• Home
  • Bahrain Deficit Shrinks to 4.7% of GDP in 2019

Bahrain Deficit Shrinks to 4.7% of GDP in 2019

Bahrain’s budget deficit shrank to 4.7% of gross domestic product (GDP) in 2019 from 6.3% a year earlier, the ministry of finance said on Monday citing preliminary fiscal results. The small Gulf state aims to deliver a balanced budget by 2022 as part of a program of fiscal reforms linked to a $10 billion financial aid package received in 2018 from its Gulf allies. Reforms so far included a spending review, a voluntary retirement scheme for public sector workers and the introduction of a value added tax. Bahrain saw its primary budget deficit – which excludes interest payments – decrease 85% year-on-year in 2019, it said on Monday. It expects the economy to grow 2.7% this year, from an estimated 2.1% in 2019. Saudi Arabia, the United Arab Emirates and Kuwait gave Bahrain $10 billion in 2018 after low oil prices pushed its public debt to almost 93% of gross domestic product.


Read the full article on Nasdaq, February 10, 2020

North-South Transport Corridor: Iran-Russia New Railway to Circumvent Western Pressure

May 3, 2023

After the United States and the European Union imposed extensive sanctions on Russia in response to its invasion of Ukraine in February 2022, Russia joined…

Qatar-Bahrain Relations: Prioritizing Progress Despite Complicated History

April 25, 2023

In recent months, the Middle East and North Africa region has seen notable progress towards normalization and peace. The diplomatic activity between Saudi Arabia and…

At the Crossroads of Asia, Uzbekistan Reaches Out to the Gulf

March 28, 2023

For centuries, an invisible thread has connected what is now Uzbekistan and the GCC-member states: the famous Islamic scholar Imam Al-Bukhari (AD 810-870). Al-Bukhari belonged…

Subscribe to Receive Latest Updates from GIF.