Bahrain records 161% increase in tourism revenue in 2021

Manama, April 26 (BNA) The Center for Studies and Initiatives at the Bahrain Chamber of Commerce and Industry issued its periodic report for the first quarter of 2022 entitled “An Overview of the Local Economy – First Quarter 2022”.

The report highlighted the contribution of the economic sectors to the gross domestic product, the statistics of trade exchange, the expectations of the local economy, and Bahrain’s position globally. It also provides insight into the global economic outlook.

Bahrain’s economy continued its path towards recovery as proven by many economic indicators, such as the real GDP growth of 2.2% in 2021, the increase in trade exchange between Bahrain and the GCC countries by 11% in 2021 compared to 2020, and the boom. From several economic sectors, among them the tourism sector, which recorded a 161% increase in revenue in 2021 compared to 2020. According to the report, hotels, restaurants, transportation, communications and financial companies occupied the top three growth sectors, respectively. While the two sectors that had the largest contribution to GDP were finance and insurance, followed by crude oil and natural gas, and then manufacturing.

As for trading partners, China regained its position as Bahrain’s largest import partner, with total imports valued at $543 million in the fourth quarter of 2021. On the other hand, Saudi Arabia maintained its position as Bahrain’s best export market in the fourth quarter of 2021. With total exports of $602 million.

It should be noted that the full report is available on the Chamber’s official website and mobile application.

FKN