18
0.8
235.41
55.8
8.6
40.0
262.2
14.18
38.81
1.8
-48.8
48.84
-20.56
2.65
7.6
11.68
1.8
220.18
56.9
8.5
30.1
191.1
14.24
37.56
1.3
-44.4
52.46
-22.70
2.34
21.9
13.98
1.6
187.99
51.4
10.0
20.5
133.0
14.46
51.59
1.4
-35.5
53.22
-17.15
2.14
8.8
13.64
1.3
199.37
42.9
10.2
18.0
118.6
14.88
42.02
-0.9
-33.5
85.15
-22.12
1.77
10.7
1.55
0.1
240.50
33.6
16.2
16.0
119.7
15.34
36.69
2.0
-39.2
179.43
-46.57
2.34
12.6
-28.19
-1.7
262.91
30.3
13.9
20.3
107.3
15.57
22.06
1.5
-16.9
192.84
-46.16
1.74
-4.4
-24.30
-1.5
277.56
32.9
11.2
14.9
143.0
13.92
29.64
2.2
-36.8
231.89
-33.03
1.69
15.2
-47.27
-2.2
351.94
28.7
16.3
15.7
143.7
13.46
32.86
1.7
-41.2
280.57
-58.08
1.86
7.3
-52.47
-2.1
404.12
24.2
9.9
18.1
130.7
15.47
37.13
2.7
-29.8
343.38
-88.14
2.04
-8.2
-54.23
-2.4
440.60
24.6
7.4
20.4
147.5
15.47
40.00
3.0
-33.0
362.10
-101.09
2.00
—
-71.15
-3.0
465.60
25.8
11.2
19.4
144.3
15.47
38.56
2.5
—
379.12
—
2.00
—
-92.04
-3.5
490.60
24.9
9.5
18.7
140.1
15.47
39.28
2.1
—
398.07
—
17.9
17.75
18.5
32.2
7.1
419.7
45.0
118.2
42.7
144.3
0.0
0.0
18.0
18.00
24.0
36.1
9.4
353.3
46.7
134.1
54.0
172.4
0.0
0.0
18.1
13.25
29.5
42.3
7.6
234.1
33.8
114.3
66.1
187.3
0.0
0.0
17.4
11.25
32.5
50.0
5.1
134.0
25.9
67.0
77.9
234.0
0.0
0.0
18.0
13.75
27.6
56.0
4.2
136.3
15.4
34.0
74.0
243.1
0.0
0.0
15.6
8.75
10.1
57.7
5.5
119.7
22.4
34.3
115.8
259.1
0.0
0.0
15.6
10.75
28.7
63.7
5.4
125.4
18.9
27.5
118.4
289.3
0.0
0.0
18.8
11.00
22.9
71.3
4.7
117.7
17.0
33.7
125.2
312.6
0.0
0.0
16.1
7.25
18.4
79.4
4.8
121.7
18.6
23.3
120.4
305.2
0.0
0.0
—
—
—
—
—
122.8
16.7
19.6
—
—
—
—
—
—
—
—
—
123.2
15.6
24.1
—
—
—
—
• 268 •
Liquidity Ratio [9]
21.8
16.50
6.6
31.0
5.9
482.0
59.0
167.3
46.4
144.5
0.0
0.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Bulgaria
Baa2
Baa2
DCurrency Board
Aa3
Aa3
Baa2
Baa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
20.7
7.8
2,642
8,213
7.9
5.5
5.6
21.2
10.8
32.3
37.1
107.4
0.11
25.3
7.8
3,249
8,870
11.2
6.7
4.0
22.7
11.3
30.9
31.8
115.3
0.19
28.9
7.7
3,733
9,809
14.2
6.4
6.5
27.6
12.5
-10.8
0.3
96.2
0.19
33.2
7.7
4,313
11,063
13.8
6.5
6.5
32.1
14.6
73.5
62.8
140.0
-0.01
42.1
7.7
5,498
12,344
16.2
6.4
12.5
34.1
14.4
23.2
27.4
138.6
0.00
51.8
7.6
6,798
13,916
15.1
6.2
7.8
37.5
17.0
20.5
22.4
136.9
-0.05
48.6
7.6
6,403
13,617
-1.4
-5.5
0.6
29.4
20.5
-23.5
-32.9
103.8
0.06
47.7
7.5
6,335
13,892
3.2
0.4
4.5
22.9
21.0
18.7
3.4
116.7
0.01
53.5
7.3
7,286
15,083
6.8
1.8
2.8
21.9
21.9
29.9
25.8
133.0
0.01
51.0
7.3
6,983
—
3.0
0.8
4.2
23.8
20.1
-4.6
0.6
137.0
—
53.7
7.2
7,459
—
3.8
1.4
2.8
24.0
20.5
6.0
2.6
135.5
—
56.3
7.0
8,046
—
5.6
2.9
3.4
23.5
19.3
4.9
4.4
135.2
—
38.7
39.1
-0.4
1.8
10.26
44.4
114.6
5.7
90.6
40.4
38.6
1.9
3.8
10.25
37.0
91.4
4.7
87.5
38.3
37.3
1.0
2.7
7.54
27.5
71.7
4.2
84.1
36.2
34.4
1.9
3.2
7.53
21.6
59.6
3.7
80.8
40.4
39.2
1.2
2.3
7.78
17.2
42.7
2.9
76.2
40.1
38.4
1.7
2.6
6.83
13.7
34.2
2.2
75.7
37.1
41.4
-4.3
-3.6
7.32
14.6
39.4
2.1
76.7
34.3
37.4
-3.1
-2.4
7.78
16.2
47.3
2.1
74.3
33.6
35.6
-2.0
-1.2
8.13
16.3
48.6
2.2
73.8
34.9
35.7
-0.8
0.1
9.70
18.5
53.1
2.5
63.0
34.8
36.0
-1.2
-0.3
9.73
18.0
51.8
2.5
70.0
35.2
36.0
-0.8
0.0
9.93
17.6
50.2
2.4
75.7
• 269 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Bulgaria (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.55
5.1
-1.10
-5.3
13.44
62.3
14.3
57.9
94.1
0.46
1.22
6.7
-29.1
6.17
0.98
1.44
2.5
-1.62
-6.4
17.11
46.4
19.4
61.6
93.8
0.48
3.09
11.1
-33.0
8.71
-0.26
1.66
3.0
-3.36
-11.6
18.29
28.7
25.4
66.7
101.7
0.46
6.65
13.9
-41.9
7.99
0.05
1.49
8.1
-5.83
-17.6
27.25
17.9
29.8
78.1
113.0
0.61
5.43
23.0
-60.9
10.89
1.32
1.33
5.4
-10.61
-25.2
42.72
10.7
32.3
94.3
142.6
0.95
8.31
28.7
-87.1
16.42
-2.96
1.39
7.4
-11.97
-23.1
51.84
6.8
34.7
105.1
160.8
1.06
9.04
17.5
-94.9
16.76
-7.76
1.36
-1.9
-4.33
-8.9
54.48
7.5
32.1
108.3
199.2
0.97
9.66
7.2
-107.0
16.12
-6.66
1.47
2.3
-0.71
-1.5
49.47
7.8
30.2
102.7
159.3
0.71
8.95
2.7
-97.0
14.43
-4.61
1.51
4.9
0.05
0.1
46.88
7.7
27.8
94.1
127.2
0.86
7.95
3.1
-81.1
14.26
-2.26
1.48
0.1
-0.68
-1.3
49.60
9.0
27.7
94.8
125.8
0.84
7.55
3.3
—
17.38
-2.35
1.49
—
-0.33
-0.6
49.01
8.9
27.5
91.5
120.4
0.86
7.80
3.1
—
17.50
—
1.51
—
-0.59
-1.0
49.57
8.9
27.5
90.8
120.9
0.83
7.53
3.3
—
18.20
—
23.3
2.37
34.2
34.5
1.6
196.4
19.6
66.2
53.6
80.2
43.4
40.0
24.3
2.05
33.0
40.2
1.9
228.9
39.5
101.7
71.5
98.4
44.1
46.8
26.9
3.26
15.3
40.7
2.0
250.2
25.1
96.8
85.5
112.5
45.3
47.8
31.3
4.58
58.8
55.6
1.9
260.1
31.0
117.7
105.7
200.4
47.1
54.8
8.7
5.77
33.0
64.3
2.0
309.3
30.9
118.8
170.4
334.2
48.0
58.5
4.3
0.55
6.8
69.6
2.2
338.0
39.0
145.7
128.4
276.6
51.3
69.3
6.4
0.18
5.1
70.9
2.4
342.9
31.3
146.2
104.1
251.1
49.0
72.7
12.1
0.22
7.4
71.3
2.6
328.7
23.9
140.9
102.3
196.5
45.6
72.9
8.5
0.03
2.6
71.0
2.4
285.4
21.3
130.3
90.7
176.9
41.2
61.1
—
—
—
—
—
280.1
21.1
111.5
—
—
—
—
—
—
—
—
—
272.4
19.8
109.6
—
—
—
—
External Debt/GDP
• 270 •
Domestic Credit/GDP
Liquidity Ratio [9]
18.8
2.83
33.9
28.6
1.7
217.6
11.8
52.1
49.7
78.2
48.3
48.4
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
LEONIA rate
Cambodia
B2
B2
No Banks Rated
B1
Ba1
B3
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.7
13.0
358
1,165
10.5
8.5
0.5
20.1
9.1
10.9
12.6
123.1
-0.88
5.3
13.2
405
1,305
15.7
10.3
5.6
16.2
8.5
28.8
21.9
134.5
-0.88
6.3
13.4
471
1,508
20.1
13.3
6.7
18.5
9.9
18.8
21.0
136.8
-0.97
7.3
13.5
538
1,704
15.9
10.8
2.8
22.5
15.6
23.7
20.8
144.6
-0.96
8.6
13.7
632
1,911
17.4
10.2
10.8
21.2
16.1
13.1
13.9
138.3
-0.86
10.4
13.8
749
2,061
19.8
6.7
12.5
18.6
14.9
20.2
11.3
133.3
-0.95
10.4
14.0
744
2,066
2.6
0.1
5.3
21.4
15.9
-8.1
-6.6
122.9
-0.80
11.2
14.1
795
2,180
9.2
6.0
3.1
17.4
12.4
-2.5
2.1
113.6
-0.82
12.8
14.3
897
2,358
10.7
7.1
4.9
17.1
11.1
14.1
14.1
113.6
-0.75
14.3
14.5
987
—
10.9
6.5
3.0
17.2
12.1
19.3
16.4
119.9
—
15.8
14.7
1,073
—
9.3
6.7
3.5
17.8
11.0
14.6
15.5
125.1
—
17.5
14.9
1,173
—
11.2
7.2
4.0
18.3
10.9
14.7
17.9
131.3
—
9.6
16.2
-6.6
-6.4
2.44
52.4
546.5
1.9
73.7
10.3
14.4
-4.1
-3.8
2.64
49.5
480.1
2.2
77.2
10.3
12.8
-2.5
-2.3
2.57
40.9
396.6
2.1
82.5
11.5
14.2
-2.7
-2.6
2.56
35.1
305.6
1.5
88.2
11.9
14.7
-2.9
-2.7
2.69
31.2
262.1
1.7
95.9
13.0
16.1
-3.1
-2.9
2.89
27.9
214.1
1.4
96.2
12.0
20.4
-8.4
-8.2
3.01
29.0
240.8
1.7
97.6
13.1
20.6
-7.5
-7.2
3.41
30.3
231.4
2.3
98.0
13.1
20.6
-7.5
-7.2
3.92
30.5
233.1
2.3
98.0
13.8
20.0
-6.2
-5.9
4.35
30.4
221.0
2.2
98.4
14.4
20.0
-5.6
-5.3
4.80
30.4
212.0
2.0
98.4
14.5
19.8
-5.3
-5.0
5.17
29.5
203.2
2.2
98.7
• 271 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Cambodia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
3,984.00 4,027.00 4,112.00 4,057.00 3,999.00 4,077.00 4,165.00 4,051.00 4,039.00 3,995.00 4,000.00 4,020.00
—
—
—
—
—
—
—
—
—
—
—
—
-0.23
-0.18
-0.31
-0.26
-0.48
-1.05
-0.93
-0.88
-1.20
-1.28
-1.36
-1.52
-5.0
-3.4
-4.9
-3.6
-5.6
-10.2
-8.9
-7.8
-9.3
-8.9
-8.6
-8.7
3.32
3.56
3.62
3.55
2.81
3.27
3.52
3.83
4.34
5.03
5.68
6.54
89.5
89.2
89.4
93.5
91.2
89.4
88.8
89.8
88.0
89.5
91.5
91.7
6.7
7.4
7.7
5.9
8.0
9.9
7.5
6.8
9.0
8.0
6.2
6.1
71.2
66.7
57.5
48.8
32.6
31.6
33.9
34.1
33.8
35.1
36.0
37.4
107.0
91.6
78.0
61.9
44.2
46.0
54.4
50.4
50.9
51.1
50.5
51.5
0.01
0.01
0.02
0.02
0.02
0.02
0.02
0.03
0.04
0.04
0.04
0.04
0.02
0.02
0.02
0.02
0.01
0.02
0.03
0.03
0.04
0.05
0.05
0.05
1.6
2.3
6.0
6.5
10.0
7.7
5.0
6.8
7.3
5.8
5.9
5.9
-16.6
-16.8
-17.0
-15.4
-19.6
-22.3
-21.5
-24.2
—
—
—
—
0.82
0.94
0.95
1.16
1.81
2.29
2.74
3.15
3.34
3.49
3.62
3.80
0.13
0.18
0.26
0.39
0.51
-0.13
0.28
0.49
0.38
0.55
—
—
• 272 •
Domestic Credit/GDP
Liquidity Ratio [8]
15.4
1.90
28.8
6.4
1.0
407.2
0.8
28.4
15.2
40.5
95.4
56.4
28.3
1.90
40.4
6.7
1.1
377.5
0.7
27.8
21.2
38.6
95.8
64.5
15.8
2.00
8.8
7.5
1.3
379.8
0.7
28.6
18.9
40.3
95.9
67.8
40.5
1.90
42.2
7.4
1.5
306.8
0.6
30.9
12.1
39.1
97.2
77.9
61.8
1.90
70.9
9.7
1.6
155.7
0.5
19.2
12.9
88.7
98.0
87.7
5.4
1.90
50.6
15.0
1.3
142.6
0.6
13.5
29.3
102.6
97.0
81.7
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Deposit rate
35.6
1.30
21.0
16.8
1.4
128.4
0.8
15.2
17.4
156.2
96.4
90.5
21.3
1.20
29.8
19.7
1.5
121.7
0.8
10.9
31.1
122.0
96.8
95.9
3.9
1.40
17.6
23.9
1.5
129.6
0.9
9.6
42.1
140.0
96.4
111.1
39.4
1.30
52.5
29.4
2.0
144.1
0.9
13.0
110.2
226.2
95.7
104.3
—
—
—
—
—
157.0
0.8
12.9
—
—
—
—
—
—
—
—
—
171.9
0.7
11.3
—
—
—
—
Canada
Aaa
Aaa
BFree Floating
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
887.8
31.7
28,028
31,231
5.3
2.0
2.1
7.6
20.6
24.5
8.3
8.9
-1.7
4.2
3.8
70.2
2.01
1,018.1
32.0
31,821
32,781
6.5
3.2
2.1
7.2
21.5
26.0
16.1
14.2
5.5
8.5
4.4
70.5
1.96
1,164.2
32.3
36,030
35,033
6.5
3.1
2.1
6.8
22.8
26.7
12.8
14.4
2.2
7.3
3.9
70.0
1.91
1,309.9
32.6
40,211
36,863
5.3
2.7
1.8
6.3
23.6
26.4
8.0
11.6
0.9
5.3
2.7
68.3
1.93
1,458.0
32.9
44,279
38,352
5.4
2.1
2.5
6.0
24.0
26.0
7.7
9.3
1.1
5.8
2.1
66.5
1.77
1,542.5
33.3
46,296
38,987
5.1
1.1
1.2
6.1
24.0
25.8
6.3
7.6
-4.5
0.8
1.7
67.2
1.79
1,368.9
33.7
40,587
37,801
-4.9
-2.8
1.3
8.3
21.8
20.2
-26.7
-18.8
-12.8
-12.4
-1.5
58.4
1.83
1,616.0
34.1
47,354
39,075
6.4
3.2
2.4
8.0
23.3
21.3
20.1
21.8
6.5
13.6
-1.9
59.9
1.86
1,781.1
34.5
51,650
40,420
5.9
2.6
2.3
7.4
23.6
22.3
16.4
13.7
4.6
5.8
-1.3
62.5
1.85
1,819.1
34.9
52,169
—
3.1
1.8
0.9
7.2
24.5
22.5
0.2
2.7
1.6
2.9
-2.0
62.1
—
1,855.8
35.2
52,651
—
2.9
1.6
1.6
7.2
24.2
21.7
1.5
3.1
2.6
3.6
-2.5
62.2
—
1,932.7
35.6
54,239
—
4.4
2.6
1.9
7.0
24.6
22.6
7.6
6.0
5.6
4.7
-2.1
63.8
—
39.7
39.2
0.5
5.8
643.37
66.8
168.3
13.2
39.6
37.9
1.6
6.5
688.18
62.5
158.1
12.2
39.7
37.2
2.5
7.0
720.69
59.5
149.9
11.2
40.0
37.2
2.8
7.0
728.10
57.1
142.8
10.6
39.7
37.2
2.6
6.6
848.26
53.5
134.7
10.2
38.4
38.5
37.5
37.4
37.6
38.1
38.3
37.5
41.6
40.9
39.9
39.8
39.7
39.2
0.9
-3.1
-3.3
-2.5
-2.2
-1.6
-0.9
4.7
0.7
0.3
1.1
1.1
1.6
2.2
775.26 1,023.33 1,150.40 1,206.29 1,319.75 1,317.10 1,360.53
57.7
68.4
69.2
69.9
72.3
71.8
69.7
150.1
177.8
184.2
186.7
192.1
188.4
181.9
9.8
9.7
9.6
9.5
8.8
8.5
8.1
1.29
8.0
87.6
10.21
1.1
-1.7
-20.6
31.54
1.20
2.0
93.4
23.23
2.3
-4.3
-15.4
30.17
1.16
3.4
100.0
21.58
1.9
-0.2
-13.3
30.66
1.17
3.2
107.7
17.93
1.4
1.1
-8.0
33.20
0.99
0.8
112.1
11.36
0.8
3.6
-10.3
39.31
• 273 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
1.22
-8.3
110.7
1.79
0.1
-1.1
-4.0
41.54
1.05
-7.8
107.1
-40.59
-3.0
-1.2
-10.3
42.60
1.00
6.9
117.7
-58.41
-3.6
-0.3
-11.6
44.89
1.02
-1.4
119.5
-52.85
-3.0
-0.5
-12.2
52.81
1.00
-2.3
120.0
-67.00
-3.7
-0.5
—
55.24
1.02
—
—
-72.37
-3.9
-0.6
—
58.00
1.00
—
—
-65.71
-3.4
-0.4
—
62.00
Cayman Islands
Aa3
No Banks Rated
Currency Board
Aa2
Aa2
Aa3
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.3
0.0
48,237
—
3.7
2.0
0.6
—
—
—
—
—
1.30
2.4
0.0
48,780
—
5.3
0.9
11.2
—
—
—
—
—
1.16
2.8
0.1
53,600
—
14.3
6.5
0.0
—
—
—
—
—
1.25
2.9
0.1
54,420
—
5.4
4.6
1.6
—
—
—
—
104.9
1.25
3.2
0.1
57,536
—
7.7
4.3
1.7
—
—
-0.9
3.9
99.0
1.24
3.2
0.1
57,991
—
0.8
-0.2
3.9
—
—
8.6
5.4
105.0
1.27
3.0
0.1
54,190
—
-4.9
-6.3
-1.3
—
—
-9.9
-9.3
99.8
1.24
2.9
0.1
52,674
—
-2.8
-2.9
0.3
—
—
4.8
-1.2
104.3
1.23
3.0
0.1
52,695
—
1.8
0.9
1.9
—
—
7.0
2.0
107.0
1.22
3.1
0.1
54,329
—
3.1
1.5
1.6
—
—
5.0
5.0
99.0
—
3.2
0.1
55,566
—
3.3
1.5
1.8
—
—
5.0
4.9
98.0
—
3.3
0.1
56,666
—
3.0
1.4
1.6
—
—
5.2
5.1
100.1
—
16.9
15.8
1.1
1.4
0.17
7.5
44.1
1.8
100.0
16.6
18.6
-2.1
-1.7
0.19
7.8
46.8
2.2
100.0
18.4
18.5
-0.1
0.3
0.22
7.8
42.2
2.2
100.0
20.4
17.7
2.7
3.1
0.22
7.3
35.9
1.8
100.0
19.5
20.9
-1.5
-1.1
0.25
8.0
41.0
1.9
100.0
19.6
25.3
-5.6
-5.2
0.43
13.4
68.0
2.2
100.0
18.7
26.8
-8.1
-7.3
0.62
20.3
108.4
4.1
100.0
21.0
24.6
-3.6
-2.5
0.71
24.1
115.0
5.4
100.0
21.8
25.0
-3.2
-1.9
0.74
24.5
112.4
6.0
100.0
21.7
24.8
-3.1
-2.3
0.72
23.3
107.1
3.6
100.0
22.3
23.3
-1.0
-0.2
0.71
22.3
100.1
3.4
100.0
21.9
22.4
-0.5
0.3
0.71
21.5
98.3
3.8
100.0
• 274 •
Population (Mil.) [1]
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.83
—
—
—
0.17
100.0
—
7.5
—
0.01
0.15
—
—
0.08
—
0.83
—
—
—
0.19
100.0
—
7.8
—
0.01
0.01
—
—
0.10
—
0.83
—
—
—
0.22
100.0
—
7.8
—
0.01
0.01
—
—
0.11
—
0.83
—
-0.62
-21.2
0.22
100.0
—
7.3
5.3
0.01
0.02
—
—
0.12
—
0.83
—
-0.70
-22.0
0.25
100.0
—
8.0
5.1
0.01
0.02
—
—
0.13
—
0.83
—
-0.67
-20.9
0.43
100.0
—
13.4
8.5
0.01
0.02
—
—
0.12
—
0.83
—
-0.62
-20.3
0.62
100.0
—
20.3
15.1
0.02
0.03
—
—
0.12
—
0.83
—
-0.61
-20.5
0.71
100.0
—
24.1
20.2
0.03
0.03
—
—
0.11
—
0.83
—
-0.66
-21.8
0.74
100.0
—
24.5
17.7
0.04
0.16
—
—
0.11
—
0.83
—
-0.64
-20.6
0.72
100.0
—
23.3
15.4
0.04
0.02
—
—
0.12
—
0.83
—
-0.50
-15.8
0.71
100.0
—
22.3
15.3
0.04
0.02
—
—
0.12
—
0.83
—
-0.53
-16.0
0.71
100.0
—
21.5
15.2
0.04
0.02
—
—
0.13
—
—
—
—
—
—
180.8
—
14.3
14.4
88.1
—
—
—
—
—
201.5
—
13.1
17.1
101.7
—
—
—
—
—
181.1
0.7
16.2
16.7
106.1
—
—
—
—
—
197.5
0.6
16.5
17.1
101.2
—
—
—
—
—
349.4
0.8
19.4
13.1
84.3
—
—
—
—
—
511.2
1.3
25.5
17.1
93.4
—
—
—
—
—
663.2
1.8
25.8
19.2
96.0
—
—
—
—
—
648.4
4.8
149.8
21.2
101.5
—
—
—
—
—
600.0
1.3
17.6
29.5
104.9
—
—
—
—
—
595.0
1.3
16.7
—
—
—
—
—
—
—
544.6
1.2
15.0
—
—
• 275 •
Domestic Credit/GDP
—
—
—
—
—
217.0
—
195.7
11.7
80.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Population below 50,000 prior to 2004 appears as 0.0 due to rounding
Balance of Payments
2003 reflects debt prepayment and refinancing; 2011 reflects payment of loan facility
Central government only; 2003 reflects debt prepayment and refinancing; 2011 reflects payment of loan facility; Excludes total nonresident deposits over one year
Chile
Aa3
Aa3
C
Free Floating
Aa1
Aaa
Aa3
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
76.1
15.9
4,783
10,955
8.9
3.8
1.1
21.8
25.8
18.1
12.9
67.0
1.24
99.3
16.1
6,172
11,817
15.0
7.0
2.4
20.3
29.6
46.4
26.0
70.2
1.20
123.1
16.3
7,565
12,802
13.8
6.2
3.7
22.0
30.4
25.4
29.4
72.1
1.22
154.7
16.4
9,412
13,681
19.1
5.7
2.6
20.7
35.0
37.0
17.0
73.5
1.13
173.1
16.6
10,428
14,580
10.3
5.2
7.8
20.6
33.8
15.2
20.7
77.2
1.27
179.6
16.8
10,715
15,298
3.8
3.3
7.1
26.0
27.9
-4.7
28.4
81.0
1.18
172.0
16.9
10,158
15,194
2.8
-1.0
-1.5
20.3
27.9
-14.3
-28.3
66.8
1.15
217.6
17.1
12,727
16,084
15.1
5.8
3.0
22.4
28.7
29.5
35.8
69.8
1.18
251.2
17.2
14,563
17,270
9.4
5.9
4.4
23.5
26.8
15.3
26.2
72.7
1.17
268.3
17.4
15,418
—
7.4
5.6
1.5
25.0
25.3
-3.8
4.2
68.1
—
282.7
17.7
15,970
—
8.2
5.0
2.6
27.1
28.7
4.0
6.0
67.9
—
297.6
18.1
16,443
—
7.9
4.8
3.0
28.3
31.3
5.1
5.2
69.2
—
20.1
20.5
-0.4
0.7
11.10
12.6
62.9
5.6
90.7
21.2
19.2
2.1
3.0
11.13
10.3
48.5
4.4
84.0
22.9
18.5
4.4
5.2
9.37
7.0
30.6
3.5
71.7
24.5
17.2
7.3
8.0
7.67
5.0
20.4
2.7
67.8
25.6
17.8
7.8
8.4
7.09
3.9
15.2
2.3
51.5
24.2
20.3
3.9
4.4
7.34
4.9
20.3
1.9
40.0
19.0
23.4
-4.4
-3.9
11.10
5.8
30.6
2.6
22.8
21.5
22.0
-0.5
0.0
20.36
8.6
39.9
2.2
17.3
22.7
21.4
1.3
1.8
25.93
11.1
49.1
2.5
17.2
21.9
21.4
0.6
1.1
32.42
11.9
54.2
2.7
13.7
22.5
22.0
0.5
1.0
32.59
11.5
51.0
2.4
14.5
23.1
23.2
-0.1
0.4
33.67
11.3
49.0
2.2
14.8
• 276 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
599.42
-1.3
-0.83
-1.1
43.00
22.5
16.5
56.5
147.2
1.49
6.54
3.4
-49.7
15.21
-3.01
559.83
9.1
2.60
2.6
43.21
23.6
17.9
43.5
101.7
1.43
8.12
5.1
-35.2
15.50
-2.95
514.21
11.3
1.89
1.5
45.63
21.6
14.8
37.1
84.8
1.51
6.06
4.0
-29.7
16.69
-3.36
534.43
5.8
7.12
4.6
48.30
23.1
16.8
31.2
64.7
2.00
12.54
3.4
-14.1
19.22
-1.82
495.82
-0.5
7.08
4.1
53.42
21.9
16.9
30.9
60.9
2.15
9.74
4.5
-5.3
16.70
0.12
629.11
5.2
-5.80
-3.2
63.72
18.3
22.0
35.5
74.9
1.86
14.27
3.5
-15.0
22.85
-5.45
506.43
1.9
3.52
2.0
71.93
18.4
22.0
41.8
100.2
1.76
16.38
3.3
-13.1
23.85
-7.36
468.37
0.1
3.22
1.5
84.45
20.4
19.2
38.8
90.2
2.22
12.29
2.7
-13.6
26.32
-9.51
521.46
1.4
-3.28
-1.3
98.74
20.8
19.8
39.3
94.3
2.15
12.85
1.0
-12.6
40.12
-12.34
478.60
3.3
-9.50
-3.5
117.78
21.4
19.4
43.9
101.3
2.15
18.46
3.4
-16.7
42.10
-11.42
495.00
—
-12.15
-4.3
122.63
22.7
21.8
43.4
102.2
2.15
18.93
2.6
—
43.15
—
510.00
—
-11.90
-4.0
128.04
23.0
24.3
43.0
105.8
2.15
19.20
2.2
—
43.90
—
18.6
2.25
11.4
68.7
3.1
278.9
22.5
100.1
67.5
135.6
21.4
4.50
9.7
66.2
3.8
273.4
14.1
89.0
62.1
124.7
17.4
5.25
12.3
62.4
3.7
251.3
19.5
115.7
52.3
102.1
20.3
6.00
23.1
69.7
5.5
320.0
13.6
92.8
64.5
118.8
18.7
8.25
8.3
72.7
3.8
278.9
19.0
139.5
79.2
162.9
-5.5
0.50
-1.4
69.8
4.2
301.6
25.3
133.1
76.5
192.2
9.3
3.25
8.2
65.7
4.5
320.9
15.5
117.9
77.3
182.6
18.5
5.25
17.4
70.4
3.2
246.1
14.3
110.5
93.4
162.2
7.6
5.00
13.4
74.4
3.8
296.4
15.9
94.8
94.7
190.1
—
—
—
—
—
284.2
13.3
94.1
—
—
—
—
—
—
—
291.7
13.6
97.2
—
—
External Debt/GDP
• 277 •
Domestic Credit/GDP
Liquidity Ratio [7]
-2.6
2.25
3.5
70.9
2.5
282.7
27.5
82.3
71.9
155.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
China
Lead Analyst: Thomas J. Byrne
Aa3
Aa3
D
Aa3
Aa3
Aa3
Aa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1,650.8
1,288.4
1,281
3,199
13.4
10.0
3.2
41.0
43.6
32.7
36.9
56.6
-0.04
1,942.8
1,296.1
1,499
3,599
17.7
10.1
2.4
43.0
46.6
35.7
35.2
65.1
0.00
2,283.5
1,303.7
1,752
4,115
16.4
11.3
1.6
41.6
47.4
27.1
17.3
67.8
-0.09
2,787.2
1,311.0
2,126
4,760
18.8
12.7
2.8
41.8
50.1
26.9
19.7
68.7
0.12
3,494.5
1,317.9
2,652
5,564
19.6
14.2
6.5
41.7
51.8
26.4
21.3
68.0
0.22
4,532.2
1,324.7
3,421
6,202
18.5
9.6
1.0
43.9
53.2
17.8
19.2
62.1
0.19
5,069.7
1,331.3
3,808
6,827
10.0
9.2
1.9
47.5
52.3
-15.7
-9.7
48.3
0.13
5,951.3
1,337.7
4,449
7,554
16.3
10.4
4.6
48.0
52.0
30.8
36.6
54.8
0.12
7,204.2
1,344.1
5,360
8,400
15.5
9.3
4.1
49.2
51.1
19.7
24.8
55.3
0.12
8,227.1
1,350.9
6,090
—
11.6
7.8
2.5
48.3
50.7
7.7
6.2
51.8
—
15.9
18.0
-2.1
-1.4
325.86
19.7
124.2
4.4
16.2
16.4
17.7
-1.3
-0.8
345.05
17.8
108.2
2.9
9.7
16.9
18.1
-1.2
-0.8
389.55
16.8
99.3
2.6
8.5
17.4
19.3
19.5
19.8
20.6
22.3
22.6
23.1
23.8
18.2
18.7
19.9
22.0
22.3
23.5
24.4
25.4
26.3
-0.7
0.6
-0.4
-2.2
-1.7
-1.2
-1.8
-2.3
-2.5
-0.3
1.0
0.0
-1.8
-1.2
-0.6
-0.9
-1.4
-1.5
723.39 1,088.76 1,271.68 1,712.46 2,074.13 2,274.22 2,427.55 2,714.80 3,024.69
25.4
29.9
27.6
33.8
34.1
30.8
29.4
28.7
28.2
145.7
155.0
141.7
170.7
165.3
138.0
130.2
124.0
118.6
2.5
2.1
2.1
2.2
2.2
2.3
3.8
3.9
4.0
4.7
3.2
2.6
2.2
1.9
1.6
1.5
1.3
1.2
• 278 •
Population (Mil.)
Real GDP (% change)
9,324.5 10,622.1
1,357.6 1,364.4
6,868
7,785
—
—
11.2
11.3
8.0
7.5
3.0
3.5
47.6
47.2
50.1
49.5
9.5
9.6
10.1
10.1
50.2
48.4
—
—
GOVERNMENT FINANCE
2003
2004
8.28
-4.9
43.05
2.6
219.36
—
46.8
13.3
42.2
5.22
25.39
3.0
—
403.25
85.46
8.28
-2.0
68.94
3.5
262.99
—
52.7
13.5
37.4
5.22
22.42
3.1
14.2
609.93
108.16
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
8.07
7.81
7.30
6.83
6.83
6.62
6.30
6.29
6.10
6.00
2.3
2.8
2.4
8.3
0.4
1.0
2.4
2.3
—
—
132.38
231.84
353.18
420.57
243.26
237.90
136.00
193.10
233.54
242.64
5.8
8.3
10.1
9.3
4.8
4.0
1.9
2.3
2.5
2.3
296.54
338.59
389.22
390.16
428.65
548.94
695.00
736.99
796.99
856.99
—
—
—
—
—
—
—
—
—
—
57.9
58.8
60.6
58.0
60.5
68.4
72.1
73.4
74.1
74.8
13.0
12.1
11.1
8.6
8.5
9.2
9.6
9.0
8.5
8.1
32.8
29.5
26.5
22.3
28.9
28.4
30.4
30.0
29.9
29.5
3.08
3.10
4.96
4.15
3.63
3.01
2.28
2.29
2.55
2.82
20.75
17.90
20.27
23.29
34.19
27.18
33.16
38.82
39.21
41.21
4.0
3.6
4.0
2.5
1.7
3.1
3.2
2.3
1.7
1.2
17.9
23.0
34.0
33.0
29.4
28.4
23.4
21.1
—
—
818.87 1,066.34 1,528.25 1,946.03 2,399.15 2,847.34 3,181.15 3,311.59 3,356.36 3,358.68
159.83
205.13
189.92
251.07
172.64
171.31
261.01
300.47
—
—
• 279 •
Domestic Credit/GDP
19.2
1.98
19.5
151.0
6.3
54.4
5.9
39.3
32.1
68.9
14.9
2.25
8.8
139.6
4.8
43.1
3.9
31.0
36.1
74.8
16.7
2.25
10.7
132.7
4.3
36.2
2.6
26.1
44.3
76.9
22.1
2.52
16.3
129.9
4.2
31.8
1.8
23.1
51.9
83.7
16.7
4.14
17.6
127.8
3.6
25.5
1.7
20.6
42.7
67.0
17.8
2.25
11.7
120.5
3.6
20.0
1.6
16.9
43.1
65.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Includes government guaranteed debt except that of the banking sector
One year deposit rate
28.4
2.25
30.4
142.8
3.7
17.9
2.5
13.4
76.2
87.8
18.9
2.75
18.8
145.8
3.8
19.3
1.6
11.9
116.2
135.2
17.3
3.50
17.1
147.8
4.2
21.8
1.5
14.4
128.4
156.8
14.4
3.00
17.1
155.1
4.7
22.3
1.7
17.0
110.7
142.0
—
—
—
—
—
23.7
1.6
17.5
—
—
—
—
—
—
—
25.5
1.5
18.8
—
—
Colombia
Baa3
Baa3
D+
Floating
Baa2
A1
Baa3
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
94.6
41.7
2,263
6,430
11.0
3.9
6.4
18.7
15.3
8.1
6.1
36.5
-0.14
117.1
42.4
2,769
6,856
13.0
5.3
5.5
19.4
17.1
25.2
18.5
35.9
-0.14
146.5
43.0
3,419
7,305
10.5
4.7
4.8
20.2
18.3
25.7
23.1
35.6
-0.16
162.8
43.7
3,748
7,924
12.9
6.7
4.5
22.4
19.5
16.3
21.4
38.2
-0.10
207.5
44.4
4,733
8,588
12.3
6.9
5.7
23.0
19.8
19.5
22.8
36.3
-0.03
244.3
45.0
5,536
8,957
11.4
3.5
7.6
23.5
21.0
26.7
20.6
38.1
-0.01
233.9
45.7
5,243
9,094
5.1
1.7
1.9
22.4
20.2
-13.7
-13.8
34.3
-0.02
287.0
46.3
6,314
9,393
8.0
4.0
3.1
22.1
20.3
22.0
19.4
33.7
0.14
336.4
46.9
7,309
10,033
14.1
6.6
3.7
23.7
22.9
39.2
30.6
38.7
0.24
369.6
47.6
7,772
—
6.9
4.0
2.4
23.5
22.3
6.3
8.2
37.8
—
399.0
48.2
8,279
—
7.3
4.3
2.9
24.5
21.2
10.4
10.2
38.6
—
425.8
48.7
8,743
—
7.9
4.6
3.2
25.3
24.0
7.9
9.9
39.4
—
13.1
17.2
-4.1
-0.3
41.72
42.6
323.8
28.8
49.5
13.2
16.9
-3.7
-0.2
50.08
38.9
294.6
26.7
44.6
13.6
17.8
-4.2
-1.1
58.17
39.1
287.3
22.4
35.8
14.9
17.9
-3.1
0.5
64.32
37.5
252.0
23.9
36.5
15.3
18.0
-2.8
0.8
70.48
32.9
215.6
23.2
33.6
15.9
17.7
-1.7
1.2
71.16
33.3
208.8
18.5
34.2
15.4
19.2
-3.7
-0.8
86.43
35.0
226.6
18.9
33.6
13.8
17.3
-3.5
-0.9
99.41
34.9
253.9
19.0
31.2
15.2
17.2
-2.0
0.5
106.97
33.4
220.5
16.6
30.8
16.1
18.0
-1.9
0.6
120.98
32.2
199.8
15.0
27.8
16.4
18.2
-1.8
0.4
128.08
32.1
197.5
13.0
22.3
16.6
18.3
-1.7
0.2
135.32
31.8
191.7
11.7
20.4
• 280 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
2,778.21 2,389.75 2,284.22 2,238.79 2,014.76 2,243.59 2,044.23 1,913.98 1,942.70 1,768.23 1,805.00 1,810.00
-11.2
7.5
10.7
-1.9
7.2
3.9
-6.1
15.5
-0.4
2.1
—
—
-0.99
-0.91
-1.89
-2.99
-5.98
-6.74
-4.96
-8.76
-9.98
-11.42
-11.00
-11.92
-1.0
-0.8
-1.3
-1.8
-2.9
-2.8
-2.1
-3.1
-3.0
-3.1
-2.8
-2.8
38.06
39.50
38.51
40.10
44.55
46.37
53.72
64.72
75.90
78.64
73.99
71.49
64.6
65.4
62.8
65.6
64.7
63.5
69.1
61.1
56.3
59.0
53.0
51.0
9.3
13.0
16.0
11.9
11.6
12.1
7.5
12.7
14.2
14.2
13.6
13.5
40.2
33.7
26.3
24.6
21.5
19.0
23.0
22.6
22.6
21.3
18.5
16.8
200.7
169.1
133.3
118.4
110.0
94.5
123.5
127.5
109.2
107.5
101.2
97.7
2.37
2.36
2.77
2.52
2.95
2.99
2.89
3.21
3.70
3.50
3.00
2.90
6.18
5.17
7.28
7.64
5.46
4.75
5.78
6.44
6.40
6.01
5.66
5.47
0.8
2.5
3.8
3.4
3.9
3.4
1.7
0.1
1.5
4.3
3.4
3.3
-31.0
-27.4
-24.3
-24.6
-23.1
-21.8
-25.4
-24.1
-23.4
-24.6
—
—
10.19
12.77
14.21
14.67
20.10
22.81
23.16
26.35
29.88
34.92
38.10
40.20
-0.24
-1.69
1.63
6.60
4.84
4.21
8.00
5.40
3.39
7.91
—
—
• 281 •
Domestic Credit/GDP
Liquidity Ratio [7]
11.5
7.25
7.5
29.9
2.6
373.6
45.1
96.5
29.7
95.6
0.0
0.0
19.1
6.50
16.9
30.9
2.9
309.3
32.3
85.7
33.2
82.1
0.0
0.0
17.7
6.00
13.8
31.9
3.2
271.1
34.8
97.1
36.9
88.5
0.0
0.0
17.4
7.50
20.0
33.9
3.7
273.3
30.0
97.3
35.2
76.9
0.0
0.0
17.7
9.50
15.3
34.8
3.6
221.7
20.8
69.7
52.7
93.3
0.0
0.0
16.8
9.50
14.0
35.6
3.4
203.3
15.8
49.3
36.3
92.6
0.0
0.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
5.8
3.50
9.9
37.2
3.8
232.0
19.9
50.1
31.9
70.3
0.0
0.0
10.2
3.00
15.3
39.8
3.7
245.6
19.0
45.1
65.5
109.0
0.0
0.0
18.9
4.75
17.5
41.0
4.0
254.1
14.5
55.4
74.4
126.7
0.0
0.0
16.3
4.25
14.8
44.0
4.4
225.2
13.0
56.3
81.2
131.7
0.0
0.0
—
—
—
—
—
194.2
11.8
48.3
—
—
—
—
—
—
—
—
—
177.8
11.4
40.8
—
—
—
—
Costa Rica
Baa3
Baa3
No Banks Rated
Baa2
Aa2
Ba1
Aa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.5
4.2
4,211
7,986
15.2
6.4
9.8
20.6
18.8
14.5
6.0
95.2
0.26
18.6
4.2
4,390
8,409
16.6
4.3
13.1
23.1
19.9
5.2
8.2
95.7
0.24
20.0
4.3
4,633
9,042
17.1
5.9
14.1
24.3
18.9
12.6
17.1
102.5
0.15
22.5
4.4
5,141
9,985
20.7
8.8
9.4
26.4
20.3
14.3
15.6
104.4
0.11
26.3
4.5
5,911
10,913
18.1
7.9
10.8
24.7
19.9
15.9
13.1
102.2
0.20
29.8
4.5
6,598
11,283
15.5
2.7
13.9
27.6
17.8
5.7
16.9
100.6
0.27
29.4
4.6
6,400
11,146
7.3
-1.0
4.1
16.3
16.9
-8.4
-25.6
84.0
0.33
36.3
4.7
7,791
11,579
13.3
5.0
5.8
20.6
17.9
11.5
21.3
79.1
0.32
41.0
4.7
8,680
12,157
8.7
4.4
4.7
21.6
16.7
10.9
16.9
79.8
0.35
45.1
4.8
9,409
—
9.3
5.1
4.5
21.2
17.1
10.6
8.6
79.5
—
48.7
4.9
9,975
—
9.6
4.3
4.8
21.3
17.6
10.3
9.4
79.7
—
53.3
5.0
10,665
—
9.6
4.4
5.0
21.5
17.7
11.8
10.3
80.1
—
14.1
16.5
-2.4
1.9
6.68
40.0
284.7
30.3
32.7
13.7
16.1
-2.5
1.6
7.29
41.1
300.8
29.9
33.0
13.9
15.8
-1.9
2.3
7.20
37.5
269.5
29.7
32.9
14.2
15.1
-0.8
3.0
7.41
33.3
234.2
26.7
31.3
15.5
14.9
0.6
3.7
7.52
27.5
177.9
19.9
30.2
15.9
15.7
0.2
2.4
6.99
24.7
156.0
13.7
29.1
14.0
17.4
-3.4
-1.3
8.11
27.2
193.9
15.2
21.2
14.3
19.5
-5.2
-3.1
10.84
29.1
203.7
14.7
20.5
14.6
18.7
-4.1
-1.9
12.46
30.7
210.9
14.9
16.1
14.4
18.8
-4.4
-2.3
15.73
35.2
244.3
14.4
17.3
14.5
19.4
-4.9
-2.3
18.07
37.1
255.9
17.7
19.0
15.1
20.2
-5.1
-2.7
20.76
38.9
258.2
15.8
20.0
• 282 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
418.53
-6.6
-0.88
-5.0
5.70
67.6
28.7
32.5
65.5
0.30
0.53
3.1
-29.2
1.81
-0.54
458.61
-3.1
-0.79
-4.3
5.75
61.2
29.1
30.9
63.0
0.22
0.69
3.9
-16.5
1.89
-0.36
496.68
0.5
-0.98
-4.9
6.52
48.5
32.1
32.7
54.3
0.27
0.57
4.5
-18.4
2.28
0.25
517.90
0.8
-1.02
-4.5
7.03
47.2
33.5
31.2
50.7
0.30
0.50
6.1
-15.4
3.08
0.13
498.10
1.5
-1.65
-6.3
8.45
43.3
38.3
32.1
51.7
0.35
0.56
6.2
-17.2
4.08
-0.63
555.47
3.9
-2.79
-9.3
9.25
34.9
43.1
31.0
55.2
0.46
1.12
6.9
-22.8
3.77
-0.76
565.24
2.0
-0.58
-2.0
8.16
39.4
27.5
27.8
53.2
0.43
0.86
4.6
-26.0
3.83
-0.04
512.97
12.3
-1.28
-3.5
8.52
44.6
28.5
23.5
51.8
0.40
0.57
4.0
-25.9
4.39
-0.17
511.84
2.3
-2.20
-5.4
10.29
38.1
23.5
25.1
56.8
0.43
1.11
5.0
-29.2
4.52
-1.15
508.20
5.2
-2.34
-5.2
14.70
41.2
25.5
32.6
79.5
0.60
1.15
5.0
—
6.62
-1.87
510.00
—
-2.23
-4.6
15.30
45.3
26.1
31.4
79.7
0.65
1.40
4.8
—
8.10
—
511.00
—
-2.51
-4.7
15.70
47.0
27.2
29.4
80.8
0.71
1.60
5.0
—
8.30
—
17.6
—
24.6
42.7
2.2
304.3
10.0
128.5
57.1
123.6
53.3
149.2
25.7
—
19.2
43.5
2.1
285.6
7.0
118.6
44.3
117.1
52.0
116.1
29.2
8.97
20.2
43.3
2.0
228.0
5.7
113.6
42.1
74.1
49.5
101.8
30.2
5.52
29.3
47.4
2.0
207.0
5.6
94.6
39.5
93.3
43.9
86.6
12.8
10.00
30.6
53.6
2.2
245.5
9.5
106.8
51.9
120.2
49.3
115.9
11.1
9.00
9.3
54.6
2.4
213.4
8.4
128.6
49.9
125.5
50.6
125.0
12.3
6.50
5.1
50.6
2.6
194.0
5.9
73.6
57.5
143.9
46.6
121.8
11.8
5.00
14.0
53.1
2.8
227.6
8.5
80.6
69.9
179.3
44.0
128.7
13.0
5.00
9.4
53.1
2.2
222.0
9.5
79.0
57.4
123.2
40.8
100.7
—
—
—
—
—
188.9
10.7
77.7
—
—
—
—
—
—
—
—
—
189.2
11.9
69.1
—
—
—
—
External Debt/GDP
• 283 •
Domestic Credit/GDP
Liquidity Ratio [8]
18.9
—
23.2
40.0
2.2
314.8
9.6
138.2
67.5
156.5
46.5
123.3
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
Central Bank introduced Monetary Policy Rate in 2006
Croatia
Ba1
Ba1
No Banks Rated
Baa1
A3
Ba2
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
34.1
4.4
7,690
13,422
9.6
5.4
1.7
27.1
19.4
33.9
31.7
92.8
0.38
41.0
4.4
9,237
14,440
8.1
4.1
2.7
26.5
20.3
21.1
17.4
92.1
0.47
44.8
4.4
10,090
15,332
7.8
4.3
3.7
27.0
20.8
7.8
8.1
90.9
0.48
49.9
4.4
11,229
16,795
9.1
4.9
2.1
29.1
22.4
12.5
13.5
92.4
0.57
59.3
4.4
13,376
18,687
9.4
5.1
5.8
29.1
21.8
17.5
18.9
91.8
0.48
69.6
4.4
15,694
20,215
7.9
2.1
2.8
30.4
22.7
16.7
18.0
91.9
0.58
62.2
4.4
14,044
19,158
-4.3
-6.9
2.0
24.9
21.4
-22.2
-28.0
76.7
0.61
58.9
4.4
13,331
18,727
-1.5
-2.3
1.8
20.9
20.5
2.8
-5.2
79.9
0.62
61.8
4.4
14,032
19,487
2.0
0.0
2.1
20.4
20.3
11.6
10.5
84.6
0.55
56.4
4.4
12,844
—
0.0
-2.0
4.7
19.4
20.1
-6.2
-7.9
86.1
—
58.3
4.4
13,210
—
0.8
-1.2
3.2
19.1
19.8
5.7
2.1
86.5
—
58.1
4.4
13,166
—
2.1
0.3
2.3
19.5
20.3
-0.9
0.5
86.7
—
39.1
43.8
-4.7
-3.0
12.10
35.4
90.6
4.4
—
39.0
42.4
-3.4
-1.6
15.43
37.6
96.5
4.5
—
38.6
41.4
-2.8
-1.0
17.10
38.2
98.9
4.8
—
38.6
41.2
-2.6
-0.8
17.65
35.4
91.8
4.7
—
39.8
41.9
-2.1
-0.5
19.49
32.9
82.5
4.1
—
39.2
40.5
-1.3
0.1
20.39
29.3
74.7
3.5
—
39.0
43.1
-4.2
-2.5
22.28
35.8
91.9
4.1
—
38.2
43.3
-5.1
-3.2
25.10
42.6
111.6
5.1
—
37.3
42.5
-5.2
-3.0
29.19
47.2
126.8
5.9
—
38.1
42.2
-4.1
-1.6
31.77
56.3
147.5
6.5
—
38.0
43.1
-5.1
-2.1
35.06
60.1
158.1
7.9
—
37.7
43.4
-5.8
-2.7
36.46
62.7
166.5
8.2
—
• 284 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.12
0.6
-2.08
-6.1
24.85
41.9
8.1
72.8
144.9
—
—
5.5
-39.6
8.19
-2.38
5.64
1.9
-1.78
-4.3
31.21
37.4
11.5
76.1
152.6
—
—
2.0
-51.1
8.76
-3.20
6.23
1.6
-2.46
-5.5
30.75
33.5
13.1
68.6
141.0
—
—
3.5
-53.8
8.80
-5.11
5.58
2.1
-3.23
-6.5
39.14
29.2
14.9
78.5
158.9
—
—
6.4
-80.4
11.49
-6.55
4.99
0.7
-4.33
-7.3
50.08
29.8
9.8
84.4
172.4
—
—
8.0
-99.7
13.67
-3.80
5.16
4.6
-6.08
-8.7
58.19
26.9
15.0
83.6
170.8
—
—
6.8
-70.0
12.96
-5.18
5.09
1.2
-3.06
-4.9
64.95
28.3
11.2
104.4
247.9
1.04
14.81
3.4
-90.6
14.42
-6.14
5.57
-2.6
-0.86
-1.5
61.65
30.9
12.9
104.7
231.0
1.16
17.83
1.0
-95.0
13.67
-6.53
5.82
-2.1
-0.45
-0.7
59.17
30.8
14.3
95.8
197.2
1.47
21.01
2.4
-84.0
14.02
-8.90
5.73
-1.9
-0.06
-0.1
59.20
30.9
10.9
104.9
185.0
1.67
17.48
0.8
-90.5
14.34
-6.33
5.80
—
0.23
0.4
59.79
31.8
10.9
102.5
203.9
1.58
10.16
1.8
—
14.80
—
5.86
—
-0.17
-0.3
61.59
32.3
10.9
105.9
181.1
1.52
9.75
2.3
—
15.00
—
9.3
4.50
14.1
51.7
2.9
356.4
19.5
—
63.0
127.6
64.0
87.7
10.6
4.50
17.4
56.3
2.8
349.5
21.8
—
119.2
222.4
61.4
95.5
18.1
4.50
23.1
63.5
2.9
340.7
32.3
—
104.6
244.5
52.8
84.7
18.3
9.00
15.3
67.0
3.2
366.3
30.3
—
121.9
284.9
51.9
89.6
4.4
9.00
13.4
70.4
3.4
449.1
25.4
—
167.2
479.1
57.0
99.9
-0.6
9.00
0.0
73.6
3.1
450.5
40.6
206.9
213.1
479.2
65.6
109.8
4.3
9.00
6.1
79.2
3.1
451.1
36.9
192.4
179.7
443.7
68.2
119.3
3.4
7.00
4.9
81.5
3.0
422.1
32.2
234.1
267.8
592.0
65.3
119.2
3.3
7.00
-3.9
78.3
3.1
412.8
77.0
193.8
253.5
562.3
66.7
126.0
—
—
—
—
—
404.0
52.9
173.1
—
—
—
—
—
—
—
—
—
410.6
42.0
170.1
—
—
—
—
External Debt/GDP
• 285 •
Domestic Credit/GDP
Liquidity Ratio [6]
11.0
4.50
14.5
49.0
2.6
303.4
18.5
—
62.1
117.6
64.6
88.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Cuba
Caa1
No Banks Rated
Conventional Peg
Caa1
Ba3
Caa2
—
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
38.8
11.2
3,459
—
6.9
3.8
-1.0
8.5
7.8
20.1
10.4
26.6
-0.24
41.3
11.2
3,672
—
6.4
5.8
3.0
8.8
9.5
31.6
19.3
31.3
-0.44
46.1
11.3
4,092
—
11.6
11.2
3.7
10.8
13.5
46.4
33.9
39.4
-0.54
57.0
11.3
5,056
—
23.7
12.1
5.7
11.7
12.0
10.1
24.6
37.2
-0.33
63.3
11.3
5,616
—
11.1
7.3
2.8
10.2
12.9
20.7
6.0
38.0
-0.20
65.7
11.3
5,829
—
3.8
4.1
-0.1
14.8
11.1
4.9
43.3
44.9
-0.22
67.3
11.3
5,972
—
2.4
1.4
-0.1
11.2
13.2
-14.9
-35.4
32.4
-0.25
69.4
11.3
6,161
—
3.1
2.4
1.6
10.4
14.8
34.0
18.7
39.9
-0.24
72.8
11.3
6,470
—
5.0
2.3
2.5
11.7
14.7
-9.5
-4.4
35.2
-0.26
77.3
11.3
6,866
—
6.1
2.9
3.2
11.4
13.0
4.7
7.2
35.2
—
82.0
11.2
7,293
—
6.2
3.2
3.0
12.4
14.0
3.9
7.3
34.9
—
87.2
11.2
7,754
—
6.3
3.3
3.0
12.4
13.5
7.0
9.1
35.5
—
48.9
51.9
-3.0
-1.8
13.50
34.8
71.2
2.4
—
49.3
53.0
-3.7
-2.4
6.10
14.8
30.0
2.7
—
59.1
63.7
-4.6
-2.1
8.20
17.8
30.1
4.1
—
60.0
63.2
-3.2
0.5
10.03
17.6
29.3
6.1
—
65.0
68.2
-3.2
-0.6
12.07
19.1
29.3
4.0
—
71.2
78.1
-6.9
-4.2
16.61
25.3
35.5
3.9
—
70.5
75.3
-4.8
-2.1
19.87
29.5
41.9
3.9
—
66.6
70.1
-3.5
-1.1
22.30
32.2
48.3
3.6
—
67.2
70.6
-3.4
-1.2
24.77
34.0
50.6
3.3
—
68.0
71.0
-3.0
-0.7
27.55
35.7
52.4
3.4
—
68.2
71.6
-3.4
-1.0
30.38
37.0
54.3
3.5
—
68.1
71.8
-3.7
-1.3
33.18
38.0
55.9
3.5
—
• 286 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.93
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.93
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.93
—
0.15
0.3
5.90
100.0
15.6
12.8
63.5
—
—
—
—
—
—
0.93
—
-0.23
-0.4
7.79
100.0
25.0
13.7
71.1
—
—
—
—
—
—
0.93
—
0.46
0.7
8.91
100.0
22.2
14.1
70.4
—
—
—
—
—
—
0.93
—
-3.10
-4.7
11.59
100.0
25.5
17.7
82.6
—
—
—
—
—
—
0.93
—
0.00
0.0
9.53
100.0
20.7
14.2
78.8
—
—
—
—
—
—
0.93
—
1.71
2.5
9.31
100.0
21.5
13.4
58.0
—
—
—
—
—
—
0.93
—
0.90
1.2
9.23
100.0
22.0
12.7
55.0
—
—
—
—
—
—
0.93
—
-0.40
-0.5
11.12
100.0
21.4
14.4
63.3
—
—
—
—
—
—
0.93
—
-0.60
-0.7
11.87
100.0
21.6
14.5
65.0
—
—
—
—
—
—
0.93
—
-1.10
-1.3
12.06
100.0
21.7
13.8
61.8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
182.6
343.8
—
—
—
—
—
—
—
—
—
—
163.8
281.5
—
—
—
—
—
—
—
—
—
—
78.0
172.2
—
—
—
—
—
—
—
—
—
—
74.1
159.9
—
—
—
—
—
—
—
—
—
—
38.0
67.8
—
—
—
—
—
—
—
—
—
—
28.1
46.3
—
—
—
—
—
—
—
—
—
—
15.1
33.5
—
—
—
—
—
—
—
—
—
—
21.1
40.4
—
—
—
—
—
—
—
—
—
—
25.2
50.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
• 287 •
Domestic Credit/GDP
Liquidity Ratio [9]
—
—
—
—
—
—
—
—
209.7
464.1
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Public sector only
Cyprus
Lead Analyst: Sarah Carlson
Caa3
Caa3
E
Free Floating (EMU)
Caa2
Caa2
Caa2
Caa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
13.2
1.0
13,178
21,805
6.8
1.9
2.5
4.1
17.0
15.8
18.7
18.1
-0.4
-0.3
-1.2
96.3
1.10
15.6
1.0
15,327
23,208
7.7
4.2
4.2
4.6
19.8
17.3
20.4
23.3
5.5
10.3
-2.4
99.1
1.18
16.7
1.0
16,156
24,408
7.0
3.9
2.2
5.4
19.8
17.2
7.8
7.9
4.9
3.7
-2.5
99.8
1.18
18.1
1.0
17,288
26,292
7.7
4.1
1.6
4.5
20.6
16.9
7.5
10.1
3.6
6.8
-3.7
99.9
1.32
21.7
1.1
20,410
28,485
9.7
5.1
3.9
3.9
21.6
15.3
20.0
25.8
6.2
13.4
-6.2
102.7
1.43
25.2
1.1
23,427
31,816
8.4
3.6
2.1
3.7
23.3
12.2
10.5
21.6
-0.5
8.5
-11.1
102.8
1.52
23.5
1.1
21,533
31,503
-1.8
-1.9
2.0
5.4
19.4
13.7
-17.1
-24.0
-10.7
-18.6
-5.7
87.4
1.40
23.1
1.1
20,926
31,780
3.3
1.3
1.6
6.3
19.8
13.6
1.0
1.9
3.8
4.8
-6.2
90.1
1.50
25.0
1.1
22,410
32,254
3.3
0.5
3.9
7.9
17.5
13.1
11.8
7.1
4.4
-0.7
-4.3
90.9
1.53
23.0
1.1
20,905
—
-0.5
-2.4
1.1
11.8
13.1
13.1
-3.4
-12.3
2.3
-7.2
0.1
90.9
—
21.7
1.1
19,745
—
-8.0
-10.0
1.7
15.2
12.4
16.5
-1.6
-10.2
-5.1
-15.0
4.2
90.6
—
20.0
1.1
18,184
—
-4.0
-6.0
1.8
16.5
12.2
17.6
-5.2
-7.7
-2.2
-6.3
5.4
92.1
—
38.1
44.6
-6.6
-3.0
10.22
69.6
182.8
9.4
38.5
42.7
-4.1
-0.8
12.21
71.6
185.8
8.7
41.3
43.8
-2.5
1.1
11.20
70.8
171.5
8.7
42.1
43.3
-1.2
2.1
12.44
65.4
155.6
7.9
45.0
41.5
3.5
6.6
13.70
58.8
130.6
6.8
43.1
42.1
0.9
3.8
11.67
48.9
113.5
6.6
40.1
46.2
-6.1
-3.6
14.21
58.5
145.8
6.4
40.9
46.2
-5.3
-3.0
14.26
61.3
150.0
5.5
39.7
46.0
-6.3
-3.9
16.53
71.1
179.0
6.0
40.0
46.3
-6.3
-3.1
20.25
85.8
214.7
7.9
40.0
49.0
-9.0
-5.0
23.20
108.4
271.3
10.0
39.0
50.0
-11.0
-6.5
24.20
122.1
313.1
11.4
0.79
6.6
102.7
-0.30
-2.3
2.4
4.3
3.15
0.73
1.6
101.4
-0.78
-5.0
2.5
14.1
3.83
0.85
-0.4
100.0
-0.98
-5.9
3.7
20.3
4.16
0.76
-0.3
97.6
-1.26
-7.0
5.2
21.4
5.62
0.68
-0.4
94.6
-2.56
-11.8
4.5
13.0
6.10
0.72
5.4
92.0
-3.94
-15.6
-5.2
-15.1
0.59
0.69
3.4
95.7
-2.52
-10.7
13.2
-30.4
0.56
0.75
-5.5
94.8
-2.27
-9.8
0.4
-43.2
0.28
0.77
0.6
95.3
-1.18
-4.7
2.1
-71.3
0.16
0.76
-3.2
93.5
-1.46
-6.3
12.1
-61.9
0.14
0.77
—
—
-0.32
-1.5
-1.2
—
0.13
0.80
—
—
0.14
0.7
0.2
—
0.11
• 288 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Relative Unit Labor Costs (2005 = 100) [4]
Notes:
[1]
[2]
[3]
[4]
[5]
Czech Republic
Lead Analyst: Jaime Reusche
A1
A1
CFree Floating
Aa3
Aa3
A1
Aa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
95.3
10.2
9,336
18,765
4.7
3.8
1.0
27.0
25.8
24.6
24.6
119.4
0.89
114.0
10.2
11,157
20,063
9.0
4.7
2.8
27.1
28.0
27.5
23.2
125.1
0.91
130.1
10.2
12,707
21,264
6.4
6.8
2.2
26.5
29.2
16.8
13.4
126.1
0.97
148.4
10.3
14,449
23,231
7.6
7.0
1.7
27.7
30.7
18.6
18.3
130.9
1.06
180.5
10.3
17,464
25,415
9.2
5.7
5.4
29.8
32.5
23.9
24.7
133.8
0.90
225.4
10.4
21,625
25,885
5.1
3.1
3.6
28.9
31.3
18.0
18.2
126.5
1.00
197.2
10.5
18,803
25,645
-2.3
-4.5
1.0
23.8
27.9
-20.0
-22.6
113.9
0.98
198.5
10.5
18,869
25,358
0.8
2.5
2.3
24.8
28.1
13.7
15.9
129.8
1.00
216.1
10.5
20,585
26,332
0.9
1.9
2.4
24.5
28.7
19.2
18.3
141.6
1.02
195.7
10.5
18,568
—
0.2
-1.3
2.4
23.6
28.9
-3.1
-4.3
150.7
—
196.1
10.6
18,561
—
0.9
-0.3
1.1
22.6
28.5
1.1
0.7
151.7
—
187.7
10.6
17,732
—
2.4
1.8
1.5
22.5
28.6
-1.6
-1.5
156.0
—
43.3
50.0
-6.7
-5.6
29.95
28.6
66.0
2.4
3.5
40.4
43.3
-2.8
-1.8
37.91
28.9
71.6
2.7
9.3
39.8
43.0
-3.2
-2.2
36.01
28.4
71.5
2.7
12.3
39.6
42.0
-2.4
-1.3
45.42
28.3
71.4
2.7
11.9
40.3
41.0
-0.7
0.4
56.61
27.9
69.3
2.7
9.4
38.9
41.1
-2.2
-1.2
57.08
28.7
73.7
2.6
13.8
38.9
44.7
-5.8
-4.5
70.01
34.2
88.0
3.2
16.4
39.1
43.8
-4.8
-3.4
76.63
37.9
97.0
3.4
17.9
40.0
43.2
-3.3
-1.9
78.69
41.0
102.7
3.4
16.4
40.3
44.6
-4.4
-2.9
92.30
45.9
114.1
3.6
15.8
40.3
43.3
-3.0
-1.5
91.90
48.4
120.1
3.7
15.6
40.2
43.0
-2.8
-1.2
91.63
50.5
125.6
4.0
16.8
• 289 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Czech Republic (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
25.65
-0.9
-5.79
-6.1
34.89
7.8
40.1
33.3
57.4
1.01
3.55
1.9
-21.6
26.29
5.22
22.36
3.7
-5.75
-5.0
45.24
15.0
34.0
34.5
54.9
1.10
5.36
3.5
-32.4
27.84
10.25
24.59
6.3
-1.21
-0.9
46.54
20.1
31.3
36.7
51.2
1.53
6.60
8.9
-26.2
29.14
14.30
20.88
3.3
-3.13
-2.1
57.31
21.1
26.9
35.7
53.2
1.57
7.59
2.7
-35.0
31.05
15.02
18.08
4.2
-7.93
-4.4
76.19
20.2
29.6
37.6
56.7
2.14
4.02
5.0
-43.5
34.45
18.64
19.35
12.8
-4.78
-2.1
84.23
18.4
32.1
42.3
52.3
1.56
4.18
1.0
-35.4
36.47
13.19
18.37
-5.0
-4.85
-2.5
89.24
22.7
26.7
43.6
70.0
2.64
6.22
1.0
-47.7
39.67
12.70
18.75
0.3
-7.60
-3.8
94.22
26.5
25.1
46.6
65.3
2.36
5.37
2.5
-49.2
40.34
11.49
19.94
3.8
-6.11
-2.8
94.16
25.3
28.7
49.1
55.4
3.07
8.60
1.2
-42.2
37.85
9.51
19.06
-3.4
-4.73
-2.4
101.86
28.3
25.7
50.7
62.5
1.12
5.38
4.7
-51.1
42.41
15.19
20.35
—
-4.01
-2.0
108.50
30.9
29.5
55.3
61.7
3.47
4.25
3.3
—
44.20
—
21.80
—
-4.38
-2.3
112.30
31.2
32.1
59.8
58.4
2.70
6.62
3.6
—
45.30
—
4.5
2.50
0.5
43.0
2.5
162.5
7.8
73.6
50.2
210.5
10.6
2.00
3.1
41.7
2.4
159.7
8.9
79.0
64.0
168.6
13.7
2.50
20.5
46.7
3.1
184.5
8.5
76.1
65.3
179.6
16.3
3.50
20.1
51.3
3.7
221.2
4.6
62.6
81.2
232.2
14.1
2.25
13.9
55.6
3.7
231.0
3.6
77.6
70.9
232.3
0.7
1.00
5.8
60.2
3.6
225.0
7.0
91.3
65.3
226.6
2.1
0.75
4.8
62.6
3.6
233.6
5.4
73.7
54.1
203.2
4.1
0.75
9.1
67.7
3.7
248.7
6.9
79.9
67.5
222.6
4.6
0.05
1.6
68.7
3.6
240.2
4.0
85.7
54.1
179.9
—
—
—
—
—
245.5
4.4
71.8
—
—
—
—
—
—
—
247.9
4.8
87.4
—
—
External Debt/GDP
• 290 •
Domestic Credit/GDP
Liquidity Ratio [7]
7.2
2.00
20.3
46.6
2.2
132.7
7.5
60.0
53.7
192.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Denmark
Lead Analyst: Kristin Lindow
Aaa
Aaa
CConventional Peg
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
212.6
5.4
39,443
30,438
2.0
0.4
1.2
5.4
19.6
25.9
17.4
15.5
-1.0
-1.6
6.3
84.4
2.16
244.7
5.4
45,282
32,280
4.7
2.3
0.9
5.5
20.4
25.2
15.1
19.2
2.8
7.7
4.9
85.8
2.34
257.7
5.4
47,547
33,193
5.4
2.4
2.2
4.8
20.8
25.7
13.7
14.7
8.0
11.1
4.9
93.1
2.14
274.4
5.4
50,462
35,999
5.6
3.4
1.7
3.9
22.7
25.9
13.2
18.1
9.0
13.4
3.2
101.0
2.25
311.4
5.5
57,021
37,693
3.9
1.6
2.4
3.8
23.4
25.7
13.8
15.9
2.8
4.3
2.3
102.2
2.34
343.9
5.5
62,597
39,830
3.4
-0.8
2.4
3.4
22.4
25.5
15.7
14.0
3.3
3.3
3.2
106.3
2.23
310.5
5.5
56,226
38,268
-5.0
-5.7
1.2
6.0
16.9
20.8
-21.4
-23.4
-9.5
-12.3
3.9
91.4
2.29
313.1
5.5
56,445
40,588
5.8
1.6
2.8
7.4
16.8
22.4
6.6
3.2
3.0
3.2
5.6
95.2
2.16
333.7
5.6
59,904
40,933
1.7
1.1
2.4
7.6
17.6
22.8
13.0
14.7
6.5
5.6
5.2
101.6
2.17
314.2
5.6
56,179
—
1.6
-0.5
1.9
7.5
17.5
22.0
-3.9
-2.0
0.9
2.5
4.4
104.6
—
328.4
5.6
58,463
—
1.8
0.7
1.2
7.5
17.6
21.5
4.9
6.0
1.1
2.2
3.9
105.6
—
325.3
5.6
57,675
—
3.3
1.6
1.8
7.4
17.5
21.7
1.4
0.9
4.0
3.5
4.2
107.8
—
55.0
55.1
-0.1
2.8
110.99
47.2
85.9
5.2
56.4
54.6
1.9
4.5
121.02
45.1
80.0
4.5
57.8
52.8
5.0
7.1
92.26
37.8
65.3
3.6
56.6
51.6
5.0
6.8
92.44
32.1
56.6
3.1
55.6
50.8
4.8
6.4
90.62
27.1
48.8
2.8
54.8
51.5
3.3
4.7
110.72
33.4
60.9
2.6
55.3
58.1
-2.8
-0.9
130.47
40.7
73.5
3.4
55.0
57.7
-2.7
-0.8
134.12
42.7
77.8
3.4
55.7
57.6
-2.0
-0.1
144.66
46.4
83.3
3.4
55.5
59.6
-4.1
-2.2
147.10
45.7
82.6
3.4
56.1
57.8
-1.7
0.0
142.29
44.0
78.4
3.0
55.5
57.2
-1.7
0.0
136.71
42.4
76.4
3.1
5.96
6.6
98.7
7.33
3.4
0.7
-28.3
36.00
5.47
0.4
100.1
7.38
3.0
0.0
-20.3
38.20
6.32
-2.1
100.0
11.20
4.3
-1.3
-9.9
32.51
5.66
-1.9
100.7
8.17
3.0
-2.1
-10.8
29.16
5.08
0.0
104.4
4.23
1.4
-2.8
-15.8
32.03
5.28
0.8
108.1
9.91
2.9
-3.3
-11.1
39.82
5.19
6.2
112.3
10.55
3.4
-0.8
-19.3
71.26
5.61
-4.7
106.0
18.43
5.9
-3.7
-11.4
70.33
5.75
-2.4
104.1
18.85
5.6
-0.2
-0.1
78.11
5.66
-1.9
99.8
17.75
5.6
-1.3
7.1
82.37
5.73
—
—
16.09
4.9
-1.8
—
80.00
5.94
—
—
17.56
5.4
-1.4
—
78.00
• 291 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
Dominican Republic
Lead Analyst: Aaron Freedman
B1
B1
E+
Floating
Ba2
A1
B2
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
20.2
9.0
2,245
5,588
33.3
-0.3
42.6
15.0
14.6
6.7
-13.4
86.5
-0.54
22.4
9.1
2,449
5,735
47.1
1.3
28.7
14.9
15.7
5.8
3.1
83.9
-0.64
33.4
9.3
3,606
6,380
12.2
9.3
7.4
16.5
11.0
9.9
32.3
65.5
-0.55
35.8
9.4
3,806
7,185
16.6
10.7
5.0
18.4
10.4
6.9
14.5
68.0
-0.54
40.9
9.5
4,293
7,907
14.7
8.5
8.9
18.9
9.8
9.8
14.2
66.7
-0.61
45.2
9.7
4,675
8,390
15.5
5.3
4.5
18.3
4.6
-2.3
14.3
64.7
-0.56
46.5
9.8
4,743
8,676
6.5
3.5
5.8
14.8
6.8
-10.2
-20.7
52.5
-0.57
50.9
9.9
5,131
9,290
13.3
7.8
6.2
16.5
5.3
13.6
24.1
57.2
-0.62
55.4
10.1
5,511
9,796
11.4
4.5
7.8
16.4
6.1
18.2
12.4
60.4
-0.55
58.9
10.1
5,848
—
9.3
3.9
3.9
16.4
7.2
5.2
2.1
58.8
—
60.8
10.2
5,955
—
8.7
3.0
5.5
14.3
7.4
20.3
8.7
64.7
—
63.6
10.2
6,201
—
9.2
4.0
5.0
15.8
8.9
10.0
9.2
67.8
—
12.9
12.0
0.9
2.2
5.74
28.1
222.2
9.8
—
13.9
14.6
-0.8
0.6
6.58
29.1
219.7
9.5
—
15.4
15.8
-0.4
0.6
6.82
20.2
132.1
6.4
87.2
15.9
16.1
-0.3
0.9
7.41
20.6
130.4
7.3
84.4
17.3
17.1
0.2
1.8
7.56
18.3
106.7
9.3
83.8
15.7
19.6
-4.0
-2.3
11.22
24.5
158.5
10.6
60.4
13.5
16.8
-3.3
-1.5
13.25
28.4
211.6
13.5
56.9
13.4
16.3
-2.9
-0.9
14.82
28.7
216.7
14.6
60.0
13.2
15.7
-2.4
-0.3
16.59
29.3
226.2
16.1
62.8
14.0
20.6
-6.6
-4.2
19.24
32.9
237.5
17.7
64.3
15.5
19.3
-3.8
-1.3
20.94
34.5
222.4
16.2
68.6
15.7
18.5
-2.8
-0.4
22.50
35.4
226.1
15.9
69.2
• 292 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
37.25
-24.8
1.04
5.1
6.83
82.3
15.1
33.8
57.9
0.24
0.89
3.0
-44.0
0.25
0.12
31.11
6.2
1.04
4.7
7.30
84.0
12.5
32.7
58.6
0.28
0.79
4.1
-40.0
0.80
0.77
34.88
31.3
-0.47
-1.4
7.22
81.5
12.3
21.6
53.8
0.21
0.73
3.4
-29.4
1.93
0.90
33.52
-5.4
-1.29
-3.6
8.69
73.4
16.1
24.3
56.9
0.67
1.40
3.0
-24.0
2.24
1.13
34.07
1.5
-2.17
-5.3
10.32
62.0
24.0
25.2
62.7
1.12
1.45
4.1
-24.5
2.93
1.26
35.78
0.8
-4.52
-10.0
10.28
67.7
18.9
22.8
63.4
1.18
1.40
6.4
-30.5
2.65
0.69
36.38
-0.6
-2.33
-5.0
11.28
70.4
12.4
24.3
79.0
1.17
1.29
4.7
-35.1
3.29
0.67
37.93
0.0
-4.33
-8.5
13.36
69.9
12.9
26.2
84.1
1.18
1.31
3.7
-41.3
3.74
0.18
38.79
0.7
-4.41
-8.0
15.39
69.9
13.6
27.8
84.4
1.30
1.50
4.1
—
4.07
-0.11
40.36
0.2
-4.24
-7.2
16.55
72.0
14.0
28.1
86.8
1.44
1.80
6.1
—
3.53
-0.05
42.50
—
-3.02
-5.0
18.10
74.1
14.5
29.8
82.1
1.56
1.58
4.0
—
4.50
—
44.00
—
-3.25
-5.1
19.22
76.1
15.0
30.2
80.1
1.68
2.06
4.0
—
4.90
—
9.3
45.00
11.7
29.4
10.8
916.6
8.6
719.8
46.3
99.4
25.6
86.7
15.4
33.00
17.3
30.8
4.6
373.5
7.0
205.9
45.3
75.3
27.8
74.2
11.8
18.00
41.1
37.2
4.6
388.2
13.6
118.5
23.4
40.5
26.2
66.6
18.5
16.00
19.6
38.8
4.1
352.3
15.6
126.9
34.7
59.5
26.1
62.6
7.5
16.00
15.4
38.8
4.6
388.6
15.9
132.3
33.2
58.2
25.5
73.8
15.0
9.50
12.4
41.0
4.2
343.0
17.2
122.1
30.7
61.3
24.3
69.1
13.0
9.50
10.9
40.1
4.0
357.2
15.7
82.4
30.9
63.8
28.0
82.6
11.6
9.00
9.6
39.4
4.0
378.2
15.3
86.2
37.5
75.7
28.1
86.9
10.3
7.00
14.5
41.3
4.9
469.0
17.0
95.8
37.3
84.4
31.4
102.2
—
—
—
—
—
402.3
14.3
110.4
—
—
—
—
—
—
—
—
—
392.1
15.6
104.1
—
—
—
—
External Debt/GDP
• 293 •
Domestic Credit/GDP
64.8
—
46.9
38.8
25.9
2,700.3
9.5
621.8
65.2
131.9
28.2
202.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Central government
Non-financial public sector debt and central government revenue; Series break in 2008 due to change in methodology to include recapitalization bonds issued by the government to the central bank
Public sector only
Interest payment is public sector only
Ecuador
Caa1
No Banks Rated
B3
—
Caa2
—
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
32.4
12.8
2,525
5,506
13.6
2.7
6.1
19.6
17.5
19.5
0.4
47.2
-0.83
36.6
13.0
2,809
6,057
12.8
8.2
1.9
20.2
18.6
22.6
19.5
50.7
-0.85
41.5
13.2
3,141
6,510
13.4
5.3
3.1
21.6
20.8
27.6
23.7
56.1
-0.92
46.8
13.4
3,491
6,930
12.8
4.4
2.9
22.5
23.4
23.8
16.3
59.7
-0.97
51.0
13.6
3,749
7,166
9.0
2.2
3.3
22.7
24.0
14.7
13.7
62.6
-0.84
61.8
14.1
4,394
7,739
21.1
6.4
8.8
26.4
26.7
29.5
33.9
68.1
-0.84
61.6
14.3
4,316
7,756
-0.3
1.0
4.3
25.0
23.2
-24.5
-18.6
53.6
-0.73
67.9
14.5
4,691
7,977
10.2
3.3
3.3
27.2
23.3
25.4
32.8
62.8
-0.67
78.2
14.7
5,331
8,669
15.2
8.0
5.4
28.5
25.8
23.7
18.7
65.9
-0.55
84.7
14.9
5,695
—
8.3
4.6
4.2
29.2
24.6
9.8
11.4
67.4
—
91.5
15.1
6,072
—
8.1
3.9
4.2
28.7
24.6
8.5
9.5
67.9
—
98.9
15.3
6,467
—
8.0
3.5
4.5
28.4
24.6
11.3
11.0
69.9
—
14.7
15.4
-0.7
1.8
13.11
40.4
274.9
17.3
100.0
14.2
15.0
-0.9
1.4
13.32
36.4
257.2
15.7
100.0
14.6
15.0
-0.4
1.6
13.44
32.4
222.2
14.1
100.0
14.7
15.0
-0.2
1.8
12.39
26.5
179.6
13.7
100.0
16.6
16.9
-0.3
1.5
12.85
25.2
151.4
10.8
100.0
22.3
23.3
-1.0
0.3
12.71
20.6
92.1
5.6
100.0
18.8
23.1
-4.3
-3.5
9.34
15.2
80.6
4.1
100.0
22.2
23.9
-1.7
-0.9
12.39
18.3
82.2
3.5
100.0
22.0
23.6
-1.6
-0.7
13.68
17.5
79.6
3.9
100.0
22.3
24.0
-1.7
-0.8
15.12
17.9
80.1
3.9
100.0
22.2
23.7
-1.5
-0.6
16.50
18.0
81.2
3.9
100.0
21.9
23.5
-1.6
-0.7
18.08
18.3
83.5
3.9
100.0
• 294 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.00
2.6
-0.39
-1.2
16.24
69.8
10.9
50.1
176.8
1.17
6.41
2.7
-60.9
0.79
1.55
1.00
0.9
-0.48
-1.3
16.76
68.5
11.1
45.8
150.5
1.24
6.87
2.3
-53.7
0.99
2.04
1.00
5.7
0.47
1.1
17.21
64.3
10.0
41.5
118.9
1.26
8.47
1.2
-45.3
1.67
2.45
1.00
7.3
1.74
3.7
17.24
62.9
11.6
36.8
97.2
1.33
10.11
0.6
-29.0
1.46
2.66
1.00
-3.2
1.91
3.7
17.10
59.7
10.9
33.5
85.4
1.36
11.82
0.4
-23.3
2.76
3.52
1.00
6.4
1.74
2.8
17.44
60.8
9.6
28.2
71.2
1.17
9.35
1.7
-17.1
3.69
3.61
1.00
-16.6
0.20
0.3
16.90
59.3
8.2
27.5
91.0
0.95
11.48
0.5
-15.0
2.82
4.31
1.00
14.5
-1.62
-2.4
13.52
54.5
5.9
19.9
60.5
0.90
7.44
0.2
-16.3
1.38
5.00
1.00
10.2
-0.24
-0.3
13.93
61.9
5.3
17.8
50.2
1.01
7.42
0.8
—
1.60
5.22
1.00
0.7
-0.40
-0.5
14.48
62.7
6.5
17.1
47.5
0.95
8.78
0.8
—
1.80
—
1.00
—
-0.74
-0.8
15.35
62.9
5.9
16.8
46.4
0.95
7.88
0.9
—
1.95
—
1.00
—
-0.73
-0.7
16.27
63.0
5.9
16.5
44.2
0.97
8.03
1.0
—
2.10
—
30.9
10.23
22.3
16.8
7.8
1,697.8
72.9
1099.6
22.7
41.1
100.0
—
19.7
9.96
29.0
19.1
5.5
1,031.9
67.2
1047.2
19.2
42.5
100.0
—
13.1
9.54
12.2
19.0
7.2
1,183.8
64.5
709.3
38.1
50.4
100.0
—
18.4
10.72
23.8
21.5
4.5
618.4
65.9
949.2
40.6
60.9
100.0
—
23.6
9.14
15.8
20.6
4.1
473.3
42.9
405.8
30.2
39.4
100.0
—
10.1
9.19
11.7
23.1
6.0
599.4
67.0
357.3
23.4
29.0
100.0
—
18.6
8.68
16.9
24.5
14.4
977.0
37.4
313.2
23.1
34.9
100.0
—
17.4
8.17
20.7
25.6
14.7
871.9
30.4
594.3
20.3
30.5
100.0
—
—
8.17
—
—
—
804.7
31.9
596.4
27.1
38.8
100.0
—
—
—
—
—
—
787.3
26.7
490.2
—
—
—
—
—
—
—
—
—
775.0
24.5
458.4
—
—
—
—
External Debt/GDP
• 295 •
Domestic Credit/GDP
Liquidity Ratio [9]
18.9
11.67
0.6
15.5
7.5
2,065.4
82.6
1266.2
18.6
42.7
100.0
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Central government
Bank discount rate
Dollarized economy
Egypt [1]
Caa1
Caa1
E
B3
Ba3
Caa2
Ba3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
81.4
67.3
1,209
4,304
10.2
3.2
3.2
17.0
14.3
11.4
-0.3
46.2
-0.30
78.8
68.6
1,149
4,514
16.2
4.1
8.1
16.9
15.6
25.7
17.9
57.8
-0.23
89.8
70.0
1,283
4,762
11.0
4.5
8.8
18.0
15.7
23.2
31.0
63.0
-0.39
107.4
71.3
1,506
5,157
14.7
6.8
4.2
18.7
17.1
24.4
26.5
61.5
-0.55
130.3
73.6
1,771
5,505
20.6
7.1
11.0
20.9
16.3
18.3
19.1
65.1
-0.45
162.4
75.2
2,160
5,901
20.2
7.2
11.7
22.4
16.8
33.2
37.6
71.7
-0.44
188.6
76.9
2,453
6,093
16.4
4.7
16.2
19.2
12.6
-13.4
-5.2
56.6
-0.34
218.5
78.7
2,776
6,344
15.8
5.1
11.7
19.5
14.3
-3.1
0.9
47.9
-0.43
235.6
80.4
2,930
6,455
13.6
1.8
11.1
17.1
13.0
3.0
9.4
45.3
-0.60
256.7
82.5
3,112
—
12.5
2.2
8.6
16.7
9.1
-2.1
9.0
44.8
—
245.7
84.2
2,920
—
11.5
2.0
8.2
15.7
8.6
5.3
0.6
47.9
—
268.8
85.8
3,131
—
17.2
3.3
13.7
14.1
8.5
9.6
3.4
46.5
—
26.2
35.2
-9.0
-3.3
67.19
97.1
370.7
21.8
28.1
25.6
33.9
-8.3
-2.6
70.23
89.6
349.8
22.2
24.7
24.8
33.2
-8.4
-2.9
86.85
93.2
375.2
22.4
22.1
28.6
37.8
-9.2
-3.5
97.03
90.4
316.1
19.8
20.4
27.7
35.3
-7.5
-2.4
104.97
80.2
289.3
18.7
19.2
28.0
36.0
-8.0
-3.4
118.06
70.2
250.6
16.5
19.0
27.7
34.6
-6.9
-2.7
136.01
72.9
263.3
15.2
19.5
25.1
33.4
-8.3
-3.1
155.44
73.2
291.1
20.5
17.6
22.0
31.8
-9.8
-4.2
176.44
76.6
348.0
25.3
16.1
22.6
33.4
-10.7
-4.7
205.47
80.5
356.1
26.8
15.1
25.8
38.8
-13.0
-6.6
202.16
85.2
330.4
24.8
15.0
27.1
37.1
-10.0
-3.5
223.41
86.8
320.2
24.1
14.9
• 296 •
Population (Mil.) [2]
GDP per capita (PPP basis, US$) [2]
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.03
-19.6
1.94
2.4
29.40
64.2
6.3
36.1
132.1
0.64
1.61
0.8
—
13.55
2.31
6.19
0.9
3.42
4.3
29.87
63.5
6.6
37.9
109.2
0.61
1.92
0.3
—
13.50
5.71
5.78
8.3
2.91
3.2
28.95
63.0
6.4
32.2
84.4
0.58
2.12
4.3
-26.2
17.95
7.54
5.75
3.4
1.75
1.6
29.59
63.7
5.5
27.6
71.4
0.59
2.45
5.6
-17.8
21.24
12.53
5.69
2.9
2.27
1.7
29.90
65.2
4.8
22.9
60.4
0.64
2.30
8.1
-10.0
26.85
21.68
5.32
12.9
0.89
0.5
33.89
63.9
7.4
20.9
51.4
0.77
1.83
7.5
-6.4
32.55
23.17
5.59
-0.8
-4.42
-2.3
31.53
81.9
6.7
16.7
55.1
0.74
2.38
3.6
-16.6
29.28
14.75
5.68
7.7
-4.32
-2.0
33.69
77.9
8.8
15.4
58.2
0.65
1.96
2.6
-15.8
31.61
16.22
5.96
0.0
-6.09
-2.6
34.91
77.6
7.9
14.8
56.3
0.64
2.14
0.5
-20.2
22.20
17.84
6.05
4.9
-7.93
-3.1
34.38
74.4
8.4
13.4
51.9
0.66
2.25
0.7
-22.6
10.91
13.46
7.25
—
-5.52
-2.2
37.88
72.5
9.5
15.4
54.8
0.69
2.32
1.0
—
8.89
—
7.83
—
-4.51
-1.7
41.84
73.7
10.0
15.6
57.6
0.80
2.56
1.5
—
9.51
—
13.2
7.70
19.0
98.9
5.2
221.2
9.2
27.9
13.9
33.3
26.8
89.0
13.6
7.60
9.2
97.4
4.8
161.3
7.9
30.3
13.4
28.4
23.6
70.1
13.5
5.90
6.3
90.3
4.6
139.4
7.3
24.0
14.2
33.3
24.2
65.3
18.3
6.10
4.9
78.5
4.3
111.3
5.9
18.5
22.8
41.9
23.7
52.2
15.7
6.50
4.6
68.3
4.4
104.1
3.9
12.2
33.5
56.1
21.4
48.5
8.4
6.50
20.0
70.4
5.1
107.7
5.5
15.0
35.6
68.4
20.7
62.7
10.4
6.30
9.7
66.7
5.1
106.6
4.5
14.0
42.6
74.1
17.9
54.5
10.0
6.60
16.4
68.3
7.6
157.2
4.5
16.1
36.3
56.5
18.7
68.2
8.4
7.70
19.0
72.6
16.6
315.2
4.4
22.5
28.6
176.3
18.5
105.9
—
—
—
—
—
426.1
4.4
47.9
—
—
—
—
—
—
—
—
—
440.0
4.6
69.3
—
—
—
—
• 297 •
16.9
8.50
10.6
96.6
4.7
216.9
10.1
29.1
17.3
34.9
26.1
102.5
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Annual average
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Deposit rate
Fiscal years ending June 30, e.g. 2006 refers to fiscal year 2005/06; Excludes total nonresident deposits over one year
El Salvador
Ba3
No Banks Rated
Ba1
—
Ba1
—
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
15.0
6.0
2,504
5,125
5.2
2.3
2.5
17.0
1.1
8.0
10.0
70.0
-0.34
15.8
6.0
2,620
5,348
5.0
1.9
5.4
16.2
-1.1
4.6
8.2
71.3
-0.27
17.1
6.1
2,825
5,702
8.2
3.6
4.3
16.1
-2.4
2.9
7.9
69.8
-0.32
18.6
6.1
3,054
6,092
8.5
3.9
4.9
16.8
-3.7
8.7
13.5
71.8
-0.20
20.1
6.1
3,295
6,481
8.4
3.8
4.9
16.3
-6.1
9.2
13.4
74.2
-0.19
21.4
6.1
3,496
6,678
6.6
1.3
5.5
15.2
-7.6
10.7
9.7
76.6
-0.16
20.7
6.2
3,354
6,521
-3.6
-3.1
-0.2
13.4
-2.0
-16.8
-25.0
61.9
-0.02
21.4
6.2
3,458
6,622
3.7
1.4
2.1
13.3
-3.6
15.9
14.8
68.8
0.01
23.1
6.2
3,709
6,831
7.8
2.0
5.1
14.4
-4.1
16.6
17.2
74.6
-0.11
23.8
6.3
3,801
—
3.0
1.6
0.8
14.2
-4.2
3.6
3.1
74.8
—
25.1
6.3
3,995
—
5.6
1.7
3.9
14.5
-4.3
8.4
9.6
77.3
—
26.5
6.3
4,195
—
5.5
2.0
3.5
14.7
-4.3
7.8
9.2
79.7
—
16.2
19.9
-3.7
-1.7
6.09
40.5
249.8
12.6
100.0
16.3
18.7
-2.4
-0.3
6.42
40.7
249.8
13.0
100.0
16.3
19.3
-3.0
-0.8
6.80
39.8
244.2
13.6
100.0
17.5
20.4
-2.9
-0.5
7.51
40.5
231.7
14.0
100.0
18.2
20.2
-2.0
0.6
7.87
39.1
215.1
13.9
100.0
18.7
21.9
-3.2
-0.8
8.65
40.4
215.4
12.9
100.0
17.3
23.0
-5.7
-3.1
10.40
50.3
290.1
14.8
100.0
18.5
22.8
-4.3
-1.9
11.08
51.7
278.9
12.8
100.0
19.1
23.0
-3.9
-1.7
12.00
52.0
272.0
11.7
100.0
19.8
23.2
-3.4
-1.2
13.60
57.2
288.7
11.4
100.0
19.9
23.2
-3.3
-1.0
14.42
57.4
288.6
11.3
100.0
20.0
23.0
-3.0
-0.7
15.22
57.4
287.2
11.3
100.0
• 298 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.00
—
-0.70
-4.7
8.60
54.8
19.5
57.2
133.5
0.29
0.77
0.8
-44.7
1.76
-0.60
1.00
—
-0.64
-4.1
8.87
53.9
20.1
56.1
125.8
0.41
0.77
2.3
-45.0
1.72
-0.68
1.00
—
-0.62
-3.6
9.54
52.2
19.2
55.8
124.0
0.45
0.78
2.3
-45.3
1.69
-0.54
1.00
—
-0.77
-4.1
10.37
54.9
12.4
55.9
120.8
0.57
2.52
1.4
-47.2
1.78
-0.42
1.00
—
-1.22
-6.1
10.12
53.8
13.0
50.4
108.3
0.54
2.04
7.2
-44.9
2.07
0.04
1.00
—
-1.53
-7.1
11.14
52.4
14.6
52.0
113.8
0.52
2.03
3.8
-44.2
2.40
-0.10
1.00
—
-0.31
-1.5
11.31
57.9
8.1
54.7
134.1
0.49
2.21
1.8
-48.9
2.61
0.38
1.00
—
-0.58
-2.7
11.03
62.0
7.6
51.5
118.7
0.48
1.51
0.5
-49.7
2.32
0.70
1.00
—
-1.07
-4.6
12.15
58.8
10.1
52.6
116.2
0.51
1.85
1.7
-53.3
1.90
0.30
1.00
—
-1.26
-5.3
13.54
53.5
12.0
56.9
123.9
0.51
1.93
2.2
-58.0
2.55
-0.06
1.00
—
-1.13
-4.5
13.55
58.1
11.0
53.9
114.4
0.50
1.90
2.3
—
2.68
—
1.00
—
-1.14
-4.3
14.24
57.0
11.2
53.7
111.5
0.50
1.88
2.2
—
2.87
—
2.4
3.34
4.4
51.3
3.6
517.1
16.7
139.4
299.8
286.2
100.0
262.8
2.6
3.44
9.8
52.1
3.8
565.2
15.9
149.2
271.7
326.0
100.0
260.0
11.7
4.39
5.3
50.5
4.0
583.2
35.9
257.9
52.1
107.0
100.0
289.8
17.6
4.71
9.1
50.9
4.0
489.0
27.6
187.4
43.8
97.2
100.0
297.9
0.1
4.21
3.6
49.4
3.5
463.1
26.0
161.6
47.7
151.5
100.0
262.9
1.2
4.48
-5.6
48.4
3.2
432.9
32.0
159.4
73.0
111.5
100.0
268.3
4.3
2.87
1.7
47.5
3.8
475.8
21.4
92.7
80.1
122.8
100.0
301.2
-2.5
1.76
6.3
46.9
4.5
639.1
22.5
116.0
73.5
137.1
100.0
386.2
3.2
2.52
-2.9
44.2
3.5
530.1
22.3
165.6
77.8
136.0
100.0
312.1
—
—
—
—
—
504.8
20.3
137.9
—
—
—
—
—
—
—
—
—
495.5
18.6
125.6
—
—
—
—
External Debt/GDP
• 299 •
Domestic Credit/GDP
0.5
3.37
10.1
51.6
3.4
490.1
16.4
151.0
296.7
315.6
100.0
260.6
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Deposit rate (foreign currency)
Dollarized economy
Estonia
Lead Analyst: Alpona Banerji
A1
A1
No Banks Rated
Free Floating (EMU)
Aa2
Aa2
Aa2
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
9.9
1.4
7,285
13,400
12.1
7.8
1.1
10.0
33.1
25.7
30.9
31.4
7.7
11.2
-7.5
145.9
0.93
12.0
1.3
8,925
14,773
11.1
6.3
5.0
9.6
33.1
26.0
29.0
27.6
14.5
14.7
-7.1
153.2
0.97
13.9
1.3
10,340
16,548
15.5
8.9
3.6
7.9
33.8
27.3
22.9
21.5
18.6
18.9
-6.5
161.9
0.99
16.8
1.3
12,515
19,138
19.8
10.1
5.1
6.0
38.7
28.5
13.0
19.0
6.1
13.9
-10.2
155.6
1.17
22.0
1.3
16,416
21,583
20.0
7.5
9.6
4.7
38.6
29.4
20.9
20.5
3.7
6.3
-9.2
143.4
1.07
23.9
1.3
17,808
22,065
1.0
-4.2
7.0
5.6
30.0
25.9
14.8
6.7
1.0
-7.0
-4.0
146.1
1.19
19.2
1.3
14,306
19,470
-15.2
-14.1
-1.7
13.8
18.5
23.5
-26.5
-36.6
-20.6
-32.0
5.8
124.4
1.13
19.0
1.3
14,180
20,092
4.1
3.3
5.7
16.9
20.3
26.8
21.0
21.5
22.9
21.0
6.7
152.1
1.22
22.2
1.3
16,568
21,997
11.4
8.3
3.7
12.5
24.8
29.4
34.6
40.7
23.4
25.0
3.9
179.1
1.20
21.9
1.3
16,308
—
6.6
3.2
3.5
10.2
27.6
28.6
-0.5
3.4
5.6
9.1
0.5
184.4
—
23.9
1.3
17,851
—
6.6
3.0
3.2
9.7
28.4
28.6
8.4
8.8
4.5
5.1
0.1
183.0
—
24.6
1.3
18,340
—
7.1
4.0
3.3
9.0
29.0
29.3
3.5
3.3
6.0
5.9
0.3
184.2
—
36.5
34.8
1.7
1.9
0.62
5.6
15.4
0.6
35.6
34.0
1.6
1.9
0.66
5.0
14.1
0.6
35.2
33.6
1.6
1.8
0.60
4.6
13.0
0.5
36.1
33.6
2.5
2.6
0.78
4.4
12.2
0.5
36.4
34.0
2.4
2.6
0.87
3.7
10.1
0.5
36.7
39.7
-2.9
-2.7
1.03
4.5
12.4
0.6
43.5
45.5
-2.0
-1.8
1.43
7.2
16.6
0.5
40.9
40.7
0.2
0.3
1.28
6.7
16.4
0.3
39.5
38.3
1.2
1.3
1.29
6.2
15.8
0.3
40.2
40.5
-0.3
-0.1
2.27
10.1
25.2
0.4
39.3
39.6
-0.3
-0.1
2.40
10.2
26.0
0.4
37.8
37.6
0.2
0.4
2.34
9.6
25.4
0.4
12.41
4.1
94.0
-1.11
-11.3
7.9
-65.9
1.37
11.47
2.4
97.7
-1.36
-11.3
5.7
-86.5
1.79
13.22
1.0
100.0
-1.39
-10.0
15.7
-85.2
1.94
11.88
1.6
106.1
-2.58
-15.3
4.1
-73.9
2.78
10.64
4.2
119.6
-3.51
-15.9
4.4
-72.1
3.26
11.10
6.1
132.4
-2.19
-9.2
2.6
-76.7
3.96
10.86
1.6
132.0
0.66
3.4
1.5
-81.9
3.87
11.71
-2.8
117.4
0.56
2.9
7.7
-72.8
2.46
0.77
1.3
112.8
0.47
2.1
7.7
-57.8
0.10
0.76
-0.3
112.2
-0.26
-1.2
2.7
-53.0
0.18
0.77
—
—
-0.29
-1.2
2.7
—
0.09
0.80
—
—
-0.33
-1.3
2.7
—
0.09
• 300 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
[4]
Fiji
Lead Analyst: Christian de Guzman
B1
B1
No Banks Rated
Conventional Peg
Ba3
Ba2
B2
Ba2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.3
0.8
2,834
3,863
9.0
0.8
4.2
21.9
19.6
25.8
34.1
119.1
-0.22
2.7
0.8
3,330
4,173
7.7
5.4
3.3
23.3
14.0
8.7
21.3
116.7
-0.43
3.0
0.8
3,655
4,323
7.6
-1.3
2.7
24.0
13.9
12.9
10.8
118.3
-0.11
3.1
0.8
3,747
4,515
5.6
1.9
3.1
24.1
4.7
-3.2
9.8
119.2
-0.13
3.4
0.8
4,077
4,567
2.1
-0.9
4.3
21.1
6.8
6.2
0.1
111.5
-0.45
3.6
0.8
4,303
4,669
5.5
1.0
6.6
23.5
5.5
17.0
22.8
125.8
-0.76
2.9
0.9
3,432
4,623
-1.1
-1.3
6.8
21.0
12.9
-28.8
-34.1
106.4
-0.92
3.2
0.9
3,747
4,602
8.1
0.1
5.0
17.0
4.1
23.1
20.9
117.6
-0.73
3.8
0.9
4,322
4,757
8.8
1.9
7.7
16.0
9.0
25.6
14.2
120.4
-0.71
4.0
0.9
4,567
—
6.4
2.5
1.5
18.0
10.5
4.7
3.0
117.3
—
4.2
0.9
4,793
—
5.5
2.7
4.0
20.0
10.4
3.2
2.0
113.6
—
4.6
0.9
5,102
—
6.3
2.2
4.0
20.0
11.4
5.8
8.8
113.6
—
24.3
33.0
-5.8
-3.3
1.24
48.6
200.0
10.5
8.0
24.9
31.3
-3.1
-0.6
1.39
48.2
193.8
10.1
7.3
24.0
31.2
-3.3
-0.9
1.39
47.7
198.3
10.3
6.8
26.1
32.6
-2.9
-0.3
1.73
53.5
205.0
10.1
14.6
25.4
31.5
-2.1
1.2
1.76
49.9
196.6
12.9
14.5
25.1
29.0
0.5
3.4
1.64
49.9
198.5
11.6
16.5
24.7
33.4
-4.1
-0.7
1.62
54.8
221.9
13.6
16.8
24.9
30.7
-2.1
1.4
1.86
54.7
220.0
14.2
16.2
26.8
35.7
-1.4
2.4
1.96
53.0
197.7
14.3
23.2
27.4
33.3
-1.6
2.0
2.03
50.5
184.7
13.4
24.4
27.9
33.2
-2.9
0.6
2.17
51.0
183.0
12.7
23.4
28.0
34.1
-3.1
0.2
2.35
51.1
182.6
12.0
21.9
• 301 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Fiji (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.72
6.8
-0.05
-2.3
0.27
38.1
0.1
11.7
17.2
0.00
0.02
1.6
—
0.39
0.13
1.64
2.0
-0.25
-9.3
0.28
39.6
19.0
10.3
16.2
0.00
0.02
9.1
—
0.45
0.07
1.74
0.2
-0.30
-10.1
0.29
39.5
0.1
9.5
15.3
0.00
0.01
4.8
—
0.29
0.03
1.66
-2.3
-0.60
-19.4
0.45
59.2
2.6
14.7
24.7
0.00
0.02
13.3
—
0.28
0.01
1.55
1.7
-0.48
-14.2
0.47
58.3
4.8
13.8
24.7
0.03
0.03
10.1
—
0.49
0.02
1.76
2.8
-0.65
-18.0
0.45
63.8
4.3
12.4
20.7
0.04
0.03
8.8
—
0.29
0.01
1.93
-11.5
-0.24
-8.1
0.43
66.8
16.3
14.7
26.5
0.04
0.04
1.8
—
0.44
-0.03
1.82
-2.8
-0.42
-12.9
0.49
72.8
12.6
15.1
25.2
0.04
0.04
5.9
—
0.62
-0.02
1.82
4.7
-0.26
-7.0
0.57
89.8
10.6
15.1
23.0
0.02
0.23
4.9
—
0.73
0.02
1.79
4.6
-0.30
-7.5
0.59
91.4
12.8
14.6
23.1
0.07
0.13
4.8
—
0.89
0.00
1.78
—
-0.41
-9.6
0.59
91.9
8.4
14.0
22.7
0.07
0.11
4.9
—
0.90
—
1.75
—
-0.39
-8.6
0.61
92.1
8.2
13.4
22.2
0.06
0.10
5.0
—
0.92
—
10.3
1.75
20.4
52.5
3.2
62.4
1.2
5.3
21.4
27.5
—
—
13.8
2.25
27.0
62.0
5.4
98.4
1.0
15.9
49.8
53.0
—
—
20.1
4.25
21.2
71.1
7.0
162.1
0.9
5.5
5.6
91.2
—
—
9.2
4.25
-0.1
69.6
4.7
95.1
3.4
27.0
11.3
136.9
—
—
-5.4
4.25
4.0
68.7
6.7
156.8
3.2
18.7
9.7
58.3
—
—
7.4
4.25
6.5
74.0
4.3
97.9
5.0
34.9
34.3
197.7
—
—
4.2
2.50
-1.0
67.8
3.4
79.0
4.3
35.0
29.4
148.0
—
—
14.8
1.00
0.0
62.3
3.3
77.7
10.5
51.9
63.0
34.3
—
—
6.3
1.00
3.1
60.4
2.9
66.0
8.0
57.2
7.1
123.9
—
—
—
—
—
—
—
65.9
6.9
28.7
—
—
—
—
—
—
—
—
—
66.5
5.8
23.2
—
—
—
—
External Debt/GDP
• 302 •
Domestic Credit/GDP
24.7
1.19
26.3
47.0
3.2
69.0
1.3
6.5
28.4
20.4
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Gross expenditures including amortization
Finland
Aaa
Aaa
C
Free Floating (EMU)
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
164.5
5.2
31,553
27,627
1.3
2.0
1.2
9.0
19.4
26.2
15.8
23.5
-1.9
3.2
6.8
70.6
2.26
189.2
5.2
36,190
29,862
4.6
4.1
0.1
8.8
20.0
26.5
18.5
20.3
8.2
7.4
6.5
73.2
2.21
195.8
5.2
37,330
30,708
3.4
2.9
1.1
8.4
21.9
25.9
8.4
17.0
7.0
11.4
4.1
79.5
2.16
208.0
5.3
39,496
33,097
5.3
4.4
1.2
7.7
21.3
26.0
15.7
15.0
12.2
7.9
4.7
86.3
2.12
246.3
5.3
46,571
36,148
8.5
5.3
1.9
6.9
22.9
28.0
19.2
18.2
8.2
7.0
5.1
86.6
1.96
272.8
5.3
51,345
38,080
3.2
0.3
3.4
6.4
22.3
26.0
13.3
17.3
5.8
7.5
3.8
90.0
2.04
239.9
5.3
44,939
35,541
-7.2
-8.5
1.8
8.2
18.6
20.1
-29.9
-27.1
-21.3
-17.2
1.6
73.1
2.23
237.1
5.4
44,204
36,030
3.8
3.3
2.8
8.4
18.6
19.7
6.6
7.9
7.5
6.9
1.3
79.3
2.24
263.6
5.4
48,912
37,455
6.0
2.8
2.6
7.8
20.9
20.2
12.5
18.3
2.8
6.0
-0.7
82.3
2.25
250.0
5.4
46,184
—
2.7
-0.2
3.5
7.7
18.8
18.9
-7.6
-7.9
-1.4
-3.7
-0.6
80.1
—
264.0
5.4
48,548
—
2.9
0.4
2.5
8.2
18.4
17.8
5.0
4.7
0.7
0.6
-0.6
79.5
—
263.0
5.5
48,133
—
3.8
1.6
2.2
8.1
17.9
17.8
1.4
0.8
3.8
3.3
-0.1
80.7
—
52.8
50.3
2.5
4.4
81.81
44.5
84.3
3.6
52.5
50.3
2.3
4.0
92.06
44.4
84.6
3.4
53.1
50.4
2.7
4.4
77.45
41.7
78.6
3.2
53.3
49.2
4.1
5.6
86.52
39.7
74.4
2.9
52.8
47.4
5.3
6.8
93.07
35.2
66.7
2.8
53.6
49.3
4.3
5.8
87.70
34.0
63.4
2.7
53.4
56.2
-2.7
-1.3
108.04
43.6
81.5
2.6
53.0
55.8
-2.8
-1.4
116.21
48.7
91.8
2.6
53.9
55.1
-1.1
0.3
120.14
49.0
90.9
2.6
53.7
56.0
-2.3
-0.8
136.07
53.0
98.7
2.7
54.4
56.6
-2.2
-0.9
146.41
56.3
103.5
2.4
54.8
56.4
-1.6
-0.3
149.36
57.3
104.6
2.4
0.79
4.8
100.4
7.95
4.8
3.4
-26.5
9.54
0.73
0.0
100.8
11.74
6.2
2.1
-10.0
11.43
0.85
-2.3
100.0
6.57
3.4
0.3
-15.3
10.08
0.76
-1.1
97.3
8.65
4.2
1.4
-13.8
6.13
0.68
1.7
95.7
10.51
4.3
2.1
-27.9
6.69
0.72
2.2
98.2
7.14
2.6
-3.8
-7.0
6.49
0.69
1.1
105.1
4.21
1.8
-2.1
3.4
7.40
0.75
-5.4
97.7
3.55
1.5
-1.2
17.1
4.92
0.77
0.0
97.0
-4.03
-1.5
-0.8
15.7
5.31
0.76
-2.9
94.2
-4.63
-1.9
-2.5
11.5
5.70
0.77
—
—
-4.49
-1.7
-1.7
—
6.00
0.80
—
—
-4.73
-1.8
-1.6
—
6.30
• 303 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
[4]
France
Lead Analyst: Dietmar Hornung
Aa1
Aa1
D+
Free Floating (EMU)
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1,795.8
62.2
28,851
27,204
2.9
0.9
2.2
8.9
18.5
19.4
16.0
18.6
-1.3
0.8
0.9
50.9
1.72
2,058.4
62.7
32,829
28,090
4.3
2.5
2.1
9.3
19.2
19.6
15.7
17.9
4.8
5.9
0.4
51.9
1.81
2,138.6
63.2
33,851
29,453
3.8
1.8
1.5
9.3
20.0
19.3
4.8
9.0
2.9
5.6
-0.6
53.4
1.71
2,257.8
63.6
35,490
31,274
4.7
2.5
1.5
9.2
20.9
19.8
8.2
9.8
5.2
5.1
-1.0
55.1
1.58
2,586.1
64.0
40,400
33,007
4.9
2.3
2.6
8.4
22.0
20.4
13.8
15.9
2.3
5.5
-1.5
55.3
1.48
2,842.9
64.4
44,165
34,041
2.5
-0.1
1.0
7.8
21.9
19.8
10.3
12.4
-0.3
0.9
-2.1
56.0
1.58
2,627.4
64.7
40,596
33,657
-2.5
-3.1
0.9
9.5
18.9
17.1
-19.9
-19.9
-12.1
-9.6
-1.8
48.6
1.48
2,570.4
65.1
39,498
34,262
2.7
1.7
1.8
9.7
19.3
17.1
7.0
7.7
9.6
8.9
-2.2
53.3
1.44
2,778.7
65.4
42,465
35,247
3.1
1.7
2.5
9.6
20.6
17.8
14.0
16.0
5.3
4.9
-2.8
56.7
1.36
2,607.5
65.8
39,632
—
1.6
0.0
1.3
10.2
19.7
17.6
-2.4
-5.1
2.5
-0.3
-2.1
58.1
—
2,703.8
66.2
40,872
—
1.0
-0.4
1.2
11.0
19.2
17.2
5.3
5.0
1.2
0.6
-2.0
58.9
—
2,650.8
66.5
39,853
—
2.2
0.5
1.3
11.2
19.3
17.0
1.4
2.1
4.8
4.8
-2.3
61.2
—
• 304 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
49.3
49.6
50.6
50.6
49.9
49.9
49.2
49.5
50.7
51.9
53.6
53.5
53.4
53.3
53.6
53.0
52.6
53.3
56.8
56.6
56.0
56.8
57.6
57.0
-4.1
-3.6
-3.0
-2.4
-2.8
-3.3
-7.6
-7.1
-5.3
-4.9
-4.0
-3.5
-1.2
-0.8
-0.3
0.2
0.0
-0.4
-5.1
-4.7
-2.7
-2.3
-1.5
-0.9
1,267.23 1,466.89 1,351.17 1,514.47 1,783.54 1,835.10 2,151.37 2,131.21 2,221.48 2,419.53 2,518.23 2,557.56
63.2
65.0
66.7
64.0
64.2
68.2
79.2
82.3
86.0
90.4
94.6
97.3
128.1
131.0
131.7
126.4
128.8
136.6
160.9
166.4
169.5
174.3
176.5
181.9
5.8
5.6
5.3
5.1
5.4
5.9
4.9
4.9
5.2
5.0
4.7
4.8
0.79
5.3
99.0
7.93
0.4
-0.6
0.6
23.12
0.73
1.8
100.7
11.12
0.5
-1.2
-1.0
29.08
0.85
-0.6
100.0
-10.37
-0.5
-1.4
1.1
24.00
0.76
-0.4
100.0
-12.99
-0.6
-1.7
1.1
40.29
0.68
0.7
100.8
-25.92
-1.0
-2.6
-1.5
43.59
Notes:
[1]
[2]
[3]
[4]
Excludes SFEF
0.72
1.3
101.3
-49.58
-1.7
-3.2
-12.9
30.38
0.69
0.2
101.9
-35.03
-1.3
-3.2
-9.4
27.73
0.75
-3.0
99.2
-40.03
-1.6
-1.8
-7.8
36.21
0.77
-0.6
99.3
-54.18
-2.0
-1.8
-15.9
26.15
0.76
-3.1
96.6
-60.08
-2.3
0.1
—
30.35
0.77
—
—
-46.27
-1.7
-1.1
—
31.23
0.80
—
—
-49.46
-1.9
-0.9
—
29.56
Georgia
Ba3
Ba3
DFloating
Ba1
Baa3
B1
Baa3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.0
4.3
922
2,952
14.9
11.1
7.1
31.3
17.9
28.0
28.7
78.3
-0.50
5.1
4.3
1,187
3,220
14.7
5.9
7.5
31.9
12.7
27.3
33.3
79.7
-0.49
6.4
4.4
1,470
3,611
18.3
9.6
6.1
33.5
15.7
33.8
33.9
85.3
-0.42
7.7
4.4
1,761
4,043
18.7
9.4
8.8
30.9
5.9
17.7
33.6
89.9
-0.18
10.2
4.4
2,318
4,684
23.2
12.3
11.0
32.1
7.4
24.7
33.5
89.2
0.10
12.8
4.4
2,919
4,903
12.2
2.3
5.6
26.0
-2.7
15.4
26.8
87.0
0.28
10.8
4.4
2,441
4,751
-5.7
-3.8
3.0
13.0
-6.1
-12.6
-29.5
78.7
0.27
11.6
4.5
2,614
5,036
15.3
6.3
11.2
21.6
4.1
27.0
16.6
87.7
0.29
14.4
4.5
3,218
5,465
17.4
7.2
2.0
26.2
7.8
28.6
28.7
91.0
0.55
15.8
4.5
3,528
—
7.4
6.5
-1.4
29.0
10.1
16.3
15.7
96.2
—
16.8
4.5
3,741
—
9.4
6.3
3.5
27.1
10.9
4.3
-0.3
92.2
—
18.6
4.5
4,144
—
10.8
7.0
4.4
26.5
12.8
7.8
3.4
87.5
—
16.0
17.8
-1.8
0.1
2.22
53.8
336.9
12.3
—
23.1
23.4
-0.3
1.2
2.36
43.8
43.8
6.2
—
24.2
26.8
-2.6
-1.6
2.27
35.1
145.0
4.3
79.2
26.8
30.2
-3.4
-2.6
1.85
23.0
86.0
2.8
78.5
29.3
34.1
-4.8
-4.2
2.04
19.1
65.2
2.0
78.1
30.7
36.9
-6.2
-5.6
2.69
23.5
76.5
2.1
85.1
29.3
38.4
-9.2
-8.2
3.29
30.9
105.4
3.3
85.0
28.3
34.9
-6.6
-5.6
3.93
33.6
118.6
3.5
85.7
28.2
31.8
-3.6
-2.4
4.33
29.7
105.2
4.2
85.6
28.8
31.8
-3.0
-1.6
5.14
32.6
112.9
4.6
85.8
27.8
30.6
-2.9
-1.6
5.53
32.6
117.4
4.4
85.3
27.6
29.8
-2.2
-1.2
5.91
33.6
121.8
3.8
83.8
• 305 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Georgia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.08
-6.8
-0.39
-9.8
1.75
100.0
—
43.9
104.7
0.06
0.18
8.3
-78.2
0.19
0.02
1.82
6.6
-0.43
-8.4
1.76
100.0
—
34.4
77.0
0.06
0.21
9.4
-68.4
0.38
0.03
1.79
5.1
-0.77
-12.0
1.65
100.0
—
25.7
58.9
0.07
0.25
8.5
-62.8
0.48
-0.15
1.71
5.8
-1.26
-16.2
3.80
45.7
14.6
49.1
111.8
0.07
0.28
15.3
-66.9
0.93
-0.34
1.59
3.7
-2.12
-20.9
5.79
31.8
12.2
56.9
134.0
0.20
0.34
16.5
-69.7
1.35
-0.86
1.67
14.9
-3.15
-24.6
7.65
33.3
13.5
59.8
150.2
0.34
0.39
11.1
-75.1
1.47
-1.14
1.69
-1.4
-1.25
-11.6
8.81
41.5
10.7
81.8
190.5
0.32
0.69
6.3
-99.3
1.89
-0.90
1.77
-4.6
-1.33
-11.4
10.07
41.9
10.9
86.6
177.7
0.34
0.51
5.9
-99.9
2.04
-0.71
1.67
9.3
-1.80
-12.4
11.54
39.1
14.1
79.9
158.1
0.45
0.59
5.7
-93.0
2.59
-1.47
1.66
1.7
-1.95
-12.3
13.36
36.1
14.9
84.4
176.6
0.67
0.74
6.1
-86.6
2.69
-1.70
1.68
—
-1.70
-10.1
13.98
34.5
13.6
83.3
174.9
0.69
0.79
6.1
—
2.49
—
1.80
—
-1.56
-8.4
14.61
33.8
11.6
78.6
182.6
0.73
0.67
5.6
—
2.30
—
40.4
6.44
8.6
18.9
1.3
469.2
11.9
—
22.3
88.5
73.9
69.0
33.4
9.30
34.0
21.5
1.4
345.6
11.6
—
17.6
64.6
70.0
74.7
61.0
10.14
31.3
23.7
1.2
408.7
10.3
—
19.8
63.0
67.2
66.8
49.4
12.03
61.2
31.1
1.4
430.1
12.4
96.0
21.6
41.2
62.3
64.3
13.3
8.00
18.0
32.7
1.4
521.4
14.4
81.6
28.6
45.1
72.6
66.7
5.8
5.00
-5.0
32.9
1.1
465.8
21.8
117.5
39.4
33.4
68.8
58.0
36.6
7.50
16.2
33.2
1.3
493.5
15.0
77.1
64.0
26.2
67.1
62.6
17.3
6.75
20.7
34.1
1.3
444.5
14.3
82.5
17.7
107.7
58.6
63.0
12.3
5.25
10.1
35.0
1.4
496.1
18.6
91.2
33.4
65.6
60.4
—
—
—
—
—
—
561.6
18.6
103.1
—
—
—
—
—
—
—
—
—
634.8
17.5
103.3
—
—
—
—
• 306 •
Domestic Credit/GDP
30.9
9.94
14.5
20.0
1.6
916.9
14.6
—
12.2
99.5
86.4
87.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
Deposit rate prior to 2008
Germany
Lead Analyst: Thorsten Nestmann
Aaa
Aaa
CFree Floating (EMU)
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2,428.6
82.5
29,425
28,360
0.7
-0.4
1.1
9.8
17.9
21.8
20.7
23.0
2.5
5.5
3.9
67.5
1.40
2,730.0
82.5
33,084
29,679
2.2
1.2
2.2
10.5
17.6
22.7
21.3
18.4
10.7
8.2
5.0
72.1
1.53
2,768.9
82.5
33,575
31,115
1.3
0.7
1.4
11.3
17.3
22.5
8.7
9.3
7.7
6.2
5.2
77.4
1.54
2,905.5
82.4
35,271
33,503
4.0
3.7
1.4
10.2
18.1
23.8
15.6
15.9
13.1
11.8
5.6
85.4
1.65
3,328.6
82.3
40,461
35,538
5.0
3.3
3.2
8.7
19.3
26.3
18.7
15.3
8.0
5.4
7.0
87.3
1.66
3,637.9
82.1
44,306
37,119
1.9
1.1
1.1
7.5
19.3
25.6
11.6
13.9
2.8
3.4
6.3
90.0
1.55
3,308.3
81.9
40,393
35,631
-4.0
-5.1
0.7
7.8
16.5
21.4
-19.9
-18.6
-12.8
-8.0
4.9
79.9
1.57
3,312.0
81.8
40,500
37,652
5.1
4.2
1.3
7.1
17.5
23.1
11.0
10.7
13.7
11.1
5.6
88.4
1.55
3,608.1
81.8
44,111
39,456
3.9
3.0
2.0
6.0
18.3
23.3
16.3
18.6
7.8
7.4
5.1
95.3
1.53
3,399.0
81.7
41,607
—
2.0
0.7
2.1
5.5
17.2
23.0
-3.2
-4.3
3.7
1.8
5.7
97.3
—
3,556.4
81.6
43,570
—
1.9
0.4
1.5
5.5
17.2
22.6
7.4
8.5
3.1
4.2
5.4
100.4
—
3,517.3
81.6
43,118
—
3.1
1.5
1.6
5.5
17.4
23.0
2.6
2.7
5.4
5.5
5.6
104.2
—
• 307 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
44.3
43.3
43.6
43.7
43.7
44.0
45.1
43.6
44.5
45.2
45.0
45.0
48.5
47.1
46.9
45.3
43.5
44.1
48.2
47.7
45.3
45.0
45.4
44.5
-4.2
-3.8
-3.3
-1.7
0.2
-0.1
-3.1
-4.1
-0.8
0.2
-0.4
0.5
-1.1
-0.9
-0.5
1.2
3.0
2.7
-0.4
-1.6
1.8
2.6
2.0
2.5
1,747.70 1,980.65 1,798.81 2,072.72 2,331.31 2,299.45 2,548.31 2,747.35 2,698.02 2,856.97 2,819.76 2,701.84
64.4
66.2
68.5
68.0
65.2
66.8
74.5
82.4
80.4
81.9
80.5
77.5
145.4
152.9
157.3
155.7
149.1
151.8
165.1
189.1
180.6
181.2
178.9
172.2
6.8
6.6
6.5
6.5
6.4
6.3
5.9
5.8
5.7
5.3
5.3
4.4
0.79
5.2
104.8
45.83
1.9
1.1
6.6
41.10
0.73
1.6
105.1
127.28
4.7
-1.1
10.7
39.90
0.85
-1.8
100.0
140.15
5.1
-1.0
21.0
39.76
0.76
-0.7
95.4
181.74
6.3
-2.2
27.9
37.72
0.68
1.7
93.2
247.97
7.4
-2.7
26.5
40.77
Notes:
[1]
[2]
[3]
0.72
0.5
92.6
225.93
6.2
-1.8
25.4
38.56
0.69
0.7
96.0
197.20
6.0
-1.4
33.8
36.93
0.75
-4.9
90.8
206.97
6.2
-1.9
34.9
37.36
0.77
-0.6
90.2
224.34
6.2
-0.1
32.6
38.08
0.76
-3.6
88.2
237.93
7.0
-1.0
40.5
37.96
0.77
—
—
224.05
6.3
-0.6
—
38.31
0.80
—
—
214.56
6.1
-0.8
—
38.64
Ghana
B1
B1
E+
Floating
Ba2
Ba2
B2
Ba2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.2
20.6
543
1,632
29.0
5.1
31.0
23.0
7.0
18.1
27.8
97.4
-0.19
14.6
21.1
690
1,928
35.1
5.3
16.1
28.4
7.4
12.6
24.0
99.6
-0.16
17.4
21.6
805
2,030
20.5
6.0
13.6
29.0
3.8
12.2
23.5
98.2
-0.16
20.4
22.2
921
2,168
18.6
6.1
10.7
21.6
6.1
31.2
25.6
65.9
0.07
24.8
22.7
1,090
2,316
23.8
4.5
12.8
20.1
6.6
18.1
21.6
65.4
0.05
28.5
23.3
1,226
2,503
30.3
9.3
18.3
21.5
3.5
17.6
25.5
69.5
0.00
26.0
23.8
1,090
2,560
21.3
5.8
16.2
20.7
10.8
6.6
-13.4
71.6
-0.04
32.2
24.4
1,319
2,733
25.8
7.9
8.8
25.7
11.8
24.7
34.4
75.4
-0.04
39.6
25.0
1,585
3,113
29.9
14.0
8.8
24.3
10.5
54.1
33.1
86.6
-0.03
40.8
25.6
1,595
—
22.4
7.2
8.9
25.9
10.8
15.3
11.1
94.9
—
46.3
26.2
1,770
—
21.5
7.8
8.4
25.6
11.1
26.3
27.2
105.9
—
52.6
26.8
1,964
—
20.1
8.0
8.2
24.1
12.9
27.7
18.2
114.1
—
17.0
20.4
-3.4
0.9
9.07
82.8
486.6
24.8
83.3
17.5
20.5
-3.0
-0.4
8.31
57.4
327.8
15.1
77.8
16.7
19.5
-2.8
-0.6
8.32
48.2
288.6
13.4
76.1
17.1
21.8
-4.7
-2.6
5.31
26.2
153.6
12.3
41.8
17.5
23.1
-5.6
-3.7
7.41
31.0
177.4
10.9
48.4
18.6
29.9
-11.3
-9.0
8.35
33.6
180.3
12.1
50.5
18.5
24.2
-5.6
-2.8
9.34
36.2
195.7
15.2
54.0
19.1
25.7
-6.5
-3.4
11.87
38.0
198.6
16.3
52.7
21.5
25.5
-4.0
-1.3
15.45
40.1
186.4
12.5
50.6
22.8
34.7
-11.9
-8.6
17.84
45.8
201.2
14.6
44.7
24.2
34.2
-10.0
-6.4
22.27
48.1
198.5
14.8
46.5
25.9
34.1
-8.2
-4.5
26.34
50.1
193.0
14.2
47.2
• 308 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.88
0.3
0.28
2.5
7.89
9.3
83.8
70.6
176.7
0.09
0.37
0.9
—
1.31
0.19
0.90
-1.4
-0.32
-2.2
7.44
9.9
82.5
51.1
147.9
0.10
0.16
1.0
—
1.61
0.26
0.91
9.3
-0.77
-4.4
7.18
8.6
84.4
41.2
125.0
0.11
0.19
0.8
—
1.75
0.29
0.92
5.3
-1.04
-5.1
3.69
31.6
61.5
18.1
49.6
0.10
0.19
3.1
—
2.09
0.32
0.97
-0.7
-2.12
-8.6
5.11
25.1
69.7
20.7
62.5
0.10
0.13
3.5
—
1.98
0.06
1.21
-4.8
-3.54
-12.4
5.69
23.6
71.8
19.9
60.7
0.16
0.14
7.4
—
1.77
0.21
1.42
-8.0
-1.60
-6.2
7.19
18.5
70.0
27.7
73.5
0.14
0.14
6.5
—
2.93
0.31
1.47
6.6
-2.65
-8.2
9.32
24.3
65.7
29.0
78.5
0.22
0.15
7.9
—
4.31
0.15
1.55
-5.0
-3.68
-9.3
11.29
24.7
65.6
28.5
65.4
0.13
0.20
8.1
—
5.05
0.53
1.88
-6.4
-5.12
-12.6
12.24
24.7
67.6
30.0
76.3
0.28
0.30
9.2
—
4.20
0.84
1.98
—
-5.57
-12.0
14.52
22.4
68.9
31.3
82.2
0.20
0.80
8.3
—
3.75
—
2.08
—
-5.90
-11.2
16.86
25.0
69.7
32.0
86.8
0.20
0.40
7.5
—
3.45
—
32.7
18.50
41.0
19.2
1.3
463.4
4.9
68.1
46.1
99.3
29.3
32.5
23.1
15.50
19.5
19.0
1.5
410.0
5.3
57.9
53.4
91.8
29.2
34.8
43.6
12.50
31.6
21.1
1.7
176.7
3.9
45.7
68.2
109.2
28.1
37.9
39.6
13.50
34.1
22.9
2.4
257.8
2.9
62.3
86.9
177.0
22.3
39.7
42.4
17.00
59.1
27.9
3.1
321.6
3.2
71.6
104.4
176.2
28.4
63.1
24.6
18.00
24.7
28.7
2.0
245.4
2.8
83.8
114.5
229.0
32.7
51.7
29.7
13.50
24.4
28.4
1.7
216.0
3.1
50.6
106.9
210.0
25.4
37.9
35.5
12.50
25.8
27.5
1.9
223.4
1.9
57.1
126.5
215.6
27.4
43.6
26.4
15.00
47.6
33.1
2.3
291.1
3.6
61.1
67.6
132.2
31.7
53.5
—
—
—
—
—
387.5
5.7
90.9
—
—
—
—
—
—
—
—
—
489.0
3.1
97.4
—
—
—
—
• 309 •
Domestic Credit/GDP
18.4
21.50
5.4
18.4
1.2
604.4
9.9
178.2
47.8
100.7
30.8
35.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Approximated by public sector external debt
Greece
C
C
E
Free Floating (EMU)
Caa2
Caa2
Caa2
Caa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
195.0
11.0
17,690
22,506
10.1
5.9
3.1
9.8
24.5
12.2
25.1
22.8
2.9
3.0
-12.3
52.3
0.75
230.3
11.1
20,824
23,861
7.4
4.4
3.1
10.5
22.5
12.4
31.9
18.6
17.3
5.7
-10.1
54.8
0.83
240.3
11.1
21,641
24,348
4.2
2.3
3.6
9.9
21.4
12.1
8.3
4.6
2.5
-1.5
-9.3
55.7
0.72
262.0
11.1
23,497
26,733
8.1
5.5
2.9
8.9
24.6
13.2
8.7
16.0
4.3
11.1
-11.4
57.7
0.72
305.9
11.2
27,328
27,743
7.0
3.5
3.9
8.3
26.7
12.6
20.0
28.0
7.1
14.5
-14.1
61.7
0.62
342.9
11.2
30,518
29,604
4.5
-0.2
2.0
7.7
24.0
9.5
13.7
14.2
1.7
0.9
-14.5
62.7
0.64
322.0
11.3
28,535
29,201
-0.9
-3.1
2.6
9.5
18.6
7.1
-25.1
-25.3
-19.4
-20.2
-11.5
50.0
0.58
294.8
11.3
26,049
27,520
-3.9
-4.9
5.2
12.6
17.5
8.3
5.7
-6.1
5.2
-6.2
-9.3
53.8
0.52
290.2
11.3
25,682
25,858
-6.1
-7.1
2.4
17.7
16.1
8.0
10.9
3.5
0.3
-7.3
-8.1
58.2
0.48
249.1
11.3
21,963
—
-7.1
-6.4
0.8
24.3
13.6
8.6
-7.5
-17.1
-2.4
-13.8
-5.0
59.0
—
240.1
11.3
21,173
—
-6.1
-5.3
-0.6
27.0
13.9
8.6
2.1
-7.1
2.7
-6.5
-4.7
66.2
—
221.1
11.3
19,499
—
-4.0
-3.6
-0.2
28.0
14.8
7.8
3.3
-5.2
3.5
-5.0
-4.6
64.8
—
39.0
44.7
-5.7
-0.7
190.02
97.4
249.7
12.8
38.1
45.5
-7.4
-2.6
227.73
98.9
259.5
12.7
39.0
44.6
-5.6
-1.0
243.26
101.2
259.8
12.0
39.2
45.3
-6.0
-1.3
281.52
107.5
273.9
11.9
40.7
47.5
-6.8
-2.0
327.99
107.2
263.2
11.8
40.7
50.6
-9.9
-4.8
387.18
112.9
277.6
12.6
38.3
54.0
-15.6
-10.5
417.54
129.7
338.2
13.4
40.6
51.4
-10.8
-4.9
437.20
148.3
365.2
14.6
42.4
52.0
-9.6
-2.4
494.30
170.3
401.9
17.0
44.7
54.8
-10.0
-5.0
390.72
156.9
350.7
11.2
43.9
47.8
-3.9
-0.1
423.82
176.5
411.5
8.8
46.2
49.0
-2.8
1.9
406.90
184.0
430.0
10.2
0.79
6.4
98.3
-12.74
-6.5
0.5
-58.9
3.84
0.73
2.0
97.6
-13.33
-5.8
0.5
-67.0
0.74
0.85
0.2
100.0
-18.35
-7.6
-0.3
-77.3
0.31
0.76
0.8
96.5
-29.82
-11.4
0.4
-85.4
0.41
0.68
1.6
95.9
-44.65
-14.6
-1.1
-96.1
0.52
0.72
2.9
96.3
-51.17
-14.9
0.7
-76.8
0.16
0.69
1.4
99.7
-35.97
-11.2
0.1
-89.6
0.20
0.75
-0.1
98.8
-29.85
-10.1
-0.2
-98.4
0.11
0.77
0.6
96.1
-28.71
-9.9
0.0
-86.1
0.03
0.76
-3.1
90.8
-7.70
-5.3
0.0
-114.1
0.05
0.77
—
—
-1.54
-2.8
0.9
—
0.05
0.80
—
—
-0.97
-1.7
1.0
—
0.05
• 310 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Relative Unit Labor Costs (2005 = 100) [4]
Notes:
[1]
[2]
[3]
[4]
Guatemala
Ba1
Ba1
D+
Floating
Baa3
A3
Ba2
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
21.9
12.1
1,812
3,773
7.1
2.5
5.9
20.3
5.9
3.4
6.7
66.0
-0.45
24.0
12.4
1,932
3,903
9.4
3.2
9.2
20.8
5.7
14.4
14.6
69.1
-0.64
27.2
12.7
2,140
4,062
9.1
3.3
8.6
19.7
3.8
5.5
10.6
66.0
-0.70
30.2
13.0
2,319
4,310
10.6
5.4
5.8
20.8
3.9
10.6
13.5
66.8
-0.58
34.1
13.4
2,554
4,601
13.9
6.3
8.7
20.8
4.1
15.7
14.0
67.9
-0.52
39.1
13.7
2,859
4,739
13.0
3.3
9.4
16.4
1.7
10.9
6.8
64.1
-0.53
37.7
14.0
2,689
4,709
4.1
0.5
-0.3
13.1
3.9
-6.5
-18.9
57.1
-0.69
41.3
14.4
2,873
4,759
8.2
2.9
5.4
13.9
3.4
17.9
19.9
62.1
-0.70
47.0
14.8
3,184
4,928
9.8
4.2
6.2
14.6
3.9
19.4
18.5
64.9
-0.70
50.5
15.1
3,338
—
8.1
3.0
3.4
14.8
4.1
11.5
10.3
66.9
—
54.4
15.5
3,508
—
7.9
3.4
4.5
15.2
3.4
9.0
11.1
68.5
—
58.7
15.9
3,695
—
8.0
3.3
4.7
15.7
3.4
9.7
10.7
70.0
—
12.5
15.1
-2.6
-1.3
4.52
20.9
167.0
10.4
91.6
12.3
13.4
-1.1
0.3
5.27
21.4
173.9
11.1
85.5
12.0
13.7
-1.7
-0.3
5.67
20.8
173.1
11.7
75.5
12.7
14.7
-1.9
-0.6
6.53
21.7
170.1
10.9
67.8
12.8
14.3
-1.4
0.0
7.32
21.3
166.2
11.6
63.3
12.0
13.6
-1.6
-0.3
7.66
20.1
167.3
11.3
60.4
11.1
14.2
-3.1
-1.7
8.46
22.9
207.4
12.9
60.1
11.2
14.5
-3.3
-1.8
10.01
24.1
214.5
13.2
58.4
11.8
14.6
-2.8
-1.3
11.25
24.0
203.6
12.7
54.5
11.6
14.0
-2.4
-0.9
12.16
24.3
209.2
13.1
57.6
11.7
14.2
-2.5
-1.0
13.67
25.0
213.6
13.0
58.5
11.8
14.4
-2.6
-1.1
15.02
25.7
218.1
12.9
58.0
• 311 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Guatemala (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.04
—
-1.02
-4.7
6.72
51.6
23.4
30.7
83.4
0.22
0.22
1.0
—
2.82
-0.03
7.75
—
-1.16
-4.9
7.33
52.5
22.1
30.6
76.7
0.31
0.27
1.1
—
3.42
-0.13
7.61
—
-1.24
-4.6
7.76
48.0
17.0
28.5
72.9
0.41
0.20
1.7
-10.6
3.66
-0.24
7.62
—
-1.52
-5.0
8.80
45.0
16.6
29.1
71.5
0.50
0.34
1.8
-11.7
3.91
-0.18
7.63
—
-1.79
-5.2
9.84
42.9
15.5
28.8
69.7
0.58
0.36
2.1
-13.3
4.13
-0.35
7.77
—
-1.41
-3.6
9.99
43.9
15.1
25.5
63.9
0.61
0.26
1.9
-14.1
4.46
-0.33
8.35
—
0.27
0.7
9.64
51.1
15.6
25.6
67.1
0.51
0.27
1.5
-12.7
4.69
0.34
8.02
—
-0.56
-1.4
10.42
53.4
14.9
25.2
65.0
0.49
0.26
1.9
-13.5
5.37
0.43
7.81
—
-1.60
-3.4
12.17
46.1
13.6
25.9
66.7
0.51
0.61
2.1
-15.6
5.57
-0.33
7.89
—
-1.45
-2.9
13.61
46.3
12.9
26.9
73.5
0.54
0.50
2.3
-18.8
6.06
-0.96
7.80
—
-2.00
-3.7
14.09
48.5
12.8
25.9
69.8
0.53
0.45
2.4
—
6.13
—
7.90
—
-2.41
-4.1
15.26
49.1
12.3
26.0
68.9
0.52
0.42
2.6
—
6.38
—
11.5
—
8.1
32.0
3.0
214.3
6.1
65.2
39.0
92.1
13.2
19.3
14.1
4.25
20.2
35.2
3.3
212.2
5.7
53.1
34.5
88.4
13.2
21.2
13.4
5.00
27.1
40.4
3.5
225.2
6.9
45.4
49.4
98.8
13.4
25.1
8.5
6.50
13.6
40.3
3.6
238.5
6.6
46.6
55.7
98.9
15.4
28.6
8.9
7.25
9.1
38.9
3.5
224.0
5.6
43.2
60.2
120.5
16.3
31.1
11.4
4.50
4.9
39.2
3.5
205.6
5.4
40.0
32.4
89.6
18.7
33.6
9.8
4.50
5.7
38.4
3.5
194.1
4.7
37.7
38.4
99.1
19.8
36.6
7.3
5.50
11.9
39.1
3.7
218.5
6.1
40.2
52.7
132.9
20.0
39.6
9.3
5.00
13.2
40.9
3.7
224.6
5.6
38.7
51.3
127.7
19.9
39.3
—
—
—
—
—
229.7
4.9
36.3
—
—
—
—
—
—
—
—
—
239.3
4.2
36.2
—
—
—
—
External Debt/GDP
• 312 •
Domestic Credit/GDP
Liquidity Ratio [8]
47.5
—
27.5
32.3
3.2
237.8
5.5
63.5
37.1
78.2
10.3
14.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Central government
Public sector only
Honduras
B2
B2
No Banks Rated
Crawling-peg
Ba3
Ba3
B3
Ba3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.2
6.6
1,246
2,850
10.6
4.5
6.8
25.3
11.2
7.5
9.4
122.2
-0.58
8.9
6.7
1,316
3,051
13.1
6.2
9.2
29.7
11.0
16.4
21.8
135.5
-0.56
9.8
6.9
1,418
3,277
13.8
6.1
7.7
27.6
9.1
11.1
10.6
136.5
-0.64
10.9
7.0
1,556
3,534
12.3
6.6
5.3
28.3
7.3
6.3
11.3
133.1
-0.61
12.4
7.2
1,727
3,785
13.2
6.2
8.9
33.7
5.6
8.1
19.8
135.1
-0.54
13.9
7.3
1,901
3,953
12.4
4.2
10.8
36.1
3.0
7.7
16.2
135.7
-0.61
14.6
7.4
1,958
3,842
5.0
-2.4
3.0
20.6
2.8
-19.1
-28.6
96.9
-0.69
15.8
7.6
2,084
3,898
8.6
3.7
6.5
21.9
4.0
25.7
20.5
109.4
-0.67
17.7
7.8
2,282
4,047
11.7
3.7
5.6
27.4
6.3
21.9
24.7
121.0
-0.58
19.0
7.9
2,400
—
7.3
3.3
5.4
25.5
5.1
5.3
4.8
118.4
—
20.6
8.1
2,552
—
8.8
3.2
5.6
25.8
4.2
10.6
11.6
121.4
—
21.8
8.2
2,643
—
8.7
3.0
5.7
23.7
4.7
11.1
11.9
128.2
—
16.5
21.3
-4.7
-3.9
4.89
60.8
367.1
5.2
89.6
17.2
19.8
-2.6
-1.7
5.17
59.7
346.3
5.2
92.3
17.6
19.8
-2.2
-1.3
4.35
44.7
254.0
5.0
91.5
18.1
19.2
-1.1
-0.3
3.13
28.7
158.8
4.7
88.5
19.1
22.0
-2.9
-2.3
2.15
17.4
90.7
2.9
84.0
19.9
22.4
-2.4
-1.9
2.79
20.1
100.7
2.7
75.7
17.1
23.1
-6.0
-5.4
3.48
23.9
139.9
3.7
65.0
16.9
21.5
-4.7
-3.8
4.62
29.2
172.8
5.0
57.1
17.0
21.6
-4.6
-3.4
5.57
31.5
184.8
7.1
54.3
16.8
22.8
-6.0
-4.5
6.37
33.5
199.3
9.1
54.7
17.1
22.0
-4.9
-3.4
7.34
35.7
208.9
9.0
55.0
17.1
21.7
-4.6
-3.1
7.95
37.5
219.1
9.0
55.1
• 313 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Honduras (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
17.75
—
-0.55
-6.7
5.34
89.5
2.8
64.9
98.9
0.09
0.56
4.7
—
1.42
0.32
18.63
—
-0.68
-7.6
6.02
86.4
4.2
67.9
92.2
0.13
0.53
6.2
-62.0
1.96
0.29
18.90
—
-0.29
-3.0
5.13
85.0
5.1
52.6
65.9
0.17
1.39
6.1
-49.0
2.31
0.25
18.90
—
-0.40
-3.7
3.93
77.0
7.4
36.0
45.4
0.13
2.07
6.1
-29.2
2.62
0.11
18.90
—
-1.12
-9.0
3.19
63.5
12.3
25.8
33.6
0.08
1.68
7.5
-24.9
2.51
0.02
18.90
—
-2.13
-15.3
3.46
67.1
11.4
25.0
33.9
0.09
0.62
7.3
-33.4
2.46
0.06
18.90
—
-0.56
-3.8
3.34
73.6
5.8
22.9
39.4
0.07
0.92
3.5
-37.6
1.91
0.17
18.90
—
-0.84
-5.3
3.77
75.0
8.0
23.8
37.6
0.06
0.45
6.1
-40.6
2.50
0.06
18.90
—
-1.50
-8.5
4.19
76.4
6.1
23.7
35.0
0.08
1.02
5.6
-41.7
2.58
0.06
18.90
—
-1.74
-9.2
4.78
76.3
6.7
25.2
39.0
0.09
0.85
5.5
-48.4
2.33
-0.26
19.00
—
-2.27
-11.0
4.97
79.0
7.0
24.1
36.6
0.08
0.81
5.8
—
2.57
—
20.00
—
-2.18
-10.0
5.21
80.0
6.6
23.9
34.5
0.08
0.78
5.7
—
2.78
—
16.3
—
10.5
38.2
1.6
307.8
10.1
48.0
34.9
65.2
32.6
45.1
19.8
7.00
15.5
38.8
1.6
221.8
20.1
84.0
31.7
56.7
30.9
42.7
24.0
6.00
24.2
42.9
1.7
150.4
25.4
100.9
13.6
32.2
29.0
45.1
17.1
7.50
34.1
50.9
2.1
126.9
18.6
75.4
17.3
38.2
27.9
52.8
2.5
7.75
14.0
51.6
2.2
140.8
6.9
40.3
18.8
48.4
29.0
58.3
-0.2
4.50
12.4
55.2
2.8
175.2
11.6
53.3
11.9
35.8
29.4
76.4
13.3
4.50
6.0
53.9
2.5
151.0
5.1
33.8
13.6
37.2
27.2
64.3
12.6
5.50
13.7
54.8
2.7
162.4
9.2
53.1
21.0
46.8
26.8
68.6
4.4
7.00
15.0
58.7
3.1
204.9
7.7
42.9
32.4
63.6
28.9
90.0
—
—
—
—
—
193.5
6.5
48.5
—
—
—
—
—
—
—
—
—
187.6
5.7
44.0
—
—
—
—
• 314 •
Domestic Credit/GDP
12.2
—
23.0
39.1
2.0
377.0
12.0
47.1
37.7
64.0
31.1
51.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Central government
Excludes total nonresident deposits over one year; Beneficiary of the Heavily Indebted Poor Countries (HIPC) official debt relief initiative
Hong Kong
Aa1
Aa1
BCurrency Board
Aaa
Aaa
Aa1
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
161.4
6.7
23,977
29,748
-3.1
3.1
-1.9
7.9
22.4
31.5
10.7
10.8
12.8
11.3
9.1
327.2
1.66
169.1
6.8
24,928
32,987
4.8
8.7
0.3
6.8
22.4
31.1
16.3
17.2
15.4
13.8
8.7
364.6
1.79
181.6
6.8
26,650
36,440
7.2
7.4
1.3
5.6
21.1
33.3
12.0
10.1
10.6
8.0
12.2
377.1
1.63
193.5
6.9
28,224
40,003
6.5
7.0
2.3
4.8
22.3
33.4
10.5
11.4
9.4
9.1
11.2
392.4
1.89
211.6
6.9
30,552
43,389
9.8
6.5
3.8
4.0
21.4
32.1
10.4
10.7
8.3
9.1
10.7
396.8
1.86
219.3
7.0
31,426
44,956
3.4
2.1
2.1
3.5
21.0
31.2
6.2
6.6
2.5
2.2
10.2
407.4
1.83
214.0
7.0
30,562
44,262
-2.8
-2.5
1.5
5.2
21.8
29.3
-10.7
-9.9
-10.2
-9.0
7.5
374.3
1.77
228.7
7.1
32,357
47,169
7.1
6.8
2.9
4.3
23.9
29.3
22.6
24.4
16.8
17.4
5.4
432.5
1.73
248.7
7.1
35,173
50,551
9.0
4.9
5.7
3.4
24.1
27.2
11.5
12.8
3.7
4.6
3.1
446.0
1.70
263.3
7.1
36,857
—
5.5
1.5
3.8
3.3
26.0
26.3
5.5
6.9
1.8
2.8
0.2
447.5
—
280.2
7.2
38,839
—
6.5
3.0
4.2
3.4
26.1
28.7
9.8
8.7
3.9
4.1
2.7
459.5
—
296.6
7.3
40,697
—
6.0
4.0
3.8
3.3
25.9
31.1
11.4
10.3
6.5
4.8
5.2
481.4
—
16.4
19.5
-3.2
-3.2
0.00
0.0
0.0
0.0
19.8
18.2
1.6
1.6
3.21
1.9
9.5
0.2
17.2
16.2
1.0
1.0
3.17
1.7
10.0
0.3
18.8
15.0
3.8
3.9
2.79
1.4
7.5
0.3
21.2
13.9
7.3
7.4
2.57
1.2
5.6
0.2
18.9
18.8
0.1
0.1
2.14
1.0
5.3
0.2
18.8
17.3
1.5
1.6
2.93
1.4
7.1
0.2
20.7
16.6
4.1
4.2
4.98
2.2
10.3
0.2
22.4
18.6
3.8
3.8
7.82
3.1
13.9
0.1
21.6
18.4
3.1
3.2
9.83
3.7
17.1
0.1
19.8
20.0
-0.2
-0.2
10.44
3.7
18.7
0.2
19.2
18.2
1.0
1.0
11.72
4.0
20.4
0.2
7.76
-6.4
—
17.41
10.8
3.6
245.6
118.36
7.77
-5.5
—
16.82
9.9
-8.6
251.3
123.54
7.75
-3.8
—
21.57
11.9
3.9
246.1
124.24
7.78
-2.6
—
24.56
12.7
-1.4
273.3
133.17
7.80
-4.7
—
27.55
13.0
-2.7
232.5
152.64
7.75
-5.5
—
32.85
15.0
4.5
287.0
182.47
7.76
6.5
—
20.34
9.5
-1.7
343.7
255.77
7.78
-3.8
—
14.99
6.6
-6.9
291.0
268.65
7.77
-4.2
—
11.95
4.8
0.1
285.3
285.26
7.75
3.5
—
3.48
1.3
-3.6
277.9
317.19
7.78
—
—
2.70
1.0
-1.7
—
340.00
7.78
—
—
3.78
1.3
-1.5
—
365.00
• 315 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Notes:
[1]
[2]
[3]
Hungary
Ba1
Ba1
DFloating
Baa2
Baa2
Ba2
Baa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
83.5
10.1
8,247
15,349
9.5
3.9
5.7
23.6
19.8
22.2
26.1
126.7
0.96
101.9
10.1
10,085
16,188
10.3
4.8
5.5
25.9
22.3
25.9
25.2
130.3
0.90
110.3
10.1
10,937
16,975
6.5
4.0
3.3
24.5
22.4
12.7
10.0
134.0
0.80
112.5
10.1
11,173
18,275
7.5
3.9
6.5
24.1
23.2
20.3
17.9
156.4
0.90
136.1
10.1
13,534
18,923
5.6
0.1
7.4
22.4
23.3
26.5
23.6
161.7
0.76
154.2
10.0
15,363
20,432
6.2
0.9
3.5
23.5
24.0
13.8
14.4
162.9
0.76
126.6
10.0
12,636
20,249
-3.5
-6.8
5.6
18.0
22.9
-22.0
-26.5
150.3
0.70
128.0
10.0
12,795
20,734
3.8
1.3
4.7
18.7
25.2
13.2
11.8
167.4
0.70
138.7
10.0
13,909
21,661
4.8
1.6
4.1
19.5
26.2
13.9
14.0
176.0
0.71
125.6
10.0
12,597
—
1.4
-1.7
5.0
17.4
25.2
-6.1
-7.0
181.7
—
126.1
10.0
12,671
—
2.7
0.2
3.0
16.7
27.1
6.1
3.6
189.8
—
119.9
9.9
12,058
—
4.0
1.0
3.0
15.8
29.0
0.5
-1.3
199.1
—
42.4
49.7
-7.3
-3.2
52.82
58.6
138.2
9.6
—
42.6
49.1
-6.5
-2.0
68.20
59.5
139.7
10.4
25.7
42.2
50.1
-7.9
-3.8
63.59
61.7
146.3
9.9
28.2
42.7
52.2
-9.5
-5.5
81.43
65.9
154.2
9.2
28.1
45.6
50.7
-5.1
-1.0
97.07
67.0
147.1
9.1
28.7
45.5
49.2
-3.7
0.5
103.08
73.0
160.2
9.1
37.6
46.9
51.4
-4.6
0.1
108.73
79.8
170.1
9.9
44.7
45.4
49.8
-4.4
-0.2
104.36
81.8
180.3
9.2
44.6
53.8
49.6
4.2
8.4
94.28
81.4
151.3
7.8
49.5
46.5
48.5
-2.0
2.3
101.30
79.2
170.2
9.2
40.9
46.6
49.6
-3.0
1.2
98.30
79.7
171.0
9.0
48.0
47.0
50.3
-3.3
0.7
93.05
78.9
167.9
8.5
49.2
• 316 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
207.92
1.8
-6.72
-8.0
58.15
42.6
14.4
69.6
106.1
1.80
5.49
0.6
-84.2
12.03
-6.56
180.29
3.0
-8.81
-8.6
81.43
39.9
21.0
79.9
113.7
2.22
7.54
3.1
-96.0
15.33
-9.19
213.58
0.4
-8.24
-7.5
84.67
37.5
21.9
76.7
104.4
2.69
8.77
4.9
-88.2
18.30
-12.03
191.62
-3.0
-8.38
-7.4
132.28
30.7
17.1
117.6
133.8
3.13
7.75
0.8
-107.4
21.32
-13.37
172.61
3.5
-9.96
-7.3
177.53
28.7
18.8
130.4
139.5
4.45
9.30
2.3
-97.4
23.77
-17.56
187.91
2.2
-11.12
-7.2
220.02
25.0
12.6
142.7
150.8
6.43
15.22
1.2
-96.6
33.62
-27.82
188.07
-2.8
-0.11
-0.1
240.03
28.2
12.0
189.5
200.5
5.03
21.94
0.6
-129.0
42.48
-25.55
208.65
-0.2
1.52
1.2
206.87
33.6
15.9
161.7
157.0
4.39
20.47
3.1
-110.5
43.58
-22.93
240.68
-1.7
2.05
1.5
208.92
33.6
15.2
150.6
141.7
5.35
25.76
0.2
-86.5
47.72
-18.58
220.93
-3.0
2.96
2.4
202.17
35.2
11.3
160.9
117.1
4.90
21.57
0.1
—
44.03
-14.41
235.44
—
3.15
2.5
204.28
34.0
14.6
161.9
109.3
4.92
15.71
0.1
—
44.80
—
256.07
—
3.12
2.6
204.00
35.0
14.0
170.2
110.0
4.67
18.76
0.2
—
44.26
—
9.9
9.50
11.4
58.1
3.4
531.3
13.6
269.8
172.5
504.5
14.7
31.4
13.0
6.00
14.2
62.3
2.7
462.8
14.1
293.5
169.3
513.9
15.5
28.0
11.8
8.00
18.1
68.4
2.9
620.6
11.0
283.9
193.4
619.1
21.2
36.2
8.7
7.50
16.8
75.7
3.2
746.8
10.8
310.8
235.9
677.6
18.6
31.5
9.9
10.00
13.6
80.9
2.3
654.4
14.8
342.5
252.5
796.1
27.1
38.7
0.9
6.30
-3.0
81.3
1.8
565.1
22.5
260.5
177.9
573.4
26.7
32.6
-0.1
5.80
4.9
82.1
1.6
474.7
18.9
197.7
161.3
418.7
26.8
30.1
7.1
7.00
-2.4
76.5
1.3
437.7
21.1
202.0
149.5
358.6
24.1
24.3
-1.2
5.80
-9.6
68.2
1.6
459.2
15.3
158.8
223.8
494.8
23.9
29.0
—
—
—
—
—
439.4
11.0
135.6
—
—
—
—
—
—
—
—
—
440.0
12.3
138.2
—
—
—
—
External Debt/GDP
• 317 •
Domestic Credit/GDP
13.7
12.50
18.5
57.5
3.4
483.4
13.3
240.2
174.2
557.1
15.8
33.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Central government
Iceland
Baa3
Baa3
No Banks Rated
Floating
Baa3
Baa2
Baa3
Baa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.0
0.3
37,890
30,762
3.1
2.4
2.8
19.8
16.7
12.8
28.2
71.6
2.12
13.3
0.3
45,370
33,790
10.5
7.8
3.9
23.5
17.9
20.0
28.4
73.8
2.12
16.3
0.3
54,885
34,889
10.3
7.2
4.1
28.2
15.9
14.5
36.2
75.7
1.99
16.7
0.3
54,814
35,849
13.9
4.7
7.0
35.6
17.4
3.9
17.2
82.7
1.86
20.4
0.3
65,566
37,131
12.0
6.0
5.9
29.0
18.3
31.8
10.2
80.0
1.79
16.8
0.3
53,029
39,718
13.1
1.2
18.1
24.6
21.8
5.6
-14.2
91.6
1.82
12.1
0.3
38,038
37,410
1.2
-6.6
7.5
13.9
22.5
-14.4
-32.5
97.1
1.65
12.6
0.3
39,505
35,506
2.5
-4.1
2.5
12.5
22.6
10.6
8.5
102.6
1.58
14.1
0.3
44,118
36,483
6.3
2.9
5.3
14.3
22.9
17.5
22.5
109.7
1.57
13.7
0.3
42,678
—
4.7
1.6
4.2
14.6
20.9
-2.8
1.4
112.1
—
15.1
0.3
46,904
—
6.6
2.0
4.1
13.4
21.0
11.4
8.9
111.7
—
15.3
0.3
47,380
—
7.4
2.8
3.9
14.5
21.5
2.8
4.0
113.6
—
42.8
45.6
-2.8
-0.1
4.84
40.8
95.4
6.4
56.1
44.0
44.0
0.0
2.5
5.24
34.4
78.2
5.5
51.9
47.1
42.2
4.9
7.1
4.14
25.4
53.9
4.7
40.9
48.0
41.6
6.3
8.5
4.91
30.1
62.8
4.5
55.8
47.7
42.3
5.4
8.0
6.16
29.1
61.0
5.4
45.7
44.1
57.7
-13.5
-10.2
9.26
75.4
170.8
7.6
39.3
41.0
51.0
-9.9
-3.4
11.75
98.0
238.9
16.0
37.7
41.5
51.6
-10.1
-4.5
14.16
106.1
255.7
13.3
35.8
41.7
47.3
-5.6
-0.4
15.85
119.2
285.7
12.4
41.3
43.1
46.5
-3.4
1.9
14.76
111.5
258.9
12.4
30.8
43.0
45.6
-2.5
2.8
15.68
107.9
250.8
12.3
26.8
42.5
44.1
-1.7
3.6
15.49
103.9
244.6
12.5
34.6
• 318 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
70.99
6.3
-0.52
-4.8
16.55
18.8
22.1
150.9
400.5
0.30
2.05
-0.4
-67.6
0.76
-1.45
61.04
3.0
-1.30
-9.8
27.25
12.8
18.7
205.6
547.7
0.39
2.58
-13.9
-76.2
1.02
-0.80
62.98
12.4
-2.63
-16.2
46.57
5.3
15.9
285.9
708.3
0.77
3.72
-24.6
-84.5
1.01
3.21
71.66
-7.0
-3.97
-23.8
72.46
4.7
16.9
435.2
914.5
1.80
4.65
-10.2
-100.7
2.27
9.08
61.85
5.5
-3.21
-15.7
120.15
3.3
34.3
588.1
1045.8
2.97
17.92
-16.5
-115.6
2.55
-24.31
120.58
-21.4
-4.13
-24.6
122.67
5.6
37.7
728.8
1384.2
3.24
10.62
30.5
-504.7
3.49
-0.77
124.90
-19.2
0.83
6.9
28.94
23.4
10.6
238.8
425.7
0.22
1.67
-18.2
-72.9
3.64
-0.14
115.05
5.0
0.91
7.2
28.67
25.5
10.2
228.2
404.0
0.26
1.35
20.7
-74.7
5.56
0.72
122.71
1.4
0.47
3.4
29.29
29.5
7.0
208.1
331.1
0.25
2.37
7.7
-53.1
7.71
1.70
128.99
-0.3
0.50
3.6
23.80
26.9
7.7
174.3
271.5
0.44
1.30
28.0
-59.1
4.04
2.02
125.31
—
0.49
3.3
24.51
22.4
8.3
162.3
263.0
0.40
1.38
2.0
—
4.54
—
131.08
—
0.46
3.0
23.44
28.1
7.7
152.7
248.3
0.33
1.77
5.0
—
5.00
—
14.9
8.25
39.3
164.2
8.6
2,678.6
59.6
815.1
95.1
359.4
—
—
23.2
10.50
62.8
242.4
10.3
4,614.8
68.3
865.3
110.8
312.6
—
—
19.4
14.25
43.1
304.6
4.8
3,187.7
81.4
1196.3
74.9
205.9
—
—
56.8
13.75
15.4
314.0
7.8
4,713.4
181.9
1326.0
162.4
305.2
—
—
32.1
18.00
-33.0
185.9
3.9
3,518.9
156.3
2032.6
233.8
400.6
—
—
-1.1
10.00
-0.5
182.8
3.5
795.2
27.9
1373.1
309.7
525.0
—
—
-9.9
4.50
-6.5
166.7
2.3
515.9
22.7
121.6
151.1
231.5
—
—
8.7
4.75
-5.9
147.7
1.7
379.9
29.6
95.4
147.9
246.5
—
—
-2.7
6.00
1.5
143.2
2.9
588.7
19.8
43.5
49.0
126.7
—
—
—
—
—
—
—
540.3
19.1
79.4
—
—
—
—
—
—
—
—
—
468.9
22.3
83.9
—
—
—
—
Net International Investment Position/GDP [5]
• 319 •
Domestic Credit/GDP
Liquidity Ratio [9]
17.5
5.30
28.2
130.3
8.6
2,164.4
56.8
1099.3
163.8
466.2
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
India
Baa3
Baa3
D+
Floating
Baa2
A1
Baa3
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
617.6
1,105.9
558
1,819
12.1
8.1
3.7
26.2
26.0
23.7
21.1
30.1
-0.07
721.6
1,123.0
643
1,986
14.2
7.0
3.8
32.5
29.9
39.4
46.5
36.9
-0.10
834.2
1,140.0
732
2,209
13.9
9.5
5.5
34.3
30.8
27.0
31.9
41.3
-0.08
949.1
1,157.0
820
2,454
16.3
9.6
6.8
35.9
32.0
24.3
25.2
45.3
-0.04
1,238.7
1,174.0
1,055
2,733
16.1
9.3
5.5
38.0
32.8
26.6
31.7
44.9
0.11
1,224.1
1,190.9
1,028
2,861
12.9
6.7
9.6
35.5
31.4
14.2
15.9
52.3
-0.03
1,365.4
1,207.7
1,131
3,101
15.1
8.6
14.9
36.3
30.9
-5.2
-1.1
45.5
-0.02
1,710.9
1,224.6
1,397
3,404
20.3
9.3
9.7
37.0
32.8
37.1
29.6
48.2
-0.01
1,872.8
1,241.5
1,509
3,650
15.1
6.2
6.3
35.4
32.0
19.2
26.3
54.2
-0.03
1,857.1
1,258.6
1,475
—
13.3
5.0
8.0
35.3
31.3
0.8
2.2
55.5
—
2,030.9
1,275.9
1,592
—
13.4
5.9
10.8
36.3
30.3
7.5
5.1
52.9
—
2,336.4
1,293.5
1,806
—
16.1
6.4
10.2
36.6
31.4
8.0
6.0
49.2
—
19.8
28.1
-8.3
-2.0
544.35
83.3
420.9
31.6
7.5
19.2
26.4
-7.2
-1.4
608.59
82.1
426.7
30.3
7.1
19.5
26.0
-6.5
-1.0
654.72
79.1
405.4
28.3
6.6
20.5
25.8
-5.4
0.0
735.53
74.7
364.9
26.3
6.2
22.4
26.4
-4.0
1.2
891.04
71.4
318.9
23.3
5.9
20.1
19.2
20.7
20.0
21.0
22.0
22.7
28.4
28.6
27.5
28.1
28.3
29.2
30.2
-8.3
-9.4
-6.8
-8.1
-7.2
-7.2
-7.5
-3.3
-4.5
-2.4
-3.6
-2.6
-2.7
-3.4
798.03 1,013.32 1,134.08 1,134.78 1,261.99 1,353.37 1,485.40
72.2
70.6
65.0
64.7
68.3
66.6
63.6
359.0
367.6
313.8
324.1
324.8
302.6
280.0
25.0
25.3
21.6
22.6
22.1
20.0
18.0
6.4
5.9
5.9
6.0
5.9
6.1
5.9
• 320 •
Population (Mil.)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
43.44
-0.7
14.08
2.3
112.65
46.8
4.0
18.1
93.2
4.40
14.61
0.4
-7.6
107.45
-13.47
43.76
0.7
-2.47
-0.3
134.00
44.4
6.1
17.1
79.6
3.04
6.12
0.5
-7.5
135.57
-17.36
44.60
2.1
-9.90
-1.2
139.11
38.0
14.0
16.7
71.4
5.08
13.89
0.4
-7.2
145.11
-10.23
43.60
-2.0
-9.56
-1.0
172.36
33.3
16.3
18.2
70.8
5.47
5.94
0.8
-6.6
191.92
-9.23
39.98
7.1
-15.74
-1.3
224.41
30.8
20.4
18.1
71.2
6.61
8.34
1.3
-4.1
299.23
-17.56
50.94
-6.5
-27.92
-2.3
224.50
30.5
19.3
18.3
62.9
6.52
9.05
1.8
-5.4
241.43
-10.47
45.14
-5.3
-38.18
-2.8
260.94
31.0
20.1
19.1
75.4
5.72
14.18
1.3
-11.7
254.68
-12.42
44.65
6.8
-45.95
-2.7
305.93
30.8
21.2
17.9
68.2
6.07
13.00
0.5
-11.9
274.33
-13.69
51.16
-2.6
-78.15
-4.2
345.82
29.2
22.6
18.5
65.4
8.53
22.99
1.2
-13.1
260.07
-15.68
54.30
1.7
-95.51
-5.1
381.20
29.6
23.5
20.6
71.6
9.40
25.34
1.2
-15.6
257.37
-16.21
56.00
—
-85.46
-4.2
421.09
30.2
23.3
20.7
73.0
10.38
27.99
1.9
—
261.47
—
56.50
—
-90.02
-3.9
463.92
30.4
23.3
19.9
74.0
11.44
30.84
1.9
—
266.30
—
12.0
6.00
16.9
59.3
3.8
98.8
5.9
40.3
53.8
93.4
2.9
6.7
21.1
6.50
22.0
63.5
4.2
95.9
9.7
42.6
48.0
87.1
2.8
6.9
21.7
7.50
20.4
65.8
4.0
89.8
4.7
46.0
58.0
97.9
2.5
6.1
21.4
7.75
17.9
66.8
3.4
75.0
4.7
41.8
190.0
336.9
1.8
3.6
19.3
5.00
23.7
73.3
3.9
93.0
4.4
32.2
136.2
256.6
1.8
3.7
16.9
5.00
20.3
76.6
4.9
102.5
5.8
43.7
242.0
380.6
1.4
3.9
16.1
6.75
20.2
76.5
5.3
111.5
4.3
45.9
302.6
436.1
1.3
3.7
13.2
8.50
17.9
78.3
5.5
133.0
6.0
53.4
385.0
582.5
1.3
3.5
13.3
7.50
7.4
75.3
6.0
148.1
6.5
65.3
525.7
786.5
1.3
3.3
—
—
—
—
—
161.0
6.7
73.2
—
—
—
—
—
—
—
—
—
174.2
6.7
79.7
—
—
—
—
• 321 •
16.7
6.00
9.5
58.0
4.3
103.9
15.9
70.2
43.1
84.1
3.2
8.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Indonesia
Baa3
Baa3
D
Floating
Baa2
A3
Baa3
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
234.8
221.8
1,058
2,696
10.5
4.8
5.2
19.5
23.7
11.9
5.2
53.6
-0.45
256.8
224.6
1,143
2,875
14.0
5.0
6.4
22.4
24.9
15.6
30.2
59.8
-0.38
285.9
227.3
1,258
3,102
20.8
5.7
17.1
23.6
27.5
17.7
20.9
64.0
-0.44
364.6
229.9
1,586
3,340
20.4
5.5
6.6
24.1
28.7
16.2
9.2
56.7
-0.33
432.2
232.5
1,859
3,615
18.3
6.3
5.8
24.9
28.1
12.4
17.5
54.8
-0.27
510.2
235.0
2,172
3,876
25.3
6.0
11.1
27.7
31.0
19.5
33.7
58.6
-0.23
539.6
237.4
2,273
4,066
13.3
4.6
2.8
31.1
31.7
-14.3
-21.5
45.5
-0.26
709.2
239.9
2,957
4,304
15.0
6.2
7.0
32.0
34.4
33.7
41.0
47.5
-0.19
846.3
242.3
3,493
4,636
15.1
6.5
3.8
32.0
36.4
27.9
29.9
51.3
-0.24
878.0
244.8
3,587
—
11.0
6.2
4.3
33.2
36.6
-4.5
7.4
50.1
—
944.0
247.3
3,817
—
11.5
6.0
6.0
32.0
36.6
2.3
-1.8
46.7
—
1,044.1
249.8
4,179
—
12.2
6.3
5.8
32.5
36.7
8.9
8.1
45.8
—
17.0
18.7
-1.7
1.5
133.95
56.3
332.1
19.1
51.4
17.6
18.6
-1.0
1.7
128.88
52.2
296.8
15.5
54.0
17.9
18.4
-0.5
1.8
122.55
43.4
243.2
13.2
54.3
19.1
20.0
-0.9
1.5
136.18
36.8
192.5
12.4
49.6
17.9
19.2
-1.3
0.8
144.03
34.3
191.7
11.3
48.1
19.8
19.9
-0.1
1.7
149.47
33.1
166.7
9.0
52.1
15.1
16.7
-1.6
0.1
169.13
28.4
187.3
11.0
47.4
15.4
16.2
-0.7
0.6
186.48
26.0
168.5
8.9
46.2
16.3
17.4
-1.1
0.1
198.80
24.3
148.9
7.7
45.0
16.2
18.0
-1.8
-0.6
201.52
23.6
145.9
7.5
43.3
16.1
18.4
-2.3
-1.1
220.60
23.5
146.5
7.7
40.8
16.1
18.0
-1.9
-0.7
237.07
22.9
142.4
7.2
39.2
• 322 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
8,465.00 9,290.00 9,830.00 9,020.00 9,419.00 10,950.00 9,400.00 8,991.00 9,068.00 9,670.00 9,800.00 9,950.00
5.5
-7.9
1.1
23.8
5.7
8.8
-0.1
12.7
-0.2
-1.3
—
—
8.10
1.56
0.28
10.86
10.49
0.12
10.63
5.15
1.68
-24.18
-24.28
-26.00
3.5
0.6
0.1
3.0
2.4
0.0
2.0
0.7
0.2
-2.8
-2.6
-2.5
136.84
140.17
134.50
132.63
141.17
155.08
172.87
202.41
224.76
251.20
265.00
277.50
59.7
59.4
59.6
57.2
57.1
55.8
57.4
58.6
52.8
50.2
48.1
47.0
3.8
5.6
8.2
9.2
13.2
13.2
13.9
16.3
16.9
17.8
16.8
16.4
58.3
54.6
47.1
36.4
32.7
30.4
32.0
28.5
26.6
28.6
28.1
26.6
188.7
160.7
124.3
107.2
100.3
93.5
121.8
109.8
97.0
113.2
115.5
111.6
2.61
3.03
3.06
3.23
3.14
3.12
3.04
2.94
2.53
5.13
6.21
7.25
15.67
18.83
22.75
34.63
31.45
40.18
36.99
49.49
88.30
163.98
125.87
106.00
-0.2
-0.6
1.8
0.6
0.5
0.7
0.5
1.6
1.4
1.6
2.0
1.9
-45.1
-45.4
-43.7
-37.5
-39.1
-29.0
-39.6
-41.0
-37.7
—
—
—
36.25
36.27
34.72
42.59
56.92
51.64
66.10
96.21
110.12
112.78
104.06
107.06
5.42
0.93
5.26
2.70
-2.14
3.20
10.02
3.99
-5.92
-9.37
—
—
• 323 •
Domestic Credit/GDP
Liquidity Ratio [9]
8.1
8.31
3.8
48.5
3.2
393.9
25.2
50.9
105.9
232.6
13.1
37.5
8.2
7.43
15.0
45.4
3.2
403.7
25.1
54.2
153.2
291.6
14.5
34.2
16.3
12.75
12.5
43.4
3.7
410.4
23.8
68.6
136.2
256.3
17.2
41.9
14.9
9.75
8.5
39.0
3.8
325.9
30.6
63.0
172.3
312.4
14.8
39.4
19.3
8.00
15.3
36.2
3.2
258.8
24.6
67.6
222.8
365.6
14.6
36.5
14.9
9.25
13.5
33.2
3.5
315.4
26.1
54.1
198.0
315.3
16.6
40.7
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
13.0
6.50
9.8
32.9
3.8
286.4
28.2
64.4
155.9
238.6
15.7
39.8
15.4
6.50
14.3
31.6
3.1
225.5
28.5
71.1
255.4
363.1
14.6
32.9
16.4
6.00
21.9
32.5
3.1
217.4
39.2
52.1
314.0
428.9
13.6
33.1
14.9
5.75
21.5
36.4
3.2
238.5
76.2
53.6
244.9
349.3
14.4
37.2
—
—
—
—
—
254.7
57.6
53.1
—
—
—
—
—
—
—
—
—
259.2
45.6
54.9
—
—
—
—
Ireland
Ba1
Ba1
E+
Free Floating (EMU)
A3
A3
A3
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
159.3
4.0
39,850
34,785
7.6
3.9
3.0
4.6
23.3
37.8
14.4
13.1
0.7
-1.2
16.0
150.4
1.58
186.7
4.1
45,879
36,769
6.7
4.4
2.4
4.5
24.7
38.1
17.5
19.4
7.6
8.7
14.9
151.9
1.56
202.9
4.2
48,786
38,896
8.6
5.9
2.0
4.4
27.2
38.1
6.0
10.4
4.4
8.4
11.7
150.9
1.73
223.2
4.3
52,382
42,474
9.0
5.4
3.0
4.5
28.1
37.7
7.1
9.9
5.0
6.9
9.6
148.7
1.62
258.7
4.4
59,372
45,482
6.2
5.4
3.3
4.7
26.2
35.5
18.2
19.5
8.4
7.9
9.0
152.4
1.60
263.1
4.4
59,440
42,741
-5.2
-2.1
1.4
6.4
21.8
30.3
5.7
6.1
-1.1
-3.0
9.1
158.8
1.53
224.6
4.5
50,371
40,151
-9.9
-5.5
-2.6
12.0
15.0
30.3
-7.7
-14.8
-3.8
-9.7
16.1
165.5
1.32
207.6
4.5
46,404
40,883
-2.9
-0.8
-0.2
13.9
11.6
30.8
2.7
1.5
6.2
3.6
18.8
182.8
1.31
224.1
4.6
48,973
40,868
2.9
1.4
1.5
14.7
10.1
33.7
10.9
7.8
5.1
-0.3
21.7
185.5
1.42
210.3
4.6
45,893
—
1.6
0.9
1.7
14.7
10.0
34.8
-1.9
-3.6
2.9
0.3
24.1
192.4
—
221.6
4.6
47,924
—
2.6
1.3
1.6
13.7
10.2
35.9
6.4
6.1
2.3
2.0
24.6
194.0
—
220.7
4.7
47,201
—
3.8
2.4
1.9
12.8
11.0
37.1
0.6
0.2
3.5
3.0
25.3
195.6
—
33.6
33.2
0.4
1.7
54.69
30.7
91.5
3.7
35.0
33.6
1.4
2.5
60.28
29.5
84.3
3.3
35.5
33.8
1.7
2.7
52.43
27.3
76.8
3.0
37.3
34.4
2.9
4.0
57.64
24.6
66.0
2.8
36.9
36.8
0.1
1.1
69.69
25.1
67.9
2.8
35.7
43.1
-7.4
-6.0
110.79
44.5
124.7
3.8
34.8
48.6
-13.9
-11.8
150.61
64.9
186.6
5.9
35.2
66.1
-30.9
-27.7
192.63
92.1
261.5
9.0
34.4
47.5
-13.1
-9.9
218.96
105.1
305.4
9.4
34.6
42.2
-7.6
-3.9
253.93
117.6
340.1
10.4
35.0
42.5
-7.5
-2.3
269.16
123.3
352.3
14.8
35.3
39.7
-4.4
0.6
261.41
119.5
338.5
14.3
0.79
10.1
92.0
0.00
0.0
10.8
-20.0
3.42
0.73
2.5
97.0
-1.08
-0.6
-15.4
-17.9
2.32
0.85
0.0
100.0
-7.08
-3.5
-22.7
-24.5
0.51
0.76
1.9
102.5
-7.91
-3.5
-9.4
-5.3
0.49
0.68
5.6
105.8
-13.88
-5.4
1.4
-19.6
0.59
0.72
4.7
112.2
-14.95
-5.7
-13.5
-76.2
0.61
0.69
-4.7
105.9
-5.24
-2.3
-0.4
-93.0
0.52
0.75
-6.7
95.4
2.36
1.1
9.9
-88.9
0.50
0.77
0.1
91.5
2.49
1.1
7.1
-94.8
0.03
0.76
-4.7
85.8
10.40
4.9
4.9
-95.8
0.00
0.77
—
—
11.08
5.0
6.0
—
0.01
0.80
—
—
12.14
5.5
5.5
—
0.01
• 324 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Notes:
[1]
[2]
[3]
[4]
[5]
Excludes NAMA debt
Israel
A1
A1
CFloating
Aa1
Aa1
A1
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
118.6
6.7
17,728
22,261
0.9
1.5
-1.9
16.8
16.2
10.5
3.7
74.1
1.25
126.4
6.8
18,566
23,571
5.0
4.9
1.2
16.9
17.1
20.4
17.9
82.8
1.31
133.7
6.9
19,293
23,340
5.9
4.9
2.4
18.3
18.0
9.5
10.1
86.0
1.08
145.1
7.1
20,574
23,957
7.8
5.8
-0.1
18.2
18.5
8.6
7.1
85.4
1.27
166.3
7.2
23,167
25,705
5.7
5.9
3.4
18.8
17.3
14.1
18.8
86.8
1.27
201.5
7.3
27,573
25,600
5.8
4.1
3.8
17.9
16.8
15.1
14.2
82.1
1.35
194.8
7.5
26,019
25,933
5.9
1.1
3.9
15.4
18.1
-16.5
-24.9
67.3
1.14
218.0
7.6
28,601
27,048
6.3
5.0
2.7
14.7
17.0
19.0
20.9
72.1
1.24
243.7
7.8
31,375
28,809
7.1
4.6
2.2
17.6
17.2
12.2
21.0
75.1
1.20
241.0
7.9
30,436
—
6.6
3.2
1.6
19.3
18.2
-0.9
0.7
75.9
—
267.9
8.1
33,153
—
5.2
3.6
2.1
19.4
18.6
12.6
11.4
76.5
—
280.2
8.2
34,026
—
6.0
3.8
2.3
19.5
19.3
5.3
3.9
76.5
—
44.0
50.1
-6.1
-0.2
119.44
97.0
220.4
13.4
25.5
43.0
47.3
-4.3
1.3
125.63
95.5
222.1
13.0
25.5
42.7
45.3
-2.6
2.5
119.76
91.9
215.2
11.9
26.2
43.6
44.9
-1.3
3.4
126.96
82.9
190.2
10.8
25.1
43.3
43.9
-0.6
4.0
136.07
76.6
176.9
10.6
22.6
40.5
43.1
-2.6
1.1
143.39
75.4
186.2
9.1
19.8
37.6
43.2
-5.6
-1.9
157.88
77.8
206.9
9.8
18.5
38.8
42.6
-3.8
-0.2
170.73
74.4
191.9
9.3
17.1
38.8
42.1
-3.3
0.2
165.14
72.4
186.5
9.0
17.4
37.6
42.1
-4.5
-1.3
177.98
71.6
190.4
8.5
15.9
37.7
42.5
-4.8
-1.4
189.48
71.7
190.2
9.1
16.8
38.9
42.3
-3.4
0.0
198.97
71.0
182.5
8.7
16.7
• 325 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Israel (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.38
-2.6
0.63
0.5
74.06
40.6
35.8
62.4
137.5
2.95
5.57
1.0
-22.1
25.78
-3.86
4.31
-2.4
2.15
1.7
78.42
40.0
35.0
62.0
125.1
2.88
3.87
-1.3
-18.2
26.62
0.32
4.60
1.1
4.10
3.1
78.15
39.9
36.4
58.5
111.8
3.32
4.17
1.4
-16.5
27.84
4.32
4.22
0.4
7.00
4.8
87.42
38.2
36.9
60.2
110.4
4.30
4.89
-0.1
-3.5
29.01
10.29
3.85
1.4
4.56
2.7
90.12
35.5
39.8
54.2
99.6
4.57
10.60
0.1
-3.8
28.41
7.81
3.80
11.5
2.23
1.1
86.95
32.4
38.2
43.1
88.1
4.01
4.09
1.8
4.3
42.32
-0.11
3.78
-0.4
7.32
3.8
92.11
34.0
39.3
47.3
111.7
3.11
4.66
1.4
3.5
59.09
-2.87
3.55
5.1
8.11
3.7
106.02
38.0
47.1
48.6
109.8
2.65
5.15
-1.6
8.6
69.26
-4.48
3.82
0.2
3.38
1.4
103.58
34.8
44.0
42.5
95.7
2.85
16.23
3.2
14.1
73.05
-6.30
3.73
-4.1
-0.20
-0.1
93.56
33.4
38.1
38.8
86.9
1.90
9.90
3.0
20.8
74.04
—
3.70
—
2.64
1.0
94.50
33.4
37.5
35.3
82.0
1.88
7.59
3.0
—
80.82
—
3.70
—
4.35
1.6
95.45
33.4
38.5
34.1
77.7
1.86
7.37
1.4
—
85.31
—
5.6
3.90
4.9
74.2
2.2
294.6
10.8
129.2
13.9
32.4
5.3
4.50
6.8
74.8
2.1
280.7
10.7
125.5
12.8
33.1
7.2
5.00
5.1
73.0
2.4
301.3
11.6
123.7
10.0
34.0
14.3
4.00
9.9
75.9
3.0
317.2
16.8
161.8
9.4
27.0
13.7
2.50
12.3
80.5
2.3
205.4
8.2
101.4
16.9
33.6
13.5
1.00
2.7
78.1
1.9
155.9
9.4
69.0
22.2
46.6
3.6
2.00
8.6
79.8
1.8
153.1
8.1
63.7
43.0
77.6
10.5
2.75
7.9
80.4
1.7
141.8
17.6
94.1
29.1
65.1
8.2
2.00
5.0
79.2
1.9
126.4
11.0
78.0
27.1
52.1
—
—
—
—
—
116.9
8.2
56.6
—
—
—
—
—
—
—
111.9
7.5
53.1
—
—
External Debt/GDP
• 326 •
Domestic Credit/GDP
Liquidity Ratio [6]
2.0
5.20
-0.8
74.3
2.1
287.3
15.8
141.0
18.8
46.6
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
Italy
Lead Analyst: Dietmar Hornung
Baa2
Baa2
D+
Free Floating (EMU)
A2
A2
A2
A2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1,517.5
57.6
26,343
27,282
3.1
0.0
2.6
8.4
20.9
21.4
18.2
20.0
-1.2
2.1
0.5
48.3
0.80
1,737.8
58.2
29,873
27,528
4.2
1.7
2.0
8.0
21.0
21.7
18.2
17.5
6.3
4.8
0.7
49.7
0.67
1,788.0
58.6
30,508
28,280
2.8
0.9
2.0
7.7
20.9
20.8
5.7
9.0
3.4
3.5
-0.1
51.8
0.58
1,874.7
58.9
31,807
30,359
3.9
2.2
1.9
6.8
21.8
21.0
11.9
15.0
8.4
7.9
-0.8
56.1
0.44
2,130.2
59.4
35,878
32,039
4.1
1.7
2.6
6.1
22.1
21.9
18.7
16.3
6.2
5.2
-0.3
58.0
0.28
2,316.4
59.8
38,715
33,372
1.3
-1.2
2.3
6.8
21.6
20.8
7.2
9.4
-2.8
-3.0
-0.8
57.7
0.37
2,117.3
60.2
35,176
32,216
-3.5
-5.5
1.0
7.8
18.9
18.3
-23.7
-24.2
-17.5
-13.4
-0.5
48.0
0.49
2,059.1
60.5
34,043
32,110
2.1
1.7
1.8
8.4
20.1
18.1
8.9
14.3
11.4
12.6
-1.9
55.1
0.51
2,196.8
60.7
36,177
32,672
1.7
0.4
3.3
8.4
19.5
18.0
15.6
13.3
5.9
0.5
-1.5
59.1
0.45
2,013.1
60.9
33,059
—
-0.8
-2.4
2.3
10.6
17.6
18.8
-3.7
-12.2
2.3
-7.7
1.2
59.3
—
2,060.6
61.1
33,699
—
-0.3
-1.8
1.4
12.0
16.7
19.2
4.9
0.6
1.6
-2.2
2.5
59.6
—
2,010.4
61.4
32,751
—
1.7
0.2
1.5
12.5
17.0
19.4
0.9
1.4
3.8
3.8
2.4
61.8
—
• 327 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
44.4
44.0
43.4
45.0
46.0
45.9
46.5
46.1
46.2
47.7
48.1
48.2
48.1
47.5
47.9
48.5
47.6
48.6
51.9
50.4
49.9
50.6
51.1
51.0
-3.6
-3.6
-4.5
-3.4
-1.6
-2.7
-5.4
-4.3
-3.7
-2.9
-3.0
-2.8
1.5
1.2
0.2
1.2
3.4
2.5
-0.8
0.1
1.2
2.5
2.5
2.6
1,764.88 1,974.51 1,791.44 2,091.11 2,362.91 2,325.53 2,548.79 2,473.64 2,467.97 2,623.84 2,704.30 2,662.98
104.1
103.7
105.7
106.3
103.3
106.1
116.4
119.3
120.8
127.0
131.2
132.5
234.4
235.9
243.5
236.1
224.3
231.0
250.6
259.0
261.7
266.3
272.8
274.8
11.6
10.9
10.8
10.2
10.7
11.2
9.9
9.7
10.5
11.3
11.4
11.2
0.79
6.2
96.6
-11.78
-0.8
0.5
-13.6
26.06
0.73
1.8
99.2
-5.78
-0.3
-0.1
-15.8
24.01
0.85
-1.2
100.0
-15.69
-0.9
-1.2
-16.8
23.53
0.76
-0.4
100.6
-28.06
-1.5
-0.2
-22.2
24.41
0.68
0.8
101.6
-27.30
-1.3
-2.4
-24.5
27.32
Notes:
[1]
[2]
[3]
0.72
1.5
103.3
-66.03
-2.9
-3.4
-24.1
35.31
0.69
1.2
105.6
-42.04
-2.0
-0.1
-25.3
34.52
0.75
-3.7
100.4
-72.57
-3.5
-1.1
-23.9
35.68
0.77
0.0
99.8
-67.17
-3.1
-0.9
-20.7
34.16
0.76
-1.8
97.6
-14.89
-0.7
-1.0
—
34.82
0.77
—
—
6.56
0.3
-1.0
—
34.91
0.80
—
—
5.26
0.3
-1.0
—
34.66
Jamaica
Caa3
Caa3
No Banks Rated
B3
B2
Ca
B2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
9.4
2.6
3,592
6,702
15.7
3.7
14.1
26.2
11.3
8.4
1.9
88.2
0.06
10.2
2.6
3,856
6,953
14.3
1.3
13.7
26.5
12.2
10.6
8.4
89.3
0.21
11.2
2.7
4,241
7,083
12.4
0.9
12.9
26.9
7.0
3.8
17.9
90.5
-0.08
11.9
2.7
4,479
7,659
12.0
2.9
5.6
28.4
7.9
20.7
16.5
100.8
0.28
12.8
2.7
4,782
7,891
12.9
1.4
16.8
26.5
4.8
6.2
8.9
101.3
0.29
13.7
2.7
5,103
7,895
12.7
-0.8
16.9
24.4
-5.3
13.1
24.7
113.6
0.28
12.2
2.7
4,508
7,747
7.0
-3.1
10.2
21.0
3.1
-27.3
-35.3
86.7
0.19
13.2
2.7
4,898
7,770
8.0
-1.4
11.8
20.2
2.0
-0.9
3.2
80.9
0.18
14.5
2.7
5,342
8,065
7.6
1.5
6.0
21.3
-1.6
7.9
18.7
84.7
0.20
15.1
2.7
5,561
—
8.1
0.1
8.0
25.7
6.0
4.0
6.0
81.0
—
15.2
2.7
5,573
—
8.1
0.3
7.8
26.1
6.2
4.5
8.0
80.5
—
15.7
2.7
5,726
—
7.8
1.2
6.5
27.0
6.4
4.9
8.3
81.2
—
26.6
31.7
-5.1
10.5
10.70
119.0
432.1
58.8
35.5
26.9
31.1
-4.2
10.4
11.86
117.1
421.8
54.2
38.7
25.9
28.8
-2.9
9.3
12.09
111.2
417.0
47.3
38.3
26.1
30.6
-4.5
7.6
12.88
110.1
408.6
46.3
37.9
28.1
32.2
-4.1
7.0
13.11
104.2
359.5
39.6
39.5
27.2
34.6
-7.4
4.9
13.03
104.8
378.4
45.4
41.8
27.6
38.7
-11.1
6.2
13.90
116.3
413.8
62.9
39.3
26.8
33.1
-6.3
4.6
15.63
116.0
425.4
40.8
40.2
25.4
31.8
-6.4
3.1
16.60
115.5
445.2
37.4
38.4
25.0
30.2
-5.3
4.7
17.10
117.9
462.9
39.9
35.4
24.3
29.1
-4.7
5.1
17.63
119.0
479.8
40.3
39.3
23.4
28.0
-4.6
5.2
18.60
120.0
512.8
41.8
40.5
• 328 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
60.52
—
-0.77
-8.2
5.69
80.0
17.4
60.3
108.0
0.30
0.51
6.4
—
1.19
0.20
61.45
—
-0.50
-4.9
6.52
80.7
16.8
64.1
107.6
0.31
0.50
5.3
—
1.85
0.16
64.38
—
-1.07
-9.5
6.60
83.9
9.3
58.7
105.5
0.39
0.55
5.2
-96.8
2.17
0.09
67.03
—
-1.18
-9.9
8.14
75.7
13.6
68.2
112.3
0.47
0.32
6.7
-103.1
2.32
0.06
70.40
—
-2.04
-15.9
10.51
64.1
14.6
82.2
131.8
0.66
0.59
5.9
-105.6
1.88
0.15
80.22
—
-2.79
-20.4
10.43
66.5
12.1
76.1
122.5
0.67
0.47
9.9
-112.1
1.77
-0.52
89.33
—
-1.13
-9.3
11.12
60.4
6.8
91.5
173.9
0.75
0.73
3.9
-134.1
1.73
-0.31
85.60
—
-0.93
-7.1
14.19
53.6
7.7
107.3
217.0
0.83
0.34
1.3
-127.6
2.17
0.03
86.37
—
-2.07
-14.3
14.35
54.1
7.0
99.3
209.4
1.15
0.62
1.2
-129.9
1.97
0.35
92.56
—
-1.78
-11.7
15.00
58.7
8.7
99.2
182.9
1.20
0.62
1.3
—
1.13
0.35
98.00
—
-1.67
-11.0
15.30
60.1
9.2
100.4
180.0
1.30
0.65
1.6
—
1.15
—
101.00
—
-1.41
-9.0
15.60
59.6
9.0
99.2
189.1
1.32
0.70
1.6
—
1.20
—
15.0
12.79
4.0
57.6
1.2
353.3
20.4
124.9
34.4
53.2
38.9
46.0
9.8
10.96
9.6
56.1
1.1
304.3
22.5
89.3
20.5
52.9
39.5
46.9
16.6
9.37
7.2
53.7
1.2
351.1
16.1
43.0
38.3
72.6
37.8
44.3
11.6
9.04
10.8
52.7
1.5
559.8
23.5
73.2
47.4
78.6
38.2
53.5
4.1
10.78
23.3
57.7
1.5
588.3
19.4
106.8
48.3
96.5
38.5
59.5
2.9
8.79
11.2
59.9
1.4
643.1
34.8
112.4
32.8
109.6
41.6
63.7
6.3
5.44
-7.9
51.1
1.2
653.6
28.0
63.5
47.5
102.6
37.4
52.1
6.4
3.59
4.5
49.6
1.4
729.9
36.5
83.7
45.4
129.6
37.0
54.8
3.9
4.70
10.5
50.7
2.5
1,332.6
22.2
89.4
37.7
120.1
39.6
85.8
—
—
—
—
—
1,330.4
22.9
182.1
—
—
—
—
—
—
—
—
—
1,300.0
24.5
187.0
—
—
—
—
External Debt/GDP
• 329 •
Domestic Credit/GDP
Liquidity Ratio [9]
3.2
25.53
28.6
63.3
1.7
475.9
22.4
78.4
45.1
58.4
38.1
58.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Money market rate
Japan
Aa3
Aa3
CFree Floating
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4,302.9
127.7
33,690
27,934
-0.1
1.7
-0.4
5.3
22.4
24.1
14.0
11.4
9.5
3.9
1.7
22.1
1.22
4,655.8
127.8
36,442
29,388
1.0
2.4
0.2
4.7
22.5
24.5
20.4
19.2
14.0
7.9
2.0
24.5
1.42
4,571.9
127.8
35,781
30,441
0.0
1.3
-0.4
4.4
22.5
23.9
6.4
12.6
6.2
4.2
1.4
27.2
1.35
4,356.7
127.8
34,102
31,763
0.6
1.7
0.3
4.1
22.7
23.9
7.7
10.1
9.9
4.5
1.3
31.1
1.54
4,356.3
127.8
34,095
33,397
1.2
2.2
0.7
3.8
22.9
24.6
9.7
7.6
8.7
2.3
1.7
33.8
1.44
4,849.2
127.7
37,972
33,589
-2.3
-1.0
0.4
4.0
23.0
23.2
11.1
21.4
1.4
0.3
0.2
35.2
1.43
5,035.2
127.6
39,474
31,746
-6.0
-5.5
-1.7
5.1
19.7
20.0
-25.6
-26.9
-24.2
-15.7
0.4
25.0
1.33
5,495.3
127.5
43,117
33,625
2.4
4.7
-0.4
5.0
19.8
21.0
30.4
23.7
24.4
11.1
1.2
29.1
1.40
5,897.0
127.8
46,136
33,668
-2.4
-0.6
-0.2
4.6
20.0
19.0
7.1
23.3
-0.4
5.9
-0.9
31.2
1.35
5,964.0
127.9
46,613
—
1.1
2.0
-0.1
4.4
20.6
18.6
-2.3
4.7
-0.3
5.3
-2.0
31.3
—
5,244.1
128.2
40,907
—
0.0
1.0
0.5
4.3
21.1
17.6
-5.1
-7.7
7.0
5.5
-1.7
33.2
—
5,086.1
128.4
39,615
—
1.5
1.5
1.5
4.3
21.3
17.8
3.2
0.3
7.0
5.0
-1.2
34.9
—
• 330 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
28.4
27.9
29.3
30.8
31.2
31.6
29.6
29.6
30.8
31.1
31.5
32.8
36.2
33.9
34.1
34.5
33.3
35.7
40.0
38.9
40.7
41.1
40.6
40.0
-7.8
-5.9
-4.8
-3.6
-2.1
-4.1
-10.4
-9.3
-9.9
-10.0
-9.1
-7.2
-5.1
-3.4
-2.4
-1.9
-0.2
-2.1
-8.4
-7.3
-7.7
-7.8
-6.9
-5.0
7,296.48 8,411.08 8,523.60 8,103.38 7,972.54 9,301.27 10,586.34 11,867.15 13,579.56 14,189.44 12,866.47 12,440.57
169.6
180.7
186.4
186.0
183.0
191.8
210.2
216.0
230.3
237.9
245.4
244.6
551.1
623.0
681.1
616.9
567.4
532.6
699.1
676.7
728.0
765.3
778.8
745.7
9.5
9.0
8.2
5.8
6.1
6.3
6.8
6.8
7.1
7.1
7.0
6.7
107.10
0.0
109.4
136.23
3.2
-0.5
37.5
652.79
104.12
0.7
107.3
172.06
3.7
-0.5
38.3
824.26
117.97
-5.1
100.0
165.77
3.6
-0.9
33.5
828.81
118.95
-8.9
88.7
171.06
3.9
-1.3
41.5
874.94
114.00
90.75
-6.6
9.6
79.3
86.5
211.69
159.36
4.9
3.3
-1.2
-2.2
50.4
51.2
948.36 1,003.67
Notes:
[1]
[2]
[3]
92.06
81.45
77.72
86.55
95.00
95.00
13.0
0.2
2.0
-1.4
—
—
97.8
95.5
98.5
94.9
—
—
147.03
203.92
119.05
59.49
77.74
102.77
2.9
3.7
2.0
1.0
1.5
2.0
-1.2
-1.1
-2.0
-2.1
-2.4
-2.6
57.4
56.2
55.2
—
—
—
996.96 1,036.26 1,221.25 1,193.58 1,220.91 1,220.73
Jordan
Ba2
Ba2
D+
Conventional Peg
Baa3
Baa1
Ba3
Baa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
10.2
5.2
1,949
3,688
6.4
4.2
1.6
20.8
0.3
6.3
9.1
115.7
0.24
11.4
5.4
2,133
4,016
11.9
8.6
3.4
27.4
-2.7
23.3
35.0
134.6
0.12
12.6
5.5
2,300
4,289
10.3
8.1
3.5
34.1
-7.4
11.4
26.1
146.9
0.07
15.1
5.6
2,689
4,678
19.6
8.1
6.3
30.1
-5.7
22.3
11.6
141.8
0.17
17.1
5.7
2,990
5,095
13.6
8.2
4.7
30.4
-7.3
14.4
18.7
146.0
0.22
22.0
5.8
3,757
5,463
28.5
7.2
13.9
25.7
-1.1
33.8
22.5
144.0
0.22
23.8
6.0
3,987
5,686
8.5
5.5
-0.7
24.4
3.1
-12.0
-14.4
115.0
0.22
26.4
6.1
4,326
5,767
10.9
2.3
5.0
23.1
1.9
15.5
10.8
116.8
0.08
28.9
6.3
4,618
5,907
9.1
2.6
4.4
24.6
-3.6
4.1
16.8
119.4
0.05
31.2
6.4
4,879
—
8.1
2.8
4.8
25.4
-4.5
3.2
7.6
117.0
—
34.0
6.5
5,200
—
9.2
3.2
5.9
27.3
-4.8
16.2
16.5
124.8
—
36.6
6.7
5,471
—
7.6
3.5
3.2
27.3
-3.6
6.6
5.3
122.6
—
34.7
36.8
-2.0
0.3
10.16
99.6
286.9
6.8
76.7
36.6
37.7
-1.1
0.9
10.48
91.8
250.8
5.4
72.0
33.3
38.8
-5.6
-3.2
10.61
84.3
253.3
7.0
69.2
32.4
36.4
-4.0
-1.5
11.49
76.3
236.0
7.7
65.3
32.3
37.0
-4.7
-2.0
12.62
73.8
228.3
8.2
58.7
30.1
34.4
-4.3
-1.8
13.24
60.2
200.3
8.1
38.7
26.5
35.0
-8.5
-6.2
15.43
64.8
244.7
8.8
35.3
24.9
30.4
-5.6
-3.5
17.74
67.1
270.0
8.5
36.6
26.4
33.2
-6.8
-4.7
20.40
70.7
267.5
7.9
31.0
22.8
31.0
-8.2
-5.7
24.80
79.6
348.4
10.8
28.0
25.6
30.8
-5.2
-2.7
28.53
83.8
327.8
9.7
27.1
25.8
31.1
-5.3
-2.7
31.86
87.0
337.6
10.2
26.5
• 331 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Jordan (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.71
—
1.20
11.8
12.69
43.5
39.0
124.4
147.8
0.36
1.55
5.4
-70.8
5.19
1.71
0.71
—
0.04
0.3
13.05
41.0
41.4
114.4
132.9
0.33
1.03
8.0
-94.5
5.26
2.06
0.71
—
-2.27
-18.0
12.93
40.3
44.4
102.7
128.7
0.43
0.86
14.5
-158.2
5.25
2.22
0.71
—
-1.73
-11.5
14.01
38.0
47.1
93.0
115.9
0.55
0.87
24.5
-102.8
6.72
2.71
0.71
—
-2.87
-16.8
15.03
35.0
49.5
87.8
110.9
0.60
0.90
15.0
-127.9
7.54
2.30
0.71
—
-2.05
-9.3
13.87
26.2
62.0
63.1
77.9
0.40
3.71
12.8
-89.6
8.56
0.23
0.71
—
-1.24
-5.2
14.55
26.6
58.5
61.0
92.1
0.22
0.74
9.8
-72.7
11.46
-0.65
0.71
—
-1.88
-7.1
17.10
27.0
56.7
64.7
98.0
0.19
0.96
6.1
-68.6
12.83
0.00
0.71
—
-3.47
-12.0
17.72
25.3
58.4
61.3
94.2
0.21
1.09
5.0
-73.0
11.24
-0.02
0.71
—
-5.60
-18.0
19.34
25.5
57.2
62.0
105.2
0.27
1.41
4.5
—
7.61
-0.10
0.71
—
-3.34
-9.8
21.79
25.2
59.1
64.0
102.1
0.31
1.53
5.8
—
7.97
—
0.71
—
-2.84
-7.7
22.70
26.4
58.4
62.0
100.0
0.39
1.53
6.5
—
9.63
—
10.5
2.49
20.9
90.7
2.7
247.9
13.8
123.3
4.9
9.4
41.5
57.4
21.4
2.91
33.5
109.7
3.3
246.3
12.9
125.9
5.3
12.0
37.2
55.3
12.8
4.62
18.9
109.1
2.9
208.5
11.8
132.8
4.6
10.7
38.5
54.4
12.4
5.45
19.1
114.3
2.9
199.3
11.1
117.1
5.9
13.6
36.3
51.5
21.1
5.46
24.8
111.0
3.1
162.1
23.1
168.1
10.9
26.1
28.2
45.2
24.3
4.94
2.2
104.6
2.9
127.0
6.1
112.5
10.0
35.6
23.2
36.5
9.2
3.53
6.0
99.9
2.8
133.3
6.6
85.9
9.7
34.0
23.7
37.2
2.7
3.40
16.5
106.7
3.3
157.6
6.9
87.6
11.2
33.1
22.1
39.5
-1.1
4.02
13.8
112.3
4.9
254.2
9.1
109.7
12.4
37.7
30.5
67.7
—
—
—
—
—
273.5
8.7
173.7
—
—
—
—
—
—
—
—
—
235.8
8.5
188.8
—
—
—
—
External Debt/GDP
• 332 •
16.6
3.14
7.0
84.0
2.5
244.3
22.3
188.2
6.2
12.8
40.3
52.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Annual average
Central government
2012 as of November
Deposit rate; 2012 as of November
Kazakhstan [1]
Lead Analyst: Thorsten Nestmann
Baa2
Baa2
E+
Baa2
A3
Ba1
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
30.8
14.9
2,068
6,920
22.1
9.3
6.8
28.9
34.3
29.0
14.5
91.5
-0.65
43.2
15.0
2,874
7,744
27.3
9.6
6.7
26.3
34.9
51.8
42.8
96.4
-0.64
57.1
15.1
3,771
8,699
29.3
9.7
7.6
30.1
38.9
35.0
34.8
98.3
-0.55
81.0
15.3
5,292
9,836
34.6
10.7
8.4
33.4
44.1
35.9
28.7
91.9
-0.45
104.8
15.5
6,771
10,897
25.8
8.9
18.8
35.5
43.8
24.7
36.3
92.2
-0.53
133.4
15.7
8,514
11,366
24.9
3.2
9.5
27.5
46.3
47.4
10.6
94.4
-0.41
115.3
16.1
7,165
11,350
5.9
1.2
6.2
29.4
41.0
-36.5
-21.3
75.9
-0.21
146.9
16.3
9,000
12,092
27.3
7.3
7.8
25.3
43.9
34.2
10.9
73.7
-0.28
183.1
16.6
11,058
13,099
24.0
7.5
7.4
22.8
45.1
43.0
20.6
79.3
-0.26
200.5
16.7
12,016
—
11.3
5.0
6.0
23.6
42.0
4.3
15.3
78.4
—
220.1
16.9
13,064
—
9.7
5.5
6.6
24.4
40.5
3.4
2.7
73.6
—
239.6
17.1
14,021
—
8.0
5.6
6.6
25.1
39.3
5.8
5.7
71.6
—
25.4
21.4
4.0
4.8
4.78
15.0
59.0
3.3
64.2
24.6
22.0
2.6
3.2
5.14
11.4
46.4
2.4
48.5
28.1
22.1
6.0
6.4
4.59
8.1
28.8
1.6
32.2
27.5
19.8
7.7
8.1
5.36
6.7
24.3
1.5
27.2
28.8
23.7
5.1
5.4
6.23
5.8
20.2
1.0
23.0
28.3
27.1
1.2
1.6
8.97
6.8
23.9
1.4
18.0
22.1
23.5
-1.3
-0.9
11.72
10.2
46.2
1.8
18.9
24.1
22.6
1.5
1.9
15.80
10.8
44.6
1.8
23.7
28.2
22.3
5.9
6.4
19.34
10.7
37.8
1.6
23.0
27.3
22.7
4.6
5.0
23.93
12.1
44.2
1.4
20.2
26.6
21.8
4.8
5.1
28.54
13.0
48.7
1.2
18.4
26.4
22.0
4.4
4.6
33.32
13.8
52.4
1.0
17.1
• 333 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Kazakhstan (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
144.22
-3.0
-0.27
-0.9
22.92
15.8
12.3
74.3
148.1
0.72
5.26
7.2
-47.9
4.24
-1.90
130.00
6.0
0.34
0.8
32.71
9.6
12.1
75.8
139.9
0.94
8.19
12.6
-36.4
8.47
-3.62
133.98
5.8
-1.06
-1.8
43.43
5.0
18.8
76.0
135.6
1.70
11.05
3.7
-35.5
6.08
-6.18
127.00
0.6
-2.00
-2.5
74.01
4.2
17.1
91.4
168.5
2.72
11.77
8.2
-35.8
17.75
-15.14
120.30
10.3
-8.32
-7.9
96.89
2.2
12.3
92.4
172.2
5.30
25.45
7.6
-42.3
15.78
-22.33
120.79
12.2
6.33
4.7
107.93
2.0
9.2
80.9
133.7
5.76
31.83
9.8
-29.1
17.87
-13.17
148.46
-19.1
-4.11
-3.6
112.87
3.3
9.1
97.9
218.7
5.06
30.46
8.7
-37.4
20.18
-3.85
147.50
7.9
2.41
1.6
118.22
4.3
7.7
80.5
171.0
4.60
21.14
2.0
-24.3
24.69
2.90
148.40
3.4
14.11
7.7
125.20
4.4
7.3
68.4
128.2
4.59
22.50
4.6
-13.2
24.65
6.69
150.74
0.1
7.72
3.8
137.05
4.3
7.2
68.4
135.0
4.96
23.72
6.2
-12.7
21.60
11.28
148.80
—
12.74
5.8
144.28
4.7
7.7
65.5
137.6
4.68
13.80
6.3
—
25.00
—
147.00
—
15.28
6.4
145.09
5.2
8.4
60.5
130.9
3.97
7.48
6.4
—
30.00
—
67.9
7.00
82.1
21.1
1.7
386.1
39.0
259.7
141.9
148.2
43.2
34.3
24.7
8.00
51.5
24.7
2.8
713.9
39.8
177.0
108.3
139.8
41.9
34.5
76.9
9.00
76.5
32.5
1.8
417.0
33.0
327.5
190.1
297.0
35.2
24.8
24.2
11.00
58.8
41.0
2.7
614.2
54.6
214.7
104.4
173.2
32.0
26.7
29.1
10.50
65.2
54.2
3.0
604.0
46.6
277.5
48.3
164.2
35.4
36.8
18.7
7.00
6.8
54.6
2.6
559.3
68.8
226.3
48.5
133.3
43.7
43.9
24.3
7.00
6.7
45.8
2.7
478.8
37.2
155.6
35.5
97.5
34.9
38.1
22.0
7.50
12.1
41.4
3.2
507.9
27.7
128.0
28.4
64.9
31.4
37.9
5.2
5.50
12.4
41.8
3.8
634.5
28.3
133.5
22.0
51.7
29.8
40.9
—
—
—
—
—
577.1
17.6
109.9
—
—
—
—
—
—
—
—
—
483.6
10.3
74.5
—
—
—
—
External Debt/GDP
• 334 •
Domestic Credit/GDP
Liquidity Ratio [9]
—
7.00
38.1
14.8
1.8
541.2
38.6
278.0
206.9
269.7
47.1
38.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
General government and government guaranteed debt only; Data for total public sector external debt for 2012 only available from National Bank of Kazakhstan; Share of public sector external debt in total external debt was 23% in 2012
Kenya
B1
B1
No Banks Rated
Floating
Ba2
Ba1
B2
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
14.9
33.8
441
1,200
9.7
2.9
8.3
16.5
4.7
14.6
11.7
53.8
-0.61
16.1
34.7
464
1,263
12.6
5.1
16.3
17.1
6.6
19.2
23.2
60.5
-0.53
18.7
35.6
526
1,346
11.1
5.7
7.6
16.9
7.2
23.4
26.0
64.9
-0.67
22.5
36.5
616
1,440
14.6
6.5
15.6
17.9
7.1
16.6
22.8
64.9
-0.57
27.2
37.5
727
1,546
13.0
7.0
12.0
19.0
6.7
19.5
20.6
64.5
-0.48
30.5
38.5
792
1,564
14.9
1.5
26.8
19.2
8.4
15.3
23.9
69.4
-0.56
30.6
39.5
775
1,586
12.3
2.7
5.3
19.9
5.6
-12.2
-9.9
61.6
-0.58
32.2
40.5
794
1,646
7.7
5.8
4.5
19.8
4.6
21.2
12.5
67.9
-0.53
34.1
41.6
819
1,710
18.6
4.4
18.9
18.7
4.5
9.3
20.0
74.2
-0.54
40.9
42.7
958
—
14.4
4.2
3.2
18.9
2.4
5.2
10.1
66.7
—
46.5
43.9
1,061
—
13.0
5.0
7.0
19.1
3.5
9.7
9.0
64.2
—
51.8
45.0
1,149
—
11.2
5.0
5.0
19.5
4.0
4.0
6.5
60.9
—
19.5
24.4
-4.9
-1.6
9.15
61.5
330.5
17.1
58.4
21.2
23.5
-2.3
0.2
9.69
58.8
294.2
11.7
59.1
21.5
22.6
-1.0
1.3
10.36
52.9
258.6
10.6
57.9
24.6
24.0
0.6
3.3
11.37
48.6
211.5
11.0
54.7
21.6
23.5
-2.0
0.5
12.78
43.7
214.8
11.4
49.5
21.9
27.1
-5.2
-2.8
11.20
41.3
201.4
11.1
50.5
21.8
26.6
-4.8
-2.5
13.89
44.5
215.9
10.7
50.8
23.9
32.2
-8.4
-5.7
15.18
48.1
209.0
11.0
46.1
23.7
29.3
-5.6
-2.9
17.48
49.2
225.1
11.5
48.6
21.3
28.2
-6.9
-4.1
18.99
47.2
236.5
13.2
47.4
24.8
31.8
-7.0
-4.1
21.00
45.1
192.9
11.6
49.1
24.8
30.8
-6.0
-3.3
23.52
45.4
192.9
11.0
44.8
• 335 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Kenya (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
76.14
—
0.13
0.9
6.92
84.1
13.1
46.4
152.0
0.13
0.45
0.5
—
1.46
0.30
77.34
—
-0.13
-0.8
6.98
87.0
10.5
43.3
129.9
0.09
0.27
0.3
—
1.50
0.47
72.37
—
-0.25
-1.3
6.48
89.0
7.7
34.6
96.3
0.09
0.45
0.1
—
1.78
0.63
69.40
—
-0.51
-2.3
6.68
87.9
9.0
29.7
84.8
0.10
0.33
0.1
—
2.40
0.79
62.68
—
-1.03
-3.8
7.52
82.8
12.8
27.6
80.3
0.11
0.35
2.5
—
3.33
0.80
77.71
—
-1.98
-6.5
7.61
84.0
12.0
25.0
69.9
0.11
0.30
0.2
—
2.86
0.77
75.82
—
-1.69
-5.5
8.59
78.2
11.8
28.1
86.7
0.11
0.28
0.2
—
3.48
0.28
80.75
—
-2.51
-7.8
8.80
79.3
11.4
27.3
77.2
0.12
0.28
0.6
—
3.98
0.22
85.07
—
-3.33
-9.8
10.26
73.8
15.5
30.1
76.9
0.12
0.31
1.0
—
4.23
0.43
86.00
—
-4.11
-10.0
12.74
76.5
13.5
31.1
94.0
0.14
0.36
1.7
—
5.68
-0.44
84.00
—
-4.18
-9.0
14.63
75.1
14.5
31.4
97.1
0.17
0.45
1.7
—
6.43
—
84.00
—
-4.68
-9.0
16.60
75.8
14.0
32.1
105.3
0.20
0.51
1.9
—
7.19
—
13.5
11.04
13.8
39.4
4.7
465.4
6.6
80.7
11.9
20.3
18.0
48.1
10.5
11.07
5.4
37.4
3.7
364.1
8.0
78.8
8.1
14.8
17.2
45.7
17.2
10.00
12.7
36.7
3.0
278.8
5.5
46.8
8.0
13.5
17.5
43.0
19.7
8.75
12.3
36.5
2.6
225.6
4.9
39.6
10.1
18.1
16.3
38.8
18.1
8.50
25.8
39.9
3.6
266.4
3.8
37.9
10.5
17.8
16.8
37.5
17.5
7.00
21.0
43.0
3.6
247.0
3.9
41.5
11.0
18.8
15.7
41.4
22.4
6.00
27.8
51.1
3.7
221.0
3.5
37.3
11.1
18.8
15.1
41.8
20.0
18.00
19.3
51.3
4.5
242.6
3.2
33.1
15.7
23.3
19.0
50.5
15.0
11.00
15.9
52.0
4.0
224.2
3.7
46.2
17.3
32.2
16.4
41.9
—
—
—
—
—
227.4
4.1
38.1
—
—
—
—
—
—
—
—
—
230.8
4.5
40.9
—
—
—
—
External Debt/GDP
• 336 •
Domestic Credit/GDP
Liquidity Ratio [8]
13.2
4.41
9.3
39.0
4.2
473.8
12.7
113.6
13.7
20.9
14.5
39.4
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Korea
Aa3
Aa3
CFloating
Aa1
Aa1
Aa3
Aa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
643.8
47.9
13,451
20,180
6.5
2.8
3.4
29.9
32.3
19.3
16.9
68.5
0.93
722.0
48.0
15,029
21,624
7.8
4.6
3.1
29.9
34.4
29.6
24.4
77.6
0.94
844.9
48.1
17,550
22,783
4.6
4.0
2.6
29.7
31.9
12.4
16.5
75.8
1.02
951.8
48.4
19,677
24,246
5.0
5.2
2.1
29.6
31.1
13.8
18.0
78.0
1.08
1,049.2
48.6
21,589
26,101
7.3
5.1
3.6
29.4
31.5
16.5
16.3
82.3
1.25
931.4
49.0
19,028
26,689
5.3
2.3
4.1
31.2
31.6
12.2
19.0
107.2
1.09
834.1
49.2
16,959
26,680
3.8
0.3
2.7
26.3
30.2
-16.0
-23.9
95.8
1.08
1,014.9
49.4
20,540
28,613
10.2
6.3
3.1
29.5
32.4
27.9
31.4
102.0
1.19
1,114.5
49.8
22,388
29,834
5.3
3.7
4.2
29.5
31.8
17.7
19.3
110.1
1.23
1,129.6
50.0
22,592
—
3.0
2.0
1.4
27.6
31.4
2.2
0.2
109.9
—
1,272.5
50.3
25,299
—
5.0
2.5
2.5
27.0
30.1
10.5
11.0
108.1
—
1,388.5
50.6
27,463
—
6.0
3.5
3.0
26.2
28.3
7.1
6.5
105.8
—
22.4
21.4
1.0
1.9
139.04
21.6
96.4
3.8
—
21.6
20.9
0.7
1.7
196.78
24.6
113.9
4.9
—
22.1
21.6
0.6
1.7
245.13
28.7
129.5
5.3
—
23.1
22.4
0.7
2.0
304.13
31.1
134.9
5.8
—
25.0
21.2
3.8
5.2
319.31
30.7
122.7
5.5
—
24.4
22.9
1.5
2.9
245.37
30.1
123.3
5.7
—
23.5
25.2
-1.7
-0.2
308.81
33.8
143.4
6.4
—
23.1
21.7
1.4
2.6
345.64
33.4
144.8
4.9
—
23.7
22.2
1.5
2.6
367.11
34.2
144.6
4.7
—
24.5
23.0
1.5
2.6
409.49
34.5
140.8
4.5
—
24.7
23.5
1.2
2.3
441.80
34.1
137.8
4.3
—
24.7
23.7
1.0
2.0
469.58
33.2
134.2
4.1
—
• 337 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Korea (cont’d)
2003
2004
2005
2006
1,192.60 1,035.10 1,011.60
-0.5
2.7
10.2
15.58
32.31
18.61
2.4
4.5
2.2
141.65
150.62
161.41
—
—
—
35.9
37.4
40.8
22.0
20.9
19.1
56.7
46.6
44.9
3.29
3.35
4.75
27.46
29.25
22.41
-0.1
0.5
0.0
-9.9
-8.6
-17.1
154.51
198.18
209.97
-24.90
-21.60
-25.70
929.80
4.8
14.08
1.5
225.20
—
50.5
23.7
54.0
6.69
22.42
-0.8
-16.0
238.39
-45.60
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
936.10 1,259.50 1,164.50 1,134.80 1,151.80 1,070.60 1,030.00 1,000.00
-1.9
-15.7
-12.9
8.5
2.6
-0.6
—
—
21.77
3.20
32.79
29.39
26.07
43.14
39.55
29.17
2.1
0.3
3.9
2.9
2.3
3.8
3.1
2.1
333.43
317.37
345.68
359.76
398.72
413.44
427.78
442.83
—
—
—
—
—
—
—
—
48.1
47.2
43.2
38.8
34.5
30.6
29.6
28.6
31.8
34.1
41.4
35.4
35.8
36.6
33.6
31.9
67.7
56.6
75.3
62.2
58.6
59.2
59.2
59.2
7.40
9.98
3.45
1.65
1.94
1.98
2.01
2.05
24.52
30.99
30.22
35.67
42.74
43.53
44.28
45.06
-1.7
-1.8
-1.8
-2.2
-1.5
-1.6
-1.3
-1.2
-17.5
-7.8
-12.6
-13.6
-7.6
-9.1
—
—
261.77
200.48
265.20
286.93
298.23
316.90
332.74
346.05
-20.40
-63.10
-45.70
-40.60
-45.10
-32.00
—
—
• 338 •
Domestic Credit/GDP
Liquidity Ratio [7]
3.0
3.75
9.7
88.7
4.9
91.7
12.3
62.6
113.7
191.5
6.3
3.25
2.9
84.6
4.7
76.0
10.1
51.8
90.7
167.7
7.0
3.75
9.2
88.3
4.8
76.9
7.6
39.7
109.1
209.0
12.5
4.50
14.6
96.4
5.2
94.5
7.0
42.1
144.5
265.3
10.8
5.00
9.5
98.4
5.2
127.4
6.5
58.0
152.7
279.2
12.0
3.00
17.0
109.4
5.6
158.3
7.3
73.1
172.8
321.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Central government
9.9
2.00
3.7
109.4
5.1
130.3
7.3
89.8
278.4
469.7
6.0
2.50
3.9
103.1
5.1
125.4
6.4
69.7
250.0
391.4
5.5
3.25
4.6
102.4
5.1
133.7
6.6
63.6
180.1
302.5
4.8
2.75
3.2
102.6
5.4
130.5
6.5
60.7
191.1
313.2
—
—
—
—
—
128.6
6.4
53.9
—
—
—
—
—
—
—
128.0
6.3
51.6
—
—
Kuwait [1]
Lead Analyst: Steffen Dyck
Aa2
Aa2
D+
Conventional Peg
Aa2
Aa2
Aa2
Aa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
47.8
2.5
18,787
35,632
23.1
17.3
1.0
16.6
34.3
46.6
18.2
86.6
0.06
59.4
2.8
21,586
36,008
22.8
10.8
1.3
18.2
42.7
35.7
16.7
89.3
0.07
80.8
3.0
27,015
36,956
34.7
10.1
4.1
16.4
52.1
52.8
18.7
92.2
0.23
101.6
3.2
31,907
38,548
24.9
7.5
3.1
16.2
57.5
28.8
7.5
89.7
0.23
114.7
3.4
33,733
39,363
10.6
6.0
5.5
20.5
55.6
9.2
32.3
91.7
0.11
147.4
3.4
42,824
40,729
21.6
2.5
10.6
17.6
58.5
35.3
17.7
92.7
0.02
106.0
3.5
30,410
37,704
-23.0
-7.1
4.0
18.0
48.0
-36.0
-18.5
88.8
0.13
119.9
3.6
33,481
36,291
12.7
-2.4
4.0
20.3
55.2
22.2
12.5
93.4
0.10
161.0
3.7
43,723
38,332
29.2
6.3
4.7
15.6
62.1
48.7
13.1
95.7
-0.04
175.5
3.8
46,354
—
10.6
5.1
2.9
17.2
65.0
13.4
15.6
100.1
—
174.1
3.9
44,750
—
-0.9
1.0
3.3
18.4
62.5
-3.7
4.1
98.6
—
175.2
4.0
43,818
—
0.1
2.3
3.8
19.7
61.5
-1.0
5.7
99.4
—
51.4
36.2
15.2
15.8
9.01
18.6
34.3
1.1
7.4
51.9
32.8
19.1
19.5
8.98
15.1
26.8
0.8
8.3
67.2
27.2
40.1
40.4
10.13
12.5
17.5
0.6
18.6
65.6
34.0
31.5
32.0
10.29
10.1
15.0
0.6
22.8
65.6
28.2
37.5
37.9
13.91
11.7
16.9
0.6
39.6
63.9
48.6
15.3
15.6
13.90
9.7
16.1
0.4
44.5
66.9
35.1
31.8
32.0
11.70
11.0
15.9
0.3
39.5
63.8
43.4
20.4
20.4
13.25
10.8
15.8
0.1
45.2
65.8
41.9
24.0
24.0
12.86
8.1
11.9
0.1
44.9
68.9
39.0
29.9
29.9
11.05
6.3
9.2
0.1
43.5
70.9
42.9
27.9
28.0
11.37
6.5
9.2
0.1
38.4
71.1
46.1
25.0
25.0
12.27
7.0
9.8
0.1
35.7
• 339 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Kuwait (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.29
-6.5
9.42
19.7
12.23
5.4
60.4
25.6
41.7
0.38
0.83
10.2
62.1
6.64
1.70
0.29
-7.4
15.51
26.1
15.48
4.8
47.9
26.0
38.0
0.46
0.78
-4.3
61.5
7.35
4.63
0.29
1.5
30.07
37.2
20.24
9.3
47.1
25.1
34.8
0.84
0.30
-6.1
60.8
8.38
5.25
0.29
-1.0
45.31
44.6
30.87
7.6
44.0
30.4
39.9
1.54
0.10
-8.0
63.2
12.18
7.36
0.27
-2.0
41.33
36.0
57.56
9.6
46.9
50.2
64.7
4.08
0.11
-8.4
62.4
16.29
5.16
0.28
4.0
60.24
40.9
52.94
11.7
49.2
35.9
46.9
3.14
1.91
-6.2
70.8
16.61
11.22
0.29
-0.6
28.38
26.8
45.70
10.1
37.1
43.1
61.1
1.58
15.80
-7.0
102.5
17.61
15.45
0.28
1.6
38.29
31.9
41.10
14.6
40.1
34.3
46.9
1.79
11.59
-4.0
70.3
18.62
15.26
0.28
-2.1
70.76
44.0
35.00
16.5
48.9
21.7
27.8
1.52
9.87
-5.2
79.0
22.92
17.89
0.28
-0.3
79.14
45.1
28.60
16.8
61.0
16.3
20.0
0.86
8.06
-4.7
82.6
25.96
23.55
0.28
—
71.21
40.9
28.55
15.3
65.0
16.4
20.7
0.74
8.05
-4.1
—
26.87
—
0.28
—
68.01
38.8
28.74
15.2
68.9
16.4
20.8
1.03
8.10
-5.1
—
28.57
—
12.3
2.70
4.2
65.1
5.4
210.6
2.8
111.3
22.0
46.6
12.0
3.50
14.5
55.3
5.3
241.6
1.3
101.0
23.1
55.2
21.7
4.90
35.3
59.9
4.5
253.5
1.2
113.9
20.2
53.1
19.1
5.40
28.8
69.8
4.3
353.4
1.8
111.5
27.2
70.2
15.8
4.80
15.4
66.2
4.8
318.7
5.3
165.7
19.3
68.8
13.4
2.80
5.1
90.5
4.9
259.5
25.3
157.0
32.2
55.2
3.0
2.30
-9.8
72.5
4.9
220.7
15.0
96.3
22.4
44.9
8.2
2.20
1.4
56.9
4.3
152.7
9.3
88.5
15.0
31.1
6.5
2.00
-1.0
50.9
4.0
110.1
6.7
74.8
17.2
25.5
—
—
—
—
—
106.3
6.5
67.2
—
—
—
—
—
—
—
100.6
6.4
69.1
—
—
External Debt/GDP
• 340 •
Domestic Credit/GDP
7.8
2.40
15.4
76.7
5.3
184.2
4.1
87.4
25.7
50.8
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Annual average
Excludes KIA's assets
Deposit rate
Latvia
Baa2
Baa2
E+
Conventional Peg
A3
A3
Baa2
A3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.1
2.3
4,794
10,623
11.7
7.6
3.7
28.4
15.8
23.6
29.6
97.1
0.66
13.7
2.3
5,939
11,731
16.5
8.9
7.3
32.8
17.2
28.5
34.1
103.7
0.65
15.9
2.3
6,928
13,040
21.3
10.1
7.0
33.6
19.1
26.9
21.8
110.8
0.59
19.9
2.3
8,678
14,973
23.6
11.2
6.8
39.1
17.5
16.6
32.5
111.7
0.68
28.7
2.3
12,588
17,147
32.3
9.6
14.1
40.0
19.8
36.1
35.7
105.1
0.49
33.5
2.3
14,762
18,090
9.3
-3.3
10.6
31.2
17.5
18.3
5.9
99.9
0.56
25.9
2.3
11,466
15,928
-18.7
-17.7
-1.2
20.5
19.0
-21.2
-38.2
89.3
0.61
24.1
2.2
10,763
15,943
-2.2
-0.9
2.5
19.8
18.5
13.6
12.7
108.5
0.70
28.5
2.1
13,838
18,951
11.7
5.5
4.1
25.3
20.5
29.7
36.9
122.4
0.68
28.4
2.0
14,014
—
8.7
5.6
1.6
25.9
22.6
3.6
1.0
125.6
—
30.9
2.0
15,314
—
5.3
3.8
1.9
26.7
22.9
9.5
10.2
126.7
—
31.5
2.0
15,626
—
6.1
4.1
2.2
27.2
23.4
2.6
2.6
127.8
—
33.3
34.9
-1.6
-0.9
1.73
14.7
44.0
2.1
49.6
34.9
35.9
-1.0
-0.3
2.15
15.0
42.9
2.1
56.6
35.4
35.8
-0.4
0.1
1.89
12.5
35.2
1.5
56.0
37.8
38.3
-0.5
0.0
2.22
10.7
28.3
1.2
58.1
35.6
36.0
-0.4
0.0
2.75
9.0
25.4
1.1
61.6
34.9
39.1
-4.2
-3.6
6.43
19.8
56.8
1.7
47.7
34.0
43.7
-9.7
-8.3
9.87
36.9
108.6
4.3
78.2
35.3
43.4
-8.1
-6.7
10.62
44.4
125.9
3.9
83.9
34.9
38.4
-3.6
-2.1
10.98
41.9
120.0
4.2
86.2
35.2
36.5
-1.2
0.1
11.88
40.7
115.4
3.9
87.7
34.8
36.0
-1.2
0.4
13.15
43.2
124.1
4.7
85.3
34.7
35.6
-0.9
0.7
12.50
40.1
115.5
4.7
84.9
• 341 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Latvia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.54
-5.9
-0.91
-8.2
9.40
9.1
60.4
79.8
149.4
0.16
0.96
2.3
-43.8
1.43
-1.27
0.52
0.1
-1.77
-12.9
13.45
9.0
57.3
93.5
165.1
0.13
1.23
3.8
-52.3
1.91
-2.28
0.59
-1.4
-2.00
-12.6
15.18
6.7
49.3
100.0
164.5
0.17
2.72
3.6
-59.6
2.23
-4.37
0.54
2.9
-4.48
-22.6
23.77
5.2
44.1
114.5
195.6
0.30
2.85
7.5
-69.9
4.35
-9.01
0.48
6.6
-6.42
-22.4
38.97
4.0
42.9
128.1
238.6
0.73
3.06
6.8
-74.7
5.55
-14.49
0.50
9.9
-4.40
-13.1
42.26
8.4
33.5
130.0
241.6
1.16
4.37
3.0
-79.0
5.03
-16.06
0.49
5.5
2.23
8.6
41.82
16.5
24.6
156.5
279.6
1.23
5.18
0.6
-82.7
6.44
-12.01
0.54
-6.0
0.71
2.9
39.38
20.1
32.0
164.8
257.7
1.03
5.29
1.5
-80.3
7.07
-9.79
0.54
0.2
-0.61
-2.2
38.06
22.1
31.3
145.0
210.1
0.95
4.30
4.9
-73.3
5.85
-6.83
0.53
-1.6
-0.48
-1.7
39.81
23.8
36.8
136.2
191.3
1.02
5.58
2.8
-65.1
6.95
-6.47
0.54
—
-0.64
-2.1
41.36
26.4
36.3
135.9
185.8
1.11
4.15
3.1
—
8.95
—
0.56
—
-0.92
-2.9
39.45
24.5
37.3
126.6
172.3
1.17
5.81
3.2
—
9.95
—
34.1
4.00
39.6
54.0
2.2
703.5
17.6
490.5
66.2
133.4
39.2
21.4
43.7
4.00
62.4
72.3
2.4
680.1
29.8
551.2
186.9
293.5
41.7
27.9
43.7
5.00
53.9
90.1
1.9
546.0
27.1
471.7
378.8
496.3
41.5
31.5
19.1
6.00
32.0
89.9
2.0
701.7
24.6
316.9
199.5
470.7
47.6
31.4
-4.6
6.00
9.4
90.0
2.0
840.6
30.7
383.4
319.0
896.9
48.3
33.7
0.6
4.00
-14.8
94.4
1.6
648.9
44.3
390.6
138.6
462.5
55.9
36.2
9.9
3.50
-7.5
89.3
1.5
557.1
41.0
254.7
88.3
284.0
50.3
30.5
-3.8
3.50
-1.6
78.7
1.7
650.3
26.7
252.5
57.7
231.6
52.4
31.1
3.8
2.50
-13.1
62.9
1.5
572.5
32.6
313.1
78.9
231.2
53.1
30.3
—
—
—
—
—
461.9
23.2
283.3
—
—
—
—
—
—
—
—
—
396.3
30.2
243.1
—
—
—
—
External Debt/GDP
• 342 •
Domestic Credit/GDP
Liquidity Ratio [7]
19.8
3.00
39.7
45.1
2.1
656.3
18.7
419.8
103.1
133.6
38.6
21.1
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Central government
Lebanon
B1
B1
E+
Ba3
Ba1
B1
Ba1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
19.7
3.7
5,421
8,992
3.4
1.7
1.3
20.1
6.9
8.8
12.1
124.2
-0.21
21.4
3.8
5,804
9,801
8.6
7.5
1.7
22.8
7.3
28.8
21.0
135.4
-0.29
21.4
3.8
5,823
10,170
0.0
0.7
-0.7
21.8
8.2
9.7
3.0
137.6
-0.21
22.2
3.8
5,903
10,631
3.5
1.4
5.6
22.1
16.8
2.0
1.5
145.3
-0.39
25.0
3.8
6,640
11,858
12.5
8.4
4.1
27.8
21.0
20.9
27.7
151.4
-0.42
29.7
3.8
7,795
12,995
18.9
8.6
10.8
30.2
20.9
27.4
33.2
172.1
-0.49
34.7
3.9
8,984
14,104
16.7
9.0
1.2
34.2
24.4
-2.8
4.2
145.8
-0.58
37.1
3.9
9,499
15,097
7.1
7.0
4.5
33.2
23.6
15.2
11.2
138.4
-0.35
39.0
4.0
9,857
15,449
5.1
1.5
5.0
26.7
14.1
20.9
5.8
147.4
-0.33
41.3
4.0
10,310
—
6.0
1.5
6.6
24.7
8.6
4.5
9.5
149.3
—
43.8
4.1
10,793
—
6.0
2.0
6.7
24.0
7.9
10.6
9.1
154.5
—
46.7
4.1
11,347
—
6.5
2.5
2.4
24.5
9.9
7.2
5.2
153.8
—
22.2
35.9
-13.8
2.6
31.66
160.3
723.6
73.9
49.1
23.2
32.9
-9.7
2.7
34.42
160.5
693.3
53.7
53.4
22.9
31.5
-8.6
2.3
36.84
171.8
750.0
47.7
51.9
25.4
35.9
-10.5
3.1
38.17
172.0
678.1
53.7
53.3
24.1
35.0
-10.9
2.2
38.85
155.7
645.0
54.3
54.6
24.0
33.7
-9.7
1.4
43.70
147.2
613.3
46.2
48.5
24.5
32.8
-8.3
2.8
47.12
136.0
554.8
45.2
45.2
22.9
30.6
-7.7
2.8
48.44
130.5
570.5
46.0
42.5
23.5
29.6
-6.1
3.5
49.32
126.4
537.0
40.8
42.4
22.7
32.2
-9.5
-0.7
54.00
130.6
574.7
38.5
45.2
23.3
33.0
-9.7
-0.6
58.25
132.9
569.3
39.1
45.0
23.8
32.8
-8.9
0.2
62.42
133.7
561.1
38.5
44.7
• 343 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Lebanon (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
External Debt/GDP
1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50 1,507.50
—
—
—
—
—
—
—
—
—
—
—
—
-2.61
-3.33
-2.93
-1.18
-1.70
-2.76
-3.40
-3.57
-4.89
-6.64
-7.04
-6.83
-13.2
-15.5
-13.6
-5.3
-6.8
-9.3
-9.8
-9.6
-12.5
-16.1
-16.1
-14.6
20.11
23.11
22.98
25.65
28.79
30.20
35.60
37.26
40.55
44.61
47.47
50.42
37.2
32.3
36.2
39.9
39.4
38.1
31.0
28.6
25.3
25.2
25.5
25.7
45.3
49.6
47.1
44.3
44.5
46.7
52.3
54.2
57.4
57.6
57.3
57.2
100.1
106.1
105.1
115.6
115.3
101.7
102.7
100.4
103.9
107.9
108.3
108.0
118.7
125.0
118.7
116.7
116.7
97.8
119.5
121.3
115.5
154.7
150.1
149.5
0.40
0.60
1.10
1.53
1.70
1.19
0.70
0.55
0.59
0.64
1.01
1.22
2.20
2.33
2.43
2.86
3.20
3.22
3.39
3.41
3.46
3.78
4.05
4.32
11.2
4.9
8.7
8.1
10.1
11.3
10.6
10.2
8.6
7.7
6.8
8.6
—
—
—
—
—
—
—
—
—
—
—
—
12.46
11.67
11.83
13.31
12.84
20.18
28.74
31.16
33.39
36.84
37.00
37.50
0.58
1.46
1.63
4.23
7.07
3.32
2.51
2.74
-1.58
-3.82
—
—
• 344 •
Domestic Credit/GDP
12.8
7.99
5.0
180.9
3.4
161.4
15.3
99.7
12.1
16.4
60.9
113.9
10.2
7.89
8.4
180.5
4.1
198.0
15.9
73.2
14.6
20.7
64.9
118.8
4.4
8.68
-0.3
180.0
4.2
194.2
18.2
98.1
11.9
16.9
68.5
131.9
7.8
8.68
10.6
192.5
4.0
192.7
19.9
91.4
11.0
14.6
72.3
126.5
12.4
8.68
6.6
182.4
4.7
224.1
19.9
85.4
13.2
18.3
74.0
129.1
14.8
8.43
11.2
170.5
3.4
149.6
14.3
99.8
9.3
18.5
65.3
111.5
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Annual average
Balance of Payments
Central government
T-bill rate
19.5
6.42
12.6
164.4
2.9
123.8
13.7
69.8
7.4
21.1
59.5
91.4
12.3
5.41
12.5
172.7
3.0
119.6
12.9
64.8
8.2
17.3
58.3
92.5
5.5
5.41
8.6
178.5
2.9
121.4
11.5
64.8
8.1
19.8
61.1
98.7
7.0
5.93
8.8
183.2
2.8
121.1
15.3
69.8
9.6
22.8
59.6
96.2
—
—
—
—
—
128.3
16.0
69.8
—
—
—
—
—
—
—
—
—
134.5
16.4
73.6
—
—
—
—
Lithuania
Baa1
Baa1
E+
Currency Board
Aa2
Aa1
Baa1
Aa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
18.7
3.5
5,413
12,033
9.3
10.3
-1.3
21.4
15.6
27.6
28.2
107.7
0.76
22.7
3.4
6,595
12,968
10.1
7.4
2.8
22.3
15.2
23.3
25.7
110.8
0.75
26.1
3.4
7,644
14,197
14.9
7.8
3.0
23.6
16.5
27.4
25.9
121.8
0.79
30.2
3.4
8,910
16,032
15.0
7.8
4.4
26.0
15.9
18.9
24.0
127.8
0.74
39.3
3.4
11,648
18,158
19.2
9.8
8.1
31.2
18.0
19.0
26.5
121.0
0.70
47.5
3.4
14,140
19,559
12.8
2.9
8.6
27.1
15.2
33.8
28.6
131.1
0.61
37.0
3.3
11,095
16,948
-17.8
-14.8
0.0
11.4
9.7
-29.1
-38.9
110.2
0.66
36.6
3.3
11,127
18,120
3.6
1.5
5.1
17.8
15.8
23.7
23.4
137.9
0.72
42.9
3.0
14,148
21,480
11.6
5.9
3.4
20.5
17.7
33.8
34.7
158.0
0.68
42.1
3.0
14,007
—
6.4
3.6
2.9
17.1
17.8
6.2
1.7
167.1
—
45.8
3.0
15,334
—
5.9
3.2
2.5
16.9
18.1
10.6
10.0
169.4
—
46.9
3.0
15,790
—
6.7
3.7
3.0
16.8
18.0
6.9
6.9
176.9
—
31.8
33.0
-1.3
0.0
4.36
21.0
66.2
3.9
61.2
31.7
33.2
-1.5
-0.6
4.80
19.3
60.9
2.9
61.7
32.7
33.2
-0.5
0.3
4.56
18.3
56.0
2.5
60.3
33.0
33.5
-0.4
0.3
5.68
17.9
54.4
2.2
68.4
33.6
34.6
-1.0
-0.3
7.08
16.8
50.0
2.1
67.2
34.0
37.2
-3.3
-2.6
7.09
15.5
45.7
2.0
64.2
35.5
44.9
-9.4
-8.2
11.22
29.3
82.7
3.6
70.3
35.2
42.4
-7.2
-5.4
13.84
37.9
107.8
5.2
73.6
33.3
38.9
-5.5
-3.7
15.34
38.5
115.5
5.4
74.0
32.9
36.2
-3.3
-1.4
17.67
40.7
123.7
5.9
75.6
32.7
35.6
-2.9
-1.0
18.10
40.1
122.6
5.9
75.6
32.4
34.8
-2.4
-0.7
18.31
39.4
121.6
5.2
74.0
• 345 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Lithuania (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.76
1.9
-1.26
-6.7
8.34
31.5
39.3
40.2
74.9
0.24
4.05
0.8
-33.1
3.37
-0.89
2.53
-1.1
-1.73
-7.6
10.47
28.3
36.0
42.1
75.2
0.24
4.91
2.3
-34.4
3.51
-0.95
2.91
-2.9
-1.84
-7.1
12.56
21.9
38.8
50.5
80.7
0.25
5.65
2.6
-42.6
3.72
-2.52
2.63
-1.8
-3.20
-10.6
18.96
21.0
29.9
59.9
91.7
0.41
9.63
5.0
-48.9
5.65
-4.40
2.36
1.8
-5.68
-14.4
30.10
17.3
25.8
71.5
117.2
0.83
15.07
3.6
-55.8
7.56
-8.80
2.45
4.2
-6.14
-12.9
32.42
12.0
25.1
71.0
106.6
1.37
17.63
3.4
-51.6
6.28
-12.66
2.41
9.8
1.38
3.7
32.10
24.7
18.6
83.9
133.4
1.08
15.25
-0.6
-57.3
6.20
-8.73
2.61
-6.0
0.03
0.1
30.40
36.2
18.3
83.2
107.3
1.00
14.31
2.2
-55.4
6.12
-6.07
2.67
-2.1
-1.60
-3.7
31.01
39.4
17.8
77.8
89.6
1.16
13.77
3.2
-52.6
7.70
-5.84
2.61
-2.2
-0.22
-0.5
32.84
47.2
19.1
75.6
81.7
1.14
14.06
1.0
-52.3
8.01
-4.73
2.66
—
-0.21
-0.9
32.64
48.4
17.0
72.3
81.9
1.20
13.39
3.2
—
8.35
—
2.75
—
-0.45
-1.6
32.70
49.1
15.7
70.4
81.4
1.05
12.33
3.4
—
9.12
—
31.0
2.25
44.9
30.4
1.9
298.1
40.6
147.1
140.0
237.7
25.7
31.8
36.9
2.50
62.3
42.9
2.1
337.6
36.1
171.9
193.4
318.2
26.9
34.1
23.5
3.73
30.5
48.7
1.9
335.3
50.8
255.4
194.5
475.9
21.4
24.7
24.7
5.83
45.9
59.6
2.0
398.3
66.3
265.8
136.0
543.4
21.5
25.8
-1.9
8.21
21.1
64.0
2.3
516.2
60.1
234.1
251.3
1097.6
26.4
35.0
5.2
1.28
-10.5
69.6
2.5
517.4
70.1
248.3
207.2
629.7
33.0
40.7
8.5
1.05
-4.6
64.1
2.5
496.4
54.0
242.4
155.3
522.1
29.4
39.2
1.0
1.06
-0.3
57.3
2.0
402.5
40.1
224.5
95.5
337.0
27.6
34.8
6.9
0.51
-3.0
52.2
2.1
410.1
39.0
186.2
104.4
364.0
27.7
37.3
—
—
—
—
—
390.8
36.1
183.4
—
—
—
—
—
—
—
—
—
358.5
33.0
159.3
—
—
—
—
External Debt/GDP
• 346 •
Domestic Credit/GDP
Liquidity Ratio [8]
16.5
2.41
42.4
23.1
1.4
247.3
42.7
168.9
239.6
367.7
26.6
28.8
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
1-Month VILIBOR
Series break in 2004; Excluded total nonresident deposits over one year in 2003
Luxembourg
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
29.2
0.5
64,660
60,705
7.7
1.7
2.1
3.8
22.1
45.9
25.5
20.5
6.8
6.9
23.8
250.2
1.93
34.1
0.5
74,488
64,929
6.3
4.4
2.2
5.0
21.7
45.9
29.9
32.3
11.1
11.8
24.2
280.5
1.93
37.7
0.5
81,002
68,290
10.3
5.3
2.5
4.6
22.4
48.0
12.9
12.3
4.4
4.2
25.5
286.2
1.78
42.6
0.5
90,100
78,383
12.0
4.9
2.3
4.6
20.3
51.1
23.2
20.6
12.9
12.8
30.8
309.0
1.59
51.4
0.5
107,073
84,494
10.6
6.6
3.4
4.2
21.0
53.2
25.0
24.6
9.0
9.3
32.3
319.5
1.60
55.0
0.5
112,469
84,393
-0.3
-0.7
1.1
4.8
21.5
51.5
10.5
13.0
4.4
6.1
30.0
333.5
1.62
50.2
0.5
100,836
79,352
-3.6
-4.1
1.8
5.2
16.5
48.6
-17.8
-20.9
-10.9
-14.1
32.2
294.9
1.75
52.9
0.5
104,442
84,764
10.8
2.9
2.8
4.6
19.4
51.4
11.2
12.6
7.7
12.1
32.1
312.6
1.71
59.3
0.5
114,464
88,797
6.8
1.7
3.2
4.8
21.1
52.3
14.7
16.0
5.5
8.6
31.2
321.8
1.73
57.1
0.5
109,834
—
4.2
0.3
2.3
5.1
21.6
51.9
-6.8
-6.9
-3.1
-2.7
30.4
311.4
—
60.6
0.5
116,484
—
3.3
0.7
2.0
5.6
21.3
52.9
6.7
5.8
0.9
0.9
31.6
312.1
—
60.7
0.5
116,661
—
4.4
1.5
1.9
5.7
19.8
53.5
4.6
4.1
3.5
4.6
33.7
325.2
—
42.3
41.8
0.5
0.7
2.00
6.1
14.5
0.5
41.5
42.6
-1.1
-0.9
2.37
6.3
15.3
0.4
41.5
41.5
0.0
0.2
2.17
6.1
14.6
0.4
39.9
38.6
1.4
1.5
2.98
6.7
16.7
0.5
39.9
36.3
3.7
3.9
3.68
6.7
16.7
0.6
42.3
39.1
3.2
3.5
7.51
14.4
34.1
0.8
43.8
44.6
-0.8
-0.5
7.96
15.3
35.0
0.8
42.0
42.9
-0.9
-0.5
10.25
19.2
45.8
0.9
41.5
41.8
-0.2
0.2
10.10
18.3
44.1
1.1
42.1
43.0
-0.8
-0.4
12.18
20.8
49.3
0.9
42.3
43.1
-0.9
-0.5
13.71
23.0
54.3
1.0
42.6
42.8
-0.2
0.2
14.08
23.4
55.0
0.9
0.79
3.6
98.1
2.38
8.1
-36.3
—
0.09
0.73
1.2
99.6
4.04
11.9
-15.8
—
0.14
0.85
-0.3
100.0
4.35
11.5
-23.0
121.1
0.17
0.76
0.6
100.2
4.41
10.4
32.9
137.9
0.16
0.68
0.9
100.8
5.19
10.1
-145.8
102.5
0.09
0.72
2.0
104.0
2.94
5.4
-53.9
114.3
0.26
0.69
1.0
109.6
3.60
7.2
-45.4
87.8
0.27
0.75
-2.6
108.6
4.36
8.2
33.5
96.5
0.27
0.77
0.8
110.4
4.22
7.1
69.6
99.6
0.18
0.76
-2.2
110.5
3.17
5.6
35.8
27.6
0.15
0.77
—
—
3.76
6.2
43.6
—
0.16
0.80
—
—
3.94
6.5
62.6
—
0.16
• 347 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
Macao
Aa3
Aa3
D+
Currency Board
Aa1
Aaa
Aa3
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
7.9
0.5
17,252
26,668
12.9
12.6
-1.4
14.3
49.2
14.6
13.7
176.2
1.30
10.3
0.5
21,821
33,999
29.4
26.9
2.8
16.8
57.3
31.3
22.0
173.7
1.09
11.8
0.5
24,497
37,236
14.8
8.6
5.6
26.5
58.7
1.5
7.5
156.9
1.25
14.6
0.5
29,537
42,926
23.4
14.4
4.6
34.4
63.3
17.6
21.4
151.3
0.99
18.1
0.5
35,701
49,279
24.5
14.3
7.1
37.5
65.1
28.6
33.3
159.4
0.98
20.7
0.5
39,986
50,766
14.6
3.4
6.1
31.0
64.8
19.2
10.3
160.3
1.01
21.3
0.5
40,125
51,067
2.3
1.7
0.7
18.9
63.4
-0.3
-19.4
143.7
1.31
28.4
0.5
52,166
63,835
33.4
27.5
3.9
13.3
69.4
49.8
33.7
155.8
1.32
36.8
0.6
66,215
77,079
30.0
21.8
6.8
13.8
72.4
36.9
38.6
165.0
1.30
43.6
0.6
76,718
—
18.0
9.9
5.8
14.7
73.3
14.7
10.6
158.0
—
49.4
0.6
85,041
—
13.3
8.2
4.8
15.0
71.6
12.0
15.0
157.5
—
55.4
0.6
93,364
—
12.3
7.5
4.5
15.5
71.6
13.0
15.0
159.5
—
28.9
24.7
4.2
4.2
0.00
0.0
0.0
0.0
0.0
29.0
21.5
7.5
7.5
0.00
0.0
0.0
0.0
0.0
29.9
22.4
7.4
7.4
0.00
0.0
0.0
0.0
0.0
31.9
23.5
8.4
8.4
0.00
0.0
0.0
0.0
0.0
37.0
16.1
20.9
20.9
0.00
0.0
0.0
0.0
0.0
37.4
18.3
19.1
19.1
0.00
0.0
0.0
0.0
0.0
41.1
20.8
20.2
20.2
0.00
0.0
0.0
0.0
0.0
39.0
16.9
22.1
22.1
0.00
0.0
0.0
0.0
0.0
41.7
15.5
26.2
26.2
0.00
0.0
0.0
0.0
0.0
37.2
16.3
20.9
20.9
0.00
0.0
0.0
0.0
0.0
34.2
20.9
13.2
13.2
0.00
0.0
0.0
0.0
0.0
31.8
21.4
10.4
10.4
0.00
0.0
0.0
0.0
0.0
• 348 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.00
-4.1
2.60
32.7
0.85
0.0
—
10.7
9.7
—
—
6.5
—
4.34
9.03
8.01
-2.9
3.56
34.7
0.81
0.0
—
7.9
7.1
—
—
8.3
—
5.44
9.79
7.99
-0.6
2.94
24.9
1.41
0.0
—
12.0
11.8
—
—
14.5
—
6.69
10.72
8.01
-0.7
2.44
16.7
3.11
0.0
—
21.4
21.4
—
—
14.6
—
9.13
13.44
8.03
-3.5
4.31
23.8
5.60
0.0
—
31.0
29.8
—
—
27.8
—
13.23
12.19
7.98
-2.9
4.04
19.5
7.31
0.0
—
35.3
33.8
—
—
15.1
—
15.93
11.76
7.99
2.2
6.79
31.8
10.91
0.0
—
51.2
51.5
—
—
0.9
—
18.35
14.54
8.02
-0.6
12.08
42.6
16.99
0.0
—
59.9
54.8
—
—
13.4
—
23.73
16.62
8.01
-4.9
16.97
46.1
17.79
0.0
—
48.3
42.1
—
—
5.6
—
34.03
17.89
7.98
1.6
17.03
39.1
20.40
0.0
—
46.8
48.1
—
—
4.7
—
16.60
25.77
8.00
—
20.01
40.5
21.34
0.0
—
43.2
45.3
—
—
4.6
—
23.27
—
8.00
—
22.47
40.6
19.13
0.0
—
34.5
36.1
—
—
3.7
—
30.76
—
8.9
3.75
8.5
44.6
2.8
15.0
—
—
7.0
7.3
12.2
5.75
21.8
47.3
2.5
21.1
—
—
8.0
8.6
24.5
6.75
13.3
43.5
2.3
34.1
—
—
10.0
14.2
9.8
5.75
42.2
49.7
1.7
42.4
—
—
11.3
21.4
2.3
0.50
27.4
55.2
1.5
45.9
—
—
12.9
28.5
11.8
0.50
10.2
59.4
1.4
59.4
—
—
20.0
36.9
14.5
0.50
29.2
57.6
1.3
71.6
—
—
30.9
45.6
22.6
0.50
28.5
56.9
1.1
52.3
—
—
25.2
36.8
25.7
0.50
18.2
57.0
2.8
122.9
—
—
25.4
36.5
—
—
—
—
—
91.7
—
—
—
—
—
—
—
—
—
62.2
—
—
—
—
External Debt/GDP
• 349 •
Liquidity Ratio [8]
12.3
2.50
-1.4
53.2
3.2
19.5
—
—
6.2
8.5
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
Annual average
Malaysia
A3
A3
COther Managed Arrangement
A1
A1
A3
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
113.9
25.1
4,546
10,470
9.4
5.8
1.2
24.6
43.7
7.9
4.7
187.8
1.17
128.2
25.6
5,011
11,257
12.5
6.8
2.1
24.5
44.3
22.1
23.3
204.7
1.13
143.5
26.1
5,499
12,011
11.6
5.0
3.2
22.4
44.3
12.6
10.2
203.9
1.13
162.7
26.6
6,119
12,852
9.8
5.6
3.1
22.7
44.5
12.6
12.6
202.6
1.19
193.6
27.1
7,155
13,816
11.5
6.3
2.3
23.4
43.3
12.6
13.6
192.5
1.24
231.0
27.5
8,399
14,561
15.7
4.8
4.5
21.5
43.8
11.8
6.7
176.7
1.15
202.3
27.9
7,236
14,297
-7.4
-1.5
1.0
17.8
38.1
-19.6
-19.3
162.6
0.96
246.8
28.4
8,691
15,183
11.5
7.2
2.1
23.1
40.3
25.1
31.4
170.3
1.10
287.9
28.9
9,977
16,051
10.8
5.1
3.0
23.6
39.5
13.9
15.2
167.2
1.00
303.5
29.3
10,351
—
6.4
5.6
1.2
25.5
37.4
0.7
5.2
163.0
—
330.3
29.8
11,085
—
6.7
5.0
2.2
26.1
33.6
4.0
9.1
159.3
—
361.6
30.3
11,941
—
7.5
5.2
2.4
26.2
33.6
12.0
14.5
164.8
—
21.4
26.2
-4.8
-2.4
49.68
43.6
203.8
11.4
19.8
20.4
24.4
-4.0
-1.7
57.01
44.5
217.9
11.0
16.0
19.6
23.0
-3.4
-1.3
60.49
42.1
215.1
10.9
13.1
20.7
23.9
-3.2
-1.1
68.59
40.6
196.1
10.1
10.3
21.0
24.1
-3.1
-1.2
80.67
40.1
190.7
9.2
7.3
20.8
25.4
-4.6
-3.0
88.46
39.8
191.8
8.0
6.6
22.3
28.9
-6.7
-4.7
105.82
50.8
228.4
9.0
3.8
20.1
25.5
-5.4
-3.5
132.03
51.2
255.0
9.8
4.1
21.0
25.9
-4.8
-2.8
143.57
51.8
246.0
9.6
4.0
22.2
26.7
-4.5
-2.4
164.02
53.5
241.3
9.4
3.4
21.2
25.5
-4.3
-2.1
181.42
54.4
256.7
10.4
3.0
20.6
24.6
-4.0
-1.8
198.90
54.6
264.3
10.8
2.7
• 350 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
3.80
-2.9
13.32
11.7
49.14
51.8
17.9
43.1
40.3
1.78
5.75
1.0
-32.8
40.56
-5.22
3.80
2.2
15.08
11.8
52.79
48.3
21.8
41.2
35.5
1.63
4.91
2.0
-26.1
61.74
-6.16
3.78
2.4
20.69
14.4
52.30
43.6
23.7
36.4
31.1
1.93
6.70
0.7
-13.8
66.22
-9.72
3.53
3.6
26.18
16.1
52.25
40.9
23.2
32.1
26.3
2.17
6.27
0.0
-3.9
78.36
-3.15
3.31
5.4
29.73
15.4
56.69
32.8
29.1
29.3
25.1
2.03
5.21
-1.4
-2.3
94.96
2.87
3.46
2.6
39.43
17.1
68.24
37.8
33.8
29.5
29.3
1.96
3.78
-3.4
13.6
85.67
-9.29
3.42
-2.4
31.42
15.5
67.96
38.5
33.3
33.6
33.5
1.85
10.82
-3.1
14.8
86.48
-5.90
3.08
10.0
27.34
11.1
73.64
38.4
35.0
29.8
28.9
1.58
14.62
-1.7
1.7
95.86
3.95
3.18
5.2
31.73
11.0
81.01
34.1
40.4
28.1
29.8
1.69
24.17
-1.1
4.3
120.22
0.89
3.06
0.9
19.42
6.4
82.64
32.8
36.8
27.2
29.1
1.77
25.44
-2.3
—
126.42
2.57
3.00
—
14.48
4.4
97.17
31.4
41.2
29.4
32.7
1.73
29.07
-1.2
—
145.00
—
2.95
—
16.57
4.6
118.64
25.7
42.9
32.8
36.1
2.03
35.59
-0.7
—
150.00
—
25.2
2.70
2.4
121.5
2.3
85.5
4.4
33.9
56.1
110.5
15.6
3.00
6.6
116.2
2.5
79.0
5.2
29.5
82.4
175.3
17.1
3.50
6.8
113.0
2.6
66.7
4.6
28.2
69.5
134.8
9.5
3.50
7.8
109.3
2.5
59.7
3.6
22.4
46.1
104.4
13.4
3.25
17.6
111.1
3.0
79.7
2.4
21.5
86.9
190.0
9.5
2.00
9.0
130.7
3.3
78.6
6.1
39.0
80.5
183.4
7.2
2.75
8.2
126.9
3.6
76.8
7.3
43.5
84.8
163.7
14.7
3.00
11.8
128.0
3.2
67.4
9.6
53.2
93.2
173.7
9.7
3.00
11.1
133.6
3.4
65.4
9.6
47.6
100.6
182.5
—
—
—
—
—
67.0
10.7
47.3
—
—
—
—
—
—
—
79.1
11.8
52.4
—
—
External Debt/GDP
• 351 •
Domestic Credit/GDP
Liquidity Ratio [9]
11.1
2.71
8.3
133.6
2.8
121.2
6.2
46.4
57.5
180.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
Federal government
Overnight interbank rate prior to 2004.
Malta
Lead Analyst: Jaime Reusche
A3
A3
No Banks Rated
Free Floating (EMU)
A1
A1
A1
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.2
0.4
13,067
19,694
3.9
0.7
2.4
7.7
17.7
17.8
17.7
23.0
-2.8
3.9
0.2
153.9
0.93
5.8
0.4
14,426
19,941
1.1
-0.3
2.8
7.2
18.2
15.9
10.1
13.7
2.5
4.7
-2.3
154.9
0.83
6.1
0.4
15,220
21,019
6.1
3.6
3.6
7.3
21.0
17.8
4.3
5.5
0.7
2.8
-3.1
153.0
0.82
6.5
0.4
16,087
22,193
5.4
2.6
0.8
6.9
21.9
17.1
26.0
27.4
14.8
16.1
-4.7
182.3
1.08
7.6
0.4
18,682
23,484
7.1
4.1
3.3
6.5
21.6
20.3
21.4
16.8
3.7
0.5
-1.2
185.6
1.21
8.8
0.4
21,289
25,303
7.0
3.9
4.9
6.0
20.0
18.2
14.3
15.0
2.1
1.3
-1.8
185.4
1.28
8.3
0.4
20,089
25,599
0.1
-2.6
-0.6
6.9
18.2
16.0
-15.5
-14.9
-8.4
-8.2
-2.2
165.8
1.12
8.4
0.4
20,147
26,672
5.8
2.9
3.2
6.9
16.9
18.3
17.8
13.1
18.1
12.7
1.4
189.9
1.15
9.1
0.4
21,952
27,504
3.8
1.7
2.1
6.5
12.9
17.9
13.9
9.8
0.8
-2.0
5.0
195.1
1.16
8.7
0.4
20,812
—
3.0
0.8
2.8
6.4
12.4
18.2
-3.1
-3.7
5.2
4.4
5.8
198.0
—
9.2
0.4
22,071
—
3.6
1.4
2.3
6.4
12.8
18.7
5.0
4.6
4.0
3.1
8.4
195.0
—
9.2
0.4
21,979
—
4.1
2.0
2.1
6.3
13.3
19.3
1.6
1.6
5.6
4.3
6.1
198.3
—
36.6
45.6
-9.0
-5.7
3.84
66.0
180.2
8.9
39.0
43.6
-4.6
-1.0
4.43
69.8
178.9
9.1
40.7
43.6
-2.9
0.7
3.96
68.0
167.0
8.8
40.4
43.2
-2.7
0.7
4.28
62.5
154.5
8.5
39.5
41.8
-2.3
1.0
4.98
60.7
153.8
8.2
38.6
43.2
-4.6
-1.5
5.06
60.9
157.7
8.1
38.7
42.4
-3.7
-0.6
5.71
66.4
171.6
7.9
38.4
42.0
-3.6
-0.6
5.69
67.4
175.4
7.7
39.3
42.1
-2.8
0.3
5.96
70.3
178.8
7.8
40.5
43.9
-3.3
-0.2
6.43
72.1
177.9
7.8
40.0
43.4
-3.4
-0.3
6.70
73.6
184.0
7.8
40.2
43.4
-3.2
0.0
6.81
74.4
185.1
8.0
0.79
3.8
101.7
-0.16
-3.0
8.0
38.7
2.62
0.73
3.9
102.7
-0.33
-5.8
6.7
39.0
2.62
0.85
-0.1
100.0
-0.52
-8.5
11.4
36.0
2.47
0.76
0.5
100.6
-0.62
-9.5
27.7
27.4
2.86
0.68
1.4
99.1
-0.47
-6.2
13.0
19.1
3.66
0.72
3.0
99.0
-0.43
-4.9
6.1
6.6
0.29
0.69
2.0
102.6
-0.61
-7.4
8.2
13.4
0.33
0.75
-5.1
99.6
-0.40
-4.7
10.7
9.2
0.34
0.77
-0.1
99.0
-0.01
-0.2
4.3
7.5
0.29
0.76
-4.0
100.4
0.03
0.4
2.8
—
0.41
0.77
—
—
0.06
0.7
5.7
—
0.33
0.80
—
—
0.05
0.5
6.6
—
0.32
• 352 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Notes:
[1]
[2]
[3]
[4]
Mauritius
Baa1
Baa1
D+
Floating
A2
A1
Baa1
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
5.8
1.2
4,757
9,081
11.9
6.3
3.9
23.7
25.6
9.2
11.7
110.1
0.75
6.6
1.2
5,334
9,788
11.5
4.3
5.6
24.4
22.6
7.7
15.3
108.5
0.65
6.5
1.2
5,219
10,158
5.8
2.7
3.9
22.7
17.5
9.2
14.9
123.2
0.62
6.7
1.3
5,374
10,817
11.5
5.6
11.9
26.7
16.2
6.2
14.6
131.4
0.67
7.8
1.3
6,182
11,712
14.3
5.7
8.7
26.9
17.6
10.8
9.6
125.0
0.71
9.6
1.3
7,600
12,551
12.4
5.5
6.7
27.3
14.1
13.2
21.8
119.0
0.76
8.8
1.3
6,929
13,035
2.9
3.1
1.5
21.3
11.9
-15.2
-19.2
107.3
0.68
9.7
1.3
7,577
13,607
5.8
4.2
6.1
23.6
12.3
17.9
20.3
116.4
0.76
11.2
1.3
8,743
14,420
8.0
3.5
4.8
26.0
13.1
17.9
20.5
119.8
0.76
11.4
1.3
8,828
—
6.5
3.3
3.2
24.3
12.5
4.3
2.2
121.5
—
12.3
1.3
9,436
—
9.7
3.7
6.0
23.3
12.2
4.6
4.0
117.9
—
13.0
1.3
9,953
—
9.5
4.4
5.1
24.4
13.7
6.6
5.8
118.1
—
19.8
26.0
-6.2
-2.0
3.57
57.3
289.7
21.4
9.0
19.4
23.8
-4.4
-0.6
3.45
53.8
277.1
19.1
8.9
19.4
24.3
-4.9
-1.3
3.58
57.3
295.4
18.6
8.0
19.0
23.5
-4.5
-0.8
3.42
55.0
289.7
19.6
7.6
20.3
22.4
-2.1
2.1
4.08
47.1
232.4
20.8
11.6
22.1
24.4
-2.2
1.8
3.79
43.9
198.3
18.2
10.6
21.4
28.0
-6.6
-2.8
4.71
50.5
236.4
17.8
11.9
21.9
25.1
-3.2
0.2
4.88
49.6
226.4
15.7
13.3
21.4
24.7
-3.2
-0.2
5.60
50.9
237.2
13.9
16.4
21.5
23.3
-1.8
1.2
5.63
50.0
233.1
14.0
18.1
22.1
24.3
-2.3
0.7
5.86
48.2
218.1
13.3
19.4
21.2
22.8
-1.7
1.4
6.02
45.9
216.8
14.4
21.2
• 353 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Mauritius (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
26.09
—
0.09
1.6
1.02
92.2
3.6
16.5
30.3
0.04
0.18
1.2
15.1
1.52
1.97
28.20
—
-0.11
-1.7
0.95
91.3
3.7
14.8
25.8
0.03
0.21
-0.3
14.0
1.54
2.53
30.67
—
-0.32
-5.0
0.90
92.8
14.7
14.4
22.2
0.04
0.30
-0.1
14.0
1.29
3.42
34.34
—
-0.60
-9.0
0.76
93.9
13.9
12.2
16.6
0.04
0.26
1.4
20.1
1.23
5.67
28.22
—
-0.43
-5.6
0.90
93.1
18.7
10.4
16.4
0.03
0.15
3.6
28.7
1.74
7.62
31.76
—
-0.98
-10.1
0.71
93.8
4.0
8.2
11.5
0.03
0.14
3.4
22.5
1.69
7.22
30.29
—
-0.66
-7.4
1.34
76.3
17.8
14.4
26.6
0.02
0.10
2.5
26.6
2.00
8.83
30.39
—
-0.80
-8.2
1.32
88.4
7.5
13.4
22.6
0.02
0.20
3.1
20.7
2.25
10.47
29.33
—
-1.16
-10.3
1.55
92.9
6.6
14.1
22.5
0.02
0.19
1.6
—
2.38
9.91
30.52
—
-1.10
-9.6
1.63
93.4
6.3
14.4
22.8
0.03
0.20
2.4
—
2.63
10.15
31.00
—
-1.10
-8.9
1.87
88.4
10.1
15.4
25.0
0.04
0.19
2.8
—
2.73
—
31.50
—
-0.91
-7.0
2.07
85.8
12.2
15.8
25.7
0.04
0.24
2.8
—
2.83
—
18.9
8.15
16.7
99.2
4.1
61.3
6.7
17.2
25.2
91.1
14.2
8.4
6.6
7.25
10.7
103.8
4.8
69.9
8.2
23.0
18.2
58.6
19.5
11.2
9.5
9.55
9.7
102.1
4.9
61.6
6.5
31.6
22.0
46.4
21.1
9.2
15.3
11.77
11.1
99.3
4.9
51.9
3.3
20.5
30.8
51.5
22.1
7.2
14.6
10.11
22.3
107.9
5.1
41.9
2.8
18.8
36.1
87.3
22.7
11.0
8.1
8.45
0.4
105.2
4.9
67.0
2.5
8.4
26.6
91.8
21.3
9.0
1.8
8.35
4.4
103.9
4.4
58.3
3.7
22.3
55.2
100.6
16.9
6.0
6.6
7.11
10.6
106.4
4.6
65.0
3.1
13.7
33.9
97.4
15.7
5.1
8.0
6.23
14.4
114.2
4.3
61.8
3.2
14.1
42.2
119.1
16.7
6.3
—
—
—
—
—
68.6
3.0
12.1
—
—
—
—
—
—
—
—
—
73.1
3.4
16.7
—
—
—
—
• 354 •
Domestic Credit/GDP
25.1
9.53
45.4
94.8
3.8
67.5
6.3
16.8
38.0
82.5
11.2
6.2
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Excludes re-exports
Series break in 2009; Excludes re-exports
3-Month deposit rate
Series break in 2009; Series break in 2005; Excluded total nonresident deposits over one year in 2003 and 2004
Mexico
Lead Analyst: Mauro Leos
Baa1
Baa1
CFloating
A1
A1
Baa1
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
700.3
103.9
6,740
10,670
8.4
1.3
4.0
22.9
21.4
2.6
1.5
52.2
0.23
759.5
105.2
7,221
11,296
13.5
4.1
5.2
24.9
23.1
13.8
14.8
55.0
0.17
848.8
106.5
7,971
12,191
7.9
3.2
3.3
24.4
22.9
13.9
12.4
55.6
0.08
952.2
107.8
8,830
13,402
12.2
5.2
4.0
26.2
24.9
15.8
14.8
57.2
0.16
1,035.8
109.2
9,483
14,064
9.1
3.3
3.8
26.5
24.9
8.7
9.9
57.5
0.16
1,094.5
110.6
9,893
14,741
7.6
1.2
6.5
26.9
24.7
6.1
8.5
58.4
0.17
883.6
112.0
7,887
14,322
-2.0
-6.0
3.6
23.8
22.3
-20.5
-22.5
56.7
0.19
1,034.1
113.4
9,118
15,161
9.5
5.3
4.4
23.9
22.7
28.5
26.9
61.9
0.17
1,159.1
114.8
10,097
16,588
10.1
3.9
3.8
25.1
23.8
16.6
16.6
64.4
0.32
1,177.2
116.2
10,132
—
7.7
3.9
3.6
24.7
23.6
5.8
5.1
66.9
—
1,336.0
117.6
11,362
—
6.9
3.1
3.8
25.5
23.4
6.5
7.0
62.9
—
1,521.3
119.0
12,784
—
7.4
3.5
3.9
26.0
23.4
7.0
7.2
59.2
—
16.9
17.9
-1.0
1.1
148.42
22.1
130.8
12.5
39.3
16.6
17.5
-0.9
1.1
157.66
20.7
124.9
12.3
38.1
17.1
17.8
-0.7
1.2
173.63
20.2
118.1
10.9
33.6
16.7
18.2
-1.5
0.4
195.67
20.5
122.6
11.1
21.4
16.7
18.3
-1.6
0.1
216.76
20.8
124.5
10.0
19.5
18.4
19.8
-1.3
0.3
219.11
24.4
132.1
8.9
19.0
18.4
20.4
-1.9
0.0
255.68
28.0
151.7
10.5
19.1
17.6
20.1
-2.4
-0.8
290.92
27.5
155.8
9.4
19.7
17.9
20.2
-2.3
-0.6
289.92
28.2
157.5
9.3
21.2
17.6
20.0
-2.4
-0.7
342.27
28.7
163.4
9.4
19.7
17.7
19.7
-2.0
-0.3
405.38
28.9
163.0
9.4
19.0
17.7
19.8
-2.1
-0.4
444.21
28.9
163.3
9.4
18.5
• 355 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Mexico (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
11.24
-8.8
-7.83
-1.1
162.67
48.6
13.3
23.2
82.6
11.95
15.60
2.5
-28.0
57.74
-19.16
11.26
-1.9
-5.77
-0.8
166.24
47.7
11.4
21.9
73.4
11.60
15.40
2.7
-31.2
62.78
-15.24
10.78
4.9
-5.56
-0.7
173.12
41.4
11.5
20.4
66.9
12.69
12.30
2.1
-34.5
73.02
-7.61
10.88
2.9
-6.16
-0.6
171.42
31.9
13.7
18.0
57.6
14.73
29.30
1.5
-36.9
75.45
-3.34
10.87
0.0
-12.97
-1.3
196.80
28.1
13.8
19.0
60.8
16.92
10.00
2.2
-35.9
86.31
0.86
13.54
-0.1
-18.73
-1.7
205.35
27.7
13.9
18.8
59.8
16.76
12.40
2.4
-29.7
93.99
4.20
13.06
-13.6
-5.77
-0.7
194.98
49.4
15.6
22.1
71.3
12.89
11.00
0.9
-36.8
94.10
-1.02
12.36
8.1
-1.95
-0.2
247.93
44.5
18.4
24.0
71.6
14.16
12.10
0.6
-38.2
114.88
-8.88
13.99
2.1
-9.67
-0.8
282.19
41.3
18.0
24.3
70.7
17.69
13.31
0.8
-28.4
137.49
-7.20
13.01
-2.3
-9.25
-0.8
348.50
36.1
21.0
29.6
82.7
20.21
14.64
-1.1
—
153.47
-2.50
11.80
—
-12.00
-0.9
398.50
35.0
20.8
29.8
88.8
18.95
16.11
1.0
—
170.00
—
11.60
—
-13.76
-0.9
448.50
36.0
21.1
29.5
93.4
19.58
17.72
0.9
—
185.00
—
9.9
8.75
2.3
33.2
5.4
264.8
11.9
65.8
35.6
112.4
6.6
13.8
14.9
8.27
3.9
32.0
5.5
237.1
9.7
53.5
35.9
100.3
7.2
14.2
13.9
7.02
15.3
32.9
6.1
227.2
14.8
71.5
39.3
114.5
6.6
14.0
8.3
7.57
11.1
33.5
5.7
228.0
8.3
48.8
32.6
122.1
5.8
12.1
16.4
8.25
2.4
31.9
4.9
218.5
8.5
50.0
34.1
112.5
6.2
10.3
6.4
4.50
10.2
35.9
5.4
207.2
8.7
46.4
35.1
117.9
6.2
12.4
8.0
4.50
8.0
35.4
5.1
215.8
7.6
54.4
38.8
119.7
5.7
10.0
11.9
4.50
8.8
34.9
4.2
205.3
7.8
59.1
44.1
113.8
5.5
8.3
8.3
4.50
4.7
34.0
4.4
227.1
8.3
54.4
56.8
142.1
5.8
9.6
—
—
—
—
—
234.4
7.8
58.3
—
—
—
—
—
—
—
—
—
242.4
7.8
59.2
—
—
—
—
External Debt/GDP
• 356 •
Domestic Credit/GDP
13.1
6.12
3.8
36.9
5.3
281.7
14.0
78.7
43.6
105.3
5.6
12.0
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
Public sector only
Principal payment is public sector only
Currently maturing long-term external debt is public sector only
Moldova
B3
B3
No Banks Rated
Floating
B2
Ba2
Caa1
Ba2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
2.0
3.6
548
1,916
22.4
6.6
15.7
23.2
-10.3
20.4
33.1
140.1
-0.71
2.6
3.6
721
2,121
16.0
7.4
12.5
26.4
-4.0
25.7
22.0
132.7
-0.89
3.0
3.6
831
2,362
17.5
7.5
10.0
30.8
-9.9
13.4
29.2
143.0
-0.73
3.4
3.6
951
2,562
18.9
4.8
14.1
32.7
-13.9
1.6
15.3
137.2
-0.79
4.4
3.6
1,230
2,723
19.4
3.0
13.1
38.1
-13.5
31.0
38.0
142.7
-0.80
6.1
3.6
1,696
3,005
17.8
7.8
7.3
39.2
-13.6
24.4
32.0
134.4
-0.75
5.4
3.6
1,526
2,866
-4.0
-6.0
0.4
23.1
-13.5
-19.7
-30.1
110.4
-0.55
5.8
3.6
1,632
3,094
19.0
7.1
8.1
23.5
-15.8
14.5
14.7
117.8
-0.63
7.0
3.6
1,971
3,369
14.6
6.8
7.8
24.2
-16.7
37.9
31.9
130.8
-0.58
7.3
3.6
2,037
—
6.7
-0.8
4.1
23.4
-17.2
0.2
1.3
128.1
—
7.5
3.6
2,112
—
8.7
3.0
4.3
22.7
-15.7
4.3
2.3
127.0
—
8.0
3.6
2,243
—
9.7
3.2
5.6
22.1
-14.1
4.8
5.8
126.0
—
34.0
33.3
0.7
2.8
1.19
56.9
167.6
6.2
87.7
35.4
34.6
0.7
2.6
1.09
42.5
120.3
5.4
83.7
38.6
37.0
1.5
2.8
1.01
34.4
89.2
3.2
81.2
39.9
39.8
0.0
1.1
1.05
30.4
76.1
2.5
80.4
41.7
42.0
-0.2
0.9
1.19
25.2
60.3
2.8
79.1
40.6
41.6
-1.0
0.2
1.14
18.8
46.4
2.9
83.9
38.9
45.2
-6.3
-5.0
1.31
26.7
68.7
3.6
84.9
38.3
40.8
-2.5
-1.7
1.57
26.5
69.2
2.0
83.4
36.6
39.0
-2.4
-1.6
1.63
23.1
63.2
2.2
90.8
38.2
40.3
-2.1
-1.3
1.74
23.8
62.5
2.2
91.4
37.9
39.9
-2.0
-1.2
1.74
22.8
60.2
2.0
88.1
38.0
39.7
-1.7
-1.0
1.71
21.1
55.4
1.8
87.4
• 357 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Moldova (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
13.22
-5.5
-0.13
-6.6
1.93
49.3
30.8
97.4
111.5
0.05
0.10
3.7
-84.6
0.30
0.05
12.46
14.5
-0.05
-1.8
1.88
43.9
31.1
72.4
84.7
0.07
0.20
3.3
-60.5
0.47
0.03
12.83
2.4
-0.23
-7.6
2.08
36.2
37.1
69.5
78.7
0.07
0.17
6.4
-56.9
0.60
0.07
12.90
2.8
-0.39
-11.3
2.49
34.5
34.2
73.0
83.1
0.08
0.25
7.6
-60.0
0.78
0.10
11.32
8.5
-0.67
-15.2
3.32
27.9
33.7
75.4
83.8
0.10
0.24
11.9
-61.1
1.33
-0.14
10.40
19.1
-0.97
-16.1
4.08
23.2
32.7
67.4
80.2
0.10
0.46
11.5
-61.3
1.67
-0.30
12.30
1.9
-0.45
-8.2
4.36
25.5
31.3
80.1
113.3
0.08
0.37
2.5
-74.8
1.48
-0.01
12.15
-6.0
-0.45
-7.7
4.79
27.6
32.3
82.4
109.6
0.08
0.31
3.3
-77.9
1.72
-0.02
11.72
5.9
-0.79
-11.3
5.44
27.0
34.2
77.6
96.8
0.09
0.37
3.7
-72.2
1.96
-0.23
12.06
3.9
-0.51
-7.0
6.13
27.9
34.0
84.5
104.7
0.08
0.34
1.9
-75.6
2.51
-0.13
12.50
—
-0.59
-7.8
6.44
25.4
34.1
85.7
103.9
0.08
0.36
2.1
—
2.54
—
12.90
—
-0.62
-7.8
6.87
25.3
33.5
86.0
105.6
0.08
0.37
2.3
—
2.60
—
38.1
14.50
25.8
32.0
2.0
400.2
12.2
270.4
2.3
23.5
44.7
50.5
34.4
12.50
15.8
31.5
2.1
347.8
9.0
166.2
3.0
17.7
41.8
48.8
23.6
14.50
30.1
34.5
2.0
321.0
10.8
176.6
33.5
51.0
49.1
53.5
39.8
16.00
39.0
40.2
1.8
248.8
8.6
147.1
13.6
56.6
43.3
51.2
15.9
14.00
16.6
39.8
1.8
244.0
11.1
126.6
22.2
73.6
41.1
49.6
3.2
5.00
0.0
41.4
1.8
295.2
11.7
112.6
17.1
50.9
49.3
49.8
13.4
7.00
6.9
37.2
1.8
278.7
9.0
128.9
35.6
68.7
45.6
48.1
10.6
9.50
21.5
39.4
1.8
277.1
8.3
122.2
31.1
46.2
42.2
47.9
20.8
4.50
14.2
42.2
1.6
244.4
7.1
118.4
15.2
32.7
41.6
40.5
—
—
—
—
—
253.7
7.0
103.6
—
—
—
—
—
—
—
—
—
264.4
6.9
107.3
—
—
—
—
External Debt/GDP
• 358 •
Domestic Credit/GDP
Liquidity Ratio [9]
30.4
14.00
24.3
29.5
2.1
638.1
8.5
231.7
9.5
28.6
50.1
52.7
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Balance of Payments
Public sector debt, comprised mainly of central government direct debt and central bank borrowing from the IMF
General government and monetary authorities only
Mongolia
B1
B1
E+
Floating
Ba2
Baa1
B2
Baa2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.6
2.5
649
2,327
18.2
7.0
4.7
31.9
16.5
17.9
14.5
119.1
-0.29
2.0
2.5
798
2,616
28.7
10.6
10.6
31.0
21.3
45.0
29.6
130.4
-0.46
2.5
2.5
991
2,862
27.9
7.3
9.2
37.5
32.7
22.5
14.2
122.4
-0.36
3.4
2.6
1,332
3,161
33.5
12.5
4.8
35.6
41.5
36.8
13.8
112.0
-0.40
4.3
2.6
1,642
3,531
24.2
7.0
14.1
38.0
39.4
24.4
35.1
115.9
-0.51
5.7
2.7
2,135
3,867
31.7
8.6
23.2
43.0
30.0
20.3
53.1
119.7
-0.51
4.6
2.7
1,685
3,805
-1.1
-1.3
1.9
34.5
27.2
-24.1
-30.2
108.2
-0.69
6.2
2.8
2,262
4,010
28.8
6.5
14.3
40.6
33.0
47.2
46.6
116.4
-0.61
8.8
2.8
3,152
4,742
32.0
17.4
9.4
62.1
37.7
77.2
111.0
160.6
-0.62
10.8
2.8
3,839
—
30.9
12.2
14.2
60.6
29.6
-11.8
-2.4
123.2
—
13.0
2.8
4,619
—
24.0
13.0
10.0
58.6
35.2
-1.0
-3.4
99.6
—
16.1
2.8
5,699
—
21.8
12.5
8.5
56.8
39.1
22.5
11.8
93.6
—
30.0
33.3
-3.3
-2.4
1.32
83.7
279.3
3.2
85.9
30.0
31.6
-1.7
-0.7
1.43
72.6
242.1
3.1
91.5
27.5
25.1
2.4
3.1
1.35
54.3
197.1
2.5
93.7
33.5
30.5
3.0
3.5
1.47
42.1
125.7
1.3
96.3
37.3
34.7
2.6
3.0
1.55
35.9
96.3
1.0
98.7
32.7
37.2
-4.5
-4.2
1.60
30.6
93.6
0.9
100.0
30.4
35.6
-5.2
-4.8
1.97
43.3
142.8
1.5
92.1
36.9
36.4
0.5
1.0
2.59
38.5
104.3
1.4
69.0
40.0
34.3
5.7
6.1
4.05
50.6
126.5
0.8
48.2
33.9
41.9
-8.0
-7.0
6.22
59.2
174.9
3.1
62.7
33.7
39.8
-6.1
-3.9
7.60
58.7
174.2
6.5
59.2
35.0
39.0
-4.0
-2.2
9.36
57.3
163.6
5.2
58.7
• 359 •
Population (Mil.)
GOVERNMENT FINANCE
Mongolia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1,168.00 1,209.00 1,221.00 1,165.00 1,169.97 1,267.51 1,442.84 1,256.47 1,396.37 1,392.10 1,400.00 1,350.00
—
—
—
—
—
—
—
—
—
—
—
—
-0.10
0.06
0.09
0.37
0.17
-0.69
-0.34
-0.89
-2.76
-3.33
-3.04
-2.85
-6.1
3.1
3.5
10.8
4.0
-12.1
-7.5
-14.2
-31.3
-30.9
-23.4
-17.7
1.42
1.47
1.29
1.41
1.82
2.18
2.99
5.93
9.63
14.41
15.90
18.50
80.0
88.7
98.1
96.6
84.2
73.4
69.1
34.8
23.0
27.1
28.3
29.7
25.1
12.8
2.0
3.4
4.3
3.4
9.9
12.8
17.7
12.9
11.2
10.0
88.3
73.4
51.2
40.9
42.2
38.3
65.4
95.1
109.1
133.8
122.4
115.2
140.0
101.2
77.4
63.3
62.9
63.8
115.6
158.8
162.2
253.1
281.6
273.3
0.01
0.02
0.02
0.02
0.02
0.03
0.03
0.03
0.04
0.07
0.09
0.07
0.27
0.01
0.02
0.03
0.03
0.18
0.26
0.30
0.41
0.52
1.01
1.21
8.2
4.6
7.3
10.0
8.4
14.7
12.5
26.1
52.4
35.8
20.0
18.7
—
—
—
—
—
—
—
—
—
—
—
—
0.20
0.19
0.33
0.58
0.80
0.56
1.22
2.12
2.21
3.86
3.37
3.86
0.09
0.10
0.18
0.34
0.22
-0.10
0.00
0.17
0.02
-0.39
—
—
• 360 •
49.6
10.24
77.0
15.3
3.1
723.3
27.5
141.8
54.9
80.4
43.8
64.7
20.4
15.36
75.5
24.5
3.6
761.6
2.3
151.6
35.0
65.0
46.2
78.3
34.6
6.13
26.7
24.8
2.8
388.0
2.2
94.9
13.5
29.2
45.0
64.8
34.8
6.12
-0.7
21.4
2.3
241.7
1.9
15.1
14.0
23.2
37.9
44.6
56.3
8.40
73.7
20.8
2.6
226.7
1.7
13.1
11.7
19.6
32.9
49.8
-5.5
9.75
48.9
27.5
3.2
389.1
6.4
32.3
118.1
160.6
37.3
71.4
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
2003 reflects settlement of debt owed to Russia; Excludes total nonresident deposits over one year
26.9
10.00
-5.6
30.5
1.6
245.2
11.2
58.6
88.1
185.7
38.3
45.7
62.5
11.00
28.7
27.3
1.8
279.1
8.8
45.4
54.2
126.0
35.4
45.7
37.0
12.25
76.9
31.3
2.1
436.6
7.6
36.7
132.5
357.8
29.8
46.4
18.8
13.25
-3.9
35.9
1.4
373.0
10.5
50.2
194.8
388.5
32.7
37.0
—
—
—
—
—
471.1
19.5
48.9
—
—
—
—
—
—
—
—
—
478.7
18.9
62.5
—
—
—
—
Montenegro
Ba3
E+
Baa1
—
B1
—
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
1.7
0.6
2,716
7,121
11.0
2.5
6.7
15.4
-1.0
15.3
4.5
77.6
—
2.1
0.6
3,307
7,650
10.6
4.4
4.3
16.6
0.6
67.0
50.4
100.1
—
2.3
0.6
3,601
8,238
8.7
4.2
1.8
17.7
0.2
12.8
14.5
104.6
—
2.7
0.6
4,299
10,309
18.4
8.6
2.0
25.4
-4.3
35.4
54.7
128.5
-0.35
3.7
0.6
5,842
12,243
24.7
10.7
8.0
33.8
-8.5
22.4
49.2
131.1
-0.16
4.5
0.6
7,183
13,650
15.1
6.9
6.9
40.7
-13.8
9.6
33.6
133.5
-0.01
4.1
0.6
6,569
12,807
-3.4
-5.7
1.5
27.1
-6.2
-25.5
-36.2
97.5
-0.03
4.1
0.6
6,510
12,977
4.1
2.5
0.7
22.8
-5.6
7.3
-4.2
97.8
—
4.5
0.6
7,110
13,432
4.2
2.5
2.8
19.5
-6.5
26.6
14.7
106.4
—
4.3
0.6
6,748
—
2.8
0.5
5.1
18.5
-4.9
-1.2
-6.5
107.0
—
4.6
0.6
7,226
—
4.3
1.5
2.8
20.3
-2.6
7.2
4.0
109.0
—
4.6
0.6
7,245
—
4.6
2.1
2.6
19.7
-1.8
5.7
-3.1
106.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
42.4
41.3
1.1
2.2
0.92
32.6
76.9
2.6
—
50.0
43.3
6.7
7.7
1.08
27.5
55.0
2.1
—
49.1
47.5
1.6
2.4
1.25
29.0
59.1
1.5
—
45.8
49.4
-3.6
-2.7
1.64
38.2
83.4
1.9
—
42.2
45.2
-3.0
-1.9
1.70
40.9
97.0
2.4
—
39.7
45.2
-5.4
-4.0
1.92
46.0
115.7
3.7
—
39.0
43.0
-4.0
-2.2
2.24
51.1
131.0
4.5
—
38.2
41.7
-3.5
-1.8
2.37
52.5
137.6
4.5
—
37.2
40.2
-3.0
-1.4
2.42
53.2
143.0
4.4
—
• 361 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Montenegro (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
0.79
—
-0.12
-6.8
—
—
—
—
—
—
—
2.6
—
0.06
0.01
0.73
—
-0.15
-7.2
—
—
—
—
—
—
—
3.0
—
0.08
-0.02
0.85
—
-0.38
-16.7
—
—
—
—
—
—
—
22.0
—
0.20
0.04
0.76
—
-0.85
-31.4
0.88
43.5
0.0
32.6
66.1
0.04
0.02
21.9
—
0.43
-0.03
0.68
—
-1.45
-39.6
1.30
24.2
31.2
35.4
69.6
0.08
0.12
21.2
—
0.68
-0.46
0.72
—
-2.26
-50.0
1.50
26.6
40.1
33.2
67.9
0.12
0.02
18.9
—
0.42
-1.01
0.69
—
-1.16
-27.9
2.36
20.6
51.2
56.9
129.3
0.12
0.04
35.9
—
0.52
-0.71
0.75
—
-0.94
-22.9
1.59
42.8
11.7
38.8
81.8
0.14
0.06
17.8
—
0.51
-0.53
0.77
—
-0.80
-17.8
2.09
39.3
21.7
46.6
86.9
0.14
0.08
12.0
—
0.34
-0.35
0.76
—
-0.75
-17.7
2.26
43.4
22.6
52.9
99.0
0.11
0.12
13.6
—
0.41
-0.16
0.77
—
-0.86
-18.7
2.32
48.2
22.8
50.8
97.0
0.14
0.12
13.0
—
0.41
—
0.80
—
-0.73
-15.8
2.45
50.2
21.6
53.3
100.0
0.15
0.11
13.8
—
0.63
—
22.5
4.82
41.7
17.0
3.7
—
—
—
—
—
100.0
—
83.4
4.99
12.1
17.5
2.4
—
—
—
—
—
100.0
—
119.2
5.40
142.0
35.9
2.7
203.3
4.3
—
61.8
321.8
100.0
—
98.8
3.35
171.9
78.2
3.9
191.6
11.2
13.2
54.7
126.1
100.0
—
-10.1
4.10
29.5
88.0
5.2
353.4
6.6
61.5
344.0
688.9
100.0
—
-9.0
3.86
-16.4
76.2
4.0
452.1
8.8
145.8
547.5
664.9
100.0
—
3.2
3.26
-7.2
67.9
4.0
315.3
10.2
238.1
170.6
621.6
100.0
—
1.9
3.25
-5.2
61.8
5.8
611.4
9.0
45.9
314.1
825.8
100.0
—
7.9
3.23
-3.7
57.9
5.3
553.8
7.5
152.2
169.2
420.0
100.0
—
—
—
—
—
—
567.8
8.3
141.9
—
—
—
—
—
—
—
—
—
388.8
8.6
147.0
—
—
—
—
External Debt/GDP
• 362 •
Domestic Credit/GDP
18.7
4.86
98.9
13.3
3.6
—
—
—
—
—
100.0
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
[15]
Total Retail Price Index (RPI) for 2003 to 2007; Total Consumer Price Index (CPI) for 2008 to 2012
Euro adopted in 2002
General government and banks only
Deposit rate
Currently maturing long-term external debt is general government only; Excludes total nonresident deposits over one year
Euroized economy
Morocco
Ba1
Ba1
DConventional Peg
Baa2
Baa1
Ba2
Baa1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
49.8
29.8
1,674
3,129
7.1
6.3
1.8
27.4
24.5
17.2
20.3
60.2
-0.10
56.9
30.1
1,893
3,334
5.9
4.8
0.5
29.1
24.2
17.1
24.6
63.7
-0.08
59.5
30.4
1,959
3,508
4.5
3.0
2.1
28.8
23.2
15.0
15.5
70.2
-0.26
65.6
30.7
2,138
3,861
9.4
7.8
3.3
29.4
24.0
16.7
15.4
73.9
-0.15
75.2
31.0
2,426
4,038
6.7
2.7
2.0
32.5
23.4
19.8
29.6
80.6
-0.16
88.9
31.3
2,838
4,313
11.8
5.6
4.2
38.1
24.7
23.9
34.0
88.3
-0.17
90.9
31.6
2,874
4,531
6.3
4.8
-1.5
35.6
24.7
-21.7
-20.2
68.4
-0.21
90.8
32.0
2,841
4,682
4.3
3.6
2.2
35.0
25.2
15.6
8.3
76.3
-0.17
99.2
32.3
3,074
4,952
5.0
5.0
0.9
36.0
23.3
17.0
23.6
84.3
-0.22
96.8
32.6
2,968
—
4.0
2.4
2.6
37.5
22.3
-1.2
2.5
87.2
—
103.9
32.9
3,153
—
5.9
3.5
2.5
35.8
23.1
7.2
2.2
84.7
—
107.8
33.3
3,241
—
6.4
3.8
2.5
34.7
24.3
4.0
-1.0
82.5
—
23.0
27.3
-4.2
-0.7
35.10
64.4
279.7
15.5
27.2
24.0
27.7
-3.8
-0.3
37.90
61.7
257.2
14.3
23.9
26.3
32.5
-6.2
-2.9
36.83
64.6
245.7
12.4
21.1
27.4
29.4
-2.0
1.2
40.54
59.4
217.0
11.7
19.7
29.9
30.1
-0.1
3.0
43.64
54.6
182.6
10.4
20.0
32.5
31.8
0.7
3.3
41.02
48.2
148.3
8.1
21.0
29.3
31.1
-1.8
0.6
44.69
48.0
163.8
8.1
22.8
27.5
31.9
-4.4
-2.1
46.90
51.3
186.3
8.3
24.0
27.8
34.6
-6.8
-4.5
50.89
54.4
195.7
8.2
22.9
27.9
35.5
-7.6
-5.2
59.37
60.0
215.1
8.6
23.4
28.2
34.3
-6.1
-3.5
64.89
62.7
222.4
9.0
24.9
28.2
33.5
-5.3
-2.6
68.68
64.3
228.1
9.5
24.7
• 363 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Morocco (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
8.75
-1.0
1.55
3.1
18.33
78.9
6.8
36.8
97.3
1.24
2.53
4.6
-35.5
13.63
0.24
8.22
-1.3
0.92
1.6
17.02
82.9
1.1
29.9
77.0
0.51
2.09
1.3
-32.4
16.11
1.00
9.25
-2.6
0.95
1.6
16.30
76.3
4.2
27.4
65.4
0.50
1.88
2.6
-29.1
16.01
1.73
8.46
0.5
1.32
2.0
17.94
75.2
9.7
27.3
62.1
0.47
1.56
2.9
-33.9
20.18
2.10
7.71
-0.8
-0.22
-0.3
20.68
75.7
9.3
27.5
57.3
0.56
1.86
2.9
-38.2
23.98
2.58
8.10
0.4
-5.66
-6.4
20.96
78.9
7.8
23.6
49.1
0.66
1.80
2.4
-36.8
21.98
1.90
7.86
2.1
-5.36
-5.9
24.63
78.0
8.8
27.1
71.2
0.61
1.14
1.6
-44.8
21.92
2.08
8.36
-4.1
-4.21
-4.6
26.30
80.0
6.8
29.0
68.8
0.82
1.27
0.7
-51.5
21.76
0.58
8.58
-2.3
-8.34
-8.4
29.05
76.8
10.4
29.3
65.5
0.72
1.48
2.3
-50.2
18.80
0.20
8.43
-2.1
-9.56
-9.9
32.76
79.3
9.8
33.9
75.9
1.16
1.50
2.6
—
15.81
0.32
8.55
—
-8.76
-8.4
39.66
79.3
8.7
38.2
87.5
1.34
1.80
2.8
—
15.81
—
8.82
—
-6.73
-6.2
42.73
79.3
8.4
39.6
91.3
1.51
2.00
2.9
—
15.81
—
9.3
3.25
5.1
67.7
2.6
105.7
11.8
24.6
17.3
78.4
0.8
1.7
12.4
3.25
12.0
72.5
2.6
101.8
9.6
12.8
16.9
64.8
0.8
1.7
16.1
3.25
17.1
77.6
2.6
88.9
7.0
14.0
15.0
38.7
0.9
2.0
17.5
3.25
24.3
90.4
2.9
86.2
6.7
17.8
16.8
68.4
0.9
2.3
7.4
3.50
21.0
97.8
3.2
95.4
5.7
15.5
19.2
84.1
1.0
2.9
7.7
3.25
8.7
100.0
3.6
112.3
5.1
12.6
27.5
92.4
1.0
3.3
5.0
3.25
9.8
105.2
3.5
120.8
5.5
15.7
27.1
104.6
1.0
3.4
7.2
3.25
11.9
112.1
4.3
154.5
5.0
15.1
56.2
180.2
1.2
4.5
4.9
3.00
6.4
114.6
5.4
207.2
6.2
24.1
58.8
239.7
1.3
6.2
—
—
—
—
—
250.8
6.9
31.8
—
—
—
—
—
—
—
—
—
270.2
7.5
34.4
—
—
—
—
External Debt/GDP
• 364 •
Domestic Credit/GDP
Liquidity Ratio [8]
10.1
3.25
3.2
68.2
2.7
134.5
20.0
42.7
19.2
89.8
0.9
1.9
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
Public sector only
Namibia
Baa3
Baa3
No Banks Rated
Conventional Peg
A3
A1
Baa3
A1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
4.9
2.0
2,455
4,409
5.3
4.2
2.6
19.4
12.0
38.4
60.1
95.9
0.24
6.6
2.0
3,233
5,002
14.4
12.3
4.3
19.1
18.9
22.9
7.4
81.9
0.10
7.3
2.1
3,491
5,205
8.2
2.5
3.5
19.7
22.8
11.7
5.3
80.8
0.04
8.0
2.1
3,766
5,648
17.0
7.1
6.0
22.3
24.4
23.5
13.3
87.0
0.12
8.8
2.2
4,081
6,010
14.9
5.4
7.1
23.7
21.9
23.2
38.3
102.8
0.12
8.8
2.2
4,013
6,231
17.5
3.4
10.9
25.4
22.1
5.0
5.2
107.8
0.20
8.9
2.2
3,951
6,128
2.9
-1.1
7.0
22.3
13.0
-10.7
3.0
103.4
0.11
11.0
2.3
4,832
6,458
7.6
6.0
3.1
21.1
10.8
25.4
22.1
102.6
0.09
12.5
2.3
5,369
6,801
12.2
4.9
7.2
20.0
13.0
7.3
7.4
97.4
0.06
12.8
2.4
5,413
—
16.1
5.0
6.3
21.2
15.8
-3.3
-4.4
91.2
—
13.2
2.4
5,494
—
10.1
4.0
5.8
21.7
15.2
3.8
4.8
92.1
—
13.9
2.5
5,666
—
9.8
4.0
5.4
22.1
15.2
5.9
5.9
92.9
—
25.3
31.7
-6.4
-4.2
1.60
26.4
104.6
8.9
15.7
26.2
28.7
-2.5
-0.2
2.01
28.8
109.9
8.7
16.1
27.2
27.4
-0.2
2.2
2.04
26.3
96.4
8.9
15.4
31.4
27.3
4.1
6.4
1.87
24.3
77.5
7.2
19.9
31.9
26.8
5.1
6.9
1.47
18.4
57.6
5.7
26.4
31.9
29.9
2.0
3.6
1.42
18.4
57.6
4.7
27.7
31.4
32.5
-1.2
0.4
1.63
15.6
49.6
5.0
25.6
28.0
32.6
-4.6
-3.5
2.04
16.5
59.2
4.1
23.4
32.1
39.2
-7.2
-6.0
3.22
26.5
82.6
3.8
30.3
34.3
37.1
-2.8
-0.7
2.79
23.8
69.3
5.9
31.6
33.3
38.8
-5.5
-3.6
3.49
26.6
79.8
5.7
33.0
31.6
36.3
-4.6
-2.5
4.05
29.2
92.4
6.6
29.9
• 365 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Namibia (cont’d)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
6.64
-13.0
0.30
6.1
—
—
—
—
—
—
—
3.2
-1.6
0.33
-0.21
5.63
5.9
0.46
7.0
—
—
—
—
—
—
—
3.8
-7.1
0.34
-0.26
6.32
1.7
0.35
4.8
1.59
36.2
37.9
21.9
46.2
—
—
5.5
8.2
0.31
-0.34
6.97
-4.0
1.10
13.8
2.01
30.6
38.5
25.2
45.2
0.01
0.39
5.0
16.6
0.45
0.24
6.81
-3.5
0.75
8.6
2.02
30.2
31.8
22.9
41.7
0.01
0.33
8.3
38.2
0.90
0.11
9.30
-3.9
0.27
3.1
1.89
30.4
17.3
21.4
36.2
0.01
0.39
8.1
27.7
1.29
0.08
7.38
12.2
0.01
0.1
2.16
30.5
16.7
24.3
40.6
0.01
0.39
5.9
61.7
1.85
1.73
6.63
16.2
-0.19
-1.7
3.09
23.1
18.8
28.0
49.9
0.01
0.21
7.1
36.3
1.49
1.74
8.14
1.0
-0.27
-2.2
4.14
28.4
10.0
33.2
61.2
0.02
0.49
6.5
33.2
1.78
1.30
8.50
-3.6
-0.04
-0.3
3.94
32.5
10.6
30.8
57.4
0.05
0.30
2.8
41.7
1.74
0.85
9.00
—
-0.13
-1.0
4.13
32.5
11.1
31.2
58.3
0.05
0.49
5.0
—
1.87
—
9.30
—
-0.30
-2.2
4.48
31.9
11.3
32.3
61.3
0.05
0.53
5.0
—
1.87
—
16.1
7.50
22.0
49.6
8.1
—
—
—
31.4
113.2
—
—
9.8
7.00
21.3
55.6
8.8
509.4
—
—
61.5
152.5
—
—
29.6
9.00
10.6
52.6
7.2
447.6
8.9
318.0
47.4
268.9
—
—
10.2
10.50
6.0
48.5
4.1
225.3
7.0
245.9
34.5
212.8
—
—
17.9
10.00
6.1
43.8
2.4
146.3
7.6
115.0
83.2
182.3
—
—
66.0
7.00
8.9
46.3
3.6
116.8
7.5
55.1
30.2
72.8
—
—
9.6
6.00
24.0
53.4
5.4
206.6
3.6
30.8
14.7
58.4
—
—
13.8
6.00
7.2
51.1
4.2
233.0
7.6
72.0
16.4
58.4
—
—
5.3
5.50
14.8
50.5
4.3
226.7
5.0
40.2
17.7
75.1
—
—
—
—
—
—
—
221.2
7.6
52.4
—
—
—
—
—
—
—
—
—
239.3
7.9
53.1
—
—
—
—
External Debt/GDP
• 366 •
Domestic Credit/GDP
Liquidity Ratio [9]
9.6
7.75
16.2
46.5
6.3
—
—
—
39.9
101.3
—
—
Notes:
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Moody's estimate
Netherlands
Lead Analyst: Sarah Carlson
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013F
2014F
539.4
16.2
33,243
31,713
2.5
0.3
1.7
4.1
19.3
25.6
20.5
20.8
1.5
1.8
6.3
119.7
2.03
610.7
16.3
37,509
33,185
3.0
2.2
1.1
5.1
19.0
26.4
19.3
17.8
7.9
5.7
7.4
125.4
2.12
639.1
16.3
39,159
35,104
4.5
2.0
2.0
5.3
19.0
27.5
9.7
8.3
6.0
5.4
8.5
130.7
1.95
678.3
16.3
41,498
38,026
5.2
3.4
1.0
4.3
20.0
27.7
11.0
13.1
7.3
8.8
7.7
137.9
1.78
783.7
16.4
47,839
40,705
5.8
3.9
1.9
3.6
20.4
28.6
17.7
17.1
6.4
5.6
8.2
140.2
1.73
874.2
16.4
53,159
42,915
4.0
1.8
1.9
3.1
20.5
28.8
14.7
14.9
2.0
2.3
8.3
144.2
1.69
798.7
16.5
48,315
40,986
-3.6
-3.7
1.1
3.7
18.4
25.4
-17.9
-17.2
-7.7
-7.1
7.0
130.1
1.75
781.1
16.6
47,013
41,673
2.7
1.6
1.9
4.5
18.0
26.1
11.6
11.3
11.2
10.2
8.2
148.3
1.73
837.8
16.7
50,187
42,779
2.2
1.0
2.4
4.4
18.1
27.0
13.8
13.4
3.9
3.6
8.9
157.1
1.79
772.2
16.8
45,963
—
-0.2
-1.0
2.8
5.3
17.3
26.1
-3.0
-2.3
3.3
3.1
8.8
165.9
—
799.1
16.8
47,442
—
0.8
-0.6
2.0
6.9
16.6
27.8
6.2
3.1
2.0
-1.0
11.4
167.8
—
785.8
16.8
46,648
—
2.5
0.8
2.1
7.2
16.4
29.5
1.3
0.1
3.9
2.6
12.7
171.9
—
43.9
47.1
-3.1
-0.6
313.24
52.0
118.3
5.9
44.3
46.1
-1.7
0.7
350.88
52.4
118.3
5.6
44.5
44.8
-0.3
2.1
313.87
51.8
116.4
5.3
46.1
45.5
0.5
2.7
337.04
47.4
102.9
4.8
45.4
45.3
0.2
2.4
381.25
45.3
99.7
4.8
46.7
46.2
0.5
2.7
483.65
58.5
125.2
4.8
45.8
51.4
-5.6
-3.4
501.74
60.8
132.5
4.7
46.1
51.2
-5.1
-3.1
496.78
63.1
136.9
4.2
45.4
49.8
-4.5
-2.4
510.05
65.5
144.2
4.4
46.4
50.4
-4.1
-2.2
564.06
71.2
153.5
4.0
47.1
50.9
-3.8
-1.9
587.38
74.6
158.4
4.0
47.2
50.8
-3.6
-1.7
592.02
76.0
161.1
4.0
0.79
5.9
102.5
29.90
5.5
-4.3
-1.7
7.34
0.73
0.9
103.3
46.58
7.6
-4.0
3.7
7.21
0.85
-0.8
100.0
47.30
7.4
-13.2
-2.6
7.08
0.76
-1.1
98.8
63.64
9.4
-8.4
3.2
9.33
0.68
0.7
99.7
52.67
6.7
8.1
-6.0
8.75
0.72
1.1
100.2
37.49
4.3
-7.3
4.2
9.37
0.69
2.0
103.0
41.34
5.2
0.5
16.7
8.61
0.75
-3.7
98.1
60.67
7.8
-9.7
24.4
8.90
0.77
-0.5
97.4
84.88
10.1
-2.8
36.2
9.16
0.76
-2.7
93.3
76.76
9.9
0.4
50.9
10.80
0.77
—
—
68.72
8.6
0.5
—
11.00
0.80
—
—
69.93
8.9
0.5
—
11.00
• 367 •
Population (Mil.)
Real GDP (% change)
GOVERNMENT FINANCE
Gen. Gov. Debt/GDP
Current Account Bal

Moody`s Statistical Handbook

Transcription

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