🇧🇭 Bahrain
Public Sector Debt · 2026
Total Debt
184.8%
of GDP
Global Rank
#7
of 192
Interest Burden
35%
of govt revenue
S&P Rating
B+
Credit rating
SOE Debt
+38.4%
3 categories
Sovereign Wealth
38%
of GDP in SWF assets
5yr Change
+8pp
rising
Where the Debt Sits
Central Government
Central Government: 146.4%Energy SOEs: 18.2%Infrastructure: 4.9%Public Corps: 15.3%
Full Debt Breakdown
Central Government146.4% of GDP
Central GovernmentIMF WEO — General Government Debt
146.4%Energy SOEs18.2% of GDP
Bapco Energies (energy holding, fmr Nogaholding)AGBI / US State Dept 2025 Investment Climate Statement$8.7B in borrowings. Owns 9 energy sector companies incl BAPCO refinery.
18.2%Infrastructure SOEs4.9% of GDP
Gulf AirEstimate based on regional airline benchmarksNational carrier, fully govt-owned. Conservative estimate.
3.1%Aluminium Bahrain (Alba)Alba Annual Report 2024World largest aluminum smelter. $862M debt. Owned by Mumtalakat 69.4%.
1.8%Public Corporations15.3% of GDP
Mumtalakat Holding CompanyAGBI / US State Dept 2025 Investment Climate StatementSovereign wealth fund holding 27 domestic companies. $7.3B borrowings.
15.3%Total Corporate Debt48.0% of GDP
NF corporate debt (est.)WB WDI 2015
48.0%Household Debt25.9% of GDP
Household debt (est.)WB WDI 2015
25.9%All Layers Total258.7%
Credit Ratings
S&P
B+
Moody's
B2
Fitch
B+
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 2026146.4% GDP
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