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Publication
N°2
AUGroupG-Grade
2015-3rd
Quarter
2015
3RD
QUARTER
GLOBAL
OVERVIEW
_
Country Risk Global Grading
AU Group
—GRADEG
_
CopyrightAUGroup
_
Introduction
INTRODUCTION
Page
1
INTRODUCTION
NOTICE OF EXPLANATION
DISCLAIMER
- The G-Grade displays a grade between 1 and 10,
measuring the perceived level of political risk in
this country.
- Grade 1 corresponds to the lowest perceived
level of political risk.
- On each country snapshot, you will notice:
• on the left side is the previous grade,
• on the centre is the current G-Grade, and
• on the right side is the highest and the lowest
risk assessment provided by the insurers.
- All macro economic graphics have been prepared
based on IMF (International Monetary Fund) sta-
tistics department information (World Economic
Outlook Database)
- In case of questions please address your request
to: cardera@au-group.com
This document reflects the opinion of AU Group. The information and datas contained herein are based on our current
hypotheses and viewpoints. They are not legal or other professional advice and shall not be relied on as such. In this
regard, A.U. Group does not warrant or assume any legal liability for any indirect damage, such as any financial or
commercial loss, loss of profits, disruption to business, shortfall in earnings, losses or any legal action brought by a
third party against the reader, resulting from the use of this document or any information contained in this document.
Moreover, the analyses are subject to modification at any time without prior notice.
All rights reserved. No part of this publication may be reproduced or used
in any form or by any means graphic, electronic or mechanical, including
photocopying, recording, taping, or information storage and retrieval sys-
tems without the prior permission of AU Group.
ENABLING BETTER VISIBILITY ON WORLDWIDE RISKS
In our challenging global economy, it is obvious how much, the business environment
has been shaken by political risk, environmental catastrophes, local country instability
with high levels of debt, local armed conflict….These events have occurred across all
regions e.g. Russia, Brazil, Egypt, China, Greece... In this context, companies continue
to seek new markets to develop their export businesses as well as monitoring existing
markets for signs of higher risk.
Many companies use Trade Credit to secure their growth, supporting their own
commercial credit decisions with information provided by large insurers such as EULER
HERMES, ATRADIUS, COFACE & CREDIMUNDI... All of those insurers have their own
sophisticated economic research departments, which analyse short/medium term
economic risk as well as country political risk. In this regards they are producing country
risk grades to monitor political risk which could impact the payment of a receivable.
However, each insurer uses different methods to assess the risk and each presents its
grades in different ways.
We, at AU Group, the largest broker only specialised in insurance and financing of trade
receivables, wanted to innovate by giving, in a single Grade, a condensed overview based
on the insurers’ country risk assessments. Therefore we created the “AU G-Grade” for
decision makers.
The AU G-Grade is displayed country by country, showing the lowest and highest
assessments and the rating evolution. In addition and in order to provide you a complete
picture of each country, we have selected 7 KPI’s issued by the IMF statistic department.
The AU G-Grade is a complementary tool to the insurer’s grading and gives a solid trend
and indication of a country risk based on the valuable grading of the most experienced
insurers. We trust you will appreciate this initiative.
― Baudouin de Thoré, Chief Executive Officer
AU GROUP
—GRADEG
COPYRIGHT
AU Group G-Grade 2015
hight risk
10
low risk
1
Albania
Armenia
Austria
Azerbaijan
Belarus
Belgium
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Georgia
Germany
Greece
Hungary
Iceland
Ireland
Italy
Kazakhstan
Kyrgyzstan
Latvia
Lithuania
Luxembourg
Macedonia
Malta
Moldova
Montenegro
Netherlands
Norway
Poland
Portugal
Romania
Russia
Serbia
Slovakia
Slovenia
Spain
Sweden
Switzerland
Turkey
Turkmenistan
Ukraine
United Kingdom
Uzbekistan
Afghanistan
Australia
Bangladesh
Cambodia
China
Hong Kong
India
Indonesia
Japan
Korea (South)
Laos
Malaysia
Mongolia
Myanmar
Nepal
New Zealand
Pakistan
Papua New Guinea
Philippines
Singapore
Sri Lanka
Taiwan
Thailand
Vietnam
p.3
p.4
p.5
p.6
p.7
p.8
p.9
p.10
p.11
p.12
p.13
p.14
p.15
p.16
p.17
p.18
p.19
p.20
p.21
p.22
p.23
p.24
p.25
p.26
p.27
p.28
p.29
p.30
p.31
p.32
p.33
p.34
p.35
p.36
p.37
p.38
p.39
p.40
p.41
p.42
p.43
p44
p.45
p.46
p.47
p.48
p.49
p.50
p.63
p.64
p.65
p.66
p.67
p.68
p.69
p.70
p.71
p.72
p.73
p.74
p.75
p.76
p.77
p.78
p.79
p.80
p.81
p.82
p.83
p.84
p.85
p.86
COUNTRY COUNTRY COUNTRYPAGE PAGE PAGETREND TREND TREND
_
CopyrightAUGroup
_
Overview
OVERVIEW
OVERVIEW
EUROPE & CIS
Page
2
ASIA
AMERICAS
Argentina
Bolivia
Brazil
Canada
Chile
Colombia
Costa Rica
Ecuador
Haiti
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
United States of America
Uruguay
Venezuela
p.128
p.129
p.130
p.131
p.132
p.133
p.134
p.135
p.136
p.137
p.138
p.139
p.140
p.141
p.142
p.143
p.144
p.145
p.146
Algeria
Angola
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Central African Republic
Chad
Congo (Brazaville)
Congo (Democratic Republic)
Cote d’Ivoire
Egypt
Ethiopia
Gabon
Ghana
Guinea
Kenya
Liberia
Libya
Madagascar
Malawi
Mali
Mauritania
Mauritius
Morocco
Mozambique
Namibia
Niger
Nigeria
Rwanda
Senegal
Sierra Leone
South Africa
Sudan
Tanzania
Togo
Tunisia
Uganda
Zambia
Zimbabwe
p.87
p.88
p.89
p.90
p.91
p.92
p.93
p.94
p.95
p.96
p.97
p.98
p.99
p.100
p.101
p.102
p.103
p.104
p.105
p.106
p.107
p.108
p.109
p.110
p.111
p.112
p.113
p.114
p.115
p.116
p.117
p.118
p.119
p.120
p.121
p.122
p.123
p.124
p.125
p.126
p.127
AFRICA
p.51
p.52
p.53
p.54
p.55
p.56
p.57
p.58
p.59
p.60
p.61
p.62
MIDDLE EAST
Bahrain
Iran
Iraq
Israel
Jordan
Kuwait
Lebanon
Oman
Qatar
Saudi Arabia
United Arab Emirates
Yemen
AU Group G-Grade 2015
Copyright AU Group
AU Group G-Grade 2015
ALBANIA
Europe&Cis
2.8Population
in Millions of people, 2014
2.1Gross Domestic Product
in % of change, 2014
4 781Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
7
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
7.8
1
23
4
5
6
7
8
9
SPREAD
MIN
6
MAX
10
POPULATION
(Persons)
2012 2013 2014 2015 2016
2.8 2.8 2.8 2.8
2.7
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
1.6 1.4
2.1
3
4
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
4 384
4 633
4 781
4 495
4 835
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
113
115.2
117.1
119.2
122.1
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
13.4
15.6
14 13.8
13.5
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
62
70.1
72.6 73.6
69.8
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
-10.2 -10.7 -13.9 -15.7 -15.5
(estimated) (forecast)
Source : International Monetary Fund
Albania - Europe & Cis
Page
3
Copyright AU Group
AU Group G-Grade 2015
BELGIUM
Europe&Cis
11.2Population
in Millions of people, 2014
1Gross Domestic Product
in % of change, 2014
47 722Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
2
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
1.5
1
23
4
5
6
7
8
9
SPREAD
MIN
1
MAX
2
POPULATION
(Persons)
2012 2013 2014 2015 2016
11.1
11.2 11.2 11.2
11.3
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
0.1
0.3
1
1.3
1.5
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
44 988
47 033
47 722
41 267
42 036
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
118.2
119.6
120.2 120.3
121.4
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
7.6
8.4 8.5 8.4
8.2
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
104
104.6
105.6
106.6
106.2
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
-0.7
-0.2
1.6
2.3 2.4
(estimated) (forecast)
Source : International Monetary Fund
Belgium - Europe & Cis
Page
8
Copyright AU Group
AU Group G-Grade 2015
GREECE
Europe&Cis
11Population
in Millions of people, 2014
0.8Gross Domestic Product
in % of change, 2014
21 653Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
6.3
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
8.3
1
23
4
5
6
7
8
9
SPREAD
MIN
7
MAX
10
POPULATION
(Persons)
2012 2013 2014 2015 2016
11.1 11.1
11 11 11
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
-6.6
-3.9
0.8
2.5
3.7
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
22 446
21 903 21 653
18 863
19 800
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
122.9
121.6
119.9 119.6 119.9
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
24.4
27.5
26.5
24.8
22.1
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
156.5
174.9 177.2
172.7
162.4
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
-2.5
0.6 0.9
1.4 1.1
(estimated) (forecast)
Source : International Monetary Fund
Greece - Europe & Cis
Page
20
Copyright AU Group
AU Group G-Grade 2015
HUNGARY
Europe&Cis
9.9Population
in Millions of people, 2014
3.6Gross Domestic Product
in % of change, 2014
13 881Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
4.8
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
5.3
1
23
4
5
6
7
8
9
SPREAD
MIN
4
MAX
6
POPULATION
(Persons)
2012 2013 2014 2015 2016
9.9 9.9 9.9 9.9
9.8
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
-1.5
1.5
3.6
2.7 2.3
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
12 769
13 465
13 881
12 853
13 487
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
109.9
111.8 111.5 111.5
114
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
11.1
10.2
7.8 7.6 7.4
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
78.5
77.3 76.9
75.5
74.7
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
1.9
4.1 4.2
4.8
4.1
(estimated) (forecast)
Source : International Monetary Fund
Hungary - Europe & Cis
Page
21
Copyright AU Group
AU Group G-Grade 2015
BAHRAIN
MiddleEast
1.2Population
in Millions of people, 2014
4.7Gross Domestic Product
in % of change, 2014
28 272Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
5
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
5
1
23
4
5
6
7
8
9
SPREAD
MIN
4
MAX
6
POPULATION
(Persons)
2012 2013 2014 2015 2016
1.2 1.2 1.2 1.2 1.2
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
3.4
5.3
4.7
2.7
2.4
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
26 632
27 917
28 272
25 633
26 714
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
114.7
118.5
121.5
124
125.9
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
3.9
4.3
4.1
4.3 4.3
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
36.3
43.6 43.8
54
57
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
7.2 7.8
5.3
-2.1
-0.7
(estimated) (forecast)
Source : International Monetary Fund
Bahrain - Middle East
Page
51
Copyright AU Group
AU Group G-Grade 2015
IRAN
MiddleEast
78Population
in Millions of people, 2014
3Gross Domestic Product
in % of change, 2014
5 183Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
10
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
10
1
23
4
5
6
7
8
9
SPREAD
MIN
10
MAX
10
POPULATION
(Persons)
2012 2013 2014 2015 2016
76
77
78
79
80
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
-6.6
-1.9
3
0.6 1.3
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
5 512
4 941
5 183
4 983
5 057
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
130.5
175.9
203.2
236.8
277
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
12.2
10.4
11.2
12.3
13.2
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
11.2 11.1
12.2
11.9 11.9
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
6.3
7.4
3.8
0.8 1.2
(estimated) (forecast)
Source : International Monetary Fund
Iran - Middle East
Page
52
Copyright AU Group
AU Group G-Grade 2015
CAMBODIA
Asia
15.3Population
in Millions of people, 2014
7Gross Domestic Product
in % of change, 2014
1 081Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
8.3
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
6.8
1
23
4
5
6
7
8
9
SPREAD
MIN
5
MAX
9
POPULATION
(Persons)
2012 2013 2014 2015 2016
14.9
15.1
15.3
15.5
15.8
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
7.3
7.4
7
7.2 7.2
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
946
1 018
1 081
1 146
1 229
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
148
152.4
158.3 157.8
161.7
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
N/A N/A N/A N/A N/A
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
28.9
28.7
29.5
29.8
29.5
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
-11 -12.2 -12 -10 -9.3
(estimated) (forecast)
Source : International Monetary Fund
Cambodia - Asia
Page
66
Copyright AU Group
AU Group G-Grade 2015
CHINA
Asia
1 367.8Population
in Millions of people, 2014
7.4Gross Domestic Product
in % of change, 2014
7 589Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
3.3
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
3.8
1
23
4
5
6
7
8
9
SPREAD
MIN
2
MAX
6
POPULATION
(Persons)
2012 2013 2014 2015 2016
1 354
1 360.7
1 367.8
1 375
1 382.1
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
7.8 7.8
7.4
6.8
6.3
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
6 194
6 959
7 589
8 154
8 659
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
108.2
111
113.2
114.6
116.3
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
4.1 4.1 4.1 4.1 4.1
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
37.3
39.4
41.1
43.5
46.2
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
2.6
1.9 2
3.2 3.2
(estimated) (forecast)
Source : International Monetary Fund
China - Asia
Page
67
Copyright AU Group
AU Group G-Grade 2015
ANGOLA
Africa
24.4Population
in Millions of people, 2014
4.2Gross Domestic Product
in % of change, 2014
5 273Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
6.8
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
7.5
1
23
4
5
6
7
8
9
SPREAD
MIN
5
MAX
9
POPULATION
(Persons)
2012 2013 2014 2015 2016
23
23.7
24.4
25.1
25.9
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
5.2
6.8
4.2
4.5
3.9
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
5 018
5 245 5 273
4 227
4 561
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
116.5
126.7
135.9
147.3
159.8
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
N/A N/A N/A N/A N/A
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
29.6
35.2
38
47.5
44.3
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
12
6.7
-0.8
-6.3 -4.2
(estimated) (forecast)
Source : International Monetary Fund
Angola - Africa
Page
88
Copyright AU Group
AU Group G-Grade 2015
GABON
Africa
1.6Population
in Millions of people, 2014
5.1Gross Domestic Product
in % of change, 2014
10 836Gross Domestic Product Per Capita
in USD, 2014
1
23
4
5
6
7
8
9
PREVIOUS
G-GRADE
5.8
1
23
4
5
6
7
8
9
CURRENT
G-GRADE
6.3
1
23
4
5
6
7
8
9
SPREAD
MIN
5
MAX
8
POPULATION
(Persons)
2012 2013 2014 2015 2016
1.5
1.6 1.6 1.6 1.6
(estimated) (forecast)
GROSS DOMESTIC PRODUCT
(% change)
2012 2013 2014 2015 2016
5.5 5.6
5.1
4.4
5.5
(estimated) (forecast)
GROSS DOMESTIC PRODUCT PER CAPITA
(USD)
2012 2013 2014 2015 2016
10 526
10 966 10 836
9 343
9 979
(estimated) (forecast)
INFLATION
(Index)
2012 2013 2014 2015 2016
117.1 117.7
123
126.1
129.2
(estimated) (forecast)
UNEMPLOYMENT RATE
(% of total labor force)
2012 2013 2014 2015 2016
N/A N/A N/A N/A N/A
(estimated) (forecast)
GENERAL GOVERNMENT GROSS DEBT
(% of GDP)
2012 2013 2014 2015 2016
21.1
27 27.8
33.7 35.1
(estimated) (forecast)
CURRENT ACCOUNT BALANCE
(% of GDP)
2012 2013 2014 2015 2016
21.3
15
11.3
-2.3
0.9
(estimated) (forecast)
Source : International Monetary Fund
Gabon - Africa
Page
101
Page
147
ABOUT
• PROTECTION AGAINST CUSTOMER’S PAYMENT DEFAULT - by transferring the risk to the most suitable market
• MANAGEMENT OF TRADE RECEIVABLES - by optimising credit management tools & techniques with the use of IT solutions
• FINANCING AND WORKING CAPITAL SECURITIZATION - by pledging trade receivables to appropriate finance companies.
AU GROUP
Supports its clients in structuring, negotiating and implementing solutions for the:
_
www.au-group.com
AU GROUP
Is the leading global broker specialised in these areas
MORE THAN € 300 BILLION OF TRADE
COVERED PER YEAR
€ 300 b.
DATE OF CREATION
OFFICES
PRIVATELY OWNED
COUNTRIES
CLIENTS
A TEAM OF 200 STAFF
WORLDWIDE
1929
37
100%
28
+2500
200
_
About
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CopyrightAUGroup
ABOUT
AU Group G-Grade 2015

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Country Risk Global Grading

  • 2. _ CopyrightAUGroup _ Introduction INTRODUCTION Page 1 INTRODUCTION NOTICE OF EXPLANATION DISCLAIMER - The G-Grade displays a grade between 1 and 10, measuring the perceived level of political risk in this country. - Grade 1 corresponds to the lowest perceived level of political risk. - On each country snapshot, you will notice: • on the left side is the previous grade, • on the centre is the current G-Grade, and • on the right side is the highest and the lowest risk assessment provided by the insurers. - All macro economic graphics have been prepared based on IMF (International Monetary Fund) sta- tistics department information (World Economic Outlook Database) - In case of questions please address your request to: cardera@au-group.com This document reflects the opinion of AU Group. The information and datas contained herein are based on our current hypotheses and viewpoints. They are not legal or other professional advice and shall not be relied on as such. In this regard, A.U. Group does not warrant or assume any legal liability for any indirect damage, such as any financial or commercial loss, loss of profits, disruption to business, shortfall in earnings, losses or any legal action brought by a third party against the reader, resulting from the use of this document or any information contained in this document. Moreover, the analyses are subject to modification at any time without prior notice. All rights reserved. No part of this publication may be reproduced or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or information storage and retrieval sys- tems without the prior permission of AU Group. ENABLING BETTER VISIBILITY ON WORLDWIDE RISKS In our challenging global economy, it is obvious how much, the business environment has been shaken by political risk, environmental catastrophes, local country instability with high levels of debt, local armed conflict….These events have occurred across all regions e.g. Russia, Brazil, Egypt, China, Greece... In this context, companies continue to seek new markets to develop their export businesses as well as monitoring existing markets for signs of higher risk. Many companies use Trade Credit to secure their growth, supporting their own commercial credit decisions with information provided by large insurers such as EULER HERMES, ATRADIUS, COFACE & CREDIMUNDI... All of those insurers have their own sophisticated economic research departments, which analyse short/medium term economic risk as well as country political risk. In this regards they are producing country risk grades to monitor political risk which could impact the payment of a receivable. However, each insurer uses different methods to assess the risk and each presents its grades in different ways. We, at AU Group, the largest broker only specialised in insurance and financing of trade receivables, wanted to innovate by giving, in a single Grade, a condensed overview based on the insurers’ country risk assessments. Therefore we created the “AU G-Grade” for decision makers. The AU G-Grade is displayed country by country, showing the lowest and highest assessments and the rating evolution. In addition and in order to provide you a complete picture of each country, we have selected 7 KPI’s issued by the IMF statistic department. The AU G-Grade is a complementary tool to the insurer’s grading and gives a solid trend and indication of a country risk based on the valuable grading of the most experienced insurers. We trust you will appreciate this initiative. ― Baudouin de Thoré, Chief Executive Officer AU GROUP —GRADEG COPYRIGHT AU Group G-Grade 2015 hight risk 10 low risk 1
  • 3. Albania Armenia Austria Azerbaijan Belarus Belgium Bosnia and Herzegovina Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Georgia Germany Greece Hungary Iceland Ireland Italy Kazakhstan Kyrgyzstan Latvia Lithuania Luxembourg Macedonia Malta Moldova Montenegro Netherlands Norway Poland Portugal Romania Russia Serbia Slovakia Slovenia Spain Sweden Switzerland Turkey Turkmenistan Ukraine United Kingdom Uzbekistan Afghanistan Australia Bangladesh Cambodia China Hong Kong India Indonesia Japan Korea (South) Laos Malaysia Mongolia Myanmar Nepal New Zealand Pakistan Papua New Guinea Philippines Singapore Sri Lanka Taiwan Thailand Vietnam p.3 p.4 p.5 p.6 p.7 p.8 p.9 p.10 p.11 p.12 p.13 p.14 p.15 p.16 p.17 p.18 p.19 p.20 p.21 p.22 p.23 p.24 p.25 p.26 p.27 p.28 p.29 p.30 p.31 p.32 p.33 p.34 p.35 p.36 p.37 p.38 p.39 p.40 p.41 p.42 p.43 p44 p.45 p.46 p.47 p.48 p.49 p.50 p.63 p.64 p.65 p.66 p.67 p.68 p.69 p.70 p.71 p.72 p.73 p.74 p.75 p.76 p.77 p.78 p.79 p.80 p.81 p.82 p.83 p.84 p.85 p.86 COUNTRY COUNTRY COUNTRYPAGE PAGE PAGETREND TREND TREND _ CopyrightAUGroup _ Overview OVERVIEW OVERVIEW EUROPE & CIS Page 2 ASIA AMERICAS Argentina Bolivia Brazil Canada Chile Colombia Costa Rica Ecuador Haiti Honduras Jamaica Mexico Nicaragua Panama Paraguay Peru United States of America Uruguay Venezuela p.128 p.129 p.130 p.131 p.132 p.133 p.134 p.135 p.136 p.137 p.138 p.139 p.140 p.141 p.142 p.143 p.144 p.145 p.146 Algeria Angola Benin Botswana Burkina Faso Burundi Cameroon Central African Republic Chad Congo (Brazaville) Congo (Democratic Republic) Cote d’Ivoire Egypt Ethiopia Gabon Ghana Guinea Kenya Liberia Libya Madagascar Malawi Mali Mauritania Mauritius Morocco Mozambique Namibia Niger Nigeria Rwanda Senegal Sierra Leone South Africa Sudan Tanzania Togo Tunisia Uganda Zambia Zimbabwe p.87 p.88 p.89 p.90 p.91 p.92 p.93 p.94 p.95 p.96 p.97 p.98 p.99 p.100 p.101 p.102 p.103 p.104 p.105 p.106 p.107 p.108 p.109 p.110 p.111 p.112 p.113 p.114 p.115 p.116 p.117 p.118 p.119 p.120 p.121 p.122 p.123 p.124 p.125 p.126 p.127 AFRICA p.51 p.52 p.53 p.54 p.55 p.56 p.57 p.58 p.59 p.60 p.61 p.62 MIDDLE EAST Bahrain Iran Iraq Israel Jordan Kuwait Lebanon Oman Qatar Saudi Arabia United Arab Emirates Yemen AU Group G-Grade 2015
  • 4. Copyright AU Group AU Group G-Grade 2015 ALBANIA Europe&Cis 2.8Population in Millions of people, 2014 2.1Gross Domestic Product in % of change, 2014 4 781Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 7 1 23 4 5 6 7 8 9 CURRENT G-GRADE 7.8 1 23 4 5 6 7 8 9 SPREAD MIN 6 MAX 10 POPULATION (Persons) 2012 2013 2014 2015 2016 2.8 2.8 2.8 2.8 2.7 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 1.6 1.4 2.1 3 4 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 4 384 4 633 4 781 4 495 4 835 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 113 115.2 117.1 119.2 122.1 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 13.4 15.6 14 13.8 13.5 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 62 70.1 72.6 73.6 69.8 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 -10.2 -10.7 -13.9 -15.7 -15.5 (estimated) (forecast) Source : International Monetary Fund Albania - Europe & Cis Page 3
  • 5. Copyright AU Group AU Group G-Grade 2015 BELGIUM Europe&Cis 11.2Population in Millions of people, 2014 1Gross Domestic Product in % of change, 2014 47 722Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 2 1 23 4 5 6 7 8 9 CURRENT G-GRADE 1.5 1 23 4 5 6 7 8 9 SPREAD MIN 1 MAX 2 POPULATION (Persons) 2012 2013 2014 2015 2016 11.1 11.2 11.2 11.2 11.3 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 0.1 0.3 1 1.3 1.5 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 44 988 47 033 47 722 41 267 42 036 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 118.2 119.6 120.2 120.3 121.4 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 7.6 8.4 8.5 8.4 8.2 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 104 104.6 105.6 106.6 106.2 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 -0.7 -0.2 1.6 2.3 2.4 (estimated) (forecast) Source : International Monetary Fund Belgium - Europe & Cis Page 8
  • 6. Copyright AU Group AU Group G-Grade 2015 GREECE Europe&Cis 11Population in Millions of people, 2014 0.8Gross Domestic Product in % of change, 2014 21 653Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 6.3 1 23 4 5 6 7 8 9 CURRENT G-GRADE 8.3 1 23 4 5 6 7 8 9 SPREAD MIN 7 MAX 10 POPULATION (Persons) 2012 2013 2014 2015 2016 11.1 11.1 11 11 11 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 -6.6 -3.9 0.8 2.5 3.7 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 22 446 21 903 21 653 18 863 19 800 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 122.9 121.6 119.9 119.6 119.9 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 24.4 27.5 26.5 24.8 22.1 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 156.5 174.9 177.2 172.7 162.4 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 -2.5 0.6 0.9 1.4 1.1 (estimated) (forecast) Source : International Monetary Fund Greece - Europe & Cis Page 20
  • 7. Copyright AU Group AU Group G-Grade 2015 HUNGARY Europe&Cis 9.9Population in Millions of people, 2014 3.6Gross Domestic Product in % of change, 2014 13 881Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 4.8 1 23 4 5 6 7 8 9 CURRENT G-GRADE 5.3 1 23 4 5 6 7 8 9 SPREAD MIN 4 MAX 6 POPULATION (Persons) 2012 2013 2014 2015 2016 9.9 9.9 9.9 9.9 9.8 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 -1.5 1.5 3.6 2.7 2.3 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 12 769 13 465 13 881 12 853 13 487 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 109.9 111.8 111.5 111.5 114 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 11.1 10.2 7.8 7.6 7.4 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 78.5 77.3 76.9 75.5 74.7 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 1.9 4.1 4.2 4.8 4.1 (estimated) (forecast) Source : International Monetary Fund Hungary - Europe & Cis Page 21
  • 8. Copyright AU Group AU Group G-Grade 2015 BAHRAIN MiddleEast 1.2Population in Millions of people, 2014 4.7Gross Domestic Product in % of change, 2014 28 272Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 5 1 23 4 5 6 7 8 9 CURRENT G-GRADE 5 1 23 4 5 6 7 8 9 SPREAD MIN 4 MAX 6 POPULATION (Persons) 2012 2013 2014 2015 2016 1.2 1.2 1.2 1.2 1.2 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 3.4 5.3 4.7 2.7 2.4 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 26 632 27 917 28 272 25 633 26 714 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 114.7 118.5 121.5 124 125.9 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 3.9 4.3 4.1 4.3 4.3 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 36.3 43.6 43.8 54 57 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 7.2 7.8 5.3 -2.1 -0.7 (estimated) (forecast) Source : International Monetary Fund Bahrain - Middle East Page 51
  • 9. Copyright AU Group AU Group G-Grade 2015 IRAN MiddleEast 78Population in Millions of people, 2014 3Gross Domestic Product in % of change, 2014 5 183Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 10 1 23 4 5 6 7 8 9 CURRENT G-GRADE 10 1 23 4 5 6 7 8 9 SPREAD MIN 10 MAX 10 POPULATION (Persons) 2012 2013 2014 2015 2016 76 77 78 79 80 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 -6.6 -1.9 3 0.6 1.3 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 5 512 4 941 5 183 4 983 5 057 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 130.5 175.9 203.2 236.8 277 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 12.2 10.4 11.2 12.3 13.2 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 11.2 11.1 12.2 11.9 11.9 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 6.3 7.4 3.8 0.8 1.2 (estimated) (forecast) Source : International Monetary Fund Iran - Middle East Page 52
  • 10. Copyright AU Group AU Group G-Grade 2015 CAMBODIA Asia 15.3Population in Millions of people, 2014 7Gross Domestic Product in % of change, 2014 1 081Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 8.3 1 23 4 5 6 7 8 9 CURRENT G-GRADE 6.8 1 23 4 5 6 7 8 9 SPREAD MIN 5 MAX 9 POPULATION (Persons) 2012 2013 2014 2015 2016 14.9 15.1 15.3 15.5 15.8 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 7.3 7.4 7 7.2 7.2 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 946 1 018 1 081 1 146 1 229 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 148 152.4 158.3 157.8 161.7 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 N/A N/A N/A N/A N/A (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 28.9 28.7 29.5 29.8 29.5 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 -11 -12.2 -12 -10 -9.3 (estimated) (forecast) Source : International Monetary Fund Cambodia - Asia Page 66
  • 11. Copyright AU Group AU Group G-Grade 2015 CHINA Asia 1 367.8Population in Millions of people, 2014 7.4Gross Domestic Product in % of change, 2014 7 589Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 3.3 1 23 4 5 6 7 8 9 CURRENT G-GRADE 3.8 1 23 4 5 6 7 8 9 SPREAD MIN 2 MAX 6 POPULATION (Persons) 2012 2013 2014 2015 2016 1 354 1 360.7 1 367.8 1 375 1 382.1 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 7.8 7.8 7.4 6.8 6.3 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 6 194 6 959 7 589 8 154 8 659 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 108.2 111 113.2 114.6 116.3 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 4.1 4.1 4.1 4.1 4.1 (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 37.3 39.4 41.1 43.5 46.2 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 2.6 1.9 2 3.2 3.2 (estimated) (forecast) Source : International Monetary Fund China - Asia Page 67
  • 12. Copyright AU Group AU Group G-Grade 2015 ANGOLA Africa 24.4Population in Millions of people, 2014 4.2Gross Domestic Product in % of change, 2014 5 273Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 6.8 1 23 4 5 6 7 8 9 CURRENT G-GRADE 7.5 1 23 4 5 6 7 8 9 SPREAD MIN 5 MAX 9 POPULATION (Persons) 2012 2013 2014 2015 2016 23 23.7 24.4 25.1 25.9 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 5.2 6.8 4.2 4.5 3.9 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 5 018 5 245 5 273 4 227 4 561 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 116.5 126.7 135.9 147.3 159.8 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 N/A N/A N/A N/A N/A (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 29.6 35.2 38 47.5 44.3 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 12 6.7 -0.8 -6.3 -4.2 (estimated) (forecast) Source : International Monetary Fund Angola - Africa Page 88
  • 13. Copyright AU Group AU Group G-Grade 2015 GABON Africa 1.6Population in Millions of people, 2014 5.1Gross Domestic Product in % of change, 2014 10 836Gross Domestic Product Per Capita in USD, 2014 1 23 4 5 6 7 8 9 PREVIOUS G-GRADE 5.8 1 23 4 5 6 7 8 9 CURRENT G-GRADE 6.3 1 23 4 5 6 7 8 9 SPREAD MIN 5 MAX 8 POPULATION (Persons) 2012 2013 2014 2015 2016 1.5 1.6 1.6 1.6 1.6 (estimated) (forecast) GROSS DOMESTIC PRODUCT (% change) 2012 2013 2014 2015 2016 5.5 5.6 5.1 4.4 5.5 (estimated) (forecast) GROSS DOMESTIC PRODUCT PER CAPITA (USD) 2012 2013 2014 2015 2016 10 526 10 966 10 836 9 343 9 979 (estimated) (forecast) INFLATION (Index) 2012 2013 2014 2015 2016 117.1 117.7 123 126.1 129.2 (estimated) (forecast) UNEMPLOYMENT RATE (% of total labor force) 2012 2013 2014 2015 2016 N/A N/A N/A N/A N/A (estimated) (forecast) GENERAL GOVERNMENT GROSS DEBT (% of GDP) 2012 2013 2014 2015 2016 21.1 27 27.8 33.7 35.1 (estimated) (forecast) CURRENT ACCOUNT BALANCE (% of GDP) 2012 2013 2014 2015 2016 21.3 15 11.3 -2.3 0.9 (estimated) (forecast) Source : International Monetary Fund Gabon - Africa Page 101
  • 14. Page 147 ABOUT • PROTECTION AGAINST CUSTOMER’S PAYMENT DEFAULT - by transferring the risk to the most suitable market • MANAGEMENT OF TRADE RECEIVABLES - by optimising credit management tools & techniques with the use of IT solutions • FINANCING AND WORKING CAPITAL SECURITIZATION - by pledging trade receivables to appropriate finance companies. AU GROUP Supports its clients in structuring, negotiating and implementing solutions for the: _ www.au-group.com AU GROUP Is the leading global broker specialised in these areas MORE THAN € 300 BILLION OF TRADE COVERED PER YEAR € 300 b. DATE OF CREATION OFFICES PRIVATELY OWNED COUNTRIES CLIENTS A TEAM OF 200 STAFF WORLDWIDE 1929 37 100% 28 +2500 200 _ About _ CopyrightAUGroup ABOUT AU Group G-Grade 2015