EIB Papers Volume 13. n°1/2008 - European Investment Bank

126 Volume13 N°1 2008 EIB PAPERS
Table 5. Public and private investment in NMS, 2001–2006 (in percent of GDP)
Total
investment
Public
investment
Private
investment
Changes 1/
2001-03 2004-06 2001-03 2004-06 2001-03 2004-06 Total Public Private
Estonia 29.4 32.0 4.4 3.9 25.0 28.2 2.6 -0.5 3.2
Latvia 24.4 30.8 1.6 3.3 22.8 27.6 6.5 1.7 4.8
Lithuania 20.5 23.3 2.7 3.7 17.8 19.6 2.8 1.0 1.8
Bulgaria 18.6 23.6 2.9 3.3 15.7 20.4 5.1 0.4 4.7
Czech Republic 27.4 25.1 4.0 4.9 23.4 20.2 -2.3 0.9 -3.2
Hungary 22.7 22.3 4.0 4.0 18.7 18.3 -0.4 -0.1 -0.3
Poland 19.2 18.7 3.4 3.6 15.8 15.1 -0.5 0.3 -0.7
Romania 21.1 23.2 2.9 3.2 18.2 19.9 2.0 0.3 1.7
Slovenia 24.1 25.7 3.2 3.5 20.9 22.2 1.5 0.3 1.3
Slovakia
Memorandum
items:
26.9 25.8 3.0 2.2 24.0 23.5 -1.2 -0.7 -0.4
Euro area 2/ 20.4 20.6 2.5 2.5 17.9 18.1 0.2 0.0 0.2
Baltics 24.8 28.7 2.9 3.6 21.9 25.1 4.0 0.7 3.2
CEEs 22.9 23.5 3.3 3.5 19.5 20.0 0.6 0.2 0.4
Source: Eurostat
Notes: 1/ Data refer to changes from 2001-2003 to 2004-2006, and positive values indicate an increase.
2/ Data refer to weighted averages of 12 countries in the Euro area.
Figure 6a. Fiscal balances and sovereign ratings, 2000-2005 1/
Fitch sovereign bond rating
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
-9 -6 -3 0 3
Fiscal balance in percent of GDP in the previous year
Sources: Eurostat (2007), Fitch Ratings (2007), and IMF(2006a)
Note: 1/ Fitch sovereign rating refers to annual average ratings of long-term foreign currency sovereign bonds, and BBB
is the minimum rating for investment grade. The rating on sovereign bonds is generally considered a ceiling
of ratings for private sector financing in the same country, and a higher rating is associated with lower cost of
financing. See IMF (2005) for details.