Economy of Bahrain

Economy of Bahrain
	Manama skyline
Currency	Bahraini dinar (BHD)
Fiscal year	Calendar Year
Trade organisations	WTO and GCC
Country group	Developing/Emerging; High-income economy;
Statistics
Population	1,577,059 (2023)
GDP	$47.8 billion (nominal, 2024 est.); $105.6 billion (PPP, 2024 est.);
GDP rank	94th (nominal, 2024); 99th (PPP, 2024);
GDP growth	3.0% (2023); 3.0% (2024e); 3.2% (2025f); 2.9% (2026f);
GDP per capita	$29,893 (nominal, 2025 est.); $66,975 (PPP, 2025 est.);
GDP per capita rank	40th (nominal, 2024); 23rd (PPP, 2024);
GDP by sector	agriculture: 0.3%; industry: 44.5%; services: 51.1%; (2023 est.);
Inflation (CPI)	1.4% (2024 est.)
Population below poverty line	N/A
Human Development Index	0.888 very high (2022) (34th); N/A IHDI (2022);
Labour force	855,301 (2023); 70.9% employment rate (2015); 44% of the population in the 15-64 age group is non-national;
Labour force by occupation	agriculture: 1%; industry: 32%; services: 67%; (2004 est.);
Unemployment	1.2% (2023);
Main industries	Petroleum processing and refining, Aluminum Smelting, Iron Pelletization, Fertilizers, Islamic and Offshore Banking, Insurance, Ship Repairing, Tourism
External
Exports	$40.344 billion (2023 est.)
Export goods	Petroleum and Petroleum Products, Aluminum, Textiles, Gold
Main export partners	Saudi Arabia 15%; United Arab Emirates 10%; United States 9%; Japan 5%; India 4% (2022 est.);
Imports	$32.374 billion (2023 est.)
Import goods	Crude Oil, Machinery, Chemicals, Gold, Jewellery
Main import partners	China 15%; United Arab Emirates 12%; Brazil 9%; Australia 8%; India 7% (2022 est.);
Gross external debt	$60.58 billion (2024 est.)
Public finances
Government debt	126.7% of GDP (2024 est.)
Revenues	$8.479 billion (2023)
Expenses	$10.532 billion (2023)
Credit rating	Standard & Poor's:; B+ (Domestic); B+ (Foreign); B+ (T&C Assessment);
	All values, unless otherwise stated, are in US dollars.

The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.

According to the 2020 edition of the Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal, Bahrain has the fourth-freest in the Middle East and North Africa region and is the 40th-freest economy in the world. An alternative index, published by the Fraser Institute, puts Bahrain in 70th place. Bahrain was recognised by the World Bank as a high income economy.