Economy of Bahrain

Economy of Bahrain
Manama skyline
CurrencyBahraini dinar (BHD)
Calendar Year
Trade organisations
WTO and GCC
Country group
Statistics
PopulationNeutral increase 1,485,509 (2023)[3]
GDP
  • Increase $47.8 billion (nominal, 2024 est[4]
  • Increase $105.6 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • Increase 6.0% (2022)
  • Decrease 3.0% (2023)
  • Steady 3.0% (2024f)
  • Increase 3.2% (2025f)[4]
GDP per capita
  • Increase $29,573 (nominal, 2024 est.)[4]
  • Increase $65,345 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
0.075% (2023)[4]
Population below poverty line
N/A[6]
  • Increase 0.888 very high (2022)[7] (34th)
  • N/A IHDI (2022)
Labour force
  • Increase 855,301 (2023)[8]
  • 70.9% employment rate (2015)[9]
  • 44% of the population in the 15-64 age group is non-national[5]
Labour force by occupation
  • agriculture: 1%
  • industry: 32%
  • services: 67%
  • (2004 est.)[5]
Unemployment
Main industries
Petroleum processing and refining, Aluminum Smelting, Iron Pelletization, Fertilizers, Islamic and Offshore Banking, Insurance, Ship Repairing, Tourism
External
Exports$40.344 billion (2023 est.)
Export goods
Petroleum and Petroleum Products, Aluminum, Textiles, Gold
Main export partners
Imports$32.374 billion (2023 est.)
Import goods
Crude Oil, Machinery, Chemicals, Gold, Jewellery
Main import partners
$52.15 billion (2017 est.)
Public finances
Negative increase 115.5% of GDP (2020 est.)
RevenuesDecrease $8.479 billion (2023)
ExpensesNegative increase $10.532 billion (2023)
All values, unless otherwise stated, are in US dollars.

The economy of Bahrain is heavily dependent upon oil and gas.[14] The Bahraini Dinar is the second-highest-valued currency unit in the world.[15] Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors.[16] The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index.[17][18] Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil.[19] Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP.[20] Aluminium is the second most exported product, followed by finance and construction materials.[20]

According to the 2020 edition of the Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal, Bahrain has the fourth-freest in the Middle East and North Africa region and is the 40th-freest economy in the world.[21] An alternative index, published by the Fraser Institute, puts Bahrain in 70th place.[22] Bahrain was recognised by the World Bank as a high income economy.[23]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Bahrain". data.worldbank.org. World Bank. Retrieved 21 February 2020.
  4. ^ a b c d e f "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.
  5. ^ a b c "MIDDLE EAST :: BAHRAIN". CIA.gov. Central Intelligence Agency. Retrieved 21 February 2020.
  6. ^ "The World Factbook". Retrieved 3 March 2015.
  7. ^ "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 15 June 2024.
  8. ^ "Labor force, total - Bahrain". data.worldbank.org. World Bank & ILO. Retrieved 21 February 2020.
  9. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Bahrain". data.worldbank.org. World Bank & ILO. Retrieved 21 February 2020.
  10. ^ "World Bank Open Data". data.worldbank.org. Retrieved 14 November 2020.
  11. ^ "Export Partners of Bahrain". CIA World Factbook. 2016. Archived from the original on 2016-10-02. Retrieved 2018-03-09.
  12. ^ "Import Partners of Bahrain". CIA World Factbook. 2016. Archived from the original on 2016-08-13. Retrieved 2018-03-09.
  13. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  14. ^ "The World Factbook". Retrieved 29 October 2019.
  15. ^ "10 Most Expensive Currency In The World - Latest News Online, News, Fresh News, Online News". Archived from the original on 25 February 2015. Retrieved 3 March 2015.
  16. ^ "Bahrain's economy praised for diversity and sustainability". Bahrain Economic Development Board. Archived from the original on December 28, 2010. Retrieved 24 June 2012.
  17. ^ Hedge Funds Review 18 March 2008
  18. ^ Gulf Daily News 18 March 2008
  19. ^ "Bahrain calling – Banking & Finance". ArabianBusiness.com. 25 April 2008. Retrieved 27 June 2010.
  20. ^ a b "CIA World Factbook, "Bahrain"". Cia.gov. Retrieved 25 January 2011.
  21. ^ "Bahrain Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption". www.heritage.org. Retrieved 2020-09-18.
  22. ^ Gwartney, James; Lawson, Robert; Hall, Joshua; Murphy, Ryan; Berggren, Niclas; McMahon, Fred; Nilsson, Therese (2020). "Economic Freedom of the World Annual Report" (PDF). fraserinstitute.org.
  23. ^ "Bahrain | Data". data.worldbank.org. Retrieved 2020-09-18.