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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
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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.

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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)

The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.

Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”

He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.

Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.

For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.

In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.