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Saudi Arabia’s ratings reflect strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) much stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers in the form of deposits and other public sector assets. Oil dependence, low World Bank governance indicators and vulnerability to geopolitical shocks have improved but remain relative weaknesses. Reserve coverage of current external payments was 14.4 months in 2024 (‘A’ median 1.9 months) and SNFA 63.7% of GDP (‘A’ median 8.7%). Gross FX reserves increased in 2024 due to a small current account surplus (estimated by ���������ֳ� at 0.2% of GDP) and strong net inflows through the financial account. ���������ֳ� expects current account deficits in 2025 and 2026 (averaging 2.4%) as lower oil prices reduce oil revenues and import growth, driven by project execution, stays strong. Growth in non-oil exports will be robust and the services deficit should continue narrowing, given strong growth in travel and tourism.

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