https://arab.news/nuejc
RIYADH: Bahrain’s economy registered an annual increase of 2.4 percent in 2023 to hit 13.66 billion dinars ($36.24 billion), driven by financial project expansions, official data showed.
According to figures from the Information and eGovernment Authority, national account estimates indicate that these developments contributed 17.8 percent to the real gross domestic product, making them one of the largest non-oil sectors, followed by the manufacturing industry at 13.6 percent.
The rise reflects Bahrain’s diversification efforts, aligning with the country’s Economic Vision 2030, a comprehensive development plan aimed at transforming the economy.
The report also revealed that the sectors with the highest non-oil growth were the hotels and restaurants sector, with a growth rate of 8 percent. This was followed by government services with a growth rate of 6 percent, and financial projects with a rate of 5.7 percent at constant prices.
While comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, positive growth in GDP is evident, estimated at 3.45 percent and 3.36 percent at constant and current prices, respectively.
The non-oil sector recorded a growth of 4.03 percent at constant prices and 3.89 percent at current prices.
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.
On a quarter-on-quarter basis, Bahrain recorded a real growth in GDP by an estimated rate of 4.61 percent in the final three months of 2023.
This is primarily attributed to the rise achieved by the non-oil sector, which grew by 5.14 percent at constant prices and 6.19 percent at current prices.
Meanwhile, investments in financial services helped Bahrain register a 55 percent year-on-year increase in funding during 2023, as reported by the country’s official news agency in February. This surge led to the securing of a record $1.7 billion across its economy.
According to the Bahrain News Agency, this “massive influx” generated by the country’s Economic Development Board stemmed from 85 local and international projects. These deals are projected to generate more than 5,700 jobs over a three-year period.