Bahrain’s economy grew by 2.1% in the third quarter of 2024, mainly due to the growth in industries outside of oil

Jan 07, 2025 at 10:04 AM

Bahrain’s economy grew by 2.1% in the third quarter of 2024, mainly due to the growth in industries outside of oil

Bahrain’s economy grew by 2.1% in the third quarter of 2024 compared to the same time last year. This growth was mainly due to a strong performance in the country’s non-oil industries, according to the Bahrain News Agency (BNA).

Economic growth

Bahrain’s GDP reached $11.5 billion (BHD 4.3 billion) in the third quarter, up from $9.9 billion (BHD 3.7 billion) during the same time last year, according to a report from the Bahrain News Agency, based on information from the Information & eGovernment Authority.

The report says that the non-oil sector grew by 3.9% compared to last year, and by 1.5% during the quarter.

Among different sectors, manufacturing was the biggest contributor to non-oil activities, making up 20.1% of the GDP. This was followed by financial and insurance activities, which made up 17% of the economy.

Preliminary data shows that professional, scientific, and technical activities grew the most, with a 13.8% increase from last year. Information and communication activities also grew by 11.9%.

Bahrain is also working on a long-term economic recovery plan, aiming to attract over $30 billion in investments to grow the economy beyond oil.

New corporate tax

Bahrain introduced a new 15% tax this month on profits made by multinational companies in the country if their global income is more than $829 million.

This tax follows the rules set by the Organisation for Economic Co-operation and Development (OECD), showing Bahrain’s commitment to fairness and transparency in the global economy. It is part of a global reform plan supported by over 140 countries, including those in the GCC.