Bahrain's Real GDP Grows by 4.09% in the Fourth Quarter of 2022

Due to Bahrain's efforts to diversify its economy, its real GDP increased by 4.09% in the fourth quarter of 2022 compared to the same period the previous year, driven by a growth of 4.91% in the non-oil sector.

The Financial Corporations sector, which expanded by 8.22%, the Trade sector, which increased by 6.57%, and the Real Estate and Business Activities sector, which showed a growth rate of 6.04%, are among the high-performing sectors.

With 18.57% of the GDP, the Financial Corporations industry contributed the most to Bahrain's economy, followed by the Crude Oil and Natural Gas sector. The fourth quarter of 2022 saw a 17% increase in trade between Bahrain and the GCC nations compared to the same quarter in 2021.

With inbound travel flows up by 62% over the same quarter in 2021, Bahrain's tourism industry in Q4 2022 surpassed pre-pandemic levels. 

Real GDP growth in 2023 was predicted by the International Monetary Fund (IMF) to be 2.9% overall and 32% in the Middle East and Central Asia.