BAHRAIN: Finances improve in 2022 but still fall short of a surplus

GULF COUNTRIES - Report 21 Feb 2023 by Justin Alexander

Bahrain's deficit narrowed to -1.1% of GDP as expenditure rose by less than inflation and oil revenue surged 36% y/y. However, oil revenue growth was held back by lower production, and non-oil revenue continues to undershoot fiscal balance plan targets. The deficit is likely to widen in 2023, and significant bond issuance will be required.

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