Coordinating Minister for Economic Affairs Airlangga Hartarto assessed that S&P Global Ratings' affirmation of Indonesia's sovereign credit rating at BBB with a stable outlook reflects the international community's confidence in the government's policy direction.
S&P assesses that Indonesia's rating is supported by strong economic growth prospects, prudent macroeconomic policies, and a relatively light net external debt burden and government debt compared to peer countries .
In the report, titled "Indonesia Ratings Affirmed At 'BBB/A-2'; Outlook Stable ," S&P projects the Indonesian economy to grow by around 5 percent per year in the next two to three years, with a real growth projection of 5.1 percent in 2026 and an average of 4.9 percent in the 2026-2029 period.
The 5.6 percent year-on-year (yoy) growth achieved in the first quarter of 2026 also served as a positive catalyst, driven by government spending and accelerated budget disbursement. Indonesia's GDP per capita is projected to reach around US$5,200 in 2026.
One of the key anchors of the Stable outlook is the government's commitment to maintaining the budget deficit limit below 3 percent of GDP.
S&P views Indonesia's track record of compliance with the deficit ceiling across governments as an important pillar of its creditworthiness.
"State revenue performance also recorded a positive result, with revenue growth of 19 percent in the first five months of 2026 compared to the same period the previous year. This improvement was driven by improved tax administration, increased VAT revenue, and stronger royalty and dividend receipts from the natural resources sector," explained Coordinating Minister Airlangga.
