Bahrain’s Economy Soars to $36.24 Billion in 2023
In a remarkable feat, Bahrain’s economy saw a significant annual increase of 2.4 percent in 2023, reaching a staggering 13.66 billion dinars ($36.24 billion). This growth was primarily fueled by expansions in financial projects, as per official data.
Diversification Efforts Pay Off
National account estimates from the Information and eGovernment Authority highlighted that these developments contributed 17.8 percent to the real gross domestic product, solidifying their position as one of the largest non-oil sectors. The manufacturing industry followed closely at 13.6 percent, showcasing Bahrain’s diversification efforts in line with Economic Vision 2030.
Sectoral Growth Trends
The report revealed that the hotels and restaurants sector experienced the highest non-oil growth at 8 percent, with government services and financial projects following at 6 percent and 5.7 percent growth rates, respectively.
Positive Growth Trajectory
Comparing the fourth quarter of 2023 with the corresponding period in 2022, Bahrain witnessed positive growth in GDP, with estimates at 3.45 percent and 3.36 percent at constant and current prices, respectively. The non-oil sector also recorded significant growth of 4.03 percent at constant prices and 3.89 percent at current prices.
Record Investments and Job Creation
Investment in financial services saw a remarkable 55 percent year-on-year increase in funding during 2023, leading to a record $1.7 billion influx across Bahrain’s economy. This surge, reported by the country’s official news agency, resulted from 85 local and international projects, expected to create over 5,700 jobs in the next three years.