Bahrain economy sees strong growth in early 2024
(MENAFN) Bahrain's real GDP grew by 3.3 percent year-on-year in the first quarter of 2024, according to the latest report from the Information and eGovernment Authority. This growth was notably supported by a 3.3 percent increase in the non-oil sector, which played a crucial role, contributing approximately 85.9 percent to the country’s GDP. Additionally, the oil sector experienced a 3.4 percent rise. Key industries such as accommodation, food services, financial activities, and insurance showed strong performance, further bolstering the economy's expansion.
Looking ahead, the Ministry of Finance projects that Bahrain's economy will continue to grow at a rate of 3 percent throughout the remainder of 2024. This growth is expected to be largely driven by advancements in non-oil sectors, reflecting the government's strategic focus on economic diversification. Bahrain is actively working to reduce its reliance on oil and develop alternative revenue streams, which is crucial for its economic stability and growth.
As one of the region's more indebted economies and a modest oil producer, Bahrain has been undertaking various reforms aimed at improving the business environment, generating employment opportunities, and attracting foreign investment. These efforts are part of a broader strategy to foster sustainable economic development and mitigate the effects of its economic vulnerabilities.
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