State Budget will drive deficit to less than 1% of GDP by 2024

Manama, June 6 (BNA): The Government of Bahrain has concluded its state budget for the period 2023-2024, putting fiscal responsibility and economic growth at the heart of its medium-term plans.


Set against the backdrop of strong economic growth of 4.9 per cent in 2022, and a reduction in the overall fiscal deficit of 47 per cent, the budget sets out a range of new growth and non-oil revenue raising measures to drive sustainable development in the Kingdom, ensure public finances remain on a stable footing, and enhance the quality of life for Bahraini citizens to ensure prosperity is accessible to all.


New budget measures include over 50 new fully funded infrastructure projects worth over BHD 1.5 billion over the next two years, increases to living allowance for public sector workers and pensioners, as well as spending efficiency initiatives as part of the government’s multi-year Fiscal Balance Program.


The government’s fiscal reform targets as part of the Fiscal Balance Program remain on track, with budget forecasts assuming a conservative estimate of $60 per barrel. Together with past efforts to consolidate government spending, the reforms announced in this budget will lead to a budget deficit of less than 1 per cent of GDP in 2024.


The 2023-2024 state budget demonstrates a firm commitment to building a sustainable and inclusive future for Bahrain that unlocks the nation’s full potential.





Share this page Share on FacebookShare on TwitterShare on Linkedin

Read our latest publication

'Bahrain-France Investor Guide' -
is YOUR guide to invest in Bahrain and in France. Click here to view the online guide