Bahrain’s GDP grows by 2.1% in Q3 2024, boosted by non-oil sector

Bahrain’s gross domestic product (GDP) grew by 2.1 per cent in constant prices during Q3 2024 compared to the same period in the previous year, according to the latest data from the Information & eGovernment Authority.

According to a report published by the Bahrain News Agency, the country’s GDP at constant prices reached BD3,734m, while at current prices it totaled BD4,342m during the third quarter.

The growth was primarily driven by the non-oil sector, which saw an increase of 3.9 per cent at constant prices and 1.5 per cent at current prices, reflecting the continued diversification of Bahrain’s economy away from its reliance on oil.

In terms of sector contributions, the manufacturing sector ranked first among non-oil activities, accounting for 20.1 per cent of Bahrain’s GDP at current prices. This was followed by financial and insurance activities, which contributed 17 per cent to the country’s overall economic output.

The report also highlighted significant growth in certain sub-sectors.

According to preliminary estimates, professional, scientific, and technical activities recorded the highest growth rate at constant prices, with an increase of 13.8 per cent. This was followed by information and communication activities, which saw a growth rate of 11.9 per cent, both on an annual basis.

Bahrain focused on diversification

The strong performance of these sectors reflects Bahrain’s efforts to foster economic diversification, particularly in high-value industries such as manufacturing, finance, and technology.

The Information & eGovernment Authority noted that the positive GDP growth is part of the kingdom’s broader economic strategy to reduce its dependence on oil revenues, focusing on non-oil industries as key drivers of future growth.

Bahrain’s ongoing economic development initiatives have been aligned with its Vision 2030 plan, which seeks to create a more sustainable and diversified economy through investments in innovation, digital infrastructure, and skilled sectors.