Makrognosis

Belgium Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:BE

Model score80 / 1009 Nov 2026
Grade equivalentA+model-implied
BandInvestment grade0–100 scale, 100 = strongest
Rank23rd of 84economies scored

Makrognosis sovereign credit model scores Belgium at 80 out of 100 as of 9 November 2026, equivalent to A+ on the familiar letter scale — investment grade.

The score is down 0.10 points from 80 on 1 October 2026.

That places Belgium 23rd of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 110.2% of GDP, a fiscal balance of −5.2% of GDP, a current account balance of −0.2% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Belgium sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026767778798081Robomacro
Belgium sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202679.7A+
1 October 202679.8A+
31 July 202679.8A+
30 July 202677.9A+
26 July 202677.6A+
21 June 202676.1A
18 June 202680.7A+
Get the Belgium sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/BE"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/BE",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for Belgium, from official national and international statistics.

InputValueVintage
GDP per capitaUS$61,3252026
Real GDP growth, 5-year average2.7%2026
Inflation, recent average3.2%2026
Government debt110.2% of GDP2026
Fiscal balance−5.2% of GDP2026
Current account balance−0.2% of GDP2026
Foreign-exchange reserves1.0 months of imports2026
Net international investment position53.7% of GDP2026
Governance (World Bank WGI composite)1.132026

How Belgium compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
18India9 Nov 202684
19Austria9 Nov 202683
20France9 Nov 202682
21Singapore9 Nov 202682
22Jamaica9 Nov 202680
23Belgium9 Nov 202680
24Hong Kong9 Nov 202678
25Spain9 Nov 202678
26Estonia9 Nov 202676
27Italy9 Nov 202676
28Uruguay9 Nov 202675
29Portugal9 Nov 202675

All 84 economies ranked →

Belgium economic indicators

Belgium GDP (Gross Domestic Product)Belgium Gross domestic product, Current prices, million EURBelgium Inflation Rate (CPI)Belgium Core Inflation RateBelgium Unemployment RateBelgium 10-Year Government Bond YieldBelgium Industrial ProductionBelgium Retail SalesBelgium Producer Price Inflation (PPI)Belgium Current account balance (BPM6, vs rest of world), not seasonally adjustedBelgium Current account balance, % of GDPBelgium Trade Balance: Goods & ServicesBelgium Exports of goods and services, Current prices, million EURBelgium Exports of goods and services, chain-linked volumeBelgium Exports of goods, total trade (World), seasonally adjustedBelgium Imports of goods and services, Current prices, million EUR

FAQ

What is Belgium's credit rating?
Makrognosis sovereign credit model scores Belgium at 80/100 as of 9 November 2026, equivalent to A+ (investment grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/BE returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.