Bahrain’s economy is likely to grow 3.1 percent this year and next, recovering from last year’s downturn, according to the Ministry of Finance and National Economy.
Gross domestic product plummeted 2.1 percent during the first quarter, and non-oil sector output shrunk 3 percent in Q1 compared to a year ago while the oil economy grew by 2 percent.
Non-oil economy is set to see a 3.8 percent growth this year and 3.7 percent in 2022, while oil economy growth is set to remain at 0 percent both years.
Preliminarily projections showed that the country’s GDP dropped by 5.1 percent last year.
The International Monetary Fund expects Bahrain’s economy to grow 3.3 percent this year. The island nation is set to have one of the region’s widest deficits at about 9 percent of GDP this year, while its debt ratio in relation to economic output is seen as the highest in the Gulf.