Bahrain Economy

Economy - overview: In well-to-do Bahrain, petroleum production and refining account for about 60% of export receipts, 60% of government revenues, and 30% of GDP. With its highly developed communication and transport facilities, Bahrain is home to numerous multinational firms with business in the Gulf. A large share of exports consist of petroleum products made from refining imported crude. Construction proceeds on several major industrial projects. Unemployment, especially among the young, and the depletion of oil and underground water resources are major long-term economic problems. In September 2004 Bahrain signed a Free Trade Agreement (FTA) with the United States - the first such agreement undertaken by a Gulf state. Both countries must ratify the FTA before it is enforced.

GDP: 6.3% (2004)

GDP - real growth rate: 5.6% (2004 est.)

GDP - per capita: purchasing power parity - $19,200 (2004 est.)

GDP - composition by sector: agriculture: 0.7% industry: 41% services: 58.4% (2004 est.)

Population below poverty line: NA

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

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 370,000 note: 44% of the population in the 15-64 age group is non-national (2004 est.)

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

Unemployment rate: 15% (1998 est.)

Budget: revenues: $3.825 billion expenditures: $3.262 billion, including capital expenditures of $700 million (2004 est.)

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

Industrial production growth rate: 2% (2000 est.)

Electricity - production: 6.86 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 6.379 billion kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 44,000 bbl/day (2003)

Oil - consumption: 40,000 bbl/day (2003 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves: 126 million bbl (2004 est.)

Natural gas - production: 32.7 billion cu m (2002 est.)

Natural gas - consumption: 32.7 billion cu m (2002 est.)

Natural gas - exports: 0 cu m (2002 est.)

Natural gas - imports: 0 cu m (2002 est.)

Natural gas - proved reserves: 46 billion cu m (2004)

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

Exports: $8.205 billion (2004 est.)

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

Exports - partners: Saudi Arabia 3%, US 2.9%, UAE 2.2% (2004)

Imports: $5.87 billion (2004 est.)

Imports - commodities: crude oil, machinery, chemicals

Imports - partners: Saudi Arabia 32.4%, Japan 7.3%, Germany 6.1%, US 5.6%, UK 5.4%, France 4.8% (2004)

Debt - external: $6.215 billion (2004 est.)

Economic aid - recipient: $150 million; note - $50 million annually since 1992 from each of Saudi Arabia, UAE, and Kuwait (2002)

Currency:

Currency code:

Exchange rates: Bahraini dinars per US dollar - 0.376 (2004), 0.376 (2003), 0.376 (2002), 0.376 (2001), 0.376 (2000)

Fiscal year: calendar year



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