Bahrain’s Ministry of Finance and National Economy announced that the country’s real GDP growth rate has hit a ten-year high, with an increase of 4.9 percent in 2022. This was announced in the country’s annual economic report.
The report also stated that the Kingdom had witnessed a growth of 6.2 percent in non-oil real GDP, the highest rate since 2012, and it surpassed the 5 percent annual target set by Bahrain’s economic recovery plan.
Bahrain’s five-pillar plan shows positive results
This five-pillar plan was launched in 2021 and aims to enhance the economy’s long-term competitiveness and support post-Covid-19 recovery.
The plan is one of the Kingdom’s largest ever reform programmes, with over $30 billion allocated for investment and significant labour market and regulatory reform to improve the ease of doing business.
“The positive results posted today are the cumulation of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diverse, and prosperous economy,” Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy said.
In addition to the increased growth rate, the report also showed that Bahrain had experienced a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent, and a primary surplus of 3.3 percent.
These numbers also reflect the Kingdom’s efforts to boost its economic growth and implement sound financial management policies.
“Central to these efforts has been the comprehensive Economic Recovery Plan, launched in 2021, which is an investment in our nation’s people, our businesses, and the future of Bahrain. These results are a statement of our intent to secure a balanced budget by 2024, provide long-term fiscal sustainability and create an economy that delivers for everyone across the Kingdom,” Shaikh Salman added.
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