Bahrain records 161% increase in tourism revenue in 2021
The Studies and Initiatives Center of the Bahrain Chamber for Commerce and Industry has issued its periodic report for the first quarter of 2022, titled “Overview of the Local Economy- Q1 2022.”
The report highlighted the contribution of the economic sectors to the Gross Domestic Product (GDP), statistics on trade exchange, local economic outlook, and the standing of Bahrain globally. It also provides a bird’s eye view on the global economic outlook.
Bahrain’s economy has continued its trajectory to recovery as proven by several economic indicators, such the 2.2% growth in the real GDP growth in 2021 , the 11% increase in trade exchange between Bahrain and the GCC countries in 2021 compared to 2020, and the flourish of several economic sector, key among which the tourism sector, scoring a 161% increase in revenues in 2021 compared to 2020. According to the report, the hotels and restaurants, transport and communication, and financial corporations were the top three growing sectors respectively. While the sectors with the largest contribution to the GDP were finance and insurance, followed by crude oil and natural gas, and manufacturing.
As for trade exchange partners, China regained its position as Bahrain’s top import partner, with a total value of imports reaching $543 million in Q4 of 2021. On the other hand, Saudi Arabia maintained its position as Bahrain’s top export market in Q4 of 2021, with a total export valued at $602 million.
It is worth noting that the complete report is available on the chamber’s official website and mobile application.
