Bahrain's Economy Achieves Growth of 2.4%

Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023. Asharq Al-Awsat
Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023. Asharq Al-Awsat
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Bahrain's Economy Achieves Growth of 2.4%

Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023. Asharq Al-Awsat
Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023. Asharq Al-Awsat

Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023 to hit 13.66 billion dinars ($36.24 billion), official data showed.

National accounts estimates issued by the Information and eGovernment Authority (iGA) also showed 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%.

According to preliminary national accounts estimates, the sectors with the highest non-oil growth were the hotels and restaurants sector, with a growth rate of 8%, 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 the fourth quarter of 2023 with the third quarter, there was a real growth in Bahrain's GDP by an estimated rate of 4.61%. This is due to the rise achieved by the non-oil sector of 5.14% at constant prices and 6.19% at current prices.



Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany

Egypt reduced its external debt by $14 billion in the five months to end-May, the sharpest such decline in the country's history, a statement released on Monday by Egypt's press center said.
The country's external debt fell to $154 billion as of the end of May from $168 billion at the end of December, according to the statement which quoted an unnamed high-level source at the central bank.
Egypt quadrupled its debt over the last nine years to help among others fund a new capital, build infrastructure and support an overvalued currency.