Manama, Mr. Bahrain’s Ministry of Finance and National Economy announced today that the country has recorded the highest real GDP growth rate in nearly a decade. The announcement was made in the kingdom’s annual economic report, which details that real GDP growth reached 4.9% in 2022, the highest rate since 2013.
In addition, the economic report reveals that Bahrain witnessed real non-oil GDP growth of 6.2%, the highest rate since 2012 and more than the annual target of 5% set by the kingdom’s economic recovery plan. The five-year plan, which was launched in 2021, aims to enhance the economy’s long-term competitiveness and support post-COVID-19 recovery. It is one of Bahrain’s largest reform programmes, spurring more than $30 billion in investment, a large labor market and regulatory reform to improve the ease of doing business.
The Kingdom also recorded a decrease in the deficit to GDP to -1.1%, a decrease in debt to GDP to 100%, and a primary surplus of 3.3%.
Following this announcement, His Excellency Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said:
“The positive results announced today are the culmination of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diversified and prosperous economy.
Chief among these efforts was the Comprehensive Economic Recovery Plan, which was launched in 2021, and is an investment in the people of our nation, our business, and the future of Bahrain. These results are a statement of our intention to secure a balanced budget by 2024, provide long-term financial sustainability and create an economy that works for all across the Kingdom.”
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