Makrognosis

Indonesia Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:ID

Model score61 / 1009 Nov 2026
Grade equivalentBBBmodel-implied
BandInvestment grade0–100 scale, 100 = strongest
Rank44th of 84economies scored

Makrognosis sovereign credit model scores Indonesia at 61 out of 100 as of 9 November 2026, equivalent to BBB on the familiar letter scale — investment grade.

The score is unchanged from the previous assessment on 1 October 2026.

That places Indonesia 44th of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 40.3% of GDP, a fiscal balance of −2.9% of GDP, a current account balance of −0.1% 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.

Indonesia sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 202645505560Robomacro
Indonesia sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202660.6BBB
1 October 202660.6BBB
31 July 202660.6BBB
30 July 202656.8BBB-
26 July 202657.8BBB
21 June 202652.1BB+
18 June 202646.0BB
Get the Indonesia 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/ID"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/ID",
                 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 Indonesia, from official national and international statistics.

InputValueVintage
GDP per capitaUS$5,059.62026
Real GDP growth, 5-year average4.8%2026
Inflation, recent average3.2%2026
Government debt40.3% of GDP2026
Fiscal balance−2.9% of GDP2026
Current account balance−0.1% of GDP2026
External debt31.0% of GDP2026
Foreign-exchange reserves5.5 months of imports2026
Governance (World Bank WGI composite)−0.2052026

How Indonesia compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
39Saudi Arabia9 Nov 202666
40Oman9 Nov 202665
41South Africa9 Nov 202664
42Grenada9 Nov 202663
43Greece9 Nov 202663
44Indonesia9 Nov 202661
45Kuwait9 Nov 202660
46Romania9 Nov 202660
47Hungary9 Nov 202659
48Ghana9 Nov 202659
49Argentina9 Nov 202658
50Panama9 Nov 202658

All 84 economies ranked →

Indonesia economic indicators

Indonesia GDP (Gross Domestic Product)Indonesia GDP by industry TOTAL, constant 2010 prices, annual (BPS PDB Seri 2010)Indonesia GDP by industry TOTAL, current prices, quarterly (BPS PDB Seri 2010)Indonesia Nominal GDP, current prices, IDR billion (BPS annual)Indonesia Inflation Rate (CPI)Indonesia Unemployment RateIndonesia Trade Balance: Goods & ServicesIndonesia Merchandise exports FOB total (BPS dataexim, sum of HS 01-99), USD mnIndonesia Merchandise imports CIF total (BPS dataexim, sum of HS 01-99), USD mnIndonesia Government Debt to GDPIndonesia 10-Year Government Bond YieldIndonesia BI-Rate headline (Bank page scrape — verify-only twin)Indonesia Central-government debt stock (DJPPR SUSPI Table 1.1 Total gross debt, IDR billion)Indonesia GDP implicit price deflator (ID.GDP.Q.NOM / ID.GDP.Q.REAL x 100; BPS, NSA, 2010=100)Indonesia GDP in US DollarsIndonesia Government Budget Balance

FAQ

What is Indonesia's credit rating?
Makrognosis sovereign credit model scores Indonesia at 61/100 as of 9 November 2026, equivalent to BBB (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/ID 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.