Oil’s contribution ‘highest to Bahrain GDP’: minister

Oil’s contribution ‘highest to Bahrain GDP’: minister

Moves to diversify revenues have proven successful as the oil and gas sector now contributes 20 per cent of the country’s gross domestic product (GDP), Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa told Shura Council members yesterday. However, the sector’s contribution to the state coffers was still the highest, he added.The remarks came as the upper chamber of the National Assembly was discussing the 2019 closing budget and financial statements, which was then approved unanimously. “We have succeeded in diversifying the economy, but still more needs to be done,” said the minister.“The matter is being addressed and we are working on multiple options towards achieving this goal.“Oil and gas now stand at 20pc of the GDP, but they still make up our largest revenues. ”Shaikh Salman pointed out that as the state coffers continue to be in deficit, borrowing is a must". “We are now more keen on striking a balance between revenues and spending, and we are working along with legislators on plans, programmes and initiatives that will enable us to strike that necessary balance. “However, in this exercise services offered to the public are not being affected, and neither are low-income families.”Shaikh Salman said