Petroleum, aluminum, jewelry, cheese, travel and tourism, machinery, chemicals and textiles are major industries of Bahrain. In 2017, Agriculture industry contributed 0.3% to GDP of Bahrain. Manufacturing had a share of 39.3% while services industry had a share of 60.4% of GDP in 2017.
In 2018, services industry exports was valued at USD 12.1 billion for Bahrain. Electronics exports accounted for USD 88.4 million, machinery export accounted for USD 311 million, vehicles for USD 285 million, chemicals for USD 708 billion, metals for USD 3.68 billion, minerals for USD 12.8 billion, stoness for USD 580 million, textiles for USD 336 million and agriculture for USD 598 million in 2018.
Bahrain is the smallest country on the Persian Gulf with just over 1 million inhabitants, half of which being expatriates. The discovery of oil in 1932 brought rapid modernization to Bahrain. Also, it was the first Gulf state to take serious action in the late 1990s to diversify its economy to prepare for the post-oil and post-gas period, and, as such, it is one of the more diversified economies in the region.
Bahrain had population of 1.487 million in the year 2021 and expected to reach 1.68 million by 2027, registering an average growth rate of 2.05%. Bahrain’s unemployment rate is estimated to be 5.9% of total labor force in 2020 which is further expected to decrease at a CAGR of 5.57 till 2027 and reach 3.951% of total labor force.
Bahrain’s real gross domestic product (GDP) was BHD 12.625 billion in 2021 whereas the nominal GDP was BHD 14.615 billion. This will result in GDP deflator 115.76. Bahrain’s Per capita GDP was USD 26,135.78 whereas purchasing power parity (PPP) based per capita GDP was USD 53,384.10 for the year 2021.
In 2021, Bahrain’s government’s revenue was BHD 3.061 billion whereas the expenditure was BHD 4.682 billion. This will result in Bahrain government’s net lending / borrowing negative at BHD 1.621 billion in 2021 indicating that not enough financial resources were made available by the Bahrain government to boost economic growth.
The current account balance for Bahrain was at USD 2.602 billion for the year 2021 and is expected to decrease at a CAGR of 16.30% and reach USD 0.895 by 2027. This positive current account balance indicates the Bahrain will remain a net lender to the rest of the world till 2027.
*If Applicable.