.
.
.
.
Economy

Bahrain’s economy expected to grow by 3.1 percent in 2021, 2022

Published: Updated:

Bahrain’s economy is expected to grow 3.1 percent this year and next, recovering from last year’s downturn.

Gross domestic product contracted 2.1 percent during the first quarter, according to the Ministry of Finance and National Economy.

For the latest headines, follow our Google News channel online or via the app.

Non-oil sector output shrunk 3 percent in Q1 compared to a year ago while the oil economy grew by 2 percent.

Pumpjacks operate in the desert oil fields of Sakhir in southern Bahrain on April 22, 2020. (AFP)
Pumpjacks operate in the desert oil fields of Sakhir in southern Bahrain on April 22, 2020. (AFP)

Non-oil economy is set to see a 3.8 percent growth this year and 3.7 percent in 2022, while oil economy growth is set to remain at 0 percent both years.

Preliminarily projections showed that the country’s GDP contracted by 5.1 percent last year

The International Monetary Fund expects Bahrain’s economy to grow 3.3 percent this year. The island nation is set to have one of the region’s widest deficits at about 9 percent of GDP this year, while its debt ratio in relation to economic output is seen as the highest in the Gulf.

Read more:

Bahrain starts exploratory offshore drilling for oil and gas

Bahrain’s health ministry approves emergency use of COVID-19 medication Sotrovimab

Bahrain extends support program for businesses hit by COVID-19 pandemic