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VietnamCountryAnalysis7-201911.xls

Solvencia Statistics

4850 950 50 950
Summer 2019 Source: CEIC Data - Summer 2019
COUNTRY RISK ANALYSIS VIETNAM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real GDP 4.00% 3.90% 7.09% 8.44% -6.59% -7.05% -0.69% 0.69% 3.45% 4.00% 5.13% 6.10% 2.30%
A DOMESTIC ECONOMY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 GDP deflator % change 12.00% 6.00% 7.55% 10.53% 14.29% 18.06% 5.88% 5.56% 8.42% 11.65% 11.30% 11.72% 15.38%
DOMESTIC ECONOMY ( constant prices ) 12.00% 16.00% 15.52% 32.84% 17.98% 16.19% 10.66% 9.63% 12.16% 11.45% 17.30% 22.12% 29.43%
Nominal GDP ( local currency billion ) 57,786.83 66,500.08 77,314.83 99,132.85 106,025.57 115,955.77 135,530.35 155,820.01 171,226.57 186,207.59 193,424.81 205,300.40 223,783.60 245,215.77
Nominal GDP % change 5.00% 15.08% 16.26% 28.22% 6.95% 9.37% 16.88% 14.97% 9.89% 8.75% 3.88% 6.14% 9.00% 9.58% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Nominal GDP ( lc billion ) 50,000 53,000 57,000 63,000 72,000 85,000 90,000 95,000 103,000 115,000 128,000 143,000 165,000
Real GDP ( local currency billion ) 7.55 6.98 7.13 5.66 5.40 6.42 6.24 5.25 5.42 5.98 6.68 6.21 6.81 6.60
Real GDP % GDP 2 4 7 4 -7 -7 -4 -1 -1
Domestic demand % change 0 2 8 6 -10 -2 -6 -1 -1
Private consumption % change 1 2 13 11 -6 4 -1 0 0
Public consumption % change 3 11 1 -8 -11 -3 -3 -2 -2
Gross fixed capital % change 8 21 7 4 -16 -18 -14 -13 -13
Change in stockbuilding % GDP -2 -6 -2 0 -2 -1 -4 1 1
Exports of goods and services % GDP 10 19 12 1 9 2 -3 3 3
Imports of goods and services % change 3 12 22 10 5 9 -10 1 1
Change in net foreign balance % GDP 1 1 -4 -3 0 -3 4 0 0
Real GNP ( lei billion ) 688 716 764 795 741 681 653 645 645
Real GNP % change 1 4 7 4 -7 -8 -4 -1 -1
Real GDP growth rate % 3.00% -7.55% 2.15% -20.62% -4.59% 18.89% -2.80% -15.87% 3.24% 10.33% 11.71% -7.04% 9.66% -3.08%
Nominal GDP % change 232 148 45 50 130 36 37 46 46
Real GDP Index 103 92.45 102.15 79.38 95.41 118.89 97.20 84.13 103.24 110.33 111.71 92.96 109.66 96.92
Nominal GDP Index 105 115.08 116.26 128.22 106.95 109.37 116.88 114.97 109.89 108.75 103.88 106.14 109.00 109.58
GDP deflator 101.94 124.48 113.82 161.52 112.10 91.99 120.25 136.65 106.44 98.57 92.99 114.17 99.40 113.06
GDP deflator % change 1.94% 24.48% 13.82% 61.52% 12.10% -8.01% 20.25% 36.65% 6.44% -1.43% -7.01% 14.17% -0.60% 13.06%
Exchange Rate 1,000 1,025 1,035 1,065 1,100 1,175 1,350 1,650 1,950 2020 2040 2070 2125 2250
Rate of ER depreciation 5.3% 2.5% 1.0% 2.9% 3.3% 6.8% 14.9% 22.2% 18.2% 3.6% 1.0% 1.5% 2.7% 5.9%
Nominal GDP ( $ billion ) 57.79 64.88 74.70 93.08 96.39 98.69 100.39 94.44 87.81 92.18 94.82 99.18 105.31 108.98 GDP 4.23% 4.85% 9.15% 9.77% 10.24% 2.14% -0.70% 2.82% 4.11% 3.36% 5.03% 6.06% 6.86% -1.07% Nominal GDP % change 232 148 45 50 130 36 37 46 46
Nominal GDP per capita $ 8,255 9,069 10,237 12,506 12,696 12,744 12,735 11,768 10,748 11,084 11,210 11,530 12,038 12,250 Deflator 5% 4% 8% 11% 14% 18% 4% 3% 5% 7% 13% 12% 14% 15%
B BALANCE of PAYMENTS ($ million) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015 2018
Trade Balance -1,130 -411 -1,577 -2,494 -4,000 -1,050 1,040 1,270 300 -500 -1,500 -4,000 -3,850 -2,500
Merchandise exports 4,882 6,151 7,910 8,061 9,000 10,500 11,000 12,000 13,800 14000 13500 12000 13650 13000 586.1666666667
Merchandise imports -6,012 -6,562 -9,487 -10,555 -13,000 -11,550 -9,960 -10,730 -13,500 -14500 -15000 -16000 -17500 -15500
5.2781569966
Balance on Services, Income & Transfers -699 -529 -1,044 -2,201 -3,281 -2,107 -75 629 403 465 -184 -1,901 -3,010 -1,917
Services & income receipts 824 1,008 1,464 1,652 1,447 1,629 2,251 2,594 2,730 2,590 2,769 2,244 2,150 2,750
Exports of services 697 879 1,130 1,152 1,286 1,500 1,571 1,714 1,800 1,750 1,929 1,714 1500 1850
Interest receipts 124 120 317 486 146 70 650 850 900 800 800 500 600 850
Other services & income receipts 2 9 17 15 15 59 30 30 30 40 40 30 50 50
0.1378571429
Services & income payments -1,737 -1,832 -3,133 -4,448 -5,197 -4,352 -3,077 -2,796 -3,207 -2,825 -3,452 -4,546 -5,385 -5,567
Imports of services -902 -984 -1,423 -1,583 -1,950 -1,733 -1,494 -1,610 -2,025 -2,175 -2,250 -2,400 -2,625 -2,325
Interest payments -831 -835 -1,681 -2,831 -3,197 -2,460 -1,433 -1,006 -992 -450 -802 -1,646 -2,235 -2,690
Other services & income payments -4 -12 -29 -33 -50 -160 -150 -180 -190 -200 -400 -500 -525 -551
Transfers, net 214 295 625 594 469 616 750 830 880 700 500 400 225 900
Private transfers, net 103 182 320 394 269 565 600 630 630 450 400 300 125 650
Official transfers, net 111 113 305 200 200 51 150 200 250 250 100 100 100 250
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Current Account -1,829 -940 -2,621 -4,695 -7,281 -3,157 965 1,899 703 -35 -1,684 -5,901 -6,860 -4,417 Current Account -1829 -940 -2621 -4695 -7281 -3157 965 1899 703 -35 -1684 -5967 -6860 -512.752
Foreign investment, net 14 416 396 600 642 1,960 1,480 1,600 3,650 1,800 470 470 250 1,400 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Foreign Direct Investment (disbursed, net) 87 341 417 600 500 1,900 1,400 1,500 3,500 1650 350 350 300 1250 -1130 -411 -1577 -2494 -4000 -1050 1040 1270 300 -500 -1500 -4000 -3850 750
Portfolio equity investment, net -73 75 -21 0 142 60 80 100 150 150 120 120 -50 150
International financial institutions 137 434 -7 -236 -450 2,150 2,000 500 25 25 -150 -175 30 1,250
IMF 0 216 -315 -356 -500 850 850 250 -75 -75 -75 -100 -150 850
World Bank Group 0 100 100 0 0 650 500 50 0 0 -50 -50 150 250
Other multilateral creditors 137 118 208 120 50 650 650 200 100 100 -25 -25 30 150
Paris Club and other bilateral creditors 85 69 348 132 -128 -68 -50 -56 -56 -65 100 150 200 150
London Club 95 651 277 726 1,639 -1,254 -210 -297 -300 -300 350 1,050 1,400 380
Credit flows 70 601 222 641 139 -254 -210 -347 -350 -350 200 200 100 200
Interest arrears 0 0 0 0 0 0 0 0 0 0 0 0 50 80
Short-term credits 25 50 55 85 1,500 -1,000 0 50 50 50 150 850 1250 100
Other private creditors (bond markets) -4 10 1,000 1,500 200 -378 -860 -143 -143 -250 -200 -150 -150 -250
Resident lending abroad, net 541 -683 430 -19 481 450 929 975 975 850 825 825 -20 -50
Errors and omissions, net 152 93 -150 -250 -350 500 100 100 100 0 -250 -350 -500 500
Gold reserve variation 50 420 606 179 825 1,311 786 -367 -1,242 -150 -420 870 -906 -144
Reserves excluding gold (- = increase) 734 -520 -334 1,979 2,922 -514 -5,140 -4,261 -3,762 -1,925 809 2,361 5,306 1,081
C EXTERNAL DEBT ($ million) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total External Debt 25,485 26,104 27,111 28,314 31,377 32,798 34,116 33,540 33,069 32,586 32,086 32,911 34,391 35,871
Medium/Long term debt 25,235 25,804 26,756 27,874 29,437 31,858 33,176 32,550 32,029 31,496 30,846 30,821 31,001 32,351
Short term debt 250 300 355 440 1,940 940 940 990 1,040 1,090 1,240 2,090 3,340 3,440
Interest arrears 0 0 0 0 0 0 0 0 0 0 0 0 50 80
Breakdown by creditor :
International financial institutions 18,550 18,984 18,977 18,741 18,291 20,441 22,441 22,941 22,966 22,991 22,841 22,666 22,696 23,946
IMF 3,500 3,716 3,401 3,045 2,545 3,395 4,245 4,495 4,420 4,345 4,270 4,170 4,020 4,870
World Bank Group 8,500 8,600 8,700 8,700 8,700 9,350 9,850 9,900 9,900 9,900 9,850 9,800 9,950 10,200
Other multilateral creditors 6,550 6,668 6,876 6,996 7,046 7,696 8,346 8,546 8,646 8,746 8,721 8,696 8,726 8,876
Paris Club and other bilateral creditors 4,585 4,654 5,002 5,134 5,006 4,938 4,888 4,832 4,776 4,711 4,811 4,961 5,161 5,311
London Club 1,500 1,620 2,276 2,583 4,724 3,863 3,609 3,449 3,152 2,852 2,652 3,702 5,052 5,352
Medium/long term 1,250 1,320 1,921 2,143 2,784 2,923 2,669 2,459 2,112 1,762 1,412 1,612 1,712 1,912
Short term 250 300 355 440 1,940 940 940 990 1,040 1,090 1,240 2,090 3,340 3,440
Other private & institutional creditors 850 846 856 1,856 3,356 3,556 3,178 2,318 2,175 2,032 1,782 1,582 1,432 1,182
D EXTERNAL ASSETS ($ million) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Official Reserves excluding gold 9,634 10,154 10,488 8,509 5,587 6,102 11,241 15,502 19,264 21,189 20,381 18,019 12,713 11,632
0 0 0 0 0 0 0 0 0 0 0 0 0
Residents' Deposits in International Banks 250 200 300 500 850 1,200 600 500 350 350 625 625 700 850
Gold Reserves (in million ounces) 2.40 2.60 2.70 2.80 3.00 3.22 3.50 3.00 3.00 3.00 3.00 3.00 2.40 2.40
Gold Reserve assets ($ million) 1,231 1,651 2,257 2,436 3,261 4,572 5,359 4,992 3,750 3,600 3,180 4,050 3,144 3,000
E DEBT SERVICE PAYMENT ($ million) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total debt servicing obligations 1680.8 1835.3 2880.9 4381.4 6147.3 5127.9 3899.9 3674.2 3459.1 2751.1 2302.2 3045.6 4085.4 4940.3
Interest payments due 830.81 835.33 1680.88 2831.40 3197.32 2459.85 1432.87 1006.20 992.07 896.12 802.15 1645.55 2235.42 2690.33
Amortization paid or due 850 1000 1200 1550 2950 2668 2467 2668 2467 1855 1500 1400 1850 2250
F AMORTIZATION PAYMENTS DUE 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total principal repayments due 2668 2467 1855 1500 1400 1850 2250 2650 2350 1560 1525 1150 1125 1075
IMF 0 0 124 200 200 250 300 350 300 200 250 250 250 300
World Bank Group 118 100 162 191 193 250 400 450 500 500 500 250 50 100
Other multilateral creditors 400 450 280 150 172 260 250 300 350 300 300 250 250 250
Paris Club 500 500 250 150 185 190 300 600 850 400 250 300 350 300
London Club 950 700 565 459 500 650 750 750 0 0 0 0 0 0
Other private creditors (bonds) 700 717 474 350 150 250 250 200 350 160 225 100 225 125
G GLOBAL ECONOMIC DATA 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$ LIBOR (six-month, average) 1.26% 1.20% 3.20% 6.00% 4.19% 2.50% 1.20% 1.00% 1.00% 0.75% 0.50% 1.00% 1.50% 2.50%
Gold Price (US$/ounce) 513 635 836 870 1087 1420 1531 1664 1250 1200 1060 1350 1310 1250
Oil Price (Brent) in $/barrel 30 41 56 66 72 99 62 79 94 96 49 40 52 75
H GOVERNMENT BUDGET 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
(in LC billion) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Government Revenues 8950 9700 11200 12250 11255 17393.3655 20329.5525 23373.0015 16000 17125 19550 20550 33567.54 28000 Revenue 8950 9700 11200 12250 11255 12750 13200 13650 16000 17125 19550 20550 22200 28000
Government Expenditures 10401.6294 11970.0144 13916.6694 17843.913 14550 18550 13550 14000 15550 17500 34816.4658 22550 27500 36000 Expenses 9202.5 9540 10260 11340 14550 18550 13550 14000 15550 17500 20880 22550 27500 36000
BUDGET BALANCE -1452 -2270.0144 -2716.6694 -5593.913 -3295 -1156.6345 6779.5525 9373.0015 450 -375 -15266.4658 -2000 6067.54 -8000
I INFLATION 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Consumer price % change average 4.00% 4.80% 5.00% 6.50% 7.00% 9.00% 2.20% 2.65% 2.75% 6.00% 6.50% 8.00% 8.00% 9.50%
J TRADE DATA 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
MERCHANDISE TRADE (total trade) 10,894 12,713 17,397 18,616 22,000 22,050 20,960 22,730 27,300 28,500 28,500 28,000 31,150 28,500
Total merchandise exports ($ million) 4,882 6,151 7,910 8,061 9,000 10,500 11,000 12,000 13,800 14,000 13,500 12,000 13,650 13,000
Total merchandise imports ($ million) 6,012 6,562 9,487 10,555 13,000 11,550 9,960 10,730 13,500 14,500 15,000 16,000 17,500 15,500
Share of oil imports in total imports 25% 25% 27% 30% 29% 31% 34% 38% 40% 40% 35% 32% 30% 28%
K POPULATION 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Population (million) 7 7.154 7.30 7.44 7.59 7.74 7.88 8.03 8.17 8.32 8.46 8.60 8.75 8.90
L COUNTRY RISK RATINGS & SPREADS 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EUROMONEY 55 58 66 70 74 82 95 107 100 87 90 90 115 125
INSTITUTIONAL INVESTOR 53 55 60 65 70 72 85 90 84 80 84 84 95 98
Secondary market debt discount 15 18 22 35 42 50 35 25 20 18 15 18 22 35
Spread over US T Bill 125 145 175 225 300 450 200 175 175 150 135 145 225 350
Spread over US T Bill 125 145 175 225 300 450 200 175 175 150 135 145 225 350
M Risk Indicators 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
GDP (in US$ billion)
Real GDP Growth rate (in Local Currency)
GDP Growth rate (in US$)
GDP per capita (US$)
GDP per capita /day
Rate of currency depreciation
Trade Balance (US$ million)
External competitiveness
Trade openness ratio (X+M/GDP)
Buddget Deficit-Surplus /GDP%
Current account/GDP %
N RATIOS 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
O Solvency
Debt/Exports
Debt/GDP
Reserves/External Debt
Short-term Debt/Total Debt
P Liquidity 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Principal Amortization/Exports %
Net Capital Transfers
Debt servicing Ratio %
Interest/Exports %
Reserves/Imports GS in %
Reserves/Imports in Months Coverage
Average external interest rate in %
Q Cash-flow ratio 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Numerator:
+ Official reserves assets including Gold+XG&S
+Undisbursed bank credits + Net transfers )
Denominator (debt service + MG&S + ST debt)
Cash flow ratio 0.00
Net Present Value of Future Debt Repayment 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Total Amortization Each Year 850 1000 1200 1550 2950 2668 2467 2668 2467 1855 1500 1400 1850 2250 0 0 0 0 0 0 0 0 0
NPV (VAN) of future debt repayments $25,825.00 $24,825.00 $23,625.00 $22,075.00 $19,125.00 $16,457.00 $13,990.00 $11,322.00 $8,855.00 $7,000.00 $5,500.00 $4,100.00 $2,250.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
CORRELATION
Inflation/current account deficit
LIBOR/interest payments on foreign debt
risk ratings/liquidity indicators
risk ratings/solvency indicators
Suggested GRAPHS
Inflation
GDP real growth
current account balance
Current Account/GDP %
official reserve assets/imports in months
nominal debt stock
debt/GDP
Debt/Exports
Debt service/Exports of G&S
Cash-flow ratio
Short term Debt/Total debt
Short term Debt/Reserve assets

Solvencia Statistics

Solvencia- GDP and Inflation growth rates 2003-2016
GDP
Deflator

EX 1

Current Account
Exhibit 3: Solvencia- Current Account ($ million)

EX 2

Real GDP
GDP deflator % change
Solvencia- GDP Growth and Inflation rates

EX 3

Solvencia-Trade Balance in $ millions 2003-2016 (p)

EX 4

Official Reserves excluding gold

EX 5

Revenue
Expenses
Solvencia's Budget Gap

EX 6

$25,825.00 850 2005 2005
$24,825.00 1000 2006 2006
$23,625.00 1200 2007 2007
$22,075.00 1550 2008 2008
$19,125.00 2950 2009 2009
$16,457.00 2668 2010 2010
$13,990.00 2467 2011 2011
$11,322.00 2668 2012 2012
$8,855.00 2467 2013 2013
$7,000.00 1855 2014 2014
$5,500.00 1500 2015 2015
$4,100.00 1400 2016 2016
$2,250.00 1850 2017 #REF! 2017
Liquidity - Country Risk Rating
Monthly Import Coverage
Euromoney Ranking
Exhibit 1: Correlation Between Solvencia's Euromoney Rating and Liquidity
53
55
60
65
70
72
85
90
84
80
84
84
95

EX 7

-1451.6294
-2270.0144
-2716.6694
-5593.913
-3295
-1156.6345
6779.5525
9373.0015
450
-375
-15266.4658
-2000
6067.54
Inflation - Current Account Deficit Correlation
Inflation (%)
Current Account Deficit
Exhibit 2: Solvencia's Correlation Between Current Account Deficit and Inflation

EX 8

2006 2006
2007 2007
2008 2008
2009 2009
2010 2010
2011 2011
2012 2012
2013 2013
2014 2014
2015 2015
2016 2016
2017 2017
0.08
A Real GNP ( lei billion )
A Real GNP % change
A Nominal GDP % change
Real GDP Growth (RHS)
Inflation Rate (LHS)
Source: Solvencia National Bureau of Statistics
(%)
Exhibit 1: Inflation Rate and Real GDP Growth in Solvencia 2004-14
0.04
0.048
0.05
0.065
0.07
0.09
0.022
0.0265
0.0275
0.06
0.065
0.08

EX 9

10401.6294 2005
11970.0144 2006
13916.6694 2007
17843.913 2008
14550 2009
18550 2010
13550 2011
14000 2012
15550 2013
17500 2014
34816.4658 2015
22550 2016
27500 2017
Government Revenue
Government Expenditure
Budget Deficit to GDP
Source: National Bureau of Statistics
(LC Bn)
Exhibit 2: Solvencia Goverment Revenue and Expenditure 2003-2015

EX 10

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Exhibit 3: Current Account Deficit to GDP 2003-2015

EX 11

2005 2005
2006 2006
2007 2007
2008 2008
2009 2009
2010 2010
2011 2011
2012 2012
2013 2013
2014 2014
2015 2015
2016 2016
2017 2017
Source: National Bureau of Statistics
(LC Bn)
Exhibit 4: Solvencia's Net Errors & Omissions, and net portfolio investment flows 2003-2015

Exhibit

2005 10894 10894
2006 12713 12713
2007 17397 17397
2008 18616 18616
2009 22000 22000
2010 22050 22050
2011 20960 20960
2012 22730 22730
2013 27300 27300
2014 28500 28500
2015 28500 28500
2016 28000 28000
2017 31150 31150
Debt to Export (RHS)
Debt to GDP (LHS)
Reserves to External Debt (LHS)
Source: National Bureau of Statistics
(LC Bn)
Exhibit 6: Solvencia's External Solvency Indicators 2003-15
1855
1500
1400
1850
2250
2650
2350
1560
Large bunching of debt repayments
Source: National Bureau of Statistics
(LC Bn)
Exhibit 5: Solvencia - Debt Principal Repayment Due 2010-17
2005 10894
2006 12713
2007 17397
2008 18616
2009 22000
2010 22050
2011 20960
2012 22730
2013 27300
2014 28500
2015 28500
2016 28000
2017 31150
Debt Service Ratio (RHS)
Reserves to Monthly Import Coverage (LHS)
Source: National Bureau of Statistics
(Month)
Exhibit 7: Debt Service Ratio and Import Coverage 2003-15
513
635
836
870
1087
1420
1531
1664
1250
1200
1060
1350
1310
$ LIBOR (six-month, average)
LIBOR
Solvencia Interest Rate Payment
Exhibit 10: Correlation Between Solvencia's Interest Rate Payment and LIBOR
53
55
60
65
70
72
85
90
84
80
84
84
95
Euromoney Rating - Solvency
Debt to Export Ratio
Euromoney Country Ranking
Exhibit 11: Correlation Between Solvencia's Solvency (Debt to Export) and Euromoney Rating
10401.6294 2005 2005
11970.0144 2006 2006
13916.6694 2007 2007
17843.913 2008 2008
14550 2009 2009
18550 2010 2010
13550 2011 2011
14000 2012 2012
15550 2013 2013
17500 2014 2014
34816.4658 2015 2015
22550 2016 2016
2017
Government Revenue
Government Expenditure
Budget Deficit to GDP
Source: National Bureau of Statistics
(LC Bn)
Exhibit 2: Solvencia Goverment Revenue and Expenditure 1996-2007

5,00%6,00%7,55%10,53%14,29%18,06%3,53%3,41%5,49%7,29%12,62%12,07%13,85%14,86%