Dubai, UAE — Bahrain’s real GDP growth in 2022 reached 4.9 percent, its highest since 2013, the kingdom’s Ministry of Finance and National Economy said in its annual economic report.
The report said Bahrain witnessed 6.2 percent non-oil real GDP growth, the highest rate since 2012 and higher than the 5 percent annual target set by the Kingdom’s Economic Recovery Plan, Bahrain News Agency said.
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 programs, with over $30 billion catalyzed for investment and significant labor market and regulatory reform to improve the ease of doing business.
The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said, “The positive results posted today are the cumulation of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diverse, and prosperous economy.”
“Central to these efforts has been the comprehensive Economic Recovery Plan, launched in 2021, which is an investment in our nation’s people, our businesses, and the future of Bahrain. These results are a statement of our intent to secure a balanced budget by 2024, provide long-term fiscal sustainability and create an economy that delivers for everyone across the kingdom.”
