No. 27/273/DKom
Indonesia's external debt declined in the third quarter of 2025. The position of external debt in Indonesia was recorded at 424.4 billion US dollars in the reporting period, retreating from 432.3 billion US dollars in the second quarter of 2025. Annually, external debt experienced a 0.6% (yoy) contraction in the third quarter of 2025, following 6.4% (yoy) growth in the second quarter of 2025. Slower growth of external debt in the public sector and a contraction of private external debt influenced the latest developments.
Government external debt posted lower growth. The position of government external debt in the third quarter of 2025 was recorded at 210.1 billion US dollars, with annual growth moderating to 2.9% (yoy) from 10.0% (yoy) in the second quarter of 2025. Recent developments in government external debt were influenced by a contraction of foreign capital inflows to domestic government securities (SBN) in line with persistently high global financial market uncertainty. External debt, as a financing component of the State Revenue and Expenditure Budget (APBN), is managed prudently, measurably, and accountably, while remaining consistently geared towards priority programs aimed at maintaining and strengthening economic growth momentum in Indonesia. By economic sector, government external debt was used to support various sectors, including human health and social activities (23.1% of total government external debt); public administration, defense, and compulsory social security (20.7%); education (17.0%); construction (10.7%); transportation and storage (8.2%); as well as insurance and financial services (7.5%). The current state of government external debt remains manageable, considering 99.9% of total government external debt is long-term maturities.
Private external debt experienced a contraction. In the third quarter of 2025, the position of private external debt stood at 191.3 billion US dollars, down from 193.9 billion US dollars in the second quarter of 2025. Annually, private external debt recorded a 1.9% (yoy) contraction in the reporting period, after declining by 0.2% (yoy) in the second quarter of 2025. Financial corporations contributed to the latest developments, experiencing a 3.0% (yoy) contraction, alongside a 1.7% (yoy) contraction of external debt at non-financial corporations (NFC). By economic sector, the main contributors to private external debt were the manufacturing industry; insurance and financial services; electricity and gas supply; as well as mining and quarrying, collectively accounting for around 81% of total private external debt.
The structure of external debt in Indonesia remains sound, supported by prudent management. This is reflected in the ratio of external debt to gross domestic product (GDP), which fell to 29.5% in the third quarter of 2025 from 30.4% in the second quarter of 2025, with long-term debt dominating 86.1% of total external debt. Seeking to maintain a healthy structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. Furthermore, the role of external debt will continue to be optimized to support financing for development and stimulate sustainable national economic growth. Such efforts are undertaken by minimizing the risks posed to economic stability.
The latest external debt data and metadata are presented in the publication of Indonesia's External Debt Statistics (SULNI), November 2025 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta, 17th November 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
