Sovereign Risk Indicators

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10 Oct, 2022 | 20:00
APAC, United States of America, Latin America, Canada, EMEA, APAC

Sector Governments Sovereigns
Tags Americas Latin America APAC EMEA

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Table of Contents
- Glossary Of Terms

This report does not constitute a rating action.

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

An interactive version of the Sovereign Risk Indicators can be found at www.spratings.com/SRI. We publish our Sovereign Risk Indicators quarterly. The next edition of the sovereign risk indicators will be published on Dec. 12, 2022.

Table 1 | View Expanded Table

Sovereign Risk Indicators: Economic Data
			Nominal GDP (bil. LC)	Nominal GDP (bil. US$)	GDP per capita (US$)	Real GDP growth (%)	Real GDP per capita growth (%)	Real investment growth (%)	Investment / GDP (%)	Savings / GDP (%)	Exports / GDP (%)	Unemployment rate (% of workforce)
	ISO Code	LT FC rating	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f
Abu Dhabi	AE	AA	1,074.48	292.58	119,340.90	5.49	3.42	N/A	N/A	N/A	N/A	6.50
Albania	AL	B+	2,038.02	18.19	6,525.59	3.00	3.21	10.00	24.92	16.66	32.78	10.75
Andorra	AD	BBB+	3.15	3.30	41,080.26	4.70	3.66	N/A	N/A	N/A	N/A	2.40
Angola	AO	B-	60,815.54	135.15	3,853.46	2.80	(0.48)	4.50	19.09	28.78	37.13	33.00
Argentina	AR	CCC+	81,296.69	625.34	13,576.68	3.33	2.42	7.26	17.99	17.04	18.00	8.40
Armenia	AM	B+	8,190.18	18.24	6,137.20	8.60	8.28	3.00	19.00	14.29	34.56	16.80
Aruba	AW	BBB	6.05	3.38	31,139.25	3.56	2.81	9.00	19.84	15.94	68.91	8.00
Australia	AU	AAA	2,296.59	1,614.58	62,251.12	3.88	2.89	5.78	23.25	25.43	25.91	3.50
Austria	AT	AA+	444.76	465.33	51,680.17	3.60	2.78	1.60	27.43	26.43	58.00	4.50
Azerbaijan	AZ	BB+	122.65	72.14	7,016.86	4.00	3.17	4.00	14.50	38.22	52.14	5.00
Bahamas	BS	B+	12.98	12.98	32,938.05	8.28	6.91	4.84	25.57	16.85	27.49	15.00
Bahrain	BH	B+	16.24	43.18	28,139.30	4.80	2.75	4.00	26.37	36.74	93.73	4.00
Bangladesh	BD	BB-	40,038.51	446.73	2,651.25	7.20	5.98	6.10	31.11	26.92	12.43	4.00
Barbados	BB	B-	10.85	5.42	18,826.53	4.13	4.00	4.13	15.98	6.63	26.17	10.00
Belarus	BY	SD	179.04	63.94	6,839.09	(6.00)	(6.00)	(11.00)	26.80	27.12	72.35	6.00
Belgium	BE	AA	552.05	577.58	49,860.47	2.40	1.85	(1.70)	25.72	24.02	86.60	5.70
Belize	BZ	B-	5.49	2.74	6,213.87	4.00	1.36	(3.00)	14.66	6.11	42.68	15.00
Benin	BJ	B+	10,918.19	17.42	1,348.64	6.00	3.12	10.00	29.76	24.96	20.43	2.50
Bermuda	BM	A+	7.65	7.65	119,831.94	3.18	3.28	(2.82)	13.57	25.34	49.20	7.00
Bolivia	BO	B+	299.40	43.33	3,608.86	3.60	2.18	3.00	16.06	17.39	31.32	6.00
Bosnia	BA	B	42.01	22.47	6,918.64	3.00	3.52	6.00	21.92	17.38	49.53	17.00
Botswana	BW	BBB+	216.29	18.41	7,522.62	3.50	1.47	2.00	25.18	26.84	46.12	25.00
Brazil	BR	BB-	9,727.27	1,896.15	8,798.76	2.49	1.85	(1.18)	18.30	17.54	20.07	9.97
Bulgaria	BG	BBB	153.67	82.03	11,919.40	2.90	3.42	7.40	20.23	16.49	64.69	4.90
Burkina Faso	BF	CCC+	12,120.52	19.33	830.96	3.00	(0.96)	4.00	19.60	16.57	25.14	N/A
Cameroon	CM	B-	27,375.32	43.66	1,564.05	3.70	1.13	5.00	18.71	15.21	20.55	N/A
Canada	CA	AAA	2,691.51	2,087.93	54,003.26	3.11	2.00	3.25	23.50	23.82	34.85	5.28
Cape Verde	CV	B-	216.01	2.05	3,600.68	4.00	2.89	0.70	35.56	23.67	28.60	13.50
Chile	CL	A	258,969.52	299.39	15,121.84	2.39	1.35	1.62	26.55	19.10	33.29	7.86
China	CN	A+	120,966.81	17,947.60	12,668.99	2.71	2.42	2.87	43.27	46.59	21.57	5.12
Colombia	CO	BB+	1,377,938.31	336.08	6,512.03	6.54	3.65	5.97	19.70	15.48	17.88	11.33
Congo	CG	CCC+	8,164.56	13.02	2,242.27	2.00	(0.58)	4.00	(0.85)	15.98	84.44	N/A
Congo, D.R.	CD	B-	128,078.54	63.56	666.51	5.50	2.24	7.20	28.00	27.33	41.63	48.10
Cook Islands	CK	B+	0.49	0.33	25,114.22	11.80	10.94	N/A	N/A	N/A	N/A	N/A
Costa Rica	CR	B	45,185.89	68.46	13,075.57	2.90	1.80	3.89	18.32	14.72	36.84	13.00
Cote d'Ivoire	CI	BB-	43,574.30	69.51	2,503.39	6.50	3.80	10.00	25.61	21.01	24.26	3.50
Croatia	HR	BBB+	494.09	68.66	17,691.44	5.75	5.96	8.00	20.49	22.81	54.29	7.00
Curacao	CW	BBB-	5.47	3.06	20,237.83	6.50	8.34	6.50	33.58	6.85	54.00	20.00
Cyprus	CY	BBB	25.59	26.78	29,618.35	4.50	3.57	3.25	19.67	11.46	80.20	7.50
Czech Republic	CZ	AA-	7,043.78	301.65	28,117.03	2.50	2.24	5.50	32.34	27.72	70.71	2.60
Denmark	DK	AAA	2,787.96	392.28	66,837.14	2.80	2.29	3.40	22.39	30.83	59.99	4.60
Dominican Republic	DO	BB-	6,171.96	107.76	10,144.19	5.00	4.13	5.52	31.15	27.57	22.38	13.00
Ecuador	EC	B-	113.39	113.39	6,240.36	2.70	1.38	7.50	24.49	27.08	32.34	4.30
Egypt	EG	B	7,372.68	448.30	4,326.28	5.70	4.15	5.00	13.24	8.92	10.42	7.20
El Salvador	SV	CCC+	31.67	31.67	4,834.56	3.00	2.49	(2.00)	21.17	13.17	31.06	6.00
Estonia	EE	AA-	36.50	38.19	28,250.73	1.20	(0.30)	(1.80)	29.55	28.94	80.20	5.80
Ethiopia	ET	CCC	5,652.49	116.56	1,119.29	5.00	2.74	3.20	28.54	23.17	7.68	N/A
Falkland Islands	FK	A+	0.28	0.34	102,932.75	2.20	0.20	N/A	N/A	N/A	N/A	N/A
Fiji	FJ	B+	10.79	4.88	5,356.77	12.38	11.72	N/A	26.94	14.04	24.78	6.50
Finland	FI	AA+	272.11	284.70	51,370.74	2.10	1.95	3.00	24.50	22.99	38.89	6.70
France	FR	AA	2,673.97	2,797.66	41,202.39	2.40	2.22	1.50	24.13	22.85	30.59	7.50
Georgia	GE	BB	71.56	24.67	6,689.31	8.00	9.17	4.00	20.69	12.62	43.79	19.50
Germany	DE	AAA	3,893.40	4,073.51	48,501.88	1.50	0.50	(2.00)	22.29	26.60	46.86	3.15
Ghana	GH	CCC+	585.24	66.86	2,061.72	3.80	1.61	4.00	16.59	13.14	28.79	11.00
Greece	GR	BB+	204.65	214.12	20,051.24	5.60	5.60	13.20	17.63	11.56	45.58	12.20
Guatemala	GT	BB-	748.84	97.13	5,595.72	4.50	3.01	0.23	15.14	16.96	16.95	3.00
Guernsey	GG	AA-	3.47	4.17	65,141.68	0.80	0.40	N/A	N/A	N/A	N/A	1.00
Honduras	HN	BB-	798.06	32.19	3,354.28	3.00	1.42	3.00	24.24	20.51	36.02	8.50
Hong Kong	HK	AA+	2,889.37	368.67	49,770.38	(0.60)	(0.52)	(1.06)	17.59	23.81	205.06	4.51
Hungary	HU	BBB	64,340.31	177.31	18,258.06	4.90	5.11	2.00	31.02	22.40	79.91	3.75
Iceland	IS	A	3,707.87	27.43	72,896.39	5.50	3.41	7.50	22.82	21.04	44.68	4.00
India	IN	BBB-	271,638.78	3,393.46	2,423.49	7.30	6.55	8.98	31.96	28.97	22.10	6.07
Indonesia	ID	BBB	19,155,637.90	1,301.85	4,696.60	5.39	4.73	4.12	32.25	33.13	25.17	5.95
Iraq	IQ	B-	345,654.68	238.38	5,660.68	5.20	2.81	1.50	16.43	33.60	36.50	N/A
Ireland*	IE	AA-	463.26	484.69	95,857.61	5.00	3.96	5.00	24.75	32.56	133.78	6.00
Israel	IL	AA-	1,700.28	522.36	54,646.75	5.50	3.43	6.00	22.51	26.74	30.09	4.00
Italy	IT	BBB	1,890.88	1,978.35	33,464.50	3.40	3.61	10.30	21.87	21.89	35.27	8.30
Jamaica	JM	B+	2,539.98	16.00	5,830.10	4.00	3.86	4.00	24.33	22.83	38.13	7.10
Japan	JP	A+	556,410.19	4,220.75	33,862.33	1.89	2.43	(0.33)	25.67	26.70	22.39	2.61
Jersey	JE	AA-	5.67	6.82	61,675.59	4.30	3.17	N/A	N/A	N/A	N/A	1.80
Jordan	JO	B+	34.24	48.23	4,248.00	2.40	(0.05)	1.50	17.18	10.64	34.76	22.00
Kazakhstan	KZ	BBB-	90,770.74	193.13	9,966.73	3.00	1.66	3.00	25.64	26.76	37.71	4.90
Kenya	KE	B	13,490.94	115.24	2,047.82	5.20	2.83	4.00	21.13	15.27	10.84	N/A
Korea	KR	AA	2,204,141.95	1,705.18	32,962.75	2.63	2.65	(2.42)	31.46	35.91	46.41	2.92
Kuwait	KW	A+	54.31	180.28	39,260.97	8.00	8.76	4.00	17.91	53.53	67.52	N/A
Latvia	LV	A+	38.30	40.08	21,407.70	2.50	2.71	2.15	26.31	21.17	62.65	6.70
Lebanon	LB	SD	215,213.86	8.82	1,296.69	(3.00)	(3.10)	(3.00)	8.31	(15.86)	32.41	N/A
Liechtenstein	LI	AAA	6.79	7.37	184,609.53	1.00	(0.52)	N/A	N/A	N/A	51.74	1.40
Lithuania	LT	A+	62.91	65.82	23,312.12	1.70	0.69	3.50	19.71	15.57	81.14	6.20
Luxembourg	LU	AAA	76.83	80.39	124,163.96	1.70	(0.29)	1.00	17.67	18.14	216.31	5.20
Madagascar	MG	B-	62,135.65	15.33	525.22	4.20	1.50	3.25	16.17	10.57	21.97	2.60
Malaysia	MY	A-	1,738.06	392.82	11,900.19	6.60	5.46	8.29	23.70	25.64	74.04	3.90
Malta	MT	A-	16.01	16.75	32,125.26	4.00	2.97	0.50	21.98	19.71	153.68	3.20
Mexico	MX	BBB	28,932.12	1,435.74	10,899.80	2.08	1.07	3.50	21.51	20.91	39.09	3.46
Mongolia	MN	B	50,668.09	17.03	4,921.34	2.50	0.99	8.00	36.76	23.22	57.00	8.30
Montenegro	ME	B	5.65	5.91	9,558.51	4.50	4.45	5.50	25.36	11.32	44.06	18.00
Montserrat	MS	BBB-	0.20	0.07	16,729.36	3.00	3.00	N/A	17.49	17.00	28.00	N/A
Morocco	MA	BB+	1,363.33	144.42	3,929.87	1.40	0.20	3.00	31.89	26.99	33.87	11.00
Mozambique	MZ	CCC+	1,117.08	17.34	524.01	3.50	0.58	5.00	50.55	26.50	33.85	N/A
Netherlands	NL	AAA	937.84	981.22	55,930.57	4.30	3.89	2.90	21.37	26.40	83.22	3.40
New Zealand	NZ	AA+	359.39	244.32	47,721.14	1.02	0.74	2.42	24.97	17.23	22.84	3.25
Nicaragua	NI	B-	558.56	15.57	2,312.10	3.50	2.43	5.00	23.96	20.45	50.51	5.50
Nigeria	NG	B-	193,529.35	450.16	2,074.47	3.30	0.68	2.50	33.11	36.23	14.84	30.00
North Macedonia	MK	BB-	807.50	13.73	6,636.19	1.50	1.52	7.00	35.00	26.53	74.11	14.50
Norway	NO	AAA	5,408.47	568.71	104,752.81	2.90	2.18	1.00	21.82	50.06	53.29	3.50
Oman	OM	BB-	41.51	107.95	22,708.81	3.90	(1.05)	3.50	22.32	27.69	47.89	2.40
Pakistan	PK	B-	62,690.45	347.02	1,525.62	5.50	3.43	6.50	14.47	9.48	11.07	7.50
Panama	PA	BBB	70.46	70.46	16,030.01	5.50	4.11	10.52	37.77	33.93	48.77	10.00
Papua New Guinea	PG	B-	103.63	29.03	3,112.93	4.77	2.62	N/A	N/A	N/A	43.53	N/A
Paraguay	PY	BB	288,128.31	41.58	5,578.39	(1.20)	(2.53)	(1.50)	23.17	19.42	35.34	6.70
Peru	PE	BBB	964.93	253.93	7,487.41	2.16	0.73	3.59	22.40	19.54	30.85	7.00
Philippines	PH	BBB+	22,043.25	407.02	3,639.86	6.31	4.76	13.95	24.63	17.86	26.92	5.76
Poland	PL	A-	2,971.08	665.04	17,630.00	3.95	4.27	4.73	22.01	16.89	58.50	2.95
Portugal	PT	BBB+	236.23	247.16	24,047.90	4.80	5.01	6.00	20.84	19.66	42.82	5.60
Qatar	QA	AA-	789.47	216.89	78,658.65	3.56	0.54	3.30	32.65	60.13	67.13	0.13
Ras Al Khaimah	AE	A-	42.24	11.50	29,887.38	2.80	0.29	N/A	N/A	N/A	N/A	3.80
Romania	RO	BBB-	1,412.76	302.55	15,835.67	6.25	6.78	5.00	25.66	16.93	40.41	5.25
Rwanda	RW	B+	12,585.05	12.16	920.31	5.50	3.43	8.00	25.95	14.23	18.71	20.00
Saudi Arabia	SA	A-	3,897.45	1,039.32	28,671.36	7.49	5.38	14.72	22.18	35.84	43.79	5.94
Senegal	SN	B+	17,047.37	27.20	1,538.42	5.10	2.29	5.50	32.14	18.71	22.20	6.00
Serbia	RS	BB+	7,037.89	62.84	9,240.71	3.00	3.52	7.00	27.01	17.83	53.31	9.75
Sharjah	AE	BBB-	127.29	34.67	23,724.42	3.00	1.98	N/A	N/A	N/A	N/A	N/A
Singapore	SG	AAA	580.76	414.86	75,630.16	3.28	2.69	1.72	26.24	46.74	198.68	2.20
Slovakia	SK	A+	106.88	111.82	20,178.61	1.80	0.30	1.00	21.35	17.20	94.76	6.30
Slovenia	SI	AA-	58.94	61.66	29,005.54	5.50	4.66	6.00	22.67	22.73	84.81	4.40
South Africa	ZA	BB-	6,729.55	415.92	6,862.76	2.04	1.26	4.67	13.98	15.05	32.22	35.91
Spain	ES	A	1,295.20	1,355.12	28,504.21	4.50	4.19	8.80	21.44	21.73	37.67	12.80
Sri Lanka	LK	SD	18,519.92	64.37	2,885.05	(6.00)	(6.65)	(6.00)	34.08	29.85	19.43	4.80
St. Helena	SH	BBB-	0.04	0.05	11,686.24	1.50	2.53	N/A	N/A	N/A	N/A	N/A
Suriname	SR	SD	80.55	3.82	6,198.03	1.80	0.79	N/A	N/A	N/A	69.32	10.90
Sweden	SE	AAA	6,050.92	590.56	56,334.79	2.20	1.19	1.80	25.99	30.25	46.52	7.40
Switzerland	CH	AAA	765.70	830.54	94,661.98	2.40	1.99	0.70	25.78	32.17	73.76	4.30
Taiwan	TW	AA+	22,943.49	757.46	32,358.90	2.20	2.06	7.34	27.29	36.83	71.78	3.72
Tajikistan	TJ	B-	109.73	9.84	987.90	3.20	0.98	2.40	30.70	27.38	20.19	N/A
Thailand	TH	BBB+	17,113.26	485.24	6,930.39	2.90	2.76	1.70	26.98	24.40	69.43	1.78
Togo	TG	B	5,134.84	8.19	943.45	5.00	2.53	4.50	22.44	19.06	22.47	4.00
Trinidad and Tobago	TT	BBB-	184.35	27.22	19,336.75	4.52	4.21	4.52	12.37	28.26	49.64	6.50
Turkiye	TR	B	12,244.56	724.53	8,446.27	5.25	3.89	0.57	21.67	16.14	38.62	11.21
Turks and Caicos	TC	BBB+	1.18	1.18	25,336.96	8.00	6.93	2.00	20.43	35.14	88.98	8.00
U.K.	GB	AA	2,549.34	3,067.09	45,268.32	3.30	2.79	6.40	17.87	11.87	28.06	3.70
Uganda	UG	B	160,991.35	42.96	881.03	4.58	1.28	5.00	24.54	15.87	13.28	N/A
Ukraine	UA	CCC+	4,160.20	112.44	3,034.71	(40.00)	(33.33)	(50.00)	6.83	8.81	33.97	29.00
U.S.	US	AA+	25,061.04	25,061.04	74,852.60	0.64	0.07	4.05	21.71	17.73	11.76	3.67
Uruguay	UY	BBB	2,934.70	66.18	18,957.26	4.50	4.24	12.50	20.58	18.46	33.08	7.70
Uzbekistan	UZ	BB-	825,309.26	75.41	2,094.90	5.00	2.88	2.10	39.94	32.70	21.66	10.50
Vietnam	VN	BB+	9,400,897.47	387.50	3,894.79	6.60	5.54	4.20	32.64	32.99	95.02	2.50
Zambia	ZM	SD	457.73	28.02	1,436.58	2.90	(0.10)	3.00	32.33	40.17	50.12	13.00
*Ireland GDP forecasts in 2022-2025 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. N/A--Not applicable. N.M.--Not meaningful.

Table 2 | View Expanded Table

Sovereign Risk Indicators: Monetary Data
			CPI growth (%)	GDP deflator growth (%)	Exchange rate, year-end (LC/$)	Banks' claims on resident non-gov't sector growth	Banks' claims on resident non-gov't sector/GDP	Foreign currency share of claims by banks on residents	Foreign currency share of residents' bank deposits	Real effective exchange rate growth
	ISO Code	LT FC rating	2022f	2022f	2022f	2022f	2022f	2021	2021	2021
Abu Dhabi	AE	AA	2.50	21.19	3.67	N/A	N/A	N/A	N.M.	N/A
Albania	AL	B+	6.40	4.70	117.50	5.00	34.54	23.63	54.59	1.87
Andorra	AD	BBB+	6.80	7.00	1.00	N/A	126.00	N/A	N/A	N/A
Angola	AO	B-	23.00	25.75	440.00	10.00	7.69	18.94	50.51	8.09
Argentina	AR	CCC+	70.00	70.00	170.00	75.63	9.97	N/A	16.13	(16.45)
Armenia	AM	B+	8.40	8.00	417.86	0.30	51.40	39.33	41.76	(4.54)
Aruba	AW	BBB	5.50	4.35	1.79	8.06	64.76	N/A	6.82	(3.77)
Australia	AU	AAA	4.45	6.93	1.45	10.54	168.72	3.35	3.57	6.33
Austria	AT	AA+	8.00	6.50	1.00	6.50	111.07	2.62	N/A	9.29
Azerbaijan	AZ	BB+	13.50	27.00	1.70	15.00	16.35	N/A	45.46	13.26
Bahamas	BS	B+	7.50	6.93	1.00	0.85	45.32	N/A	N/A	(3.01)
Bahrain	BH	B+	3.00	6.00	0.38	6.00	68.24	N/A	40.07	(4.98)
Bangladesh	BD	BB-	6.50	5.80	93.45	13.00	40.31	N/A	N/A	(2.73)
Barbados	BB	B-	7.10	7.10	2.00	2.27	81.18	N/A	6.49	N/A
Belarus	BY	SD	19.00	10.00	2.90	5.00	38.08	N/A	60.21	(0.66)
Belgium	BE	AA	10.20	6.50	1.00	4.00	89.04	N/A	2.70	0.75
Belize	BZ	B-	7.50	7.21	2.00	11.50	47.75	4.29	5.57	(6.19)
Benin	BJ	B+	7.00	5.00	658.38	5.00	16.26	N/A	N/A	(0.21)
Bermuda	BM	A+	5.20	5.04	1.00	0.48	114.56	N/A	N.M.	N/A
Bolivia	BO	B+	3.50	3.50	6.91	8.20	78.65	N/A	N/A	(4.20)
Bosnia	BA	B	11.00	7.50	1.96	4.50	47.99	51.06	37.84	(0.33)
Botswana	BW	BBB+	11.20	7.00	11.76	4.50	35.44	N/A	18.51	N/A
Brazil	BR	BB-	9.58	9.35	5.15	15.83	61.96	N/A	N/A	(3.22)
Bulgaria	BG	BBB	15.00	12.50	1.97	5.00	50.30	28.76	34.11	1.24
Burkina Faso	BF	CCC+	10.00	7.00	658.38	8.00	31.60	N/A	N/A	1.98
Cameroon	CM	B-	5.50	5.00	658.38	13.00	16.98	N/A	N/A	0.17
Canada	CA	AAA	6.67	4.70	1.31	5.58	179.98	2.98	0.08	8.70
Cape Verde	CV	B-	6.50	2.00	110.89	3.50	63.97	N/A	1.90	(1.27)
Chile	CL	A	11.50	5.10	890.00	6.10	84.97	N/A	N/A	3.38
China	CN	A+	2.20	2.98	7.10	11.00	209.59	N/A	2.88	2.99
Colombia	CO	BB+	9.86	9.86	4,250.00	8.84	48.65	N/A	N/A	N/A
Congo	CG	CCC+	5.70	16.50	658.38	4.00	15.02	N/A	N/A	N/A
Congo, D.R.	CD	B-	12.00	10.25	2,030.00	10.00	7.24	N/A	N/A	(6.13)
Cook Islands	CK	B+	3.20	1.00	1.59	4.00	48.88	N/A	N/A	N/A
Costa Rica	CR	B	9.80	9.80	650.00	6.11	69.33	N/A	N/A	N/A
Cote d'Ivoire	CI	BB-	8.00	5.00	658.38	13.00	22.55	N/A	N/A	1.97
Croatia	HR	BBB+	11.00	8.50	7.56	4.00	50.55	39.59	49.81	(0.39)
Curacao	CW	BBB-	6.80	6.38	1.79	12.37	98.02	N/A	26.61	N/A
Cyprus	CY	BBB	7.50	4.50	1.00	(3.00)	84.85	6.22	N/A	(0.82)
Czech Republic	CZ	AA-	16.75	12.50	24.75	4.00	52.23	11.76	9.46	4.60
Denmark	DK	AAA	8.40	8.30	7.47	1.00	142.65	28.67	29.73	1.84
Dominican Republic	DO	BB-	9.00	9.00	57.00	15.41	27.96	N/A	36.28	0.19
Ecuador	EC	B-	4.00	4.00	1.00	9.67	50.93	N/A	N/A	N/A
Egypt	EG	B	8.48	10.00	18.75	22.73	29.67	13.98	13.84	(0.07)
El Salvador	SV	CCC+	7.00	7.00	1.00	9.24	63.66	N/A	N/A	(0.72)
Estonia	EE	AA-	19.50	14.70	1.00	5.00	54.46	0.37	4.18	(1.92)
Ethiopia	ET	CCC	33.70	24.00	51.99	20.00	29.11	N/A	N/A	0.06
Falkland Islands	FK	A+	8.70	2.00	0.92	3.60	8.10	N/A	N/A	N/A
Fiji	FJ	B+	6.50	2.64	2.30	5.00	83.52	N/A	N/A	(4.52)
Finland	FI	AA+	7.25	6.00	1.00	4.50	96.64	N/A	N/A	7.71
France	FR	AA	6.10	4.50	1.00	3.00	110.77	6.71	N/A	0.71
Georgia	GE	BB	12.00	10.00	2.80	8.00	65.57	50.90	54.99	1.69
Germany	DE	AAA	8.40	6.50	1.00	8.10	94.59	2.31	N/A	(1.36)
Ghana	GH	CCC+	30.00	22.80	11.50	2.00	9.91	N/A	26.21	(0.52)
Greece	GR	BB+	9.50	6.00	1.00	(5.00)	50.20	1.82	3.41	(4.70)
Guatemala	GT	BB-	7.75	7.75	7.70	12.60	38.94	N/A	N/A	(1.09)
Guernsey	GG	AA-	8.00	3.50	0.92	N/A	N/A	N/A	N/A	N/A
Honduras	HN	BB-	12.00	13.24	25.02	16.34	65.57	24.31	22.66	0.57
Hong Kong	HK	AA+	2.10	1.29	7.85	5.00	273.33	28.97	51.18	(6.55)
Hungary	HU	BBB	12.50	11.00	401.48	8.50	42.48	10.01	22.06	0.45
Iceland	IS	A	8.30	8.10	140.00	5.00	106.82	14.09	11.19	4.18
India	IN	BBB-	6.82	6.98	81.65	13.00	50.57	N/A	0.81	1.16
Indonesia	ID	BBB	4.98	7.10	15,050.00	10.00	33.54	11.78	14.01	(1.37)
Iraq	IQ	B-	8.00	9.00	1,450.00	10.00	11.47	N/A	30.42	(18.74)
Ireland*	IE	AA-	8.00	3.50	1.00	1.04	35.99	N/A	N/A	(1.18)
Israel	IL	AA-	4.00	3.60	3.40	12.00	78.37	3.87	0.00	6.76
Italy	IT	BBB	7.80	3.00	1.00	2.00	89.22	N/A	N/A	(1.07)
Jamaica	JM	B+	10.50	10.50	163.62	10.26	52.89	N/A	39.65	(4.83)
Japan	JP	A+	2.22	0.84	145.80	2.00	170.50	N/A	2.70	(4.86)
Jersey	JE	AA-	9.00	9.00	0.92	N/A	N/A	N/A	N/A	N/A
Jordan	JO	B+	4.20	4.10	0.71	4.00	86.85	12.93	22.36	(3.69)
Kazakhstan	KZ	BBB-	13.00	7.20	475.00	9.17	26.18	8.77	36.03	0.00
Kenya	KE	B	7.50	6.00	121.00	8.00	30.62	N/A	18.49	(2.64)
Korea	KR	AA	5.32	3.67	1,421.00	5.00	176.09	N/A	5.16	0.71
Kuwait	KW	A+	4.00	24.00	0.30	7.00	87.42	N/A	4.99	N/A
Latvia	LV	A+	17.00	13.70	1.00	1.00	27.60	0.78	6.69	0.44
Lebanon	LB	SD	120.00	40.00	25,800.00	(2.00)	16.95	7.31	75.29	138.31
Liechtenstein	LI	AAA	3.10	2.20	0.93	5.20	221.59	N/A	N/A	0.49
Lithuania	LT	A+	17.80	11.70	1.00	6.00	39.32	0.20	3.21	1.96
Luxembourg	LU	AAA	6.20	4.50	1.00	5.00	99.67	4.65	N/A	(2.39)
Madagascar	MG	B-	9.50	9.00	4,150.00	14.00	18.45	N/A	12.96	(1.11)
Malaysia	MY	A-	3.20	5.50	4.60	5.50	132.46	2.34	8.90	(1.31)
Malta	MT	A-	5.60	4.80	1.00	5.50	74.43	0.97	4.85	0.11
Mexico	MX	BBB	7.85	7.88	20.50	7.48	30.67	9.34	16.17	5.89
Mongolia	MN	B	14.00	10.58	3,100.00	10.00	47.75	N/A	21.11	1.03
Montenegro	ME	B	12.50	10.00	1.00	6.00	48.99	N/A	N/A	N/A
Montserrat	MS	BBB-	3.80	3.69	2.70	0.00	44.25	N/A	3.21	N/A
Morocco	MA	BB+	5.90	4.70	9.60	3.05	69.74	N/A	3.70	0.34
Mozambique	MZ	CCC+	10.50	4.50	65.00	5.00	27.10	13.83	26.77	2.66
Netherlands	NL	AAA	11.10	5.00	1.00	1.50	90.28	N/A	N/A	(3.90)
New Zealand	NZ	AA+	6.29	4.01	1.61	4.43	159.49	1.20	20.00	6.09
Nicaragua	NI	B-	9.50	9.50	36.23	13.33	26.18	82.12	72.69	N/A
Nigeria	NG	B-	22.00	6.40	435.00	18.00	14.22	N/A	22.22	(3.57)
North Macedonia	MK	BB-	14.00	10.00	61.78	6.00	51.23	40.31	42.80	1.10
Norway	NO	AAA	5.60	26.90	10.20	4.50	115.89	3.18	20.57	7.33
Oman	OM	BB-	3.00	21.00	0.38	5.00	68.56	16.10	12.30	(3.35)
Pakistan	PK	B-	12.20	6.50	204.00	10.00	16.24	N/A	8.40	7.55
Panama	PA	BBB	5.00	5.00	1.00	4.95	83.01	N/A	N/A	7.26
Papua New Guinea	PG	B-	5.60	6.00	3.63	3.00	16.14	N/A	3.52	(3.88)
Paraguay	PY	BB	9.00	9.00	6,980.00	12.47	52.50	N/A	N/A	(0.96)
Peru	PE	BBB	7.90	7.74	3.90	3.00	44.43	N/A	N/A	(13.51)
Philippines	PH	BBB+	5.27	6.83	56.65	10.00	55.85	N/A	14.67	(0.09)
Poland	PL	A-	13.25	9.00	4.70	3.00	42.20	N/A	12.04	(2.51)
Portugal	PT	BBB+	6.80	5.10	1.00	2.00	105.18	N/A	1.71	(1.29)
Qatar	QA	AA-	3.50	16.56	3.64	5.00	133.56	34.67	30.35	(2.74)
Ras Al Khaimah	AE	A-	4.75	2.80	3.67	N/A	N/A	N/A	N/A	N/A
Romania	RO	BBB-	13.50	12.50	4.97	7.00	24.86	15.81	35.02	0.95
Rwanda	RW	B+	12.50	9.00	1,060.00	9.00	22.77	N/A	27.66	(9.19)
Saudi Arabia	SA	A-	2.47	16.00	3.75	15.00	62.82	7.45	9.52	(1.84)
Senegal	SN	B+	8.00	5.00	658.38	8.00	31.29	N/A	N/A	0.11
Serbia	RS	BB+	11.00	9.00	107.00	8.00	45.62	60.52	57.82	1.78
Sharjah	AE	BBB-	3.50	3.50	3.67	N/A	N/A	N/A	N/A	N/A
Singapore	SG	AAA	5.72	5.43	1.40	2.50	113.14	N/A	2.00	0.18
Slovakia	SK	A+	12.50	8.10	1.00	7.00	67.29	0.09	2.65	2.12
Slovenia	SI	AA-	9.25	7.00	1.00	4.00	42.02	0.00	2.12	(0.96)
South Africa	ZA	BB-	6.80	6.50	17.03	5.00	78.76	N/A	5.57	9.27
Spain	ES	A	10.10	2.70	1.00	2.00	94.00	1.02	1.48	(2.27)
Sri Lanka	LK	SD	65.00	11.40	375.00	12.00	51.80	N/A	16.84	(7.27)
St. Helena	SH	BBB-	5.80	5.80	0.92	2.50	39.13	N/A	7.01	6.53
Suriname	SR	SD	37.00	34.58	21.09	38.80	22.20	104.84	74.43	(22.60)
Sweden	SE	AAA	8.40	8.60	10.90	3.00	127.76	3.10	21.56	5.31
Switzerland	CH	AAA	3.10	2.20	0.93	3.50	182.87	7.64	46.09	0.49
Taiwan	TW	AA+	3.32	3.40	32.20	5.00	164.23	N/A	14.04	5.59
Tajikistan	TJ	B-	10.50	7.50	11.00	8.00	11.88	32.83	44.52	(7.09)
Thailand	TH	BBB+	6.78	2.80	36.90	5.50	129.31	N/A	2.46	(4.81)
Togo	TG	B	6.00	3.60	658.38	4.00	28.57	N/A	N/A	1.00
Trinidad and Tobago	TT	BBB-	4.00	3.83	6.77	7.16	46.10	N/A	25.48	(3.38)
Turkiye	TR	B	74.04	60.50	20.50	40.00	51.44	38.59	54.88	(10.18)
Turks and Caicos	TC	BBB+	6.00	5.56	1.00	N/A	N/A	N/A	2.88	N/A
U.K.	GB	AA	9.53	6.51	0.92	3.10	127.72	14.60	16.97	6.45
Uganda	UG	B	3.40	3.80	3,756.65	11.19	12.97	N/A	32.65	1.76
Ukraine	UA	CCC+	30.00	27.00	42.00	(15.00)	20.99	18.00	32.37	4.97
U.S.	US	AA+	8.26	6.81	1.00	5.30	153.75	N/A	N.M.	N/A
Uruguay	UY	BBB	8.70	8.70	44.00	11.97	27.47	N/A	77.24	(1.49)
Uzbekistan	UZ	BB-	12.00	7.00	11,050.00	20.00	48.50	49.00	40.33	(1.17)
Vietnam	VN	BB+	2.90	4.00	24,500.00	13.00	126.79	N/A	8.52	N/A
Zambia	ZM	SD	12.00	4.80	16.00	10.00	9.24	37.19	40.86	5.29
*Ireland GDP forecasts in 2022-2025 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. N/A--Not applicable. N.M.--Not meaningful.

Table 3 | View Expanded Table

Sovereign Risk Indicators: Government Data
			GG balance / GDP (%)	Change in net GG debt / GDP (%)	Primary GG balance / GDP (%)	GG revenues / GDP (%)	GG expenditures / GDP (%)	GG interest expenditure / revenues (%)	Gross GG debt / GDP (%)	Debt / revenues (%)	Net GG debt / GDP (%)	Liquid assets / GDP
	ISO Code	LT FC	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f
Abu Dhabi	AE	AA	10.70	(23.25)	11.22	39.10	28.40	1.35	18.04	46.13	(241.51)	259.55
Albania	AL	B+	(4.55)	7.89	(2.45)	27.50	32.05	7.65	73.59	267.59	69.22	4.37
Andorra	AD	BBB+	0.20	(2.80)	0.81	38.40	38.20	1.58	42.69	111.16	(25.55)	68.24
Angola	AO	B-	5.00	(3.00)	9.41	24.50	19.50	17.99	57.95	236.52	53.62	4.33
Argentina	AR	CCC+	(2.61)	27.69	(0.65)	33.22	35.83	5.92	71.81	216.16	68.74	3.06
Armenia	AM	B+	(2.40)	(2.96)	0.17	23.90	26.30	10.75	48.44	202.70	43.05	5.39
Aruba	AW	BBB	(2.53)	2.49	1.87	37.81	40.34	11.63	86.33	228.29	54.01	32.32
Australia	AU	AAA	(3.22)	3.35	(1.96)	35.08	38.30	3.57	52.35	149.23	28.57	23.78
Austria	AT	AA+	(3.40)	3.35	(2.49)	49.10	52.50	1.85	76.87	156.56	72.56	4.31
Azerbaijan	AZ	BB+	6.03	(1.25)	6.55	32.35	26.32	1.61	20.02	61.89	(34.02)	54.04
Bahamas	BS	B+	(4.69)	6.51	(0.15)	22.21	26.90	20.43	78.25	352.26	74.49	3.76
Bahrain	BH	B+	1.11	0.89	6.69	23.68	22.57	23.55	114.72	484.44	100.03	14.69
Bangladesh	BD	BB-	(5.10)	6.10	(3.00)	9.70	14.80	21.66	32.10	330.95	28.22	3.88
Barbados	BB	B-	(3.50)	3.15	1.11	38.45	41.95	12.00	128.66	334.64	118.52	10.15
Belarus	BY	SD	(2.00)	7.59	0.38	35.50	37.50	6.70	42.60	120.00	33.17	9.43
Belgium	BE	AA	(4.30)	4.40	(2.73)	49.50	53.80	3.17	102.26	206.58	95.70	6.55
Belize	BZ	B-	(6.00)	8.04	(3.96)	23.37	29.37	8.74	72.86	311.76	69.20	3.66
Benin	BJ	B+	(5.00)	5.00	(2.76)	14.50	19.50	15.43	49.75	343.10	40.67	9.08
Bermuda	BM	A+	(1.50)	0.04	0.19	14.38	15.88	11.80	43.81	304.63	5.01	38.80
Bolivia	BO	B+	(5.99)	5.99	(4.95)	26.05	32.03	3.97	65.51	251.51	54.73	10.77
Bosnia	BA	B	(1.00)	1.00	(0.30)	41.50	42.50	1.68	31.60	76.14	24.70	6.89
Botswana	BW	BBB+	0.10	(0.10)	0.96	30.00	29.90	2.86	20.49	68.30	(10.11)	30.61
Brazil	BR	BB-	(5.60)	6.69	0.42	38.12	43.72	15.79	80.67	211.63	58.67	22.00
Bulgaria	BG	BBB	(4.88)	3.63	(4.30)	39.00	43.88	1.48	24.04	61.64	17.53	6.51
Burkina Faso	BF	CCC+	(6.50)	8.40	(4.61)	20.32	26.82	9.28	57.71	283.97	47.66	10.04
Cameroon	CM	B-	(2.50)	4.38	(1.41)	15.40	17.90	7.06	43.11	279.92	39.01	4.10
Canada	CA	AAA	(2.44)	2.44	0.76	42.44	44.88	7.55	90.23	212.59	48.49	41.74
Cape Verde	CV	B-	(6.00)	6.00	(3.21)	25.00	31.00	11.16	122.24	488.97	109.93	12.31
Chile	CL	A	1.50	1.76	2.45	27.60	26.10	3.45	37.48	135.81	29.92	7.57
China	CN	A+	(3.20)	6.61	(2.62)	26.80	30.00	2.18	72.21	269.44	59.03	13.18
Colombia	CO	BB+	(5.27)	7.56	(1.94)	25.17	30.45	13.25	60.80	241.52	56.18	4.62
Congo	CG	CCC+	5.39	(3.39)	7.98	28.40	23.01	9.12	96.65	340.31	93.75	2.90
Congo, D.R.	CD	B-	(3.50)	3.81	(3.21)	15.00	18.50	1.92	15.35	102.31	14.60	0.74
Cook Islands	CK	B+	(11.30)	14.70	(10.46)	41.00	52.30	2.04	52.91	129.05	36.82	16.09
Costa Rica	CR	B	(4.00)	5.41	0.83	25.60	29.60	18.88	64.43	251.67	63.49	0.93
Cote d'Ivoire	CI	BB-	(5.50)	5.65	(3.41)	15.25	20.75	13.73	51.37	336.83	47.92	3.44
Croatia	HR	BBB+	(2.80)	2.80	(1.27)	46.80	49.60	3.27	71.96	153.75	64.65	7.31
Curacao	CW	BBB-	1.48	(6.09)	3.10	55.51	54.03	2.91	70.75	127.47	(46.13)	116.88
Cyprus	CY	BBB	(0.90)	0.90	0.99	42.50	43.40	4.45	90.19	212.21	80.51	9.68
Czech Republic	CZ	AA-	(4.40)	4.40	(3.49)	41.75	46.15	2.18	38.63	92.52	28.54	10.09
Denmark	DK	AAA	0.50	0.30	1.03	53.40	52.90	0.99	32.40	60.67	10.23	22.17
Dominican Republic	DO	BB-	(4.84)	4.56	(1.89)	15.05	19.90	19.61	58.75	390.27	54.68	4.07
Ecuador	EC	B-	(2.03)	2.03	(0.28)	36.11	38.13	4.84	62.27	172.46	57.50	4.77
Egypt	EG	B	(6.60)	9.90	2.10	19.30	25.90	45.08	93.30	483.40	77.38	15.92
El Salvador	SV	CCC+	(4.05)	4.05	0.39	24.74	28.79	17.94	76.90	310.87	75.27	1.63
Estonia	EE	AA-	(3.50)	3.23	(3.43)	37.50	41.00	0.18	15.45	41.20	7.03	8.42
Ethiopia	ET	CCC	(4.00)	7.25	(3.08)	10.00	14.00	9.25	32.94	329.36	30.38	2.55
Falkland Islands	FK	A+	(8.80)	(3.17)	(8.80)	36.00	44.80	0.00	21.47	59.65	(168.08)	189.55
Fiji	FJ	B+	(13.03)	13.03	(9.61)	19.47	32.50	17.56	84.09	431.85	77.49	6.60
Finland	FI	AA+	(2.25)	6.25	(1.65)	51.15	53.40	1.18	69.28	135.45	32.85	36.43
France	FR	AA	(4.80)	4.80	(3.42)	52.61	57.41	2.63	108.77	206.73	98.17	10.60
Georgia	GE	BB	(2.80)	(0.56)	(1.58)	25.20	28.00	4.85	43.13	171.16	38.76	4.37
Germany	DE	AAA	(3.17)	2.97	(2.45)	47.50	50.67	1.51	65.79	138.50	59.11	6.68
Ghana	GH	CCC+	(8.40)	24.52	(1.19)	16.00	24.40	45.08	85.66	535.37	81.26	4.40
Greece	GR	BB+	(4.20)	4.20	(1.82)	49.80	54.00	4.79	174.56	350.53	161.31	13.25
Guatemala	GT	BB-	(2.52)	2.52	(0.93)	11.49	14.02	13.90	28.44	247.49	18.81	9.63
Guernsey	GG	AA-	(3.02)	(2.75)	(2.67)	25.10	28.12	1.38	11.68	46.55	(94.24)	105.92
Honduras	HN	BB-	(3.25)	5.44	(0.40)	23.80	27.04	11.99	57.73	242.63	47.07	10.67
Hong Kong	HK	AA+	(3.20)	2.64	(3.16)	21.30	24.50	0.19	8.80	41.34	(27.93)	36.73
Hungary	HU	BBB	(4.90)	6.19	(2.33)	42.00	46.90	6.11	71.98	171.38	67.93	4.05
Iceland	IS	A	(5.33)	3.31	(2.92)	39.50	44.83	6.10	50.17	127.01	39.38	10.79
India	IN	BBB-	(10.30)	10.30	(4.75)	19.50	29.80	28.45	85.79	439.95	85.79	0.00
Indonesia	ID	BBB	(3.80)	4.23	(1.76)	14.60	18.40	13.98	40.76	279.20	37.52	3.24
Iraq	IQ	B-	8.99	(8.99)	10.46	45.97	36.98	3.19	48.32	105.11	30.18	18.14
Ireland*	IE	AA-	(1.20)	1.09	(0.43)	23.17	24.37	3.32	51.85	223.76	42.98	8.87
Israel	IL	AA-	(1.00)	1.56	2.15	38.00	39.00	8.30	63.69	167.59	60.02	3.67
Italy	IT	BBB	(5.60)	5.60	(1.83)	47.40	53.00	7.96	145.28	306.49	138.41	6.87
Jamaica	JM	B+	0.46	1.79	5.91	29.16	28.70	18.69	77.09	264.38	70.01	7.08
Japan	JP	A+	(6.00)	6.00	(3.69)	35.20	41.20	6.56	236.79	672.71	167.10	69.70
Jersey	JE	AA-	(5.01)	(0.21)	(4.71)	27.85	32.86	1.07	28.59	102.64	(115.42)	144.01
Jordan	JO	B+	(1.78)	3.06	2.93	36.00	37.78	13.09	89.23	247.87	80.51	8.72
Kazakhstan	KZ	BBB-	(3.78)	1.20	(2.30)	18.17	21.95	8.13	33.35	183.52	0.38	32.98
Kenya	KE	B	(6.30)	8.21	(1.93)	17.40	23.70	25.12	66.87	384.32	62.28	4.60
Korea	KR	AA	(3.20)	3.16	(1.76)	33.30	36.50	4.32	44.44	133.45	10.29	34.15
Kuwait	KW	A+	11.49	(25.78)	11.64	54.03	42.53	0.27	3.50	6.48	(368.19)	371.69
Latvia	LV	A+	(6.00)	6.00	(5.46)	39.75	45.75	1.36	40.95	103.01	36.57	4.37
Lebanon	LB	SD	0.20	48.56	2.90	12.70	12.50	21.26	499.62	3,934.00	489.68	9.94
Liechtenstein	LI	AAA	4.78	(5.46)	4.77	32.00	27.22	(0.03)	0.52	1.64	(119.28)	119.81
Lithuania	LT	A+	(3.80)	3.80	(3.35)	36.80	40.60	1.22	40.44	109.89	33.60	6.84
Luxembourg	LU	AAA	0.10	0.40	0.26	44.50	44.40	0.35	23.85	53.60	(11.16)	35.02
Madagascar	MG	B-	(6.50)	7.00	(5.84)	12.80	19.30	5.16	40.04	312.80	36.82	3.22
Malaysia	MY	A-	(5.00)	5.61	(2.49)	19.50	24.50	12.86	74.07	379.85	68.11	5.96
Malta	MT	A-	(5.90)	5.90	(4.58)	38.00	43.90	3.46	56.50	148.68	47.86	8.64
Mexico	MX	BBB	(3.15)	2.65	(1.14)	17.64	20.79	11.36	46.94	266.00	44.33	2.60
Mongolia	MN	B	(4.30)	5.23	(2.25)	32.50	36.80	6.31	69.36	213.42	64.24	5.12
Montenegro	ME	B	(7.00)	7.00	(4.42)	46.00	53.00	5.61	70.51	153.29	66.08	4.43
Montserrat	MS	BBB-	0.00	0.52	0.17	70.07	70.07	0.25	3.62	5.17	(3.60)	7.22
Morocco	MA	BB+	(5.60)	5.31	(3.51)	33.50	39.10	6.23	63.89	190.73	62.48	1.41
Mozambique	MZ	CCC+	(6.00)	9.12	(2.14)	28.00	34.00	13.78	94.86	338.78	81.88	12.98
Netherlands	NL	AAA	(1.50)	1.50	(0.97)	43.99	45.49	1.22	48.23	109.63	44.65	3.58
New Zealand	NZ	AA+	(7.31)	7.93	(6.24)	34.77	42.07	3.07	47.66	137.08	27.36	20.30
Nicaragua	NI	B-	(0.93)	2.81	0.32	29.14	30.07	4.30	56.28	193.15	49.20	7.08
Nigeria	NG	B-	(6.13)	5.00	(4.10)	8.62	14.75	23.54	38.85	450.67	32.61	6.24
North Macedonia	MK	BB-	(5.10)	6.43	(3.69)	32.00	37.10	4.40	58.60	183.12	52.61	5.99
Norway	NO	AAA	16.50	(21.12)	16.93	57.00	40.50	0.76	33.63	59.00	(223.35)	256.98
Oman	OM	BB-	6.94	(6.93)	9.72	38.17	31.22	7.26	44.87	117.56	1.41	43.46
Pakistan	PK	B-	(8.39)	14.34	(3.31)	12.82	21.21	39.61	80.65	629.18	72.68	7.97
Panama	PA	BBB	(4.07)	4.13	(1.23)	20.74	24.82	13.72	56.56	272.68	46.59	9.98
Papua New Guinea	PG	B-	(6.00)	6.83	(3.40)	15.60	21.60	16.69	53.31	341.75	49.37	3.94
Paraguay	PY	BB	(3.45)	3.90	(2.35)	16.99	20.43	6.48	31.53	185.60	23.03	8.49
Peru	PE	BBB	(2.13)	2.13	(0.60)	20.60	22.73	7.40	32.15	156.06	21.72	10.44
Philippines	PH	BBB+	(5.85)	5.85	(3.50)	19.50	25.35	12.06	53.02	271.87	43.38	9.64
Poland	PL	A-	(4.50)	4.69	(2.70)	42.40	46.90	4.25	50.46	119.00	46.99	3.46
Portugal	PT	BBB+	(1.70)	1.70	0.50	45.30	47.00	4.86	116.34	256.82	107.96	8.38
Qatar	QA	AA-	13.58	(19.96)	15.21	40.98	27.40	3.97	50.29	122.71	(119.30)	169.59
Ras Al Khaimah	AE	A-	1.20	(1.20)	1.45	8.70	7.50	2.85	8.69	99.93	(12.57)	21.26
Romania	RO	BBB-	(5.90)	6.15	(4.34)	34.00	39.90	4.58	47.30	139.11	43.33	3.96
Rwanda	RW	B+	(8.00)	10.65	(6.14)	28.77	36.77	6.47	73.08	254.03	66.56	6.51
Saudi Arabia	SA	A-	6.34	(3.12)	7.31	38.34	32.00	2.53	26.00	67.82	(55.91)	81.91
Senegal	SN	B+	(6.10)	6.20	(3.99)	21.00	27.10	10.07	66.60	317.16	62.26	4.34
Serbia	RS	BB+	(3.50)	2.30	(1.46)	42.50	46.00	4.79	51.34	120.79	45.18	6.15
Sharjah	AE	BBB-	(7.95)	7.97	(6.29)	9.34	17.28	17.73	51.51	551.77	45.10	6.41
Singapore	SG	AAA	(0.18)	(5.82)	(0.16)	22.50	22.68	0.08	152.49	677.74	(49.35)	201.84
Slovakia	SK	A+	(4.00)	4.00	(2.87)	39.50	43.50	2.87	58.57	148.28	50.36	8.22
Slovenia	SI	AA-	(3.80)	4.80	(2.71)	44.50	48.30	2.46	68.08	152.98	53.71	14.37
South Africa	ZA	BB-	(6.20)	6.96	(1.53)	27.50	33.70	16.97	71.97	261.72	67.66	4.31
Spain	ES	A	(4.40)	4.10	(2.88)	43.40	47.80	3.49	112.83	259.99	100.50	12.33
Sri Lanka	LK	SD	(11.00)	37.41	(2.79)	9.80	20.80	83.78	134.02	1,367.57	133.09	0.94
St. Helena	SH	BBB-	(2.85)	2.85	(2.85)	101.39	104.24	0.00	0.00	0.00	(6.06)	6.06
Suriname	SR	SD	(5.64)	5.64	0.00	25.79	31.44	21.88	88.55	343.31	84.64	3.91
Sweden	SE	AAA	(0.70)	0.70	(0.46)	47.50	48.20	0.52	32.00	67.37	23.51	8.49
Switzerland	CH	AAA	(0.20)	0.20	0.06	33.80	34.00	0.77	25.89	76.59	17.75	8.14
Taiwan	TW	AA+	(1.50)	2.50	(0.92)	15.50	17.00	3.77	35.00	225.79	30.05	4.95
Tajikistan	TJ	B-	(2.33)	1.73	(0.51)	26.38	28.71	6.91	40.29	152.69	33.59	6.70
Thailand	TH	BBB+	(3.80)	6.72	(2.30)	20.50	24.30	7.30	56.81	277.12	44.78	12.03
Togo	TG	B	(4.00)	4.00	(1.78)	19.60	23.60	11.30	60.72	309.80	45.58	15.14
Trinidad and Tobago	TT	BBB-	(2.02)	3.09	0.96	27.92	29.94	10.66	69.76	249.87	25.69	44.07
Turkey	TR	B	(3.80)	13.51	(1.08)	30.00	33.80	9.06	38.23	127.43	34.36	3.86
Turks and Caicos	TC	BBB+	6.80	(6.18)	6.81	33.48	26.69	0.05	0.07	0.22	(52.63)	52.71
U.K.	GB	AA	(5.70)	5.70	(1.96)	39.50	45.20	9.46	99.15	251.02	93.01	6.15
Uganda	UG	B	(7.50)	7.50	(4.45)	14.40	21.90	21.20	50.21	348.69	46.65	3.56
Ukraine	UA	CCC+	(20.00)	39.02	(16.17)	30.00	50.00	12.76	105.02	350.06	103.23	1.78
U.S.	US	AA+	(4.32)	3.80	(1.72)	33.76	38.08	7.71	103.74	307.26	96.24	7.50
Uruguay	UY	BBB	(2.66)	4.50	(0.70)	33.53	36.19	5.84	66.54	198.47	61.90	4.64
Uzbekistan	UZ	BB-	(5.00)	5.71	(4.56)	27.81	32.81	1.59	38.11	137.04	17.25	20.86
Vietnam	VN	BB+	(4.80)	4.75	(3.49)	19.00	23.80	6.91	40.25	211.85	33.48	6.77
Zambia	ZM	SD	(7.50)	5.58	0.00	23.50	31.00	31.91	112.71	479.64	111.00	1.71
*Ireland GDP forecasts in 2022-2025 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. GG--General government. N/A--Not applicable. N.M.--Not meaningful.

Table 4 | View Expanded Table

Sovereign Risk Indicators: Balance-Of-Payments Data
			CARs / GDP (%)	Real exports growth (%)	Current account balance / GDP (%)	Current account balance / CARs (%)	Usable reserves / CAPs (months)	Gross ext. fin. needs / (CAR + use. res.) (%)	Net FDI / GDP (%)	Trade balance / GDP	Net portfolio equity inflow / GDP
	ISO Code	LT FC	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f	2022f
Abu Dhabi	AE	AA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Albania	AL	B+	43.98	8.80	(8.26)	(18.79)	6.07	106.62	6.00	(26.13)	(0.10)
Andorra	AD	BBB+	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Angola	AO	B-	42.57	1.00	9.69	22.77	3.92	87.41	(4.00)	25.80	0.00
Argentina	AR	CCC+	17.55	3.11	(0.95)	(5.41)	3.67	141.31	1.86	1.50	0.00
Armenia	AM	B+	45.32	7.00	(4.72)	(10.41)	3.60	115.47	3.00	(11.34)	(0.70)
Aruba	AW	BBB	73.09	9.00	(3.90)	(5.33)	0.78	128.21	4.90	(28.16)	(1.27)
Australia	AU	AAA	29.75	0.00	2.18	7.32	1.31	198.46	(2.78)	6.37	(0.29)
Austria	AT	AA+	66.34	7.90	(1.00)	(1.51)	1.30	184.76	(1.30)	(0.07)	(1.75)
Azerbaijan	AZ	BB+	56.08	2.50	23.72	42.30	3.64	63.03	(2.00)	28.25	0.00
Bahamas	BS	B+	35.73	7.23	(8.72)	(24.39)	0.57	265.70	2.65	(18.94)	(3.45)
Bahrain	BH	B+	102.61	3.20	10.37	10.11	(2.11)	260.67	2.50	14.99	(4.00)
Bangladesh	BD	BB-	18.20	16.00	(4.19)	(23.00)	5.54	93.00	0.49	(7.44)	N/A
Barbados	BB	B-	39.27	4.13	(9.36)	(23.82)	(2.49)	213.64	4.01	(16.09)	N/A
Belarus	BY	SD	77.22	(17.00)	0.32	0.41	1.60	119.17	0.20	(3.99)	N/A
Belgium	BE	AA	103.39	3.70	(1.70)	(1.64)	0.83	194.85	(0.60)	(1.40)	(0.80)
Belize	BZ	B-	46.83	(3.27)	(8.55)	(18.27)	(1.26)	149.15	3.63	(23.00)	0.00
Benin	BJ	B+	26.48	5.00	(4.80)	(18.11)	4.13	125.40	2.10	(2.83)	0.00
Bermuda	BM	A+	48.04	3.74	11.77	24.51	0.09	185.26	1.31	(13.58)	0.65
Bolivia	BO	B+	35.08	16.61	1.33	3.79	3.58	81.24	1.38	5.36	(0.05)
Bosnia	BA	B	64.22	17.00	(4.53)	(7.06)	0.86	121.30	2.00	(22.12)	0.00
Botswana	BW	BBB+	56.42	8.00	1.66	2.94	5.68	71.27	0.60	(1.49)	(1.60)
Brazil	BR	BB-	21.43	2.14	(0.76)	(3.55)	10.33	68.77	1.92	3.08	(0.26)
Bulgaria	BG	BBB	73.15	9.00	(3.74)	(5.11)	1.99	107.13	1.50	(6.97)	(0.75)
Burkina Faso	BF	CCC+	32.77	(5.00)	(3.03)	(9.25)	5.20	126.41	0.80	2.27	1.00
Cameroon	CM	B-	22.98	3.00	(3.50)	(15.25)	4.19	101.25	1.50	(0.30)	0.20
Canada	CA	AAA	42.41	2.87	0.32	0.76	1.46	179.11	(1.80)	1.36	(2.51)
Cape Verde	CV	B-	49.00	30.00	(11.88)	(24.25)	(0.13)	179.83	4.00	(32.63)	0.00
Chile	CL	A	38.03	0.74	(7.45)	(19.59)	4.52	119.50	2.23	0.50	2.34
China	CN	A+	24.57	3.00	3.32	13.52	10.81	60.32	0.70	3.77	0.20
Colombia	CO	BB+	23.55	16.10	(4.22)	(17.94)	7.46	93.40	3.97	(3.64)	0.15
Congo	CG	CCC+	70.25	1.00	16.84	23.97	1.36	95.35	4.48	43.70	N/A
Congo, D.R.	CD	B-	45.76	10.00	(0.67)	(1.47)	1.41	98.28	1.20	7.50	0.00
Cook Islands	CK	B+	107.21	N/A	46.79	43.64	0.00	N/A	N/A	(28.75)	N/A
Costa Rica	CR	B	38.94	7.40	(3.59)	(9.22)	2.28	109.25	3.36	(5.50)	0.00
Cote d'Ivoire	CI	BB-	23.76	6.00	(4.59)	(19.33)	6.51	111.28	1.50	4.07	N/A
Croatia	HR	BBB+	67.82	12.00	2.32	3.42	7.55	79.75	2.00	(19.59)	(1.00)
Curacao	CW	BBB-	67.70	43.61	(26.72)	(39.47)	4.51	125.67	6.63	(44.00)	3.00
Cyprus	CY	BBB	74.21	6.00	(8.21)	(11.07)	0.88	260.73	9.00	(19.21)	0.00
Czech Republic	CZ	AA-	77.40	1.00	(4.62)	(5.96)	8.42	97.59	1.00	(2.67)	(0.50)
Denmark	DK	AAA	69.91	2.90	8.44	12.08	1.96	179.20	(3.30)	3.92	(3.00)
Dominican Republic	DO	BB-	32.77	8.02	(3.57)	(10.91)	3.34	87.20	3.29	(12.87)	0.00
Ecuador	EC	B-	36.67	26.81	2.58	7.05	(0.06)	114.49	0.56	3.27	0.00
Egypt	EG	B	18.23	4.00	(4.33)	(23.73)	4.68	135.48	1.50	(10.34)	0.10
El Salvador	SV	CCC+	56.54	23.95	(8.00)	(14.15)	0.27	124.99	1.11	(29.69)	0.00
Estonia	EE	AA-	91.65	2.50	(0.61)	(0.66)	0.81	132.31	1.80	(3.94)	(2.00)
Ethiopia	ET	CCC	15.06	8.00	(5.38)	(35.70)	1.45	148.29	2.84	(12.00)	0.00
Falkland Islands	FK	A+	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.00
Fiji	FJ	B+	58.87	10.00	(12.90)	(21.92)	5.20	97.03	5.00	(22.60)	0.00
Finland	FI	AA+	49.05	1.75	(1.51)	(3.09)	1.40	356.34	0.50	0.43	(1.00)
France	FR	AA	42.33	7.00	(1.27)	(3.00)	2.41	369.25	0.10	(3.40)	0.10
Georgia	GE	BB	61.59	5.00	(8.07)	(13.11)	1.95	118.72	4.00	(21.36)	0.00
Germany	DE	AAA	57.53	1.60	4.31	7.49	1.64	230.23	(2.00)	2.66	(3.50)
Ghana	GH	CCC+	35.27	4.00	(3.45)	(9.78)	2.12	144.35	3.45	1.62	0.00
Greece	GR	BB+	52.04	13.50	(6.08)	(11.68)	1.40	351.90	2.00	(15.64)	(1.00)
Guatemala	GT	BB-	36.16	(0.41)	1.82	5.04	7.53	70.74	0.85	(13.17)	0.24
Guernsey	GG	AA-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Honduras	HN	BB-	62.24	3.00	(3.73)	(5.99)	4.28	83.19	1.84	(16.65)	0.00
Hong Kong	HK	AA+	277.49	(5.26)	6.22	2.24	2.68	183.33	3.00	(2.73)	(15.00)
Hungary	HU	BBB	86.72	4.00	(8.63)	(9.95)	3.01	108.89	1.50	(6.37)	(1.25)
Iceland	IS	A	48.13	14.50	(1.78)	(3.70)	6.21	91.70	(1.50)	(5.60)	(3.33)
India	IN	BBB-	25.60	6.79	(2.98)	(11.65)	7.54	82.69	1.55	(7.16)	0.20
Indonesia	ID	BBB	25.64	15.60	0.88	3.43	5.39	86.48	1.30	4.33	(0.30)
Iraq	IQ	B-	48.02	7.00	17.17	35.76	9.86	44.49	(1.50)	24.38	0.00
Ireland*	IE	AA-	166.97	4.00	7.81	4.68	0.21	308.04	20.00	38.43	20.00
Israel	IL	AA-	36.64	7.50	4.23	11.53	15.09	55.99	2.00	(4.43)	(6.00)
Italy	IT	BBB	40.58	9.70	0.02	0.04	3.41	225.78	(0.60)	0.55	(0.70)
Jamaica	JM	B+	54.41	4.00	(1.50)	(2.75)	5.75	92.90	1.83	(22.46)	3.48
Japan	JP	A+	29.83	2.73	1.03	3.46	14.18	190.15	(2.10)	(1.15)	(2.50)
Jersey	JE	AA-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Jordan	JO	B+	50.54	10.00	(6.54)	(12.94)	1.99	163.87	1.70	(20.48)	0.15
Kazakhstan	KZ	BBB-	40.03	3.00	1.12	2.80	5.42	87.23	1.70	13.55	(0.30)
Kenya	KE	B	15.93	10.00	(5.87)	(36.83)	4.36	167.44	0.50	(9.87)	(0.50)
Korea	KR	AA	51.12	2.54	4.44	8.69	7.41	78.79	(1.20)	3.80	(2.00)
Kuwait	KW	A+	77.62	12.50	35.62	45.89	2.29	88.10	(3.00)	43.85	(6.00)
Latvia	LV	A+	73.70	2.20	(5.14)	(6.98)	2.09	155.23	2.25	(10.25)	(1.00)
Lebanon	LB	SD	213.96	7.00	(24.17)	(11.30)	9.99	150.84	3.00	(89.50)	0.40
Liechtenstein	LI	AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Lithuania	LT	A+	87.11	3.30	(4.14)	(4.75)	1.11	130.31	2.30	(9.83)	(0.20)
Luxembourg	LU	AAA	644.68	3.20	0.46	0.07	0.07	443.58	(90.00)	0.90	327.03
Madagascar	MG	B-	28.25	9.00	(5.61)	(19.85)	5.40	100.59	2.00	(6.27)	0.00
Malaysia	MY	A-	79.79	11.33	1.94	2.43	4.31	93.92	1.20	10.22	(1.00)
Malta	MT	A-	199.48	5.35	(2.27)	(1.14)	0.41	203.09	69.00	(15.77)	(30.00)
Mexico	MX	BBB	43.32	5.99	(0.61)	(1.40)	3.95	83.40	2.23	(1.04)	0.00
Mongolia	MN	B	61.08	2.50	(13.54)	(22.16)	4.14	122.60	7.80	8.09	(0.80)
Montenegro	ME	B	60.79	6.00	(14.04)	(23.09)	5.82	133.98	9.00	(41.81)	0.00
Montserrat	MS	BBB-	74.67	N/A	(0.49)	(0.65)	1.99	118.41	3.28	(31.13)	0.00
Morocco	MA	BB+	42.02	5.00	(4.90)	(11.67)	6.31	90.13	1.50	(15.75)	0.40
Mozambique	MZ	CCC+	49.55	8.00	(24.04)	(48.52)	3.23	175.02	17.00	(14.65)	0.00
Netherlands	NL	AAA	113.93	4.60	5.03	4.42	0.73	246.48	(4.00)	6.32	(5.00)
New Zealand	NZ	AA+	26.24	(2.85)	(7.74)	(29.50)	2.02	217.07	2.77	(2.49)	1.33
Nicaragua	NI	B-	69.05	16.48	(3.51)	(5.08)	3.00	94.69	3.12	(17.58)	0.00
Nigeria	NG	B-	22.00	5.00	3.11	14.15	5.87	81.67	0.44	2.58	0.40
North Macedonia	MK	BB-	92.02	9.60	(8.47)	(9.21)	1.10	117.99	2.80	(23.04)	(0.30)
Norway	NO	AAA	62.54	3.00	28.24	45.16	5.18	123.39	(4.00)	22.47	(7.50)
Oman	OM	BB-	58.39	4.00	5.37	9.20	2.21	105.68	2.00	26.61	(0.60)
Pakistan	PK	B-	21.08	13.50	(4.99)	(23.67)	1.89	127.41	0.47	(11.40)	(0.12)
Panama	PA	BBB	47.22	8.40	(3.85)	(8.15)	3.03	148.73	4.00	(7.47)	0.00
Papua New Guinea	PG	B-	45.14	16.36	22.62	50.12	3.36	68.05	(3.40)	29.20	0.00
Paraguay	PY	BB	38.75	(2.96)	(3.75)	(9.68)	5.68	78.79	0.31	(2.26)	0.00
Peru	PE	BBB	33.25	7.14	(2.86)	(8.61)	7.78	74.25	2.01	4.83	0.00
Philippines	PH	BBB+	33.94	5.51	(6.77)	(19.94)	7.88	75.46	2.20	(17.54)	(0.06)
Poland	PL	A-	61.61	3.81	(5.12)	(8.31)	4.49	89.28	2.00	(3.53)	0.00
Portugal	PT	BBB+	52.88	8.00	(1.17)	(2.22)	2.93	216.50	2.20	(7.65)	(1.50)
Qatar	QA	AA-	72.72	5.00	27.49	37.80	1.40	172.56	(2.00)	41.83	(9.00)
Ras Al Khaimah	AE	A-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Romania	RO	BBB-	45.88	7.50	(8.73)	(19.03)	3.64	105.23	2.50	(11.86)	(0.05)
Rwanda	RW	B+	26.50	5.50	(11.72)	(44.24)	4.88	111.54	3.40	(15.10)	0.00
Saudi Arabia	SA	A-	45.71	18.95	13.66	29.89	12.98	51.94	(2.00)	24.63	(6.00)
Senegal	SN	B+	38.36	9.00	(13.43)	(35.00)	2.86	134.33	5.50	(12.70)	0.15
Serbia	RS	BB+	63.76	5.53	(9.18)	(14.39)	4.07	99.26	4.00	(13.17)	(0.04)
Sharjah	AE	BBB-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Singapore	SG	AAA	239.52	3.43	20.49	8.56	5.61	142.58	12.00	30.69	(14.00)
Slovakia	SK	A+	101.22	1.00	(4.15)	(4.10)	0.98	173.72	0.50	(3.07)	(1.00)
Slovenia	SI	AA-	90.92	6.00	0.07	0.07	0.49	139.63	1.50	(1.41)	(1.00)
South Africa	ZA	BB-	34.98	4.89	1.07	3.07	4.90	90.96	0.40	5.49	(2.00)
Spain	ES	A	45.26	12.70	0.29	0.64	1.82	217.90	(1.00)	(2.34)	(1.00)
Sri Lanka	LK	SD	30.09	(3.40)	(4.22)	(14.04)	0.67	157.31	0.50	(12.20)	0.09
St. Helena	SH	BBB-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Suriname	SR	SD	74.07	N/A	(0.73)	(0.99)	2.75	99.46	2.26	23.23	0.00
Sweden	SE	AAA	60.56	3.00	4.26	7.04	2.25	204.68	(1.20)	3.64	(2.00)
Switzerland	CH	AAA	101.90	3.40	6.39	6.27	16.81	115.23	(2.00)	13.91	(4.00)
Taiwan	TW	AA+	76.97	3.70	9.54	12.40	13.02	64.60	(1.80)	10.55	(1.80)
Tajikistan	TJ	B-	52.91	(2.00)	(3.32)	(6.27)	5.42	81.44	1.00	(21.05)	0.00
Thailand	TH	BBB+	75.55	12.41	(2.59)	(3.43)	8.83	73.46	(1.00)	4.97	(1.00)
Togo	TG	B	35.70	4.00	(3.38)	(9.45)	8.14	121.00	1.50	(11.51)	(2.34)
Trinidad and Tobago	TT	BBB-	58.21	31.63	15.90	27.31	7.17	59.26	(4.41)	25.00	0.19
Turkiye	TR	B	38.83	12.00	(5.53)	(14.23)	0.81	164.84	1.00	(7.07)	1.00
Turks and Caicos	TC	BBB+	80.51	2.00	14.71	18.27	N/A	120.91	2.46	(44.98)	0.89
U.K.	GB	AA	36.59	2.30	(6.00)	(16.40)	1.77	877.76	1.00	(9.06)	3.00
Uganda	UG	B	17.99	(13.40)	(8.67)	(48.22)	4.35	127.89	3.20	(7.05)	1.62
Ukraine	UA	CCC+	57.15	(60.00)	1.98	3.47	5.83	95.03	(4.50)	(16.25)	(0.20)
U.S.	US	AA+	16.97	4.39	(3.98)	(23.45)	1.64	335.07	0.72	(4.21)	(0.12)
Uruguay	UY	BBB	35.05	10.67	(2.11)	(6.03)	4.58	96.94	4.53	5.61	0.00
Uzbekistan	UZ	BB-	30.58	0.00	(7.24)	(23.68)	11.31	80.94	2.50	(9.88)	0.02
Vietnam	VN	BB+	98.90	9.10	0.35	0.35	3.44	104.50	4.60	6.29	0.50
Zambia	ZM	SD	52.32	0.00	7.84	14.98	2.34	97.68	1.00	17.39	0.00
*Ireland GDP forecasts in 2022-2025 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. CARs--Current account receipts. CAPs--Current account payments. FDI--Foreign direct investment. N/A--Not applicable. N.M.--Not meaningful.

Table 5 | View Expanded Table

Sovereign Risk Indicators: External Data
			Narrow net ext. debt / CARs (%)	Narrow net ext. debt / CAPs (%)	Net ext. liabilities / CARs (%)	Short-term external debt by remaining maturity / CARs	Usable reserves (US$ mil.)
	ISO Code	LT FC	2022f	2022f	2022f	2022f	2022f
Abu Dhabi	AE	AA	N/A	N/A	N/A	N/A	N/A
Albania	AL	B+	(3.20)	(2.69)	105.82	51.90	5,030.78
Andorra	AD	BBB+	N/A	N/A	N/A	N/A	N/A
Angola	AO	B-	82.99	107.45	44.71	32.21	14,640.28
Argentina	AR	CCC+	175.01	166.02	(57.85)	81.44	38,003.96
Armenia	AM	B+	100.16	90.72	144.01	43.30	2,974.59
Aruba	AW	BBB	1.81	1.72	128.72	31.65	17.07
Australia	AU	AAA	203.29	219.35	137.04	125.91	59,642.21
Austria	AT	AA+	114.94	113.24	(25.43)	103.63	33,518.33
Azerbaijan	AZ	BB+	(61.14)	(105.96)	(78.59)	16.36	7,597.25
Bahamas	BS	B+	52.12	41.90	466.14	157.03	(269.24)
Bahrain	BH	B+	(51.56)	(57.35)	(61.26)	129.55	(5,980.14)
Bangladesh	BD	BB-	61.25	49.80	85.89	22.82	41,826.70
Barbados	BB	B-	82.16	66.36	338.71	34.87	(302.10)
Belarus	BY	SD	60.91	61.16	59.02	35.44	5,628.69
Belgium	BE	AA	82.19	80.86	(61.91)	106.89	40,718.45
Belize	BZ	B-	117.38	99.25	308.04	12.39	(245.84)
Benin	BJ	B+	99.95	84.63	141.96	58.20	1,943.26
Bermuda	BM	A+	(79.60)	(105.44)	(79.60)	110.77	15.78
Bolivia	BO	B+	54.49	56.64	42.26	8.37	4,204.37
Bosnia	BA	B	(5.38)	(5.02)	47.68	23.50	1,815.81
Botswana	BW	BBB+	(35.99)	(37.08)	(65.16)	6.95	5,075.20
Brazil	BR	BB-	(4.67)	(4.51)	119.23	26.51	366,126.29
Bulgaria	BG	BBB	(24.17)	(22.99)	29.42	20.70	7,131.05
Burkina Faso	BF	CCC+	115.18	105.43	83.06	77.00	3,207.65
Cameroon	CM	B-	88.73	76.99	147.99	26.76	4,388.00
Canada	CA	AAA	94.97	95.69	(147.22)	101.43	104,018.61
Cape Verde	CV	B-	175.70	141.41	362.65	53.24	(25.57)
Chile	CL	A	91.88	76.83	34.75	53.70	43,826.30
China	CN	A+	(51.37)	(59.41)	(53.53)	20.85	3,607,977.38
Colombia	CO	BB+	135.38	114.79	227.17	43.93	58,015.66
Congo	CG	CCC+	103.92	136.68	393.83	27.57	1,610.01
Congo, D.R.	CD	B-	3.54	3.49	34.40	8.53	4,102.75
Cook Islands	CK	B+	(26.97)	(47.85)	(26.97)	N/A	N/A
Costa Rica	CR	B	48.34	44.25	135.80	22.75	5,644.03
Cote d'Ivoire	CI	BB-	104.99	87.98	165.74	64.01	11,114.89
Croatia	HR	BBB+	2.26	2.34	43.20	31.67	30,728.83
Curacao	CW	BBB-	(65.53)	(46.98)	(169.82)	52.11	965.29
Cyprus	CY	BBB	154.84	139.41	64.30	170.86	1,612.74
Czech Republic	CZ	AA-	4.76	4.49	26.46	64.19	149,480.67
Denmark	DK	AAA	38.75	44.07	(112.52)	117.05	44,277.89
Dominican Republic	DO	BB-	85.64	77.22	190.87	3.19	11,821.91
Ecuador	EC	B-	98.37	105.82	36.48	21.00	627.12
Egypt	EG	B	124.73	100.80	276.60	77.14	34,541.22
El Salvador	SV	CCC+	74.76	65.49	106.02	14.06	216.64
Estonia	EE	AA-	8.26	8.20	10.30	40.62	2,406.37
Ethiopia	ET	CCC	180.67	133.14	374.44	36.93	1,511.47
Falkland Islands	FK	A+	N/A	N/A	N/A	N/A	N/A
Fiji	FJ	B+	23.06	18.92	221.41	26.34	1,404.35
Finland	FI	AA+	229.30	222.44	9.73	296.02	17,177.07
France	FR	AA	286.66	278.30	73.18	342.48	244,498.29
Georgia	GE	BB	85.55	75.64	183.38	27.43	2,199.86
Germany	DE	AAA	83.10	89.83	(128.58)	166.87	278,629.62
Ghana	GH	CCC+	184.72	168.26	377.13	62.61	3,832.85
Greece	GR	BB+	352.81	315.91	337.18	285.95	14,463.30
Guatemala	GT	BB-	5.75	6.06	30.28	17.95	21,750.25
Guernsey	GG	AA-	N/A	N/A	N/A	N/A	N/A
Honduras	HN	BB-	11.34	10.70	60.33	8.65	6,489.48
Hong Kong	HK	AA+	(54.04)	(55.28)	(219.45)	125.63	201,202.31
Hungary	HU	BBB	30.49	27.73	54.06	28.99	33,089.76
Iceland	IS	A	55.28	53.31	(85.44)	37.18	6,815.62
India	IN	BBB-	(6.88)	(6.16)	50.42	29.06	574,053.20
Indonesia	ID	BBB	69.46	71.93	90.27	27.44	131,886.92
Iraq	IQ	B-	(33.58)	(52.27)	(14.57)	3.74	81,777.94
Ireland*	IE	AA-	176.66	185.33	84.51	217.76	13,220.09
Israel	IL	AA-	(49.58)	(56.04)	(100.85)	29.83	202,545.30
Italy	IT	BBB	247.13	247.23	(27.84)	190.00	225,893.86
Jamaica	JM	B+	81.34	79.16	285.72	35.90	3,664.73
Japan	JP	A+	(89.86)	(93.09)	(293.80)	310.51	1,446,256.86
Jersey	JE	AA-	N/A	N/A	N/A	N/A	N/A
Jordan	JO	B+	54.86	48.57	212.27	81.65	4,199.40
Kazakhstan	KZ	BBB-	(20.22)	(20.80)	96.64	28.30	33,212.15
Kenya	KE	B	267.54	195.52	265.15	113.79	7,428.40
Korea	KR	AA	(36.38)	(39.84)	(86.07)	31.91	519,159.76
Kuwait	KW	A+	(435.58)	(804.96)	(513.12)	43.09	12,920.15
Latvia	LV	A+	36.02	33.67	42.71	77.12	5,390.66
Lebanon	LB	SD	118.07	106.09	354.22	179.27	14,895.95
Liechtenstein	LI	AAA	N/A	N/A	N/A	N/A	N/A
Lithuania	LT	A+	10.84	10.35	11.60	38.23	5,548.96
Luxembourg	LU	AAA	212.26	212.41	1.55	346.16	2,921.92
Madagascar	MG	B-	75.90	63.33	201.56	34.97	2,487.86
Malaysia	MY	A-	21.03	21.55	1.29	29.29	114,497.49
Malta	MT	A-	43.83	43.34	(36.03)	108.92	1,145.65
Mexico	MX	BBB	24.72	24.38	86.44	9.87	203,708.96
Mongolia	MN	B	159.32	130.41	397.11	52.09	3,526.32
Montenegro	ME	B	165.73	134.64	313.93	90.81	1,722.11
Montserrat	MS	BBB-	(170.13)	(169.02)	(122.22)	37.49	8.29
Morocco	MA	BB+	28.19	25.24	146.48	31.41	35,648.10
Mozambique	MZ	CCC+	250.33	168.55	768.70	96.37	2,798.81
Netherlands	NL	AAA	169.00	176.80	(86.75)	165.15	64,786.99
New Zealand	NZ	AA+	181.15	139.89	161.69	134.90	12,423.46
Nicaragua	NI	B-	81.19	77.27	159.34	14.49	2,826.99
Nigeria	NG	B-	36.98	43.08	78.91	30.09	40,916.37
North Macedonia	MK	BB-	34.39	31.49	74.60	20.62	1,277.88
Norway	NO	AAA	(276.65)	(504.48)	(404.04)	97.79	84,527.52
Oman	OM	BB-	32.16	35.42	37.75	32.52	12,546.97
Pakistan	PK	B-	152.88	123.62	187.56	28.52	5,284.62
Panama	PA	BBB	67.08	62.03	236.48	81.21	8,941.80
Papua New Guinea	PG	B-	109.93	220.37	113.23	27.68	1,853.76
Paraguay	PY	BB	38.11	34.75	82.81	10.05	8,072.37
Peru	PE	BBB	23.54	21.67	186.74	17.93	59,444.65
Philippines	PH	BBB+	(21.84)	(18.21)	31.00	14.97	108,387.41
Poland	PL	A-	21.22	19.59	68.09	17.16	153,147.17
Portugal	PT	BBB+	186.36	182.32	172.12	168.36	32,569.87
Qatar	QA	AA-	(78.66)	(126.45)	(161.45)	122.91	20,760.84
Ras Al Khaimah	AE	A-	N/A	N/A	N/A	N/A	N/A
Romania	RO	BBB-	39.26	32.99	104.91	24.19	45,832.13
Rwanda	RW	B+	184.03	127.59	276.39	32.66	1,912.50
Saudi Arabia	SA	A-	(92.04)	(131.27)	(160.48)	21.23	396,129.03
Senegal	SN	B+	155.42	115.13	212.83	42.62	3,150.34
Serbia	RS	BB+	35.87	31.35	136.63	23.40	13,497.08
Sharjah	AE	BBB-	N/A	N/A	N/A	N/A	N/A
Singapore	SG	AAA	(77.77)	(85.04)	(111.00)	112.14	437,506.10
Slovakia	SK	A+	48.04	46.15	57.65	84.38	9,838.97
Slovenia	SI	AA-	40.93	40.96	3.79	45.35	2,787.72
South Africa	ZA	BB-	22.53	23.24	(94.57)	30.02	56,643.96
Spain	ES	A	238.05	239.60	151.82	151.32	88,188.03
Sri Lanka	LK	SD	208.32	182.68	294.68	53.34	(747.23)
St. Helena	SH	BBB-	N/A	N/A	N/A	N/A	N/A
Suriname	SR	SD	124.77	123.55	223.01	21.53	787.02
Sweden	SE	AAA	126.09	135.63	(42.85)	147.43	62,161.62
Switzerland	CH	AAA	1.32	1.41	(94.69)	172.78	1,127,747.44
Taiwan	TW	AA+	(89.78)	(102.48)	(255.38)	38.37	563,227.51
Tajikistan	TJ	B-	35.75	33.64	83.19	14.26	2,388.77
Thailand	TH	BBB+	(17.00)	(16.44)	(5.50)	25.96	244,882.42
Togo	TG	B	111.91	102.24	20.75	101.43	2,236.37
Trinidad and Tobago	TT	BBB-	(38.32)	(52.72)	(27.61)	12.29	7,045.70
Turkiye	TR	B	77.84	68.15	98.80	63.31	26,321.57
Turks and Caicos	TC	BBB+	(58.62)	(71.72)	(82.89)	39.18	N/A
U.K.	GB	AA	346.60	297.78	101.78	912.03	174,259.34
Uganda	UG	B	162.05	109.33	346.55	48.42	4,111.27
Ukraine	UA	CCC+	118.40	122.65	22.12	43.07	19,397.84
U.S.	US	AA+	373.11	302.24	414.85	268.23	710,896.12
Uruguay	UY	BBB	11.72	11.05	70.07	30.15	10,272.66
Uzbekistan	UZ	BB-	27.67	22.37	(55.04)	51.61	25,655.15
Vietnam	VN	BB+	15.97	16.02	71.42	34.68	125,462.62
Zambia	ZM	SD	98.20	115.50	189.45	28.85	2,486.56
*Ireland GDP forecasts in 2022-2025 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. CARs--Current account receipts. CAPs--Current account payments. N/A--Not applicable. N.M.--Not meaningful.

Glossary Of Terms

Economic data

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

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

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

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

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

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

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

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

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

Monetary data

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

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

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

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

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

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

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

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

General government data

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

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

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

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

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

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

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

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

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

Balance-of-payments data

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

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

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

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

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

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

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

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

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

External balance sheet

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

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

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

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

S&P Global Ratings' Sovereign Risk Indicators are not a part of sovereign rating reviews. Only a rating committee may determine a rating action. As such, our Sovereign Risk Indicators publication does not constitute a rating action and forecasts included in this publication may not underlie the relevant sovereign rating scores or sovereign ratings.

Primary Credit Analyst:	Alina Czerniawski, Buenos Aires +54 1148912194; alina.czerniawski@spglobal.com
Secondary Contact:	Fernanda Nieto, Mexico City +52 5550814413; fernanda.nieto@spglobal.com
Research Contributors:	Aakanksha Tyagi, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Aindrila Chowdhury, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Amalu Seby, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Ashay Gokhale, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Hari Krishan, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Meghna Ashtekar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Prapti Mohanty, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Purnima Nair, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Srijan Sil, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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