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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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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.