Bahrain has made great efforts to diversify its economy; its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. In 2012, petroleum production and refining accounted for 77% of Bahrain's export receipts, 87% of government revenues, and 19% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy recovered in 2012-13, partly as a result of improved tourism. Some economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
$34.96 billion (2013 est.)
country comparison to the world: 110
$33.48 billion (2012 est.)
$31.95 billion (2011 est.)
4.4% (2013 est.)
country comparison to the world: 69
4.8% (2012 est.)
2.1% (2011 est.)
$29,800 (2013 est.)
country comparison to the world: 49
$29,100 (2012 est.)
$28,300 (2011 est.)
agriculture: 0.3%
industry: 46.7%
services: 53% (2013 est.)
NA%
3.1% (2013 est.)
country comparison to the world: 116
2.8% (2012 est.)
716,500
country comparison to the world: 151
note: 44% of the population in the 15-64 age group is non-national (2013 est.)
agriculture: 1%
industry: 79%
services: 20% (1997 est.)
15% (2005 est.)
country comparison to the world: 136
petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism
4.7% (2013 est.)
country comparison to the world: 61
