Bahrain, 21 January, 2025 : Bahrain's national budget deficit has decreased by 83% from 2021 to 2024, according to the Bahrain Institute for Political Development (BIPD). A workshop at Parliament revealed that project budget transfers reduced from 43% in 2022 to 14% in 2023.
The non-oil sector's contribution to public revenues increased by 12% in 2023 and 2024, while the National Bureau for Revenue saw an increase in collections, from BD603 million to BD640 million.
Excluding public debt interest expenditures exceeding BD750 million, the national budget showed a surplus of BD246 million in 2023 and BD626.6 million in 2024.
The non-oil sector made up 86.4% of GDP in Q3 2024, with public debt rising to over BD17 billion in 2023, pushing debt service costs to over BD840 million. Inflation stood at around 3%.
The workshop also highlighted challenges such as oil price fluctuations, improving living standards, digital transformation, and fiscal balance program goals for the 2025-2026 budget. The need for caution in financial management and investment in artificial intelligence and cybersecurity infrastructure was also emphasized.
Source : www.zawya.com
