As reported by the Ministry of Finance, Bahrain’s real GDP increased by 3.3% in Q1 2024. This growth is largely attributed to the expansion in key non-oil sectors, which now contribute nearly 85.9% to the nation’s overall GDP.

Meanwhile, Bahrain’s oil GDP rose by 3.4% in Q1 2024. The accommodation and food services sector, financial services, and insurance were the standout contributors to this growth.

The hospitality sector led with a 10.7% growth, spurred by a 31.7% YoY increase in inbound tourists and an average hotel occupancy rate of 50.8% for 4- and 5-star hotels. The transportation and storage sector grew by 5.3%, supported by an 11% rise in passengers at Bahrain International Airport and a 10% increase in aircraft movements. The manufacturing sector also saw a 3.9% rise.

Bahrain’s finance ministry forecasts a 3% economic expansion for 2024, driven by growth in the diversified non-oil sectors.

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