Bahrain posts highest real GDP growth in almost a decade

Manama, Marr. 28 (BNA):  Bahrain’s Ministry of Finance and National Economy today announced that the country has recorded its highest Real GDP growth rate in almost a decade. It was announced in the Kingdom’s annual economic report, which details that Real GDP growth reached 4.9% in 2022, the highest rate since 2013.  


Additionally, the economic report reveals Bahrain witnessed 6.2% non-oil Real GDP growth, the highest rate since 2012 and in excess of the 5% annual target set by the Kingdom’s Economic Recovery Plan. Launched in 2021, the multi-year, five-pillar plan aims to enhance the economy’s long-term competitiveness and support post-COVID-19 recovery. It is one of Bahrain’s largest ever reform programmes, with over $30bn catalysed for investment and significant labour market and regulatory reform to improve the ease of doing business. 


The Kingdom also reported a drop in Deficit to GDP to -1.1%, a drop in Debt to GDP to 100%, and a primary surplus of 3.3%.


Following the announcement, His Excellency Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said: 


“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.


“Central to these efforts has been the comprehensive Economic Recovery Plan, launched in 2021, which is an investment in our nation’s people, our businesses, and the future of Bahrain. 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.”




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