Bahrain’s Economy Expands by 2.1% in Q3 2024, Driven by Non-Oil Sector Growth

Bahrain's economy demonstrated steady growth in the third quarter of 2024, with GDP expanding by 2.1% at constant prices compared to the same period in 2023. This increase was largely attributed to the robust performance of the non-oil sector, highlighting Bahrain’s ongoing efforts to diversify its economic base.

The latest figures from the Information & eGovernment Authority (iGA) reveal that Bahrain's GDP at constant prices reached BD3,734 million in Q3 2024. At current prices, GDP was recorded at BD4,342 million.

Non-Oil Sector Leads Growth

The non-oil sector played a pivotal role in driving economic expansion, registering a growth of 3.9% at constant prices and 1.5% at current prices. This reflects Bahrain’s continued strides towards reducing its dependence on oil revenues by fostering growth in alternative sectors.

Among the non-oil activities, the manufacturing sector emerged as the top contributor, accounting for 20.1% of GDP at current prices. Financial and insurance services followed closely, contributing 17% to the nation’s overall economic performance.

Sectoral Highlights and Strong Performers

Certain sub-sectors demonstrated remarkable growth during the period. Professional, scientific, and technical activities recorded the highest increase, expanding by 13.8% at constant prices. Information and communication activities also saw substantial growth, rising by 11.9% year-on-year.

These figures underscore the strong momentum in high-value sectors, reinforcing Bahrain’s emphasis on nurturing industries beyond oil and gas.

Diversification and Economic Vision

Bahrain's economic growth aligns with the kingdom’s broader diversification strategy, which aims to create a sustainable and resilient economy. As part of the Vision 2030 initiative, Bahrain continues to prioritize investments in innovation, technology, and skilled industries.

The steady expansion of non-oil sectors signals positive progress towards this long-term goal, positioning Bahrain as a dynamic player in the regional economy while enhancing the resilience of its financial and industrial landscapes.