Bahrain Economy - 2023

Economic overview

heavily dependent oil/gas economy, has suffered due to lower prices and COVID-19 demand reductions; diversification struggles driven by unemployment and low-skilled labor force; deployed fiscal balancing efforts; emerging tourism industry hit hard by COVID-19 disruptions

Real GDP (purchasing power parity)

$72.267 billion (2021 est.)

$70.694 billion (2020 est.)

$74.364 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.23% (2021 est.)

-4.94% (2020 est.)

2.17% (2019 est.)

Real GDP per capita

$49,400 (2021 est.)

$47,800 (2020 est.)

$49,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$38.472 billion (2019 est.)

Inflation rate (consumer prices)

-0.61% (2021 est.)

-2.32% (2020 est.)

1.01% (2019 est.)

Credit ratings

Fitch rating: B+ (2020)

Moody's rating: B2 (2018)

Standard & Poors rating: B+ (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.3% (2017 est.)

industry: 39.3% (2017 est.)

services: 60.4% (2017 est.)

GDP - composition, by end use

household consumption: 45.8% (2017 est.)

government consumption: 15.5% (2017 est.)

investment in fixed capital: 26.1% (2017 est.)

investment in inventories: 0.4% (2017 est.)

exports of goods and services: 80.2% (2017 est.)

imports of goods and services: -67.9% (2017 est.)

Agricultural products

mutton, dates, milk, poultry, tomatoes, fruit, sheep offals, sheep skins, eggs, pumpkins

Industries

petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism

Industrial production growth rate

0.4% (2021 est.)

Labor force

819,100 (2021 est.)

note: excludes unemployed; 44% of the population in the 15-64 age group is non-national

Labor force - by occupation

agriculture: 1%

industry: 32%

services: 67% (2004 est.)

Unemployment rate

1.87% (2021 est.)

1.78% (2020 est.)

1.2% (2019 est.)

note: official estimate; actual rate is higher

Youth unemployment rate (ages 15-24)

total: 9.9%

male: 6.1%

female: 20.5% (2021 est.)

Population below poverty line

N/A

Average household expenditures

on food: 13.2% of household expenditures (2018 est.)

on alcohol and tobacco: 0.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $9.168 billion (2019 est.)

expenditures: $12.63 billion (2019 est.)

Budget surplus (+) or deficit (-)

-10.1% (of GDP) (2017 est.)

Public debt

88.5% of GDP (2017 est.)

81.4% of GDP (2016 est.)

Taxes and other revenues

16.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$2.435 billion (2018 est.)

-$1.6 billion (2017 est.)

-$1.493 billion (2016 est.)

Exports

$30.097 billion (2018 est.)

$26.732 billion (2017 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

United Arab Emirates 31%, Saudi Arabia 12%, Japan 8%, United States 8% (2019)

Exports - commodities

refined petroleum, aluminum, iron ore and reductions, aluminum wiring, crude petroleum (2021)

Imports

$27.187 billion (2018 est.) note: data are in current year dollars

$23.876 billion (2017 est.)

Imports - partners

United Arab Emirates 27%, China 11%, Saudi Arabia 7%, United States 5%, Brazil 5%, Japan 5%, India 5% (2019)

Imports - commodities

cars, iron ore, jewelry, gold, gas turbines (2019)

Reserves of foreign exchange and gold

$4.993 billion (31 December 2021 est.)

$2.523 billion (31 December 2020 est.)

$3.903 billion (31 December 2019 est.)

Debt - external

$52.15 billion (31 December 2017 est.)

$42.55 billion (31 December 2016 est.)

Exchange rates

Bahraini dinars (BHD) per US dollar -

0.376 (2021 est.)

0.376 (2020 est.)

0.376 (2019 est.)

0.376 (2018 est.)

0.376 (2017 est.)

NOTE: The information regarding Bahrain on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bahrain 2023 information contained here. All suggestions for corrections of any errors about Bahrain 2023 should be addressed to the CIA or the source cited on each page.