Kingdom of Bahrain
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) (2010) 21,929 m Goods Exports 20
GDP per capita (USD) (2010) 17,404 Imports 12
GDP volume growth (year-on-year) (2010) + 4.5% Net + 8
Population 1.32m Services Exports 3
MMR (year average) 0.60% Imports 2
Exchange rate USD / BHD (year average) 2.6596 Net + 2
BoP (goods, services & income) as % of GDP
(2010) + 11.0% Source: IFS, IMF, January 2013International/Regional memberships
Gulf Cooperation Council (GCC):
since 25 May 1981.
International Monetary Fund (IMF):
since 7 September 1972.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Much of Bahrain’s trade policy is directed
through its membership of the GCC
(www.gccsg.org/eng/index.php).
As a GCC member, Bahrain is able to trade
with other GCC member states (Qatar,
Kuwait, Oman, Saudi Arabia and the UAE)
without investment and service trade barriers.
Through the GCC common market, launched
in 2008, Bahraini businesses and citizens
receive national treatment in all GCC
countries.
The GCC also operates a customs union
in which members are subject to unified
customs duties. GCC member states have signed several
bilateral trade agreements and negotiations
are ongoing with a number of other
countries, along with with the EU and the
Association of Southeast Asian Nations
(ASEAN). The GCC has also signed a free
trade agreement with the European Free
Trade Association (EFTA).
Bahrain also has around 60 independent
bilateral trade agreements, including a free
trade agreement with the USA that has
caused tension among other GCC members,
particularly Saudi Arabia.
National export credit insurance provider:
the Islamic Corporation for Insurance of
Investments and Export Credits (ICIEC –
http://www.iciec.com). ICIEC provides investment
and export credit insurance for Islamic
countries, including Bahrain. ICIEC is part of
the Islamic Development Bank.
Bahrain International Investment Park
operates as a free trade zone, offering a
zero tax rate for 10 years and duty free
access to all GCC markets.Currency and exchange controls
Official currency: Bahraini dinar (BHD).
Exchange rate arrangement: conventional
peg to the USD at a rate of BHD 0.377 per
USD 1.
Bahrain does not impose foreign exchange
controls.Bank accounts
Resident companies can hold local currency
(BHD) bank accounts outside Bahrain.
Resident companies can hold foreign currency
bank accounts within and outside Bahrain.
Non-resident companies can hold foreign
currency and local currency bank accounts
in Bahrain.