Title: Economy of Bahrain - Wikipedia
Headings: Economy of Bahrain
Economy of Bahrain
From Wikipedia, the free encyclopedia
Contents
Economy overview
Diversification
Macro-economic trend
Investment
Hydrocarbon industry
Taxation
References
Notes
Bibliography
External links

Content: Bahrain is a rich country in the middle east and the north africa (MENA) region and it's economy depends on oil & gas, international banking and tourism. In 2003 and 2004, the balance of payments improved due to rising oil prices and increased receipts from the services sector. As a result, the current account balance registered a surplus of US$219 million in 2003 and a surplus of US$442 million in 2004, compared to a deficit of US$35 million in 2002. Bahrain's gross international reserves increased substantially in 2004 to US$1.6 billion, up from US$1.4 billion in the previous three years (2001-2003). Diversification
Graphical depiction of Bahrain's product exports in 28 color-coded categories as of 2010. Though Current GDP per capita shrank by 2.4% in the 1980s, it bounced back to a growth of 36% in the 1990s as a result of successful diversification initiatives. Bahrain's urgency in embracing economic liberalisation is due to its need to diversify the economy away from its limited oil supplies. Unlike its Persian Gulf neighbours, Bahrain has little oil wealth and the economy has expanded into banking, heavy industries, retail and tourism. The Kingdom is the main banking hub for the Persian Gulf and a centre for Islamic finance, which has been attracted by the strong regulatory framework for the industry. According to the International Monetary Fund 's Financial System Stability Assessment of Bahrain's financial regulatory environment, published on 6 March 2006, found: