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Finance, oil and gas, manufacturing top 3 sectors in Bahrain

April 28, 2022
oil and gas

The top three sectors with the largest contribution to Bahrain's GDP were finance and insurance, followed by crude oil and natural gas, and manufacturing, according to a report.

The report, titled 'Overview of the Local Economy- Q1 2022' by the Studies and Initiatives Center of the Bahrain Chamber for Commerce and Industry said Bahrain’s economy has continued its trajectory to recovery as proven by several economic indicators, such the 2.2% growth in the real GDP growth in 2021, the 11% increase in trade exchange between Bahrain and the GCC countries in 2021 compared to 2020, and the grwoth of several economic sectors.

The report highlights the contribution of the economic sectors to the Gross Domestic Product (GDP), statistics on trade exchange, local economic outlook, and the standing of Bahrain globally. It also provides a bird’s eye view on the global economic outlook.

According to the report, the hotels and restaurants, transport and communication, and financial corporations were the top three growing sectors, respectively.

Bahrain's tourism sector recorded a 161% increase in revenues in 2021 compared to 2020 as several economic sectors recovered from the impact of Covid-19, the report said.

As for trade exchange partners, China regained its position as Bahrain’s top import partner, with the total value of imports reaching $543 million in Q4 of 2021. On the other hand, Saudi Arabia maintained its position as Bahrain’s top export market in Q4 of 2021, with a total export valued at $602 million.