RIYADH: According to official data, Bahrain’s GDP grew by 2.4 percent annually in 2023 to reach 13.66 billion dinars ($36.24 billion), primarily due to the expansion of financial projects.
The Information and eGovernment Authority reports that national account estimates place these developments as one of the largest non-oil sectors, with a contribution to the real gross domestic product of 17.8 percent, followed by the manufacturing sector at 13.6 percent. The increase results from Bahrain’s attempts to diversify, which aligns with the nation’s Economic Vision 2030, a comprehensive development strategy meant to revolutionize the economy.
With an 8 percent growth rate, the hotels and restaurants sector was found to have the largest non-oil growth in the survey. Then came financial projects, growing at a rate of 5.7% at constant prices, and government services, growing at 6%.
The forecasts for the fourth quarter of 2023 show a positive increase in GDP, estimated at 3.45 percent at constant prices and 3.36 percent at current prices, respectively, when compared to the comparable quarter of 2022.
While comparing the economic performance of the final quarter of 2023 with the third quarter, a real growth in Bahrain’s GDP by an estimated rate of 4.61 percent is disclosed.
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