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Bahrain's Economy has the Fastest Real GDP Growth in Over a Decade

  • Publish date: Tuesday، 28 March 2023
Bahrain's Economy has the Fastest Real GDP Growth in Over a Decade

According to preliminary government reports, Bahrain's GDP rose last year at the fastest rate since 2013, driven by a rise in non-oil growth.

The government's recovery plan, which launched in 2021 in response to the coronavirus outbreak, did not fully account for the higher-than-anticipated 6.2 percent increase in the non-oil sector, which drove the overall economic output to increase by nearly 5 percent. The non-oil sector saw growth in the hotel and restaurant industry, government services, and then real estate.

The Kingdom also recorded a primary surplus of 3.3%, a decrease in the Deficit to GDP to -1.1%, and a decline in the Debt to GDP to 100%.

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“The positive results posted today are the cumulation of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diverse, and prosperous economy, " His Excellency Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said after the announcement. 

"These results are a statement of our intent to secure a balanced budget by 2024, provide long-term fiscal sustainability and create an economy that delivers for everyone across the Kingdom,” she further added.

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The Bahraini government's Economic Recovery Plan has been an immense success, laying the foundation for a strong and resilient economy.

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