Bahrain’s real GDP is expected to exceed BD13 billion ($34.48 billion) in 2022 and 2023 – the highest figure seen in a decade – driven by non-oil GDP growth and greater private sector contribution towards economic activities, says a report.
Since publishing our report, Bahrain has released its preliminary fiscal numbers for the year 2022 reflecting a deficit of BD178 million compared to a deficit of BD952 million in 2022. Non-oil revenues were 28% higher YoY reaching BD1.065 billion in 2022.
This comes mainly because of Bahrain’s VAT hike to 10% in 2022. Both narrowing deficits and higher non-oil revenues reflect Bahrain’s diligence in meeting the targets it has set in Fiscal Balance Report, said SICO.
Source: www.tradearabia.com
