Bahrain Economic Report 2024
• Non-oil activities contributed 86.0% to real GDP in 2024
• Total inward Foreign Direct Investment stock increased by 5.7% YoY to reach a total of BHD 17.3Bn
The Ministry of Finance and National Economy published on its website www.mofne.gov.bh today the Bahrain Economic Report for the year 2024.
According to preliminary data released by the Information and eGovernment Authority, Bahrain's economy grew by 2.6% YoY in real terms in 2024.
This growth was supported by a 3.8% increase in the non-oil activities, while oil activities experienced a decline of 4.0% YoY.
In nominal terms, the GDP rose by 2.0% YoY, with non-oil activities growing by 3.3% YoY and oil activities decreasing by 5.8% YoY.
The report highlighted the key role of non-oil activities in driving economic growth.
The continued expansion and diversification of the economy accounted for the increase in the non-oil sector's contribution to GDP to 86.0% in 2024.
The Information and Communication sector emerged as the fastest-growing sector, recording a remarkable growth rate of 12.3% YoY, driven by increased digital engagement.
This was followed by the Professional, Scientific, and Technical Activities sector, which posted a strong YoY growth of 9.5% in 2024.
The Accommodation and Food Services sector grew by 5.9%, while Transport and Storage saw a growth of 4.9%.
Moreover, the Manufacturing sector, which is the second largest contributor, increased by 4.5%. Meanwhile, the Financial and Insurance Activities sector, the largest contributor to GDP, achieved a growth rate of 4.4%.
The Wholesale and Retail Trade sector recorded a YoY growth of 2.8%.
The report also highlighted a 5.7% YoY increase in inward Foreign Direct Investment (FDI) stock in 2024 to a total of BHD 17.3 billion.
The report also highlighted Bahrain's performance in global competitiveness reports and indicators, as Bahrain ranked first in the Arab World in the Business Perception Indicator as part of the Milken Institute's Global Opportunities Index 2025.
It also ranked seventh globally in the Islamic Finance Development Report 2024, published by the Islamic Corporation for the Development of the Private Sector and the London Stock Exchange. Furthermore, Manama was included in the Smart Cities Index 2025 issued by the World Competitiveness Center of the International Institute for Management Development (IMD), ranking 36th out of 146 cities, outperforming major global cities.
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