Bahrain Economy - 2024

Economic overview

growing, economically diverse Middle Eastern island economy; major recovery and balancing efforts to fulfill Economic Vision 2030; regional finance hub; increasing openness; high youth unemployment; water scarcity amid reservoir depletion

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

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% (2021 est.)

male: 6.1%

female: 20.5%

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

$35.235 billion (2021 est.)
$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 17%, Saudi Arabia 16%, United States 7%, Japan 7%, India 4% (2021)

Exports - commodities

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

Imports

$27.577 billion (2021 est.)
$27.187 billion (2018 est.)
$23.876 billion (2017 est.)

note: data are in current year dollars

Imports - partners

United Arab Emirates 24%, Saudi Arabia 15%, Brazil 12%, China 9%, India 6% (2021)

Imports - commodities

iron ore, jewelry, cars, floating platforms, refined petroleum, gold, broadcasting equipment (2021)

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 -

Exchange rates:
0.376 (2021 est.)
0.376 (2020 est.)
0.376 (2019 est.)
0.376 (2018 est.)
0.376 (2017 est.)