Non-oil sector poised to sustain economic boom

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Email: ashen@newsofbahrain.com

Bahrain’s economy is shifting gears, moving from oil dependence to a broader, diversified path.

With the World Bank forecasting a 3.5% growth rate for 2024, the non-oil sector is set to surpass the oil industry, driven by advancements in manufacturing, construction, and government services.

While hydrocarbon revenues remain essential, Bahrain’s future hinges on maintaining this diversification amid fluctuating energy prices and fiscal pressures.

The non-oil sector’s growth is projected at approximately 3.4% annually, driven by progress in key areas.

Targets Economic targets for 2023 and 2024 appear achievable, largely due to ongoing efforts to diversify and control spending.

In the first three quarters of 2023, Bahrain’s economy grew by 2%, with non-oil sectors expanding by 3.1%. The current account surplus hit $2 billion, or 6.4% of GDP.