Bahrain’s Economy Achieves Real Growth of 2.4% in 2023

National accounts estimates issued by the Information and eGovernment Authority (iGA) showed that the Kingdom of Bahrain’s GDP increased by 2.4% at constant prices during 2023 compared to 2022.

The GDP reached BD 13,661.22 million at constant prices during 2023 compared to BD13,341.97 million in 2022.

The report also indicated that financial projects are among the largest non-oil sectors contributing to the real GDP with 17.8%, followed by the manufacturing industry with 13.6%. According to preliminary national accounts estimates, the sectors with the highest non-oil growth were the hotels and restaurants sector, with a growth rate of 8%, followed by government services with a growth rate of 6%, and then financial projects with a rate of 5.7% at constant prices.

Comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, there was a positive growth in GDP estimated at 3.45% and 3.36% at constant and current prices, respectively. The non-oil sector recorded a growth of 4.03% at constant prices and 3.89% at current prices.

Comparing the economic performance of the fourth quarter of 2023 with the third quarter, there was a real growth in Bahrain’s GDP by an estimated rate of 4.61%. This is due to the rise achieved by the non-oil sector of 5.14% at constant prices and 6.19% at current prices.

iGA Bahrain (R)

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