Bahrain's Economy Flourishes with 2.4% GDP Surge Driven by Non-Oil Sectors

Bahrain's GDP surged to $40 billion in 2023, reflecting strong economic growth compared to the previous year's $35 billion.

Bahrain’s GDP grew by 2.4% in 2023, reaching BD13.6 billion ($40 billion).
Non-oil sectors showed notable growth: the hotel and restaurant sector grew by 8%, government services by 6%, and financial projects by 5.7% at constant prices.
In Q4 2023, Bahrain’s GDP exhibited positive growth of 3.45% at constant prices and 3.36% at current prices compared to the same period in 2022.
Economic performance in Q4 2023 saw a GDP growth of 4.61% compared to Q3, driven by a rise in the non-oil sector, which grew by 5.14% at constant prices and 6.19% at current prices.

According to national accounts estimates released by the Information and eGovernment Authority (iGA), Bahrain experienced a 2.4% increase in its gross domestic product (GDP) at constant prices in 2023 compared to the previous year.

The GDP reached BD13.6 billion ($40 billion) in 2023, up from BD13.3 billion ($35 billion) in the preceding year. Financial projects emerged as one of the largest non-oil sectors contributing to real GDP, accounting for 17.8%, followed by the manufacturing industry at 13.6%.

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Preliminary national accounts estimates highlighted notable growth in various non-oil sectors. The hotel and restaurant sector experienced an 8% increase, government services saw a growth rate of 6%, and financial projects exhibited a growth rate of 5.7% at constant prices.

In the fourth quarter of 2023 compared to the corresponding quarter of 2022, GDP showed a positive growth estimated at 3.45% and 3.36% at constant and current prices, respectively.

The non-oil sector recorded growth of 4.03% at constant prices and 3.89% at current prices during this period.

When comparing the economic performance of Q4 2023 with the third quarter, the report noted a real growth in Bahrain’s GDP by an estimated rate of 4.61%.

This increase was attributed to the rise achieved by the non-oil sector, which experienced growth of 5.14% at constant prices and 6.19% at current prices.

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Last Updated on April 9, 2024 by Safiya K