Line chart and statistics of external debt for GDP ratio, 1999 through 2009. In 2009, the ratio values are 0.18 for Brazil, 0.38 for Russia, 0.19 for India (2008), and 0.28 for South Africa.

The fast growing emerging BRICS economies exhibit a low insolvency risk, as suggested by the very low Debt-to-GDP ratios. By comparison with the Euro Area, they perform 3 to 6 times better.

Contrary to most of the industrial countries, the 2008 crisis did not hinder significantly the solvency levels of the BRICS. Indeed in countries such as Brazil, Russia and South Africa, not to mention China for which comparable data are not available, the ratio indicates an ongoing financial improvement.

 

BRICS (Brazil, Russia, India, China¹, South Africa)
Ratio
Gross External Debt / GDP (Gross Domestic Product)

Year

Brazil

Russia

India

South Africa
Gross external debtGDP

Ratio External debt / GDP

 Gross external debtGDP

Ratio External debt / GDP

 Gross external debtGDP

Ratio External debt / GDP

 Gross external debtGDP

Ratio External debt / GDP
(Million current US$)(Million current US$)(Million current US$)(Million current US$)
1999 586,863  195,906  450,476  133,184 
2000 644,702  259,708  460,182  132,878 
2001 553,582  306,603  477,849  118,479 
2002 504,221  345,470  507,190 32,728111,1010.29
2003235,414552,4690.43185,741431,4870.43 599,461 37,138168,2190.22
2004220,182663,7600.33214,503591,7420.36 720,909 43,334219,0930.20
2005187,987882,1850.21257,402764,5540.34 837,195 46,157247,0640.19
2006199,3721,088,9170.18313,176989,4260.32160,242949,1920.1759,396261,0070.23
2007240,4951,365,9830.18463,9151,300,1210.36206,0051,232,8160.1775,275286,3020.26
2008262,9101,638,6090.16480,5411,667,5990.29229,7991,214,2120.1971,811276,4510.26
2009277,5631,571,9790.18467,2301,230,7260.38252,2981,310,171 79,253285,9830.28
2010-Q1293,005  463,754  262,252  81,729  
2010-Q2309,510  456,060  273,078  80,516  
Average annual change rate-13.51% -2.04% 3.78% -0.50%
¹ The acronym BRICS stands for Brazil, Russia, India, China and South Africa. Unfortunately, data for China is unavailable.

 

Sources: JEDH for external debt, and World DataBank for balance of payments items.

 

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