Economy Overview
Bahrain has made great efforts to diversify its economy, its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. In 2012, petroleum production and refining accounted for 77% of Bahrain's export receipts, 87% of government revenues, and 19% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy recovered in 2012-13, partly as a result of improved tourism. Some economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
Agriculture Products
fruit, vegetables, poultry, dairy products; shrimp, fish
Industries
petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism
Industrial Production Growth Rate
4.7% (2013 est.) country comparison to the world: 61
Labor Force
716,500 country comparison to the world: 151 note: 44% of the population in the 15-64 age group is non-national (2013 est.)
Labor Force by Occupation
agriculture: 1%
industry: 79%
services: 20% (1997 est.)
Unemployment Rate
15% (2005 est.) country comparison to the world: 136
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
lowest 10%: NA%
highest 10%: NA%
Budget
revenues: $8.143 billion
expenditures: $9.232 billion (2013 est.)
Public Debt
61.2% of GDP (2013 est.) country comparison to the world: 48 54.2% of GDP (2012 est.)
Commercial Bank Prime Lending Rate
6.8% (31 December 2013 est.) country comparison to the world: 130 6.05% (31 December 2012 est.)
Stock of Narrow Money
$7.431 billion (31 December 2013 est.) country comparison to the world: 90 $6.944 billion (31 December 2012 est.)
Stock of Broad Money
$23.93 billion (31 December 2013 est.) country comparison to the world: 79 $22.51 billion (31 December 2012 est.)
Stock of Domestic Credit
$25.96 billion (31 December 2013 est.) country comparison to the world: 71 $22.19 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$16.06 billion (31 December 2012 est.) country comparison to the world: 61 $17.15 billion (31 December 2011) $20.43 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$5.933 billion (31 December 2013 est.) country comparison to the world: 89 $5.211 billion (31 December 2012 est.)
Debt External
$28.82 billion (31 December 2013 est.) country comparison to the world: 74 $27.54 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$17.81 billion (31 December 2013 est.) country comparison to the world: 76 $16.83 billion (31 December 2012 est.)
Stock of Direct Foreign Investment Abroad
$10.86 billion (31 December 2013 est.) country comparison to the world: 53 $9.699 billion (31 December 2012 est.)
Exchange Rates
Bahraini dinars (BHD) per US dollar -0.376 (2013 est.) 0.376 (2012 est.) 0.376 (2010 est.) 0.376 (2009) 0.376 (2008)
