Economic Data

Table 1
As of April 07, 2017
Nominal GDP (bil
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ 6864133.1 7831726 8615704.5 9546134 10569705
Malaysia MY A- 821.43 911.73 971.25 1018.61 1106.47
Philippines PH BBB 9003.48 9708.33 10561.09 11538.41 12645.05
Singapore SG AAA 322.36 346.65 361.37 378.53 390.45
Thailand TH BBB+ 10808.15 11306.89 12357.4 12921.17 13203.74
Vietnam VN BB- 2157828 2779880 3245419 3584262 3937856
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--
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 Nominal GDP (bil. LC)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
11531717 12406810 13645346 14872540 16188266 17685073 755.09 892.97
1157.14 1229.38 1326.89 1422.52 1520.42 1617.66 255.02 297.95
13307.36 14449.93 15778.58 17249.39 18855.18 20543.67 199.59 224.14
408.1 410.27 423.04 443.33 460.57 474.96 236.42 275.6
13672.86 14360.63 15259.26 16326.53 17170.32 17835.77 341.1 370.82
4192862 4560116 4992972 5493427 6055713 6675551 115.93 135.54
tory corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.
al Services LLC. All rights reserved.
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 Nominal GDP (bil. US$)
2012 2013 2014 2015 2016 2017e 2018f 2019f
917.87 912.52 890.81 861.26 932.26 1013.72 1084.85 1166.2
314.44 323.28 338.07 296.28 296.36 295.36 315.76 340.52
250.09 271.84 284.83 292.45 304.26 308.57 326.06 352.29
289.17 302.51 308.15 296.84 296.97 297.4 304.7 317.63
397.56 420.53 406.52 399.23 406.86 427.28 453.33 479.95
155.82 171.22 186.2 193.24 206.41 223.94 246.39 271.61
 GDP per capita (US$)
2020f 2010 2011 2012 2013 2014 2015 2016
1281.71 3125.22 3647.63 3700.52 3631.67 3500.88 3343.86 3578.14
364.75 8920.26 10252.28 10655.47 10699.66 11048.86 9500.56 9371.52
401.15 2155.36 2363.92 2591.34 2768.29 2851.71 2879.53 2947.01
333.31 46569.39 53167.7 54432.2 56029.19 56338.3 53628.76 52960.71
503.12 5114.63 5542.63 5919.23 6234.55 6002.44 5874.6 5971.72
299.4 1333.58 1542.67 1754.55 1907.56 2052.32 2107.01 2228.27
US$) Real G
2017e 2018f 2019f 2020f 2010 2011 2012 2013
3847.81 4073.77 4334.02 4715.7 6.22 6.17 6.03 5.56
9216.55 9726.83 10357.64 10957.54 7.42 5.29 5.47 4.69
2944.35 3065.49 3264.18 3664 7.63 3.66 6.68 7.06
52353.07 52955.28 54508.88 56616.6 15.24 6.22 3.87 5
6258.21 6628.07 7007.5 7337.79 7.51 0.84 7.24 2.73
2393.63 2607.47 2845.91 3106.07 6.42 6.24 5.25 5.42
 Real GDP growth (%)
2014 2015 2016 2017e 2018f 2019f 2020f 2010
5.01 4.88 5.02 5.29 5.41 5.63 5.68 4.84
6.01 4.97 4.24 4.28 4.17 4.06 4.05 5.52
6.22 5.91 6.84 6.6 6.38 6.57 6.3 5.79
3.57 1.93 2 2.03 2.13 2.3 2.19 13.22
0.91 2.94 3.23 3.37 3.44 3.32 3.37 7.28
5.98 6.68 6.21 6.2 6.2 6.2 6.2 5.31
 Real GDP per capita growth (%)
2011 2012 2013 2014 2015 2016 2017e 2018f
4.78 4.65 4.2 3.69 3.61 3.81 4.13 4.28
3.58 3.87 2.26 4.68 2.99 2.8 2.9 2.83
1.24 4.81 5.23 4.43 4.15 5.1 5.01 4.82
4.03 1.35 3.31 2.24 0.73 0.68 0.71 0.83
0.52 6.83 2.29 0.51 2.59 2.97 3.15 3.26
5.12 4.12 4.31 4.85 5.53 5.16 5.15 5.15
 Real investment growth (%)
2019f 2020f 2010 2011 2012 2013 2014 2015
4.53 4.62 8.48 8.86 9.13 5.01 4.45 5.01
2.76 2.76 11.91 6.35 18.98 8.13 4.79 3.7
5.03 4.78 19.06 -1.89 10.81 11.83 6.15 15.19
1.01 1.14 7.83 5.16 8.21 5.72 -1.09 1.09
3.17 3.26 11.6 4.87 10.73 -1.01 -2.24 4.41
5.15 5.15 10.89 -7.81 1.87 5.3 9.26 9.35
tment growth (%)
2016 2017e 2018f 2019f 2020f 2010 2011 2012
4.48 5.48 5.5 5.9 6.21 32.88 33.04 34.76
2.67 3.77 3.77 3.75 3.72 23.39 23.19 25.75
23.48 6.43 6.27 6.81 6.89 20.54 20.47 18.2
-2.55 3.35 3.43 3.66 3.44 28.24 27.56 30.67
2.82 2.88 3.25 3.4 3.55 26.3 28.86 29.64
9.71 6.02 5.93 6 6 35.66 31.87 26.07
 Investment/GDP (%)
2013 2014 2015 2016 2017e 2018f 2019f 2020f
34.44 34.18 32.51 32.11 35.91 36.25 35.13 34.13
25.94 24.99 25.09 26.06 26.58 27.57 28.09 28.17
20.02 20.53 20.55 23.71 24.34 24.4 24.49 24.09
30.94 28.71 26.63 26.33 28.39 29.37 27.64 26.45
28.56 23.65 19.73 17.49 17.76 17.01 17.11 16.6
26.23 24.65 24.91 27.38 28.05 28.14 27.19 26.28
 Savings/GDP (%)

2010 2011 2012 2013 2014 2015 2016 2017e

33.56 33.23 32.1 31.25 31.1 30.48 30.36 34.65
33.47 34.08 30.91 29.42 29.38 28.09 28.11 29.2
24.14 22.98 20.98 24.2 24.3 23.04 23.91 25.17
51.68 49.71 48.05 47.85 48.44 44.74 45.35 44.51
29.67 31.4 29.23 27.41 27.36 27.78 28.9 28.4
31.97 32.05 32.12 30.75 29.68 25.38 28.55 29.03
 Exports/GDP (%
2018f 2019f 2020f 2010 2011 2012 2013 2014
34.92 33.93 32.84 22.15 24.14 22.26 21.42 21.04
30.16 30.83 31.28 86.93 85.26 79.3 75.63 73.79
25.57 25.74 25.81 34.8 32.03 30.82 28.02 28.85
44.95 45.32 43.94 199.75 203.29 197.19 194.16 193.43
28.23 28.15 27.79 66.49 70.85 69.78 68.09 69.43
30.64 30.18 29.82 68.74 78.05 79.78 83.37 86.56
Exports/GDP (%)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
18.48 16.41 16.76 17.04 17.13 16.98 7.14 7.48
70.9 67.24 68.04 66.87 65.74 65.28 3.22 3.09
28.19 27.54 28.98 29.75 30.09 29.09 7.4 7
177.93 172.15 172.22 178.45 187.26 192.25 2.2 2
69.09 68.93 69.03 69.2 69.86 70.82 1.04 0.68
89.69 102.14 109.49 119.94 130.86 142.76 4.29 3.6
 Unemployment rate (% of workforce)
2012 2013 2014 2015 2016 2017e 2018f 2019f
6.13 6.17 5.94 6.18 5.61 5.3 5 4.98
3.04 3.13 2.89 3.19 3.46 3.26 3.13 3.09
7 7.1 6.6 6.3 5.5 4.5 4.35 4.2
2 1.9 2 1.9 2.1 2.18 2.16 2.19
0.66 0.72 0.84 0.88 0.99 1.18 1.5 1.72
3.21 3.59 3.4 3.37 2.4 2.4 2.4 2.4
2020f
4.92
3.05
3.98
2.25
1.86
2.4
Monetary Data
Table 2
As of April 07, 2017
CPI growth (%
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ 5.13 5.36 4.28 6.41 6.39
Malaysia MY A- 1.71 3.2 1.65 2.1 3.17
Philippines PH BBB 3.79 4.65 3.17 3 4.1
Singapore SG AAA 2.82 5.25 4.58 2.36 1.03
Thailand TH BBB+ 3.34 3.81 3.01 2.19 1.9
Vietnam VN BB- 8.86 18.68 9.09 6.59 4.09
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--
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 CPI growth (%)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
6.36 3.53 4.7 4.72 5.02 4.73 8.26 7.47
2.08 2.13 2.88 3 2.7 2.63 4.12 5.41
1.43 1.77 3.07 3.49 3.56 3.46 4.22 4.02
-0.52 -0.53 0.97 1.43 1.85 2.18 -0.05 1.23
-0.9 0.19 1.75 2.21 2.25 2.31 4.08 3.74
0.88 2.66 3.65 3.9 4 4 12.07 21.26
tory corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.
al Services LLC. All rights reserved.
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 GDP deflator growth (%)
2012 2013 2014 2015 2016 2017e 2018f 2019f
3.75 4.97 5.44 4.03 2.45 4.45 3.4 3.05
1 0.17 2.46 -0.37 1.92 3.5 2.91 2.71
1.97 2.05 3.18 -0.63 1.64 2.44 2.77 2.57
0.36 -0.24 -0.41 2.54 -1.43 1.07 2.61 1.55
1.91 1.78 1.26 0.59 1.74 2.79 3.44 1.79
10.93 4.76 3.66 -0.19 2.4 3.1 3.6 3.8
 Exchange rate, year-end (LC/$)
2020f 2010 2011 2012 2013 2014 2015 2016
3.38 8991 9068 9670 12189 12440 13795 13436
2.26 3.08 3.18 3.06 3.28 3.5 4.29 4.49
2.5 43.88 43.93 41.19 44.41 44.62 47.17 49.81
0.92 1.29 1.3 1.22 1.27 1.32 1.41 1.45
0.49 30.15 31.69 30.63 32.81 32.96 36.09 35.83
3.8 18932 20828 20828 21036 21246 21890 22296
nd (LC/$) Banks' claims on resid
2017e 2018f 2019f 2020f 2010 2011 2012 2013
13563.91 13812.07 13842.53 13786.06 23.99 24.99 22.78 20.82
4.5 4.48 4.43 4.41 9.5 12.23 11.95 10.64
52.02 53.43 52.78 49.68 13.06 18.48 14.4 14.37
1.44 1.45 1.43 1.41 13.39 18.61 13.24 14.61
36 35.83 35.59 35.29 12.18 15.84 14.22 8.95
22296 22296 22296 22297 32.44 14.32 8.76 12.74
anks' claims on resident non-gov't sector growth
2014 2015 2016 2017e 2018f 2019f 2020f 2010
12.33 9.04 9.28 12 15.5 16 16 27.61
8.84 8.22 -0.7 5 8 8 8 116.19
18.29 11.63 14.91 15 15 15 15 34.98
7.05 1.41 5.19 6.5 6.5 6 6 96.22
4.65 4.65 -1.31 4.5 5 5 5 100.31
13.83 18.82 17.4 16.2 16 16 16 114.72
 Banks' claims on resident non-gov't sector/GDP
2011 2012 2013 2014 2015 2016 2017e 2018f
30.24 33.75 36.81 37.34 37.32 37.91 38.6 40.91
117.49 123.46 130.25 130.51 135.06 126.23 122.8 123.71
38.44 40.43 42.32 45.68 48.46 51.28 54.01 56.81
106.13 115.29 126.14 130.92 127.03 132.91 137.28 139.51
111.08 116.08 120.96 123.87 125.18 117.63 115.68 113.53
101.8 94.83 96.8 100.3 111.93 120.82 128.22 135.19
 Foreign currency share of claims by banks o
2019f 2020f 2010 2011 2012 2013 2014 2015
43.6 46.29 9.38 10.1 10.23 11.85 11.06 10.29
125 126.88 1.23 1.81 1.7 2.05 2.24 2.95
59.77 63.08 N/A N/A N/A N/A N/A N/A
142.35 146.32 N/A N/A N/A N/A N/A N/A
113.34 114.57 N/A N/A N/A N/A N/A N/A
142.26 149.69 N/A N/A N/A N/A N/A N/A
of claims by banks on residents Foreign cur
2016 2017e 2018f 2019f 2020f 2010 2011 2012
9.39 12 14.5 14.5 14.5 15.23 14.6 15.46
3.33 2.98 2.98 2.98 2.98 4.71 4.98 5.63
N/A N/A N/A N/A N/A 21.49 19.88 18.11
N/A N/A N/A N/A N/A 0.91 1.02 1
N/A N/A N/A N/A N/A 1.85 1.75 1.72
N/A N/A N/A N/A N/A 18.03 16.84 13.44
Foreign currency share of residents' bank deposits
2013 2014 2015 2016 2017e 2018f 2019f 2020f
18.36 17.1 17.29 15.74 16.4 16.4 16.4 16.4
4.97 5.7 8.14 7.62 7 7 7 7
15.25 16.82 16.7 17.12 17.12 17.12 17.12 17.12
1.26 1.69 1.88 1.41 1 1 1 1
1.73 2.35 2.76 2.88 2.3 2.3 2.3 2.3
13.94 12.42 12.69 12.4 12.4 12.4 12.4 12.4
 Real effective exchange rate growth

2010 2011 2012 2013 2014 2015 2016 2017e

6.03 -1.13 -5.31 -11.53 10.01 -1.58 6.8 N/A
5.49 0.36 -0.26 0.49 -0.72 -7.95 -4.32 N/A
4.55 0.67 4.85 4 -0.33 6.53 -3.12 N/A
12.61 8.23 6.29 3.38 0.39 -1.06 -3.2 N/A
5.48 -0.79 0.33 6.52 -3.27 1.28 -3.66 N/A
N/A 4.4 4.02 6.81 6.29 3.4 N/A N/A
 2018f 2019f 2020f
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
General Government Data
Table 3
As of April 07, 2017
GG balance/GDP
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ -0.68 -1.08 -1.78 -2.22 -0.36
Malaysia MY A- -8.84 -7.84 -7.69 -7.03 -6.01
Philippines PH BBB -2.55 -0.88 -1.15 -0.16 0.69
Singapore SG AAA 8.76 10.04 9.46 8.08 7.49
Thailand TH BBB+ -0.25 0.67 -0.31 1.31 -0.08
Vietnam VN BB- -2.76 -1.06 -6.8 -7.42 -6.15
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--
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 GG balance/GDP (%)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
-2.53 -2.75 -2.4 -2.3 -2.3 -2.3 1.33 1.63
-4.83 -3.61 -3.8 -3.6 -3.6 -3.6 5.45 5.4
0.46 -2.3 -2.8 -2.8 -2.8 -2.8 -4.18 2.28
3.73 5.5 3 3 3 3 9.52 10.39
0.94 1.17 -0.7 -0.5 -0.5 -0.5 3.35 0.49
-5.9 -5.7 -5.3 -5 -5 -5 10.26 8.4
tory corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.
al Services LLC. All rights reserved.
nalyses and data, valuations, model, software, or other application or
) may be modified, reverse engineered, reproduced, or
d in a database or retrieval system, without the prior written
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oyees, or agents (collectively S&P Parties) do not
ness, or availability of the Content. S&P Parties are not
ent or otherwise), regardless of the cause, for the results
e security or maintenance of any data input by the user.
&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR
MITED TO, ANY WARRANTIES OF
LAR PURPOSE OR USE, FREEDOM FROM BUGS,
ONTENT'S FUNCTIONING WILL BE
L OPERATE WITH ANY SOFTWARE OR
S&P Parties be liable to any party for any direct,
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out limitation, lost income or lost profits and opportunity
ection with any use of the Content even if advised of the

tings, and statements in the Content are statements of

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elow) are not recommendations to purchase, hold, or sell
sions, and do not address the suitability of any security.
ent following publication in any form or format. The
ubstitute for the skill, judgment, and experience of the user,
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n investment advisor except where registered as such.
ces it believes to be reliable, S&P does not perform an
or independent verification of any information it receives.

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atory purposes, S&P reserves the right to assign, withdraw,
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hdrawal, or suspension of an acknowledgment as well as
een suffered on account thereof.

ts separate from each other in order to preserve the

ve activities. As a result, certain business units of S&P may
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ertain nonpublic information received in connection with

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e right to disseminate its opinions and analyses. S&P's
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ed. No sharing of passwords/user IDs and no simultaneous
 Change in GG debt/GDP (%)
2012 2013 2014 2015 2016 2017e 2018f 2019f
2 4.16 2.23 4.87 2.34 2.45 2.3 2.3
4.76 3.75 3.87 4.11 2.7 2.9 2.7 2.5
2.54 2.09 0.57 1.69 1.45 3.79 2.8 2.8
8.11 -4.05 3.8 9.8 -4.86 13.76 11.75 10.97
3.46 2.4 0.97 3.33 0.34 2.7 2.5 2.5
9.08 8.61 8.09 7.85 5.59 5.25 5.54 5
 Primary GG balance/GDP (%)
2020f 2010 2011 2012 2013 2014 2015 2016
2.3 0.6 0.11 -0.61 -1.03 0.9 -1.18 -1.27
2.5 -6.94 -5.89 -5.68 -4.99 -3.96 -2.73 -1.45
2.85 0.71 2 1.82 2.65 3.23 2.79 -0.18
4.53 8.76 10.04 9.46 8.08 7.49 3.73 5.5
2.5 0.83 1.86 0.85 2.43 1.04 1.94 2.02
5 -1.58 0.01 -5.46 -5.84 -4.45 -4.35 -3.52
GDP (%) GG Rev
2017e 2018f 2019f 2020f 2010 2011 2012 2013
-0.98 -0.89 -0.89 -0.9 14.51 15.46 15.54 15.08
-1.7 -1.47 -1.48 -1.5 14.27 16 17 17.38
-0.91 -0.86 -0.87 -0.88 18.93 19.77 20.55 21
3 3 3 3 22.08 23.85 22.94 22.16
0.41 0.69 0.73 0.78 20.36 21.23 20.38 22.05
-3.11 -2.77 -2.77 -2.8 27.26 25.88 22.6 23.08
 GG Revenues/GDP (%)
2014 2015 2016 2017e 2018f 2019f 2020f 2010
16.46 14.83 13.97 14.5 14.7 14.9 15 15.19
16.64 16.8 16.71 17.4 17.5 17.8 17.8 23.11
21.32 22.39 22.7 22.7 22.7 22.7 22.7 21.48
22.24 22.48 19 19 18.5 18 18 13.31
21.27 22.18 21.67 22 21 21 21 20.62
21.9 23.75 22.5 22.5 22.5 22.5 22.5 30.02
 GG Expenditures/GDP (%)
2011 2012 2013 2014 2015 2016 2017e 2018f
16.54 17.32 17.3 16.82 17.36 16.71 16.9 17
23.84 24.69 24.41 22.65 21.63 20.32 21.2 21.1
20.64 21.7 21.16 20.62 21.93 25 25.5 25.5
13.81 13.48 14.09 14.74 18.75 13.5 16 15.5
20.56 20.69 20.74 21.35 21.24 20.5 22.7 21.5
26.94 29.4 30.5 28.05 29.64 28.2 27.8 27.5
 GG interest expenditure/revenues (
2019f 2020f 2010 2011 2012 2013 2014 2015
17.2 17.3 8.88 7.7 7.51 7.85 7.67 9.12
21.4 21.4 13.33 12.14 11.83 11.74 12.27 12.49
25.5 25.5 17.27 14.54 14.41 13.35 11.92 10.38
15 15 0 0 0 0.01 0 0
21.5 21.5 5.31 5.64 5.66 5.06 5.26 4.51
27.5 27.5 4.31 4.14 5.92 6.84 7.73 6.53
enditure/revenues (%)
2016 2017e 2018f 2019f 2020f 2010 2011 2012
10.55 9.82 9.57 9.45 9.37 24.54 23.14 23.03
12.91 12.1 12.15 11.92 11.78 49.64 50.12 51.81
9.35 8.34 8.54 8.48 8.46 42.2 41.41 40.61
0 0 0 0 0 102.73 105.92 109.71
3.93 5.05 5.68 5.86 6.1 28.06 27.32 28.46
9.69 9.73 9.92 9.89 9.78 49.29 46.66 49.05
 Gross GG debt/GDP (%)
2013 2014 2015 2016 2017e 2018f 2019f 2020f
24.95 24.76 27.56 27.95 27.87 27.87 27.9 27.85
53.16 52.8 54.6 54.09 53.02 52.15 51.29 50.71
39.26 36.4 36.28 34.86 35.72 35.47 35.25 35.21
100.69 101.42 106.83 101.4 112.09 118.71 125.24 125.98
29.62 29.95 32.26 31.05 31.92 32.33 33.24 34.5
53.02 56.35 60.78 61.47 61.4 61.35 60.65 60.02
 Debt/Revenues (%)

2010 2011 2012 2013 2014 2015 2016 2017e

169.18 149.61 148.2 165.42 150.38 185.88 200.14 192.2
347.86 313.28 304.8 305.9 317.28 325.06 323.64 304.69
222.96 209.51 197.6 186.96 170.75 162.05 153.59 157.36
465.34 444.13 478.33 454.28 456.11 475.18 533.69 589.97
137.8 128.67 139.62 134.31 140.84 145.44 143.28 145.08
180.8 180.28 217.02 229.69 257.27 255.94 273.22 272.87
 Net GG debt/GDP (

2018f 2019f 2020f 2010 2011 2012 2013 2014

189.59 187.27 185.64 22.43 21.04 21.4 23.17 22.89
298.01 288.17 284.89 42.08 43.23 45.02 47.47 47.24
156.27 155.28 155.1 27.65 27.18 22.72 22.72 20.5
641.7 695.78 699.86 -81.66 -81.08 -86.2 -90.3 -83.87
153.96 158.3 164.3 18.44 18.56 19.22 19.91 20.16
272.65 269.56 266.75 46.07 43.74 46.53 50.26 54.09
Net GG debt/GDP (%)

2015 2016 2017e 2018f 2019f 2020f 2010 2011

25.28 25.85 25.95 26.11 26.29 26.37 2.11 2.09
49.45 49.35 48.62 48.05 47.46 47.11 7.56 6.89
21.41 22.02 22.96 23.81 24.58 25.36 14.55 14.23
-78.72 -88.8 -94.62 -86.79 -85.04 -83.96 184.39 187
20.98 20.72 22.2 23.25 24.61 26.19 9.62 8.75
58.97 59.66 59.54 59.12 58.63 58.19 3.22 2.91
 Liquid assets/GDP

2012 2013 2014 2015 2016 2017e 2018f 2019f

1.62 1.78 1.87 2.28 2.11 1.92 1.76 1.61
6.8 5.68 5.56 5.15 4.74 4.39 4.1 3.83
17.89 16.54 15.9 14.87 12.85 12.76 11.67 10.67
195.91 190.99 185.29 185.55 190.2 206.71 205.5 210.28
9.24 9.71 9.79 11.27 10.32 9.72 9.08 8.63
2.52 2.75 2.26 1.81 1.81 1.85 2.23 2.02
2020f
1.48
3.6
9.85
209.94
8.31
1.83
Balance-Of-Payments Data
Table 4
As of April 07, 2017
CARs/GDP (%
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ 23.33 25 24.16 23.69 23.61
Malaysia MY A- 91.83 91.53 84.34 81.05 79.48
Philippines PH BBB 39.69 37.4 38.04 36.01 37.76
Singapore SG AAA 226.23 226.6 219.09 215.87 215.29
Thailand TH BBB+ 70.86 76.39 75.73 72.99 74.28
Vietnam VN BB- 75.94 84.75 85.24 89.39 92.27
LT FC--Long-term foreign currency. CARs--Current account receipts. C
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distributed in any form by any means, or stored in a database or retr
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obtained from the use of the Content, or for the security or maintena
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expenses, legal fees, or losses (including, without limitation, lost inc
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Credit-related and other analyses, including ratings, and statements

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 CARs/GDP (%)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
21.43 19.44 20.1 20.2 20.13 19.88 15.27 14.89
76.15 72.29 73.13 72.15 71.12 70.89 11.12 4.18
36.19 36.16 38.91 39.83 39.76 38.12 20.97 -2.54
199.13 194.2 191.97 199.29 209.1 215.51 17.44 6.45
72.94 73.11 73.08 73.5 74.18 75.45 14.15 9.53
94.34 108.1 116.19 127.31 138.94 151.64 6.78 4.42
ent account receipts. CAPs--Current account payments. N/A--Not available. N.M.--Not meaningful. e--Estimate. f-
al Services LLC. All rights reserved.
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elow) are not recommendations to purchase, hold, or sell
sions, and do not address the suitability of any security.
ent following publication in any form or format. The
ubstitute for the skill, judgment, and experience of the user,
clients when making investment and other business
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ces it believes to be reliable, S&P does not perform an
or independent verification of any information it receives.

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atory purposes, S&P reserves the right to assign, withdraw,
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hdrawal, or suspension of an acknowledgment as well as
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 Real exports growth (%)
2012 2013 2014 2015 2016 2017e 2018f 2019f
0.82 3.81 0.8 -2.47 -2.67 4.06 4.5 5.25
-1.74 0.26 5.04 0.63 0.12 3.27 3.41 3
8.58 -0.97 11.68 8.98 9.1 5.32 6.5 6.44
1.45 5.82 3.98 2.63 1.61 2.62 2.8 2.59
4.95 2.74 0.16 0.72 2.15 3.48 3.9 3.9
4.68 1.61 8.63 9.28 16.93 12.06 13.41 13.47
ningful. e--Estimate. f--Forecast.
 Current account balance/GDP (%)
2020f 2010 2011 2012 2013 2014 2015 2016
5.13 0.68 0.19 -2.66 -3.19 -3.09 -2.03 -1.75
2.95 10.08 10.89 5.17 3.48 4.39 3 2.05
6.03 3.6 2.52 2.78 4.19 3.78 2.48 0.2
2.55 23.44 22.15 17.38 16.91 19.74 18.11 19.03
3.8 3.37 2.54 -0.41 -1.15 3.71 8.05 11.41
13.47 -3.69 0.17 6.05 4.52 5.03 0.47 1.17
e/GDP (%) Current accou
2017e 2018f 2019f 2020f 2010 2011 2012 2013
-1.26 -1.34 -1.2 -1.29 2.92 0.75 -11.01 -13.47
2.62 2.59 2.74 3.11 10.98 11.9 6.13 4.3
0.84 1.18 1.25 1.72 9.06 6.73 7.3 11.63
16.11 15.58 17.69 17.49 10.36 9.77 7.93 7.84
10.64 11.22 11.04 11.19 4.75 3.33 -0.54 -1.58
0.98 2.51 3 3.54 -4.86 0.21 7.1 5.06
Current account balance/CARs (%)
2014 2015 2016 2017e 2018f 2019f 2020f 2010
-13.08 -9.49 -9.02 -6.28 -6.61 -5.95 -6.48 4.64
5.52 3.93 2.83 3.58 3.58 3.85 4.38 5.57
10 6.86 0.55 2.15 2.96 3.14 4.5 7.19
9.17 9.09 9.8 8.39 7.82 8.46 8.12 4.81
5 11.04 15.6 14.56 15.27 14.88 14.83 8.03
5.45 0.5 1.08 0.84 1.97 2.16 2.34 2.13
 Usable reserves/CAPs (months)
2011 2012 2013 2014 2015 2016 2017e 2018f
5.21 5.37 5.52 5.01 6.64 6.43 6.45 6.53
5.32 6.44 6.69 6.37 6.42 5.49 5.44 5.21
9.39 10.25 11.62 10.31 9.69 8.85 8.24 7.76
4.93 5.02 5.3 5.53 5.84 5.81 5.76 5.45
8.4 8.18 7.91 7.96 8.35 8.04 8.25 8.12
1.31 1.33 2.12 1.91 2.26 1.52 2.02 1.84
 Gross ext. fin. needs/(CAR + use. res.
2019f 2020f 2010 2011 2012 2013 2014 2015
6.4 6.02 85.29 85.57 92.21 96.27 99.79 94.03
5.08 4.95 78.42 82.74 84.75 85.77 88.39 90.47
7.27 6.82 67.99 65.53 60.6 58.73 61.54 63.97
5.18 5.01 142.48 139.48 142.88 143.74 146.66 154.27
8.23 8.27 68.77 70.34 71.02 74.66 73.73 70.22
1.77 1.71 95.49 97.36 91.42 88.14 88.72 90.38
eds/(CAR + use. res.) (%)
2016 2017e 2018f 2019f 2020f 2010 2011 2012
95.02 87.79 85.97 84.71 85.67 1.47 1.29 1.49
91.09 90.65 89.91 89.58 89.09 -1.7 -1.02 -2.51
66.81 67.31 68.61 69.96 70.79 -0.82 -0.15 -0.38
150.82 154.42 156.95 157.08 157.47 8.32 6.45 12.72
68.31 67.28 67.28 66.72 65.95 1.94 -1.27 -0.34
93.6 91.19 90.57 89.82 89.4 6.12 4.78 4.6
 Net FDI/GDP (%)
2013 2014 2015 2016 2017e 2018f 2019f 2020f
1.33 1.65 1.24 1.62 1.7 1.85 1.9 1.95
-0.62 -1.62 0.41 1.46 0.5 0.5 0 0
0.03 -0.36 0.03 1.39 -0.8 -0.8 -0.8 -0.8
6.97 7.06 13.2 12.7 9 8.5 8.5 8.5
0.91 -0.19 1.01 -2.46 -1 -1 -1 -1
4.06 4.32 5.54 4.1 4.1 4.1 4.1 4.1
 Trade balance/GDP
2010 2011 2012 2013 2014 2015 2016 2017e
4.11 3.79 0.95 0.64 0.78 1.63 1.65 1.81
15.12 15.41 11.64 9.48 10.24 9.47 8.23 9.15
-8.45 -9.11 -7.57 -6.5 -6.08 -7.97 -11.2 -11.3
26.21 26.62 24.63 24.8 26.52 27.91 27.88 26.44
7.82 3.29 0.03 0.01 4.25 6.72 8.79 9.12
-4.43 -0.33 6.36 5.09 6.51 3.83 3.33 3.49
 Net portfolio equity in
2018f 2019f 2020f 2010 2011 2012 2013 2014
1.93 2.08 1.99 1.75 0.43 1 1.19 2.93
8.66 8.43 8.38 5.9 2.87 6.57 -0.3 -3.56
-11.17 -10.91 -10.25 2.45 1.63 1.28 0.37 -0.95
26.62 28.22 28.88 -6.68 -2.87 -12.99 -13.88 -8.84
9.63 9.61 9.53 0.1 -0.12 -0.16 -1.27 -2.56
5.08 5.72 6.48 2.04 1.04 0.83 0.79 0.14
et portfolio equity inflow/GDP
2015 2016 2017e 2018f 2019f 2020f
1.88 2.02 1.9 2.1 2.2 2.5
-2.44 -1.6 -1.5 -1 -1.5 -1.5
-1.87 -0.45 -1.5 -1.5 -1.5 -1.5
-16.18 -7.54 -10 -8.5 -8 -8
-3.1 -0.44 -3.4 -3.3 -3.3 -3.3
0.07 0.6 0.6 0.6 0.6 0.6
External Balance Sheet
Table 5
As of April 07, 2017
Narrow net ext. debt/
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ 45.56 38.54 48.73 63.43 70.96
Malaysia MY A- -2.1 -5.18 -3.46 4.09 6.68
Philippines PH BBB -3.76 -11.23 -12.73 -15.52 -20.11
Singapore SG AAA -111.24 -99.69 -111.44 -109.38 -106.02
Thailand TH BBB+ -35.22 -32.34 -23.86 -17.07 -14.38
Vietnam VN BB- 28.56 26.35 18.56 15.95 13.48
LT FC--Long-term foreign currency. CARs--Current account receipts. C
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arrow net ext. debt/CARs (%)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
92.82 93.76 75.34 66.07 60.71 55.41 124 105.79
5.53 10.92 8.83 10.65 13.11 13.7 9.76 -3.52
-20.76 -24.93 -19.2 -14.95 -10.52 -5.98 37.03 27.45
-115.06 -116.18 -120.94 -117.59 -116.52 -113.58 -121.6 -112.1
-20.32 -27.64 -29.8 -35 -37.56 -42.63 20.82 17.62
11.64 -2.94 -4.94 -7.32 -8.43 -9.53 94.61 83.84
ent account receipts. CAPs--Current account payments. N/A--Not available. N.M.--Not meaningful. e--Estimate. f-
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ertain nonpublic information received in connection with

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 Net ext. liabilities/CARs (%)
2012 2013 2014 2015 2016 2017e 2018f 2019f
126.48 141.26 148.02 168.66 182.06 169.3 168.17 168.36
5.79 0.97 -8.11 -32.42 -24.9 -25.83 -26.55 -28.47
42.76 36.76 37.98 27.69 26.56 21.87 17.08 13.3
-130.28 -127.74 -116.16 -138.15 -147.8 -153.41 -148.04 -139.94
32.35 30.4 38.24 19.54 5.64 -6.36 -19.18 -31.08
74.64 70.04 66.5 67.55 46.38 40.7 33.53 28.25
ningful. e--Estimate. f--Forecast.
 Short-term external debt by remaining maturity/CAR
2020f 2010 2011 2012 2013 2014 2015 2016
168.28 20.24 23.22 27.05 33.04 33.86 41.54 41.53
-30.17 21.79 26.96 33.58 35.8 38.28 40.9 34.43
9.57 14.09 20.09 15.89 20.64 19.13 18.93 16.34
-133.77 104.02 100.91 105.83 110.11 117.23 131.62 126.48
-42.25 17.38 21.26 19.16 23.1 25.17 24.73 22.52
23.47 8.4 8.18 7.9 8 7.53 7.82 6.38
aining maturity/CARs Usable re
2017e 2018f 2019f 2020f 2010 2011 2012 2013
31.66 29.23 26.6 24.93 96222.13 110238.83 112797.63 99379.3
33.88 31.16 29.9 28.62 106533.67 133622.59 139730.78 134850.19
14.68 14.61 14.17 13.71 61199.82 75345.66 83788.6 83163.71
130.72 130.51 127.56 125.99 231279.19 243976.45 265910.2 277785.42
21.36 21.11 20.55 19.5 191639.13 206350.45 205624.26 190165.52
7.26 6.14 4.93 4.16 12513.66 13634.07 25700.8 25874.39
 Usable reserves (US$ mil.)
2014 2015 2016 2017e 2018f 2019f 2020f
111845.66 105931.61 116373.61 127143.4 132567.63 136066.24 139911.36
115951.12 95283.69 94482.98 95434.68 98592.32 101997.53 105645.02
79587.05 80647.34 80676.32 81471.88 82228.42 82973.12 83821.12
261555.14 251880.29 251064.84 254378.55 262230.71 275534.25 288837.23
180259.67 168115.35 183429.91 191007.94 207877.74 222927.01 239471.35
34186.89 27878.92 43444.73 47085.89 54451.7 63073.38 74214.86
Central Government Debt and Borrowing Data
Table 6
As of April 07, 2017
Gross LT commercial borro
Country
Country NCode LT FC rati 2010 2011 2012 2013 2014
Indonesia ID BB+ N/A N/A N/A N/A 40.429032
Malaysia MY A- N/A N/A N/A N/A 30.303468
Philippines PH BBB N/A N/A N/A N/A 12.689273
Singapore SG AAA N/A N/A N/A N/A 28.06472
Thailand TH BBB+ N/A N/A N/A N/A 12.360316
Vietnam VN BB- N/A N/A N/A N/A 6.5170708
LT FC--Long-term foreign currency. ST--Short term. FC--Foreign curren
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T commercial borrowing (US$ bil.)
2015 2016 2017e 2018f 2019f 2020f 2010 2011
42.534666 22.499036 26.274923 N/A N/A N/A N/A N/A
25.108036 22.269133 24.702331 N/A N/A N/A N/A N/A
13.777437 10.219541 12.205798 N/A N/A N/A N/A N/A
29.821977 26.922131 25.577265 N/A N/A N/A N/A N/A
7.1065836 11.439915 28.796705 N/A N/A N/A N/A N/A
12.526239 13.038563 12.943534 N/A N/A N/A N/A N/A
rm. FC--Foreign currency. LT--Long term. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.
al Services LLC. All rights reserved.
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elow) are not recommendations to purchase, hold, or sell
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ent following publication in any form or format. The
ubstitute for the skill, judgment, and experience of the user,
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ces it believes to be reliable, S&P does not perform an
or independent verification of any information it receives.

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atory purposes, S&P reserves the right to assign, withdraw,
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hdrawal, or suspension of an acknowledgment as well as
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ts separate from each other in order to preserve the

ve activities. As a result, certain business units of S&P may
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 Commercial debt stock (year end, US$ bil.)
2012 2013 2014 2015 2016 2017e 2018f 2019f
N/A N/A 159.22035 174.03711 203.12501 219.35422 N/A N/A
N/A N/A 162.89928 145.44317 146.1408 154.933 N/A N/A
N/A N/A 113.74326 108.609 108.63906 121.51838 N/A N/A
N/A N/A 293.14966 297.75797 309.32292 301.27052 N/A N/A
N/A N/A 124.05457 105.68725 113.02423 127.86352 N/A N/A
N/A N/A 32.781833 45.514686 49.853792 55.031205 N/A N/A
mate. f--Forecast.
 ST debt (US$ bil.)
2020f 2010 2011 2012 2013 2014 2015 2016
N/A N/A N/A N/A N/A 4.0743593 5.7617227 9.9200586
N/A N/A N/A N/A N/A 0.8829757 1.0950606 1.0242977
N/A N/A N/A N/A N/A 6.3146334 5.606475 5.9297103
N/A N/A N/A N/A N/A 18.553596 29.705071 28.774225
N/A N/A N/A N/A N/A 11.716978 6.7278587 2.2884941
N/A N/A N/A N/A N/A 22.566531 24.691717 27.045682
l.) Bi-/Multilate
2017e 2018f 2019f 2020f 2010 2011 2012 2013
10.712648 N/A N/A N/A N/A N/A N/A N/A
0.6824319 N/A N/A N/A N/A N/A N/A N/A
7.5854671 N/A N/A N/A N/A N/A N/A N/A
27.711204 N/A N/A N/A N/A N/A N/A N/A
3.2507675 N/A N/A N/A N/A N/A N/A N/A
29.854429 N/A N/A N/A N/A N/A N/A N/A
Bi-/Multilateral debt (% of total)
2014 2015 2016 2017e 2018f 2019f 2020f 2010
23.96 22.52 22.6 22.6 N/A N/A N/A N/A
0 1 0.96 1 N/A N/A N/A N/A
12.12 13.97 13.38 12.78 N/A N/A N/A N/A
0 0 0 0 N/A N/A N/A N/A
3 6 6 5.6 N/A N/A N/A N/A
60 60 60 60 N/A N/A N/A N/A
 ST debt (% of total)
2011 2012 2013 2014 2015 2016 2017e 2018f
N/A N/A N/A 1.95 2.57 3.78 3.78 N/A
N/A N/A N/A 0.54 0.75 0.69 0.44 N/A
N/A N/A N/A 4.88 4.44 4.73 5.44 N/A
N/A N/A N/A 6.33 9.98 9.3 9.2 N/A
N/A N/A N/A 9.16 5.98 1.9 2.4 N/A
N/A N/A N/A 27.54 21.7 21.7 21.7 N/A
 FC debt (% of total)
2019f 2020f 2010 2011 2012 2013 2014 2015
N/A N/A N/A N/A N/A N/A 43.28 43.85
N/A N/A N/A N/A N/A N/A 2.82 3.41
N/A N/A N/A N/A N/A N/A 33.61 32.98
N/A N/A N/A N/A N/A N/A 0 0
N/A N/A N/A N/A N/A N/A 1.9 6
N/A N/A N/A N/A N/A N/A 60 60
bt (% of total) L
2016 2017e 2018f 2019f 2020f 2010 2011 2012
44 44 N/A N/A N/A N/A N/A N/A
3.62 3.4 N/A N/A N/A N/A N/A N/A
33.68 31.11 N/A N/A N/A N/A N/A N/A
0 0 N/A N/A N/A N/A N/A N/A
6 5.6 N/A N/A N/A N/A N/A N/A
60 60 N/A N/A N/A N/A N/A N/A
 LT fixed-rate debt (% of total)
2013 2014 2015 2016 2017e 2018f 2019f 2020f
N/A 93.7 83.44 82.36 82.36 N/A N/A N/A
N/A 99.46 99.25 99.31 99.56 N/A N/A N/A
N/A 88.29 87.53 86.63 81.79 N/A N/A N/A
N/A 93.67 90.02 88.84 90.8 N/A N/A N/A
N/A 75.4 80.32 80.19 82.96 N/A N/A N/A
N/A 50.73 54.81 54.81 54.81 N/A N/A N/A
 Roll-over ratio (% of debt)
2010 2011 2012 2013 2014 2015 2016 2017e
N/A N/A N/A N/A 13.72 6.68 7.69 8.83
N/A N/A N/A N/A 11.46 9.75 8.95 10.42
N/A N/A N/A N/A 14.07 13.2 12.33 8.96
N/A N/A N/A N/A 17.71 11.76 15.81 15.33
N/A N/A N/A N/A 9.47 14.45 10.34 5.63
N/A N/A N/A N/A 6.89 22.05 22.24 22.45
 Roll-over ratio (% o
2018f 2019f 2020f 2010 2011 2012 2013 2014
N/A N/A N/A N/A N/A N/A N/A 3.38
N/A N/A N/A N/A N/A N/A N/A 5.9
N/A N/A N/A N/A N/A N/A N/A 6.43
N/A N/A N/A N/A N/A N/A N/A 17.67
N/A N/A N/A N/A N/A N/A N/A 3.04
N/A N/A N/A N/A N/A N/A N/A 3.05
Roll-over ratio (% of GDP)
2015 2016 2017e 2018f 2019f 2020f
1.79 2.14 2.5 N/A N/A N/A
5.31 4.79 5.6 N/A N/A N/A
5.91 5.21 3.84 N/A N/A N/A
12.3 16.94 15.77 N/A N/A N/A
4.33 3.15 1.89 N/A N/A N/A
13.1 13.57 13.81 N/A N/A N/A