Bahrain’s Economy Grew by 4.9% Last Year, Highest Since 2013
Bahrain’s economy grew by 4.9 per cent in 2022, the highest rate since 2013, underpinned by a robust performance in the country’s non-oil sectors that were targeted under its economic reform plan.
The Gulf nation’s growth was led by a 6.2 per cent jump in non-oil real gross domestic product, state-owned Bahrain News Agency reported on Tuesday. It was the highest rate since 2012 and more than the 5 per cent annual target set by the economic reform plan. The non-oil sector’s contribution to the real GDP reached an all-time high at 83.1 per cent in 2022.
However, the oil economy dropped by 1.4 per cent last year due to a dip in production. It contributed 16.9 per cent to the economy last year.
Bahrain also reported a drop in deficit to GDP to -1.1 per cent, a drop in debt to GDP ratio to 100 per cent, and a primary surplus of 3.3 per cent, BNA reported.