The Bahraini Ministry of Finance expects the overall budget deficit for 2024 to decrease to 161.4 million Bahraini Dinars (428.16 million USD) in its latest budget statement, down from a deficit of 520 million Dinars in 2023. Total spending is projected to remain around 3.6 billion Dinars in both 2023 and 2024, but revenue is expected to rise to 3.47 billion Dinars next year from 3.1 billion Dinars in 2023, driven by increased oil and gas revenues.
Bahrain anticipates an increase in oil revenues to 2.15 billion Dinars in 2024, up from 1.92 billion Dinars in 2023, according to figures published by the Ministry of Finance.
Bahrain achieved a GDP growth of 4.9% in 2022, the highest growth rate since 2013. The country has embarked on a strategy to diversify its economy away from oil. The non-oil sector recorded a GDP growth of 6.2%, the highest rate since 2012.
