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Bahrain Economy 1996

Overview:

Tiny in area, Bahrain is well-to-do in economic resources and per capita income. Petroleum production and processing account for about 80% of export receipts, 60% of government revenues, and 30% of GDP. Economic conditions have fluctuated with the changing fortunes of oil since 1985, for example, during and following the Gulf crisis of 1990-91. 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 consists of petroleum products made from imported crude. Prospects for 1995 are good, with private enterprise the main driving force, e.g., in banking and construction. Unemployment, especially among the young, and the depletion of both oil and underground water resources are major long-term economic problems.

National product:

GDP - purchasing power parity - $7.1 billion (1994 est.)

National product real growth rate:

2.2% (1994 est.)

National product per capita:

$12,100 (1994 est.)

Inflation rate (consumer prices):

2% (1994 est.)

Unemployment rate:

15% (1991 est.)

Budget:

revenues:

$1.2 billion (1989)

expenditures:

$1.6 billion, including capital expenditures of $NA (1992)

Exports:

$3.69 billion (f.o.b., 1993 est.)

commodities:

petroleum and petroleum products 80%, aluminum 7%

partners:

Japan 11%, UAE 5%, South Korea 4%, India 4%, Saudi Arabia 3% (1992)

Imports:

$3.83 billion (f.o.b., 1993 est.)

commodities:

nonoil 59%, crude oil 41%

partners:

Saudi Arabia 47%, UK 7%, Japan 7%, US 6%, Germany 5% (1992)

External debt:

$2.6 billion (1993)

Industrial production:

growth rate 13% (1992); accounts for 38% of GDP, including petroleum

Electricity:

capacity:

1,050,000 kW

production:

3.3 billion kWh

consumption per capita:

5,453 kWh (1993)

Industries:

petroleum processing and refining, aluminum smelting, offshore banking, ship repairing

Agriculture:

including fishing, accounts for less than 2% of GDP; not self-sufficient in food production; heavily subsidized sector produces fruit, vegetables, poultry, dairy products, shrimp, fish

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-79), $24 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $45 million; OPEC bilateral aid (1979-89), $9.8 billion

Currency:

1 Bahraini dinar (BD) = 1,000 fils

Exchange rates:

Bahraini dinars (BD) per US$1 - 0.3760 (fixed rate)

Fiscal year:

calendar year

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