Bahrain reported a growth rate of 4.9% in its GDP for 2022, according to a statement from the country’s finance ministry.
The statement claims that the Gulf country has not experienced a higher rate since 2013.
In addition, the announcement said that non-oil GDP increased by 6.2%, the most since 2012.
The non-oil sector contributed the most to GDP in Bahrain’s history, accounting for 83.1% of GDP.
Meanwhile, the oil sector’s growth rate fell by 1.4%.
Manufacturing industries grew by 4.9%, while communications and transportation grew by 4.5%.
Moreover, the hotels and restaurants sector expanded at the fastest rate among non-oil sectors, by 13.9%, thanks to a 175% increase in the number of inbound visitors for tourism purposes and a 107% surge in inbound tourism revenues, the findings showed.
Read more: Bahrain’s GDP grows 5.5% in Q1 2022
GDP to surpass $34 bn
Bahrain’s real GDP is expected to exceed 13 billion Bahraini dinars ($34 billion) in 2022 and 2023, the highest figure seen in a decade, driven by non-oil GDP growth and greater private sector contribution towards economic activities, financial services company, SICO, reported on March 1.
The oil sector GDP is expected to be around 2.3 billion dinars for 2022 and 2023. Non-oil GDP, which is set to be 10.9 billion dinars in 2022, will rise to 11.2 billion dinars in 2023, the analysis observed.
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