The economic situation in Bahrain during the period (2017-2022)

The economic situation in Bahrain during the period (2017-2022)

The Kingdom of Bahrain has benefited from the boom in the oil sector since 2001, with the economy seeing growth of 5.5%. Bahrain has succeeded in attracting investments from Arab Gulf states and others, in part because it used proceeds from the economic boom of the 1970s and 1980s to invest in infrastructure development and other projects to improve the standard of living, health care, education, housing, and the electricity, water, and transportation sectors. Bahrain has an open economy, and its currency is considered the second highest value in the world.

The Kingdom of Bahrain recorded remarkable growth in the second quarter of 2022, with the growth rate reaching 6.9% at current prices, and 22.9% at current prices on an annual basis. The non-oil sector grew by 9% in the second quarter of 2022, while the oil sector witnessed a decline, registering a growth of 2.2% in constant prices.

 Macroeconomic indicators: gross domestic product:

GDP is defined as the value of all final goods and services within a country during a specific period of time, and is considered a vital indicator that reflects the economic condition of a country by estimating the size of the economy and the growth rate of this country. The GDP growth rate in 2022 was recorded at (7%), and according to forecasts, the output growth rate is expected to decline in 2023.

The following table shows the time progression of GDP growth during the period (2017-2022).