Bahraini Economy
Economy - overview: 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.
GDP (purchasing power parity): $61.94 billion (2014 est.)
GDP (official exchange rate): $33.86 billion (2014 est.)
GDP - real growth rate: 4.7% (2014 est.)
GDP - per capita (PPP): $51,700 (2014 est.)
GDP - composition by sector: agriculture: 0.3%
industry: 47.1%
services: 52.6% (2014 est.)
Labor force: 705,000
note: excludes unemployed; 44% of the population in the 15-64 age group is non-national (2014 est.)
Labor force - by occupation: agriculture: 1%
industry: 32%
services: 67% (2004 est.)
Unemployment rate: 4.1% (2014 est.)
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed): 27% of GDP (2009 est.)
Budget: revenues: $7.808 billion
expenditures: $8.896 billion (2013 est.)
Public debt: 43.4% of GDP (2014 est.)
Inflation rate (consumer prices): 2.5% (2014 est.)
Commercial bank prime lending rate: 6.8% (31 December 2014 est.)
Agriculture - products: fruit, vegetables; poultry, dairy products; shrimp, fish
Industries: petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism
Industrial production growth rate: 4.5% (2014 est.)
Electricity - production: 13.16 billion kWh (2011 est.)
Electricity - consumption: 12.12 billion kWh (2011 est.)
Electricity - exports: 190 million kWh (2012 est.)
Electricity - imports: 35 million kWh (2012 est.)
Oil - production: 58,000 bbl/day (2013 est.)
Oil - consumption: 152,600 bbl/day (2012 est.)
Oil - exports: 152,600 bbl/day (2012 est.)
Oil - imports: 256,000 bbl/day (2011 est.)
Oil - proved reserves: 124.6 million bbl (1 January 2014 est.)
Natural gas - production: 13.63 billion cu m (2012 est.)
Natural gas - consumption: 13.63 billion cu m (2012 est.)
Natural gas - exports: 0 cu m (2012 est.)
Natural gas - imports: 0 cu m (2012 est.)
Natural gas - proved reserves: 92.03 billion cu m (1 January 2014 est.)
Current account balance: $1.801 billion (2014 est.)
Exports: $22 billion (2014 est.)
Exports - commodities: petroleum and petroleum products, aluminum, textiles
Exports - partners: Saudi Arabia 3.3%, US 2.4%, UAE 2.2% (2014)
Imports: $14.28 billion (2014 est.)
Imports - commodities: crude oil, machinery, chemicals
Imports - partners: Saudi Arabia 24%, Algeria 11.9%, China 8.2%, US 7%, Japan 5.7%, Australia 4.4% (2014)
Reserves of foreign exchange and gold: $6.011 billion (31 December 2014 est.)
Debt - external: $18.72 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $18.89 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $11.81 billion (31 December 2014 est.)
Exchange rates: Bahraini dinars (BHD) per US dollar - 0.376 (2014 est.), 0.376 (2013 est.), 0.376 (2012 est.), 0.376 (2011 est.), 0.376 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team