Tourism revenue in Bahrain up by 161%

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Bahrain's economy grew by two per cent and tourism revenues soared by 161pc last year, indicating that the kingdom is continuing its trajectory to recovery, says a new report.

A periodic overview of the economy issued by the Studies and Initiatives Centre of the Bahrain Chamber highlights the contribution of the economic sectors to the Gross Domestic Product (GDP), statistics on trade exchange, local economic outlook, and the standing of Bahrain globally. It also provides a bird’s eye view on the global economic outlook.

The report said the 2.2pc growth in the real GDP in 2021 was a result of 2.8pc growth in the non-oil sector, as compared with -6pc in 2020.

Tourism revenues increased by 161pc to BD709 million in 2021, up from BD272m in 2020.

Trade between Bahrain and the GCC countries rose by 11pc in 2021 compared with 2020, it said.

According to the report, the hotels and restaurants, transport and communication, and financial corporations were the top three growing sectors respectively.

Sectors with the largest contribution to the GDP were finance and insurance, followed by crude oil and natural gas, and manufacturing.

The report indicated that the volume of foreign reserves in Bahrain increased, year-on-year, by 101pc. The total foreign reserves held by the Central Bank of Bahrain at the end of 2021 amounted to about BD1.4 billion, compared with about BD732m by the end of 2020.

China regained its position as Bahrain’s top import partner, with a total value of imports reaching $543m in Q4 of 2021. Saudi Arabia also maintained its position as Bahrain’s top export market in Q4 of 2021, with a total exports valued at $602m.