National Debt (% of GDP): Saudi Arabia

Analysis# Saudi Arabia National Debt (% of GDP) Saudi Arabia's national debt stood at 31.8% of GDP in 2026, reflecting a nation that has substantially reduced its debt burden since 1991. The country's peak debt reached 103% of GDP in 1999, driven by oil price volatility and fiscal pressures. A dramatic improvement followed, with debt plummeting to just 1.5% of GDP in 2014—the lowest point in the dataset. Overall, national debt has declined 19.3% since 1991, demonstrating a long-term deleveraging trajectory. The 2020 pandemic marked a significant turning point, with debt spiking to 29.7% as oil revenues contracted and emergency spending increased. Since then, debt levels have remained elevated and volatile, fluctuating between 21.3% and 31.8%. The projected upward trend through 2026 suggests continued fiscal pressure, likely reflecting ongoing diversification efforts under Vision 2030 and fluctuating hydrocarbon revenues. Saudi Arabia's debt-to-GDP ratio remains moderate by global standards but warrants monitoring.