Bahrain skyline at golden hour

Bahrain Economic Data & Projections

Bahrain's Macroeconomic Analysis:

Nominal GDP of USD 46.0 billion in 2023.

Nominal GDP of USD 44.3 billion in 2022.

GDP per capita of USD 28,698 compared to the global average of USD 10,589.

GDP per capita of USD 29,068 compared to the global average of USD 10,589.

Average real GDP growth of 2.9% over the last decade.

Average real GDP growth of 2.8% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 55% of overall GDP, manufacturing 20%, other industrial activity 25%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 42% of GDP in 2020, government consumption 17%, fixed investment 35%, and net exports 6%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2019, manufactured products made up 27% of total merchandise exports, mineral fuels 42%, food 4%, ores and metals 24% and agricultural raw materials 0%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 46% of total merchandise imports, mineral fuels 30%, food 10%, ores and metals 13% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 30 billion in 2022, while total imports were USD 22 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 2.8% in the decade to 2022. To read more about GDP growth in Bahrain, go to our dedicated page.

Fiscal policy

Bahrain's fiscal deficit averaged 11.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 4.5% in the decade to 2022. For more information on Bahrain's unemployment click here.

Inflation

Inflation averaged 1.7% in the decade to 2022. Go to our Bahrain inflation page for extra insight.

Monetary Policy

Bahrain's monetary policy rate ended 2022 at 5.25%, up from 0.50% a decade earlier. See our Bahrain monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the dinar stayed on the same level vs the U.S. dollar. For more info on the dinar, click here.

Economic situation in Bahrain

GDP was up 1.3% in annual terms in Q2, above the Middle East and North Africa (MENA) average but decelerating from Q1’s 3.3% expansion due to reduced production at the Abu Sa’afa oil field. Non-oil GDP rose 2.8%, with strong growth in business services, hospitality, IT and transport partially offset by more subdued construction and manufacturing activity. Our panelists expect the economy to have gained steam in the third quarter, likely thanks to a recovery in the oil sector and stronger real estate activity. Moreover, Bahrain’s economy should have continued to outpace that of the broader region, as the latter is being held back by conflict plus tight OPEC+ oil production quotas. Less positively, Bahrain’s natural gas output contracted year on year in Q3.

Bahrain Economic Forecasts

Projections out to 2034.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 17 expert analysts.

Want to get insight on the economic outlook for Bahrain in the coming years? FocusEconomics collects projections out to 2034 on 42 economic indicators for Bahrain from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Bahrain economy. To download a sample report on the Bahrain's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Bahrain Economic Indicators

2019 2020 2021 2022 2023
Population (million) 1.5 1.5 1.5 1.5 1.6
GDP (USD bn) 40.3 35.7 40.7 46.6 46.0
GDP per capita (USD) 27,182 24,276 27,064 30,448 29,142
GDP (BHD bn) 15.2 13.5 15.4 17.6 17.3
Economic Growth (Nominal GDP, ann. var. %) 2.2 -11.4 14.0 14.3 -1.3
Economic Growth (GDP, ann. var. %) 2.1 -5.9 4.4 6.0 3.0
Private Consumption (ann. var. %) 1.9 -4.4 18.9 8.4 -
Government Consumption (ann. var. %) 0.3 -2.5 6.5 2.7 -
Fixed Investment (ann. var. %) 6.4 -3.8 -4.2 18.1 -
Exports (G&S, ann. var. %) 0.4 -2.5 29.5 9.2 -
Imports (G&S, ann. var. %) -5.6 -0.7 15.2 11.9 -
Fiscal Balance (% of GDP) -8.6 -17.3 -10.6 -5.1 -10.6
Public Debt (% of GDP) 97.1 125.7 122.3 111.1 123.3
Money (ann. var. of M2 %) 11.1 6.5 4.9 3.9 5.0
Inflation (CPI, ann. var. %, aop) 1.0 -2.3 -0.6 3.6 0.1
1-Week Deposit Rate (%, eop) 2.25 1.00 1.00 5.25 6.25
Exchange Rate (BHD per USD, eop) 0.38 0.38 0.38 0.38 0.38
Current Account Balance (USD bn) -0.8 -3.2 2.6 6.8 2.7
Current Account Balance (% of GDP) -2.0 -9.1 6.4 14.6 5.9
Merchandise Trade Balance (USD bn) 0.9 -0.1 4.9 8.2 4.5
Merchandise Exports (USD bn) 18.1 14.0 22.3 30.1 24.7
Merchandise Imports (USD bn) 17.2 14.2 17.4 21.9 20.3
Merchandise Exports (ann. var. %) 0.5 -22.4 59.1 35.0 -17.8
Merchandise Imports (ann. var. %) -9.6 -17.8 23.1 25.7 -7.5
Foreign Direct Investment (USD bn) 1.5 1.0 1.8 2.8 6.8
International Reserves (USD bn) 3.4 1.9 3.9 3.7 4.0
International Reserves (months of imports) 2.4 1.7 2.7 2.0 2.4
Free Sample Report

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