Finance & Capital Market

Bahrain's real GDP grows 4.9% in 2022; hits 10-year high

Bahrain's real gross domestic product (GDP) grew 4.9% in 2022,  the highest rate since 2013, mainly driven by non-oil GDP growth and greater private sector contribution towards economic activities, said a senior minister, citing the kingdom’s annual economic report.
"We are now on the right track to implement all its plans, programmes and priorities aimed at supporting economic growth and advanced development paths," remarked Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa.
He was speaking at a virtual meeting of the editors-in-chief of local newspapers, with whom he reviewed the economic results for the year 2022 and the positive indicators they contained, reported BNA.
This will enhance growth for the homeland and benefit the citizens, in light of the comprehensive development process, led by His Majesty King Hamad bin Isa Al Khalifa, and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, he stated, stressing the importance of harnessing all potentials, stepping up joint efforts and continuing to build on the promising development achievements attained thanks to the will and determination of Team Bahrain.
The economic report revealed that Bahrain had witnessed 6.2% non-oil Real GDP growth, the highest rate since 2012 and in excess of the 5% annual target set by the Kingdom’s Economic Recovery Plan.
Launched in 2021, the multi-year, five-pillar plan aims to enhance the economy’s long-term competitiveness and support post-Covid-19 recovery. It is one of Bahrain’s largest ever reform programmes, with over $30 billion catalysed for investment and significant labour market and regulatory reform to improve the ease of doing business.
The kingdom also reported a drop in Deficit to GDP to -1.1%, a drop in Debt to GDP to 100%, and a primary surplus of 3.3%, reported BNA.
At the meeting, Shaikh Salman praised the prominent and important role played by the private sector as a key and active partner in developing economic sectors and increasing economic diversification.
The implementation of all specific initiatives and programmes aimed at achieving the desired economic growth and financial sustainability will continue, he stated.
Shaikh Salman emphasised that the kingdom was committed to implementing the Fiscal Balance Programme, which aims to reach the point of financial balance between expenditures and revenues by 2024, in a way that contributes to achieving financial sustainability and economic growth.
Commending the media for its pioneering role in nation-building and development, the minister said: "Tremendous efforts have been exerted by the highly-professional competencies of the local press to achieve the desired goals and aspirations and bring about further development and prosperity for the benefit of the kingdom."
He also commended the positive results achieved, which reflects Team Bahrain’s success in implementing all the main priorities and objectives on which the Economic Recovery Plan was based.