The Ministry of Finance and National Economy has released the Kingdom of Bahrain’s Mid-year Financial Report for 2022. The latest indicators point towards the Kingdom's strong post-Covid economic recovery, with an overall surplus of $88m being posted and revenues increasing by 52%.
Key results:
- Actual revenues collected increased by 52% compared to the same period in 2021
- Actual expenses amounted to BHD 1.6bn ($4.4bn) - an increase at a rate of only 2% compared to the same period in 2021
- Overall Surplus for the semi-annual closing reached BHD 33m ($88m) - an increase from a deficit of BHD 520m ($1.38bn).
Following the strong growth of 5.5% in Q1 2022 for the Bahraini economy, the Mid-year Financial Report is a further indication of the Kingdom’s post-Covid financial recovery.
Commenting on the report, HE Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy said:
“These results are clear evidence that the government’s disciplined approach to fiscal responsibility and long-term sustainability is proving effective. Government initiatives to further diversify the economy and attract investment are having a positive impact and will provide the foundations for further growth for years to come.
“While today is an opportunity to acknowledge measurable progress, Bahrain will continue to develop innovative policies to enable private sector growth and support the Kingdom’s entrepreneurial spirit.”