Economy - overview:
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Bahrain has taken great strides in diversifying its economy and 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. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
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GDP (purchasing power parity):
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$32.44 billion (2012 est.)
country comparison to the world: 111
$31.81 billion (2011 est.)
$31.16 billion (2010 est.)
note:
data are in 2012 US dollars
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GDP (official exchange rate):
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$26.51 billion (2012 est.)
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GDP - real growth rate:
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2% (2012 est.)
country comparison to the world: 141
2.1% (2011 est.)
4.7% (2010 est.)
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GDP - per capita (PPP):
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$28,200 (2012 est.)
country comparison to the world: 54
$28,200 (2011 est.)
$28,200 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 0.4%
industry:
50.7%
services:
48.9% (2012 est.)
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Labor force:
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705,900
country comparison to the world: 152
note:
44% of the population in the 15-64 age group is non-national (2012 est.)
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Labor force - by occupation:
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agriculture: 1%
industry:
79%
services:
20% (1997 est.)
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Unemployment rate:
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15% (2005 est.)
country comparison to the world: 144
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Investment (gross fixed):
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19.9% of GDP (2012 est.)
country comparison to the world: 97
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Budget:
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revenues: $8.466 billion
expenditures:
$8.911 billion (2012 est.)
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Taxes and other revenues:
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31.9% of GDP (2012 est.)
country comparison to the world: 91
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Budget surplus (+) or deficit (-):
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-1.7% of GDP (2012 est.)
country comparison to the world: 77
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Public debt:
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56.2% of GDP (2012 est.)
country comparison to the world: 50
54% of GDP (2011 est.)
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Inflation rate (consumer prices):
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3% (2012 est.)
country comparison to the world: 76
-0.4% (2011 est.)
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Commercial bank prime lending rate:
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6.3% (31 December 2012 est.)
country comparison to the world: 130
6.83% (31 December 2011 est.)
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Stock of narrow money:
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$7.854 billion (31 December 2012 est.)
country comparison to the world: 83
$7.013 billion (31 December 2011 est.)
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Stock of broad money:
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$24.38 billion (31 December 2012 est.)
country comparison to the world: 81
$21.64 billion (31 December 2011 est.)
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Stock of domestic credit:
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$24.31 billion (31 December 2012 est.)
country comparison to the world: 76
$20.78 billion (31 December 2011 est.)
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Market value of publicly traded shares:
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$17.15 billion (31 December 2011)
country comparison to the world: 63
$20.43 billion (31 December 2010)
$16.93 billion (31 December 2009)
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Agriculture - products:
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fruit, vegetables; poultry, dairy products; shrimp, fish
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Industries:
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petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism
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Industrial production growth rate:
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1.5% (2010 est.)
country comparison to the world: 127
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Current account balance:
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$2.846 billion (2012 est.)
country comparison to the world: 35
$3.247 billion (2011 est.)
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Exports:
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$20.95 billion (2012 est.)
country comparison to the world: 74
$19.91 billion (2011 est.)
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Exports - commodities:
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petroleum and petroleum products, aluminum, textiles
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Exports - partners:
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Saudi Arabia 3.3%, UAE 2.2%, Japan 2%, Qatar 1.9% (2011)
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Imports:
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$14.95 billion (2012 est.)
country comparison to the world: 88
$12.11 billion (2011 est.)
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Imports - commodities:
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crude oil, machinery, chemicals
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Imports - partners:
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Saudi Arabia 28.2%, US 10.5%, China 7.6%, Brazil 6%, India 5.7%, Germany 4.8%, Japan 4.1% (2011)
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Reserves of foreign exchange and gold:
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$4.853 billion (31 December 2012 est.)
country comparison to the world: 92
$4.245 billion (31 December 2011 est.)
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Debt - external:
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$25.27 billion (31 December 2012 est.)
country comparison to the world: 73
$25.15 billion (31 December 2011 est.)
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Stock of direct foreign investment - at home:
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$16.87 billion (31 December 2012 est.)
country comparison to the world: 74
$15.94 billion (31 December 2011 est.)
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Stock of direct foreign investment - abroad:
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$10.02 billion (31 December 2012 est.)
country comparison to the world: 52
$8.777 billion (31 December 2011 est.)
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Exchange rates:
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Bahraini dinars (BHD) per US dollar -
0.376 (2012 est.)
0.376 (2011 est.)
0.376 (2010 est.)
0.376 (2009)
0.376 (2008)
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Fiscal year:
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calendar year
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