Bahrain

Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain’s economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain’s export receipts, 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major economic activities are production of aluminum - Bahrain’s second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. Unemployment, especially among the young, is a long-term economic problem Bahrain struggles to address. In 2009, to help lower unemployment among Bahraini nationals, Bahrain reduced sponsorship for expatriate workers, increasing the costs of employing foreign labor. The global financial crisis caused funding for many non-oil projects to dry up and resulted in slower economic growth for Bahrain. Other challenges facing Bahrain include the slow growth of government debt as a result of a large subsidy program, the financing of large government projects, and debt restructuring, such as the bailout of state-owned Gulf Air.

$29.82 billion (2010 est.)

$28.7 billion (2009 est.)

$27.83 billion (2008 est.)

$21.73 billion (2010 est.)

3.9% (2010 est.)

3.1% (2009 est.)

6.3% (2008 est.)

$40,400 (2010 est.)

$39,400 (2009 est.)

$38,700 (2008 est.)

611,000

15% (2005 est.)

NA%

26.6% of GDP (2010 est.)

59.2% of GDP (2010 est.)

38.5% of GDP (2009 est.)

3.3% (2010 est.)

2.8% (2009 est.)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$6.372 billion (31 December 2010 est)

$5.74 billion (31 December 2009 est)

$21.02 billion (31 December 2010 est.)

$18.93 billion (31 December 2009 est.)

$18.46 billion (31 December 2010 est.)

$16.34 billion (31 December 2009 est.)

$16.93 billion (31 December 2009)

$21.18 billion (31 December 2008)

$28.13 billion (31 December 2007)

fruit, vegetables; poultry, dairy products; shrimp, fish

petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism

1.5% (2010 est.)

10.25 billion kWh (2007 est.)

10.1 billion kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

48,560 bbl/day (2009 est.)

39,000 bbl/day (2009 est.)

238,300 bbl/day (2007 est.)

228,400 bbl/day (2007 est.)

124.6 million bbl (1 January 2010 est.)

12.64 billion cu m (2008 est.)

12.64 billion cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

92.03 billion cu m (1 January 2010 est.)

$589 million (2010 est.)

$560.2 million (2009 est.)

$15.13 billion (2010 est.)

$12.05 billion (2009 est.)

petroleum and petroleum products, aluminum, textiles

India 4.2%, Saudi Arabia 2.78% (2009)

$12.14 billion (2010 est.)

$9.613 billion (2009 est.)

crude oil, machinery, chemicals

Saudi Arabia 22.91%, France 9.76%, US 7.95%, China 6.4%, South Korea 5.26%, Japan 5.19%, Germany 5.01%, UK 4.34% (2009)

$3.766 billion (31 December 2010 est.)

$3.54 billion (31 December 2009 est.)

$14.68 billion (31 December 2010 est.)

$10.55 billion (31 December 2009 est.)

$15.77 billion (31 December 2010 est.)

$15 billion (31 December 2009 est.)

$8.399 billion (31 December 2010 est.)

$7.549 billion (31 December 2009 est.)

Bahraini dinars (BHD) per US dollar - 0.376 (2010), 0.376 (2009), 0.376 (2008), 0.376 (2007), 0.376 (2006)