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 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain 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 2012-14, partly as a result of improved tourism. Lower oil prices in 2015 will likely exacerbate Bahrain's budget deficit.
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
4.3% (2014 est.)
Labor Force by Occupation
Agriculture: 1%
Industry: 32%
Services: 67% (2004 est.)
Unemployment Rate
4.3% (2013 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $8.217 billion
Expenditures: $9.427 billion (2014 est.)
Public Debt
41.3% of GDP (2013 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$7.416 billion (31 December 2013 est.)
Stock of Broad Money
$24.36 billion (31 December 2013 est.)
Stock of Domestic Credit
$25.77 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$15.65 billion (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
$6.049 billion (31 December 2014 est.)
Debt External
$17.66 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
$17.82 billion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$10.75 billion (31 December 2013 est.)
Exchange Rates
0.376 (2010 est.)
