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Bahrain's GDP surges 2.4pc in 2023 on non-oil growth: Report

MANAMA, April 8, 2024

Bahrain’s gross domestic product (GDP) increased by 2.4% at constant prices in 2023 when compared to the previous year, according to national accounts estimates issued by the Information and eGovernment Authority (iGA).
 
The GDP surged to BD13.6 billion ($40 billion) at constant prices for 2023 compared to BD13.3 billion ($35 billion) the year before.
 
The iGA report also indicated that financial projects are among the largest non-oil sectors contributing to the real GDP with 17.8%, followed by the manufacturing industry with 13.6%. 
 
As per preliminary national accounts estimates, the sectors with the highest non-oil growth were the hotel and restaurants sector, with a 8% jump, followed by government services with a growth rate of 6%, and then financial projects with a rate of 5.7% at constant prices.
 
Comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, there was a positive growth in GDP estimated at 3.45% and 3.36% at constant and current prices, respectively. The non-oil sector recorded a growth of 4.03% at constant prices and 3.89% at current prices.
 
Comparing the economic performance of Q4 2023 with the third quarter, there was a real growth in Bahrain's GDP by an estimated rate of 4.61%, said the report. 
 
This is due to the rise achieved by the non-oil sector of 5.14% at constant prices and 6.19% at current prices, it added.-TradeArabia News Service



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