Bahrain’s economy expands by 4.9% in 2022, the fastest in a decade

Bahrain’s economy expands by 4.9% in 2022, the fastest in a decade

Bahrain’s economy grew by 4.9 per cent in 2022, the fastest pace recorded in a decade driven by an acceleration in non-oil growth, according to preliminary data from the country’s Information and eGovernment Authority. According to a statement from Bahrain’s ministry of finance, the country’s non-oil sector grew by 6.2 per cent in 2022, the highest growth rate recorded over the past ten years. It exceeded the 5 per cent growth target set under the government’s economic recovery plan that was launched in 2021 in response to the pandemic. Non-oil sectors witnessed year-on-year growth in real terms last year, with the hospitality sector leading at 13.9 per cent, followed by government services at 6.7 per cent and real estate and business activities at 5.5 per cent. Its trade activity expanded by 5.4 per cent in 2022 while the manufacturing sector stood at 4.9 per cent, transportation and communications at 4.5 per cent, financial corporations at 4.1 per cent and construction at 1.4 per cent. The International Monetary Fund (IMF) projected in June 2022 that recovery will continue at a moderate pace while acknowledging headwinds stemming from the slowing global economy, geopolitical tensions and tightening global financial conditions. Bahrain’s oil GDP