Private sector's contribution hailed after Bahrain posts 10-year-high GDP growth-Xinhua

Private sector's contribution hailed after Bahrain posts 10-year-high GDP growth

Source: Xinhua

Editor: huaxia

2023-03-28 23:50:30

MANAMA, March 28 (Xinhua) -- Bahrain's Finance Minister on Tuesday underlined the private sector's contribution to developing and diversifying the economy, after the kingdom posted a 10-year-high GDP growth rate of 4.9 percent in 2022.

At a press conference, Shaikh Salman bin Khalifa Al Khalifa, Bahrain's minister of Finance and National Economy, said the private sector is a "key and active partner" in the country's economic development, adding the Kingdom is on the right track to implement all of its economic plans, programs and priorities.

The official's remarks followed the publication of the kingdom's Economic Report for 2022, which was reviewed by the cabinet on Monday.

The highest GDP growth rate recorded since 2013 was driven by the non-oil sector, which grew by 6.2 percent, the fastest growth rate recorded in 10 years, according to the report.

According to the report, the non-oil sector contributed 83.1 percent of the GDP growth, the highest percentage ever recorded in Bahrain.

The report attributed the non-oil sector's growth to the strong public-private partnerships and their impact on developing non-oil economic sectors.

On Tuesday, the Bahraini minister also indicated that the Kingdom is committed to implementing the Fiscal Balance Programme, which aims to achieve financial balance between expenditures and revenues by 2024.