An economic report issued by Bahrain’s Economic Development Board (EDB) revealed that national GDP for 2017 grew by 3.9 percent, with a growth rate of 5 percent in the non-oil sector, placing Bahrain as among the fastest growing Gulf Cooperation Council economies.
The Kingdom of Bahrain succeeded in reducing oil and gas sector’s share of in its national GDP to 18.4% by the end of 2017, down from 43.6% in 2000. This means that Bahrain will likely succeed in diversifying its economic base.
“The economic resilience of the Kingdom of Bahrain is in line with broader regional and global trends, where economic diversification plays a bigger role in achieving faster growth,” said economic adviser to the Economic Development Board Dr. Yarmo Kotelaine on the occasion of the quarterly economic report.
Tourism, trade, real estate and financial services recorded notable growth last year of over 5 percent per sector, highlighting the Bahraini economy’s vitality and ability to grow and expand.
According to its quarterly report, the pace of growth in the kingdom "accelerated markedly" in 2017 compared to 3.2 percent in 2016.
Strong economic performance counters regional slowdown and is driven by strong non-oil based growth, supporting the success of Bahrain's economic diversification plan to counter low oil prices.
It is worth mentioning that tourism played a vital role =, along with the package of major infrastructure projects, in addition to the record success in attracting direct investments in 2017.
The International Monetary Fund (IMF) predicted that Bahrain's economy will maintain its position as the fastest growing economy in the Gulf region in 2018 as its economic momentum proves highly sustained.
The EDB’s quarterly economic report revealed a more optimistic outlook for GCC member states in 2018 and a clear recovery which gained traction through diversification policies and improved public spending.
Regional economic future will be discussed at the much anticipated Gateway Gulf Investor Forum.
The conference will bring together investors and business leaders from around the world, and is scheduled from 8 to 10 May, in the Bahrain capital, Manama.
More so, the forum will highlight various economic growth opportunities across the GCC
