National Debt (% of GDP): Bahrain

Analysis# Bahrain National Debt (% of GDP) Bahrain's national debt reached 146.4% of GDP in 2026, marking both its current level and all-time peak. The figure represents a dramatic reversal from 1994, when debt stood at just 5.6% of GDP—a staggering 1,933% increase over 32 years. Since 1990, Bahrain's debt trajectory has shifted from one of the lowest ratios globally to among the highest, reflecting significant fiscal pressures on the Gulf economy. The sharpest acceleration occurred between 2017 and 2020, when debt surged from 84% to 125.7% of GDP. This period coincided with lower oil revenues and global economic uncertainty. Though debt moderated slightly to 111.6% in 2022, the upward trend resumed thereafter, climbing steadily to the 146.4% projection for 2026. Current momentum suggests continued pressure on Bahrain's fiscal position without major economic restructuring or revenue growth.