About Bahrain and Key Financial Statistics

About Bahrain and Key Financial Statistics

Overview of Economy:

Bahrain has made great efforts to diversify its economy; its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. In 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy recovered in 2012-14, partly as a result of improved tourism. Lower oil prices in 2015 will likely exacerbate Bahrain's budget deficit.

Gross Domestic Product (In USD):

$62.17 billion (2014 est.)

$59.49 billion (2013 est.)

$56.47 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 0.3

% Industry: 47.1

% Services: 52.6

Composition of Labor Force by Occupation: