HUNGARY

Source: Euler Hermes, as of June 25, 2020

Sound fundamentals; very favorableor fairly good outlook.

Signs of weaknesses; possible slowdown.

Structural weaknesses; unfavorable or fairly bad outlook.

Imminent or recognized crisis.

Automotivemanufacturers

ALGERIA

BAHRAIN

EGYPT

ISRAEL

KUWAIT

MOROCCO

OMAN

QATAR

SAUDI ARABIA

SOUTH AFRICA

ARGENTINA

BRAZIL

CANADA

CHILE

COLOMBIA

COSTA RICA

ECUADOR

GUATEMALA

MEXICO

PANAMA

PERU

AUSTRALIA

INDIA

INDONESIA

JAPAN

KOREA (SOUTH)

MALAYSIA

NEW ZEALAND

PHILIPPINES

SINGAPORE

TAIWAN

THAILAND

AUSTRIA

BELGIUM

BULGARIA

CROATIA

CZECH REPUBLIC

DENMARK

ESTONIA

FINLAND

FRANCE

GERMANY

VIETNAM

GREECE

IRELAND

ITALY

LATVIA

LITHUANIA

LUXEMBOURG

THE NETHERLANDS

NORWAY

POLAND

ROMANIA

RUSSIA

SLOVAK REPUBLIC

SPAIN

SWEDEN

SWITZERLAND

TURKEY

HUNGARY

UNITED STATES

SLOVENIA

UAEURUGUAY

Textile

Automotivesuppliers

Transportequipment

Transportation Householdequipment

Machineryequipment

S P A I N

THE NETHERLANDS

A l a s k aUS

U N I T E D S TAT E S

CHILE

MALAYSIA

POLAND

SWEDEN

NORWAY

LUX.BELGIUM

I R E L A N D

ESTONIA

LITHUANIA

I N D O N E S I A

TAIWAN

REPUBLIC OF THE PHILIPPINES

SOUTHKOREA

JAPAN

DENMARK

ITALY

RUSSIA

CZECHREPUBLIC

TURKEY

ECUADOR

PANAMACOSTA RICA

GUATEMALA

R U S S I A

BULGARIA

MOROCCO

SINGAPORE

COLOMBIA

PERU

MEXICO

FINLAND

GERMANY

SLOVAKIA

HUNGARY

ROMANIA

VIETNAM

THAILAND

SOUTHAFRICA

QATAR

ISRAEL

C A N A DA

BRAZIL

URUGUAYARGENTINA

GREECE

FRANCE

TUNISIA

A L G E R I A

AUSTRIA SLOVENIA

CROATIA

KUWAIT

BAHRAIN

EGYPT

OMAN

UAESAUDIARABIA

NEWZEALAND

A U S T R A L I A

INDIA

LATVIA

WHERE ARE THE 7 MOST FRAGILE*SECTORS ASOF Q2 2020 ?(*) Most fragile sectors are the sectors recordingthe highest number of downgrades at a global level

ECONOMIC RESEARCH

DISCLAIMERThese assessments are, as always, subject to the disclaimer provided below.This material is published by Euler Hermes SA, a Company of Allianz, for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed wi-thout our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by Euler Hermes and Euler Hermes makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of thisinformation, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the Euler Hermes Economics Department, as of this date and are subject to change without notice. EulerHermes SA is authorised and regulated by the Financial Markets Authority of France. © Copyright 2020 Euler Hermes. All rights reserved.