Bahrain’s Economy Surges with 3.3% Growth in Q1 of 2024
In a recent quarterly economic performance report released by the Ministry of Finance, Bahrain’s economy showed a remarkable growth of 3.3 percent year-on-year in the first quarter of 2024. The report, based on preliminary data from the Information & eGovernment Authority, highlighted the significant contributions of both non-oil and oil sectors to the overall GDP.
Non-oil gross domestic product in Bahrain soared by 3.3 percent during this period, making up nearly 85.9 percent of the total GDP. On the other hand, oil GDP also experienced a growth of 3.4 percent. Key sectors such as accommodation and food services, as well as financial services and insurance, emerged as top performers driving this economic expansion.
The Ministry of Finance has set a target for Bahrain’s economy to grow by 3 percent in 2024. This growth is expected to be primarily fueled by non-oil sectors, as the government intensifies its efforts to diversify income sources and economic sectors beyond hydrocarbons. Bahrain, among the smaller oil producers in the region, has implemented various reforms to streamline business processes, generate employment opportunities, and attract foreign investments to further boost economic growth.