Bahrain skyline at golden hour

Bahrain Economy

Bahrain's economy in numbers:

Nominal GDP of USD 44.3 billion in 2022.

GDP per capita of USD 28,698 compared to the global average of USD 10,589.

Average real GDP growth of 2.8% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 55% of overall GDP, manufacturing 20%, other industrial activity 25%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 42% of GDP in 2020, government consumption 17%, fixed investment 35%, and net exports 6%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2019, manufactured products made up 27% of total merchandise exports, mineral fuels 42%, food 4%, ores and metals 24% and agricultural raw materials 0%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 46% of total merchandise imports, mineral fuels 30%, food 10%, ores and metals 13% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 30 billion in 2022, while total imports were USD 22 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.8% in the decade to 2022. To read more about GDP growth in Bahrain, go to our dedicated page.

Fiscal policy:

Bahrain's fiscal deficit averaged 11.3% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 4.5% in the decade to 2022. For more information on Bahrain's unemployment click here.


Inflation averaged 1.7% in the decade to 2022. Go to our Bahrain inflation page for extra insight.

Monetary Policy:

Bahrain's monetary policy rate ended 2022 at 5.25%, up from 0.50% a decade earlier. See our Bahrain monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dinar stayed on the same level vs the U.S. dollar. For more info on the dinar, click here.
Annual GDP growth sped up to 2.5% in the third quarter from 1.9% in the first six months of the year. Most sectors expanded more robustly, including the manufacturing, construction and government services sectors. That said, the petroleum industry shrank—mostly on maintenance at the Abu Sa’afah oil field. Turning to Q4, available data points to strong economic activity. Crude production rebounded in October–November, as did the number of real estate transactions over Q4 as a whole. Moreover, annual growth of natural gas output was roughly in line with Q3’s near four-year high in October–November. In other news, in December, ministers met with members of Parliament to discuss restructuring subsidies as part of spending cuts envisaged under the government’s Fiscal Balance Program. These cuts would support the fiscal balance while dragging on domestic demand.
Projections out to 2033.

40 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 19 expert analysts.

Want to get insight on the economic outlook for Bahrain in the coming years? FocusEconomics collects projections out to 2033 on 40 economic indicators for Bahrain from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Bahrain economy. To download a sample report on the Bahrain's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Bahrain Economic Data

2018 2019 2020 2021 2022
Population (million) 1.5 1.5 1.5 1.5 1.5
GDP (USD bn) 37.7 38.6 34.5 39.1 44.3
GDP per capita (USD) 25,068 25,978 23,452 26,006 28,698
GDP (BHD bn) 14.2 14.5 13.0 14.7 16.7
Economic Growth (Nominal GDP, ann. var. %) 6.7 2.3 -10.4 13.3 13.1
Economic Growth (GDP, ann. var. %) 2.3 2.2 -4.6 2.6 4.9
Private Consumption (ann. var. %) 1.3 1.9 -4.4 18.9 8.4
Government Consumption (ann. var. %) 11.0 0.3 -2.5 6.5 2.7
Fixed Investment (ann. var. %) 10.6 6.4 -3.8 -4.2 18.1
Exports (G&S, ann. var. %) 3.3 0.4 -2.5 29.5 9.2
Imports (G&S, ann. var. %) 5.7 -5.6 -0.7 15.2 11.9
Fiscal Balance (% of GDP) -11.8 -9.0 -17.9 -11.0 -6.1
Public Debt (% of GDP) 94.6 101.6 130.1 127.1 117.6
Money (ann. var. of M2 %) 2.4 11.1 6.5 4.9 3.9
Inflation (CPI, ann. var. %, aop) 2.1 1.0 -2.3 -0.6 3.6
1-Week Deposit Rate (%, eop) 2.75 2.25 1.00 1.00 5.25
Exchange Rate (BHD per USD, eop) 0.38 0.38 0.38 0.38 0.38
Current Account Balance (USD bn) -2.4 -0.8 -3.2 2.6 6.8
Current Account Balance (% of GDP) -6.4 -2.1 -9.4 6.6 15.4
Merchandise Trade Balance (USD bn) -1.1 0.9 -0.1 4.9 8.2
Merchandise Exports (USD bn) 18.0 18.1 14.0 22.3 30.1
Merchandise Imports (USD bn) 19.0 17.2 14.2 17.4 21.9
Merchandise Exports (ann. var. %) 16.2 0.5 -22.4 59.1 35.0
Merchandise Imports (ann. var. %) 18.8 -9.6 -17.8 23.1 25.7
Foreign Direct Investment (USD bn) 1.7 1.5 1.0 1.8 2.0
International Reserves (USD bn) 1.9 3.4 1.9 3.9 3.7
International Reserves (months of imports) 1.2 2.4 1.7 2.7 2.0

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