#Bahrain’s Economic Growth Hits Fastest in Almost a Decade - Bloomberg

Bahrain’s Economic Growth Hits Fastest in Almost a Decade - Bloomberg

Bahrain’s economy grew at the fastest pace since 2013 last year, fueled by an acceleration in non-oil growth, according to preliminary government data.

Overall economic output grew nearly 5%, driven by 6.2% growth in the non-oil sector, higher than anticipated by the government’s recovery plan launched in 2021 in response to the coronavirus pandemic. Hotels and restaurants led growth in the non-oil sector, followed by government services and then real estate.

The oil economy shrunk 1.4% last year according to the finance ministry, as a result of a decline in production. Higher oil prices have helped neighboring Saudi Arabia become one of the world’s fastest growing economies.

This year, the Gulf state’s economy is seen growing nearly 3%, in line with estimates from the International Monetary Fund, with no growth seen in oil GDP.