Economy of Bahrain

Economy of Bahrain
	Manama skyline
Currency	Bahraini dinar (BHD)
Fiscal year	Calendar Year
Trade organisations	WTO and GCC
Country group	Developing/Emerging; High-income economy;
Statistics
Population	1,472,233 (2022)
GDP	$44.994 billion (nominal, 2023 est.); $95.973 billion (PPP, 2023 est.);
GDP rank	97th (nominal, 2023); 98th (PPP, 2023);
GDP growth	2.6% (2021); 4.9% (2022); 2.7% (2023f); 3.6% (2024f);
GDP per capita	$28,464 (nominal, 2023 est.); $60,715 (PPP, 2023 est.);
GDP per capita rank	40th (nominal, 2023); 24th (PPP, 2023);
GDP by sector	agriculture: 0.3%; industry: 39.3%; services: 60.4%; (2017 est.);
Inflation (CPI)	3.635% (2022)
Population below poverty line	N/A
Human Development Index	0.875 very high (2021) (35th); N/A IHDI (2021);
Labour force	842,278 (2022); 70.9% employment rate (2015); 44% of the population in the 15-64 age group is non-national;
Labour force by occupation	agriculture: 1%; industry: 32%; services: 67%; (2004 est.);
Unemployment	1.4% (2022 est.);
Main industries	Petroleum processing and refining, Aluminum Smelting, Iron Pelletization, Fertilizers, Islamic and Offshore Banking, Insurance, Ship Repairing, Tourism
External
Exports	$27.635 billion (2018 est.)
Export goods	Petroleum and Petroleum Products, Aluminum, Textiles, Gold
Main export partners	United Arab Emirates 31% ; Saudi Arabia 12% ; United States 8%; Japan 8% (2019 est.)
Imports	$23.399 billion (2018 est.)
Import goods	Crude Oil, Machinery, Chemicals, Gold, Jewellery
Main import partners	United Arab Emirates 27% ; China 11% ; Saudi Arabia 7% ; United States 5% ; Brazil 5% ; Japan 5% ; India 5% (2018 est.)
Gross external debt	$52.15 billion (2017 est.)
Public finances
Government debt	88.5% of GDP (2017 est.)
Revenues	$5.854 billion (2017 est.)
Expenses	$9.407 billion (2017 est.)
Credit rating	Standard & Poor's:; BBB (Domestic); BBB (Foreign); BBB (T&C Assessment);
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.

According to the 2020 edition of the Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal, Bahrain has the fourth-freest in the Middle East and North Africa region and is the 40th-freest economy in the world. An alternative index, published by the Fraser Institute, puts Bahrain in 70th place. Bahrain was recognised by the World Bank as a high income economy.

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