Economy Bahrain
Economy - overview:
In well-to-do Bahrain, petroleum production and refining account
for about 60% of export receipts, 60% of government revenues, and
30% of GDP. 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 consist of petroleum
products made from refining imported crude. Construction proceeds on
several major industrial projects. Unemployment, especially among
the young, and the depletion of oil and underground water resources
are major long-term economic problems. In September 2004 Bahrain
signed a Free Trade Agreement (FTA) with the United States - the
first such agreement undertaken by a Gulf state. Both countries must
ratify the FTA before it is enforced.
GDP (purchasing power parity):
$13.01 billion (2004 est.)
GDP - real growth rate:
5.6% (2004 est.)
GDP - per capita:
purchasing power parity - $19,200 (2004 est.)
GDP - composition by sector:
agriculture: 0.7%
industry: 41%
services: 58.4% (2004 est.)
Labor force:
370,000
note: 44% of the population in the 15-64 age group is non-national
(2004 est.)
Labor force - by occupation: agriculture 1%, industry, commerce, and services 79%, government 20% (1997 est.)
Unemployment rate:
15% (1998 est.)
Population below poverty line:
NA