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Bahrain Economy 2010
http://www.workmall.com/wfb2010/bahrain/bahrain_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 27, 2010

Economy - overview:
Bahrain is one of the most diversified economies in the Arabian Gulf, with its highly developed communication and transport facilities making Bahrain home to numerous multinational firms with business in the Gulf. Bahrain and the US in August 2006 implemented a Free Trade Agreement (FTA), the first FTA between the US and a Gulf state, as part of its diversification plans. Bahrain, however, continues to depend on oil with petroleum production and refining accounting for over 60% of Bahrain's export receipts, over 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major segments of Bahrain's economy are aluminum--Bahrain's second major export after oil--financial, and construction sectors. Bahrain is focused on Islamic banking and is competing on an international scale with Malaysia as a worldwide banking center. Future economic growth hinges on Bahrain's ability to acquire 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 continues its struggle to address. Bahrain in 2009 began plans to end its sponsorship system for expatriate workers and increase the costs of employing cheap foreign labor to help reduce Bahraini unemployment. The global financial crisis resulted in slower economic growth for Bahrain during 2009 as tight international credit and a slowing global economy caused funding for many non-oil projects to dry up. Lower oil prices may also cause Bahrain's budget to slip back into deficit for the first time since 2002 prompting Bahrain to issue an emergency budget supplement and finance its deficits with bonds.

GDP (purchasing power parity):
$28 billion (2009 est.)

$27.21 billion (2008 est.)
$25.6 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$19.36 billion (2009 est.)

GDP - real growth rate:
2.9% (2009 est.)

6.3% (2008 est.)
8.4% (2007 est.)

GDP - per capita (PPP):
$38,400 (2009 est.)

$37,800 (2008 est.)
$36,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 0.5%
industry: 58%
services: 41.5% (2009 est.)

Labor force:
595,000
note: 44% of the population in the 15-64 age group is non-national (2009 est.)

Labor force - by occupation:
agriculture: 1%
industry: 79%
services: 20% (1997 est.)

Unemployment rate:
15% (2005 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):
27% of GDP (2009 est.)

Budget:
revenues: $5.809 billion
expenditures: $5.86 billion (2009 est.)

Public debt:
30.1% of GDP (2009 est.)

28.7% of GDP (2008 est.)

Inflation rate (consumer prices):
3% (2009 est.)

7% (2008 est.)

Commercial bank prime lending rate:
NA% (31 December 2008)

8.35% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$4.169 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$10.63 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$10.32 billion (31 December 2007)

Market value of publicly traded shares:
$21.18 billion (31 December 2008)

$28.13 billion (31 December 2007)
$21.12 billion (31 December 2006)

Agriculture - products:
fruit, vegetables; poultry, dairy products; shrimp, fish

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

Industrial production growth rate:
-0.5% (2009 est.)

Electricity - production:
10.25 billion kWh (2007 est.)

Electricity - consumption:
10.1 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
48,520 bbl/day (2008 est.)

Oil - consumption:
38,000 bbl/day (2008 est.)

Oil - exports:
238,300 bbl/day (2007 est.)

Oil - imports:
228,400 bbl/day (2007 est.)

Oil - proved reserves:
124.6 million bbl (1 January 2009 est.)

Natural gas - production:
12.64 billion cu m (2008 est.)

Natural gas - consumption:
12.64 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
92.03 billion cu m (1 January 2009 est.)

Current account balance:
$1.808 billion (2009 est.)

$2.257 billion (2008 est.)

Exports:
$12.5 billion (2009 est.)

$17.49 billion (2008 est.)

Exports - commodities:
petroleum and petroleum products, aluminum, textiles

Exports - partners:
Saudi Arabia 3.4%, India 2.7%, UAE 2.2% (2008)

Imports:
$10.37 billion (2009 est.)

$14.25 billion (2008 est.)

Imports - commodities:
crude oil, machinery, chemicals

Imports - partners:
Saudi Arabia 26.7%, Japan 8.9%, US 7.8%, China 6.2%, Germany 4.8%, South Korea 4.7%, UK 4.5% (2008)

Reserves of foreign exchange and gold:
$3.465 billion (31 December 2009 est.)

$3.803 billion (31 December 2008 est.)

Debt - external:
$10.87 billion (31 December 2009 est.)

$10.33 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$16.18 billion (31 December 2009 est.)

$15.01 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$10.04 billion (31 December 2009 est.)

$9.34 billion (31 December 2008 est.)

Exchange rates:
Bahraini dinars (BHD) per US dollar - 0.376 (2009), 0.376 (2008), 0.376 (2007), 0.376 (2006), 0.376 (2005)


NOTE: The information regarding Bahrain on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahrain Economy 2010 information contained here. All suggestions for corrections of any errors about Bahrain Economy 2010 should be addressed to the CIA.



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