Manama: The Ministry of Finance and National Economy has unveiled the Bahrain Economic Report for 2024, highlighting a 2.6% year-on-year growth in Bahrain's economy in real terms, predominantly supported by non-oil sector activities.
According to Bahrain News Agency, preliminary data from the Information and eGovernment Authority indicated that while non-oil activities surged by 3.8%, oil activities witnessed a decline of 4.0% in 2024. In nominal terms, the GDP rose by 2.0% year-on-year, with non-oil activities seeing a 3.3% increase, contrasted by a 5.8% decrease in oil-related activities.
The report underscores the pivotal role of non-oil activities in propelling economic growth, with the sector's GDP contribution climbing to 86.0% in 2024. The Information and Communication sector led the growth with a 12.3% increase, driven by heightened digital engagement. Following closely, the Professional, Scientific, and Technical Activities sector posted a 9.5% growth.
Other sectors such as Accommodation and Food Services, Transport and Storage, and Manufacturing also contributed to the economic expansion, recording growth rates of 5.9%, 4.9%, and 4.5%, respectively. The Financial and Insurance Activities sector achieved a growth rate of 4.4%, maintaining its status as the largest GDP contributor, while the Wholesale and Retail Trade sector grew by 2.8%.
The report also highlighted a 5.7% rise in inward Foreign Direct Investment (FDI) stock in 2024, amassing to BHD 17.3 billion. Bahrain's performance in global competitiveness reports was notable, ranking first in the Arab World in the Business Perception Indicator of the Milken Institute's Global Opportunities Index 2025. Additionally, Bahrain secured the seventh position globally in the Islamic Finance Development Report 2024, and Manama was ranked 36th in the Smart Cities Index 2025, surpassing numerous major global cities.