DUBAI (Reuters) – Bahrain’s economy grew 3.3% year-on-year in the first quarter of 2024, according to a quarterly economic performance report by the Ministry of Finance, citing preliminary data from the Information & eGovernment Authority.
The Gulf state’s non-oil gross domestic product (GDP) increased 3.3% in the period, contributing almost 85.9% to overall GDP, while oil GDP grew 3.4%, the report said, with accommodation and food services, and financial services and insurance among the top performing sectors.
The finance ministry projects Bahrain’s economy to grow 3% in 2024, driven mainly by non-oil sectors, as the government accelerates efforts to diversify income sources and economic sectors away from hydrocarbons.
Among the region’s more indebted economies and smaller oil producers, Bahrain has introduced reforms to make doing business easier, create more jobs, and attract foreign investment to boost economic growth.