(Bloomberg) --
Bahrain's economy is expected to grow 3.1% this year and next, recovering from last year's downturn.
Gross domestic product contracted 2.1% during the first quarter, according to the Ministry of Finance and National Economy.
- Non-oil sector output shrunk 3% in 1Q vs year ago
- Oil economy grew 2%
- Non-oil economy is set to see 3.8% growth this year and 3.7% in 2022, while oil economy growth is set to remain at 0% both years
- Preliminarily projections show GDP contracted 5.1% last year
The International Monetary Fund expects Bahrain's economy to grow 3.3% this year. The island nation is set to have one of the region's widest deficits at about 9% of GDP this year, while its debt ratio in relation to economic output is seen as the highest in the Gulf.
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