Recovery plan ‘helping boost Bahrain’s economy’
Bahrain’s Economic Recovery Plan has yielded fruitful results thanks to its five priorities and 27 programmes, the Finance and National Economy Ministry has said.
This has resulted in Standard and Poor’s Ratings Agency raising its outlook on Bahrain to ‘Positive’’ from ‘Stable’ in November last year, the ministry said.
In reply to a parliamentary question submitted by MP Ahmed Abdul Wahid Qarata, the ministry said the Gross Domestic Product witnessed a continuous growth during 2022, supported by the growth of non-oil activities, which witnessed a remarkable recovery within a year of implementation of the plan.
The GDP performance from the beginning of 2022 until the third quarter witnessed a 5.5 per cent increase at constant prices compared with the same period of 2021, while the non-oil sector recorded a growth of 7.2pc, the ministry said.
The economic recovery has gained pace over the past 20 years achieving a compound annual growth rate of 3.9pc from 2001 to 2021, driven by the growth of the non-oil sector, which grew annually by 5.8pc during the same period, it noted.
Also, the oil sector’s contribution to the GDP declined from 43pc to 18pc, which reflects clear progress in economic diversification efforts.
