Saudi public debt growth drops to 1 percent

Saudi public debt growth slows to 1.1% in the second quarter of 2026, reaching 1.69 trillion riyals, despite an annual increase of 10.9%. The slowdown resulted from a decline in financing needs, as the budget deficit in the second quarter decreased to 34.3 billion riyals compared to 125.7 billion riyals in the first quarter, with revenues rising by 30% and expenditures decreasing by 3.5%. The government relied on both domestic and external financing to cover the deficit, maintaining liquidity and reserves. Meanwhile, Fitch affirms Saudi Arabia's rating at '+A' and expects broad economic growth next year. The local market absorbed about 97% of the quarterly debt increase, and the debt-to-GDP ratio is projected to reach 32.7% by the end of 2026, with debt management continuing to balance between financing needs and financial stability.

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