Bahrain’s gross domestic product (GDP) increased by 2.4% at constant prices in 2023 when compared to the previous year, according to national accounts estimates issued by the Information and eGovernment Authority (iGA).

The GDP surged to $40 billion at constant prices for 2023 compared to $35 billion the year before.

The iGA report also indicated that financial projects are among the largest non-oil sectors contributing to the real GDP with 17.8%, followed by the manufacturing industry with 13.6%.

As per preliminary national accounts estimates, the sectors with the highest non-oil growth were the hotel and restaurants sector, with a 8% jump, followed by government services with a growth rate of 6%, and then financial projects with a rate of 5.7% at constant prices.

Comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, there was a positive growth in GDP estimated at 3.45% and 3.36% at constant and current prices, respectively. The non-oil sector recorded a growth of 4.03% at constant prices and 3.89% at current prices.

Comparing the economic performance of Q4 2023 with the third quarter, there was a real growth in Bahrain’s GDP by an estimated rate of 4.61%, said the report.

This is due to the rise achieved by the non-oil sector of 5.14% at constant prices and 6.19% at current prices, it added.