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%.

“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.

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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