Bahrain has begun to reap the fruits of the Economic Vision 2030 in various non-oil sectors, says Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa.
The average annual growth of the contribution of non-oil sectors increased by six per cent from 2002 to 2020, while the oil sector’s contribution dropped by 0.6pc during the same period, he said.
In reply to a question by MP Ali Al Zayed, the minister stressed Bahrain’s remarkable endeavours to develop the local economy.
Bahrain’s economy continued to witness positive growth over the past years thanks to its policy of diversification of economic sectors and private sector empowerment under the Economic Vision 2030.
The Economic Vision aims to achieve development and prosperity for all individuals and turn the private sector into a key growth engine.
This has resulted in doubling the GDP, the finance minister said.
He added that the non-oil sectors registered an average annual growth rate that exceeded the oil sector’s growth during the same period, with the non-oil sector’s contribution increasing from 58pc in 2002 to 81pc in 2020.
He underlined the focus on priority sectors, namely manufacturing industries, financial services, logistics, tourism, communications and information technology and their support to increase the non-oil GDP sectors by diversifying economic sectors.
Policies also focused on enhancing the role of the financial sector and encouraging investment in non-oil economic sectors like tourism, business and industrial services and logistics.
The launch of the economic recovery plan in October 2021, including 27 programmes, will help support non-oil GDP growth and achieve fiscal balance by early 2024, he pointed out.
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