Compare Bahrain (2008) - Bahrain (2007)

Compare Bahrain (2008) z Bahrain (2007)

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	Bahrain (2008)	Bahrain (2007)

Background	In 1783, the al-Khalifa family captured Bahrain from the Persians. In order to secure these holdings, it entered into a series of treaties with the UK during the 19th century that made Bahrain a British protectorate. The archipelago attained its independence in 1971. Bahrain's small size and central location among Persian Gulf countries require it to play a delicate balancing act in foreign affairs among its larger neighbors. Facing declining oil reserves, Bahrain has turned to petroleum processing and refining and has transformed itself into an international banking center. King HAMAD bin Isa al-Khalifa, after coming to power in 1999, pushed economic and political reforms to improve relations with the Shi'a community and Shi'a political societies participated in 2006 parliamentary and municipal elections. Al Wifaq, the largest Shi'a political society, won the largest number of seats in the elected chamber of the legislature. However, Shi'a discontent has resurfaced in recent years with street demonstrations and occasional low-level violence.	In 1782, the Al Khalifa family captured Bahrain from the Persians. In order to secure these holdings, it entered into a series of treaties with the UK during the 19th century that made Bahrain a British protectorate. The archipelago attained its independence in 1971. Bahrain's small size and central location among Persian Gulf countries require it to play a delicate balancing act in foreign affairs among its larger neighbors. Facing declining oil reserves, Bahrain has turned to petroleum processing and refining and has transformed itself into an international banking center. King HAMAD bin Isa Al Khalifa, after coming to power in 1999, pushed economic and political reforms to improve relations with the Shi'a community and Shi'a political societies participated in 2006 parliamentary and municipal elections. Al Wifaq, the largest Shi'a political society, won the largest number of seats in the elected chamber of the legislature. However, Shi'a discontent has resurfaced in recent years with street demonstrations and occasional low-level violence.
Budget	revenues: $6.048 billion expenditures: $5.082 billion (2007 est.)	revenues: $4.894 billion expenditures: $4.516 billion (2006 est.)
Debt - external	$7.692 billion (31 December 2007 est.)	$7.159 billion (2006 est.)
Economy - overview	With its highly developed communication and transport facilities, Bahrain is home to numerous multinational firms with business in the Gulf. Petroleum production and refining account for over 60% of Bahrain's export receipts, over 70% of government revenues, and 11% of GDP (exclusive of allied industries), underpinning Bahrain's strong economic growth in recent years. Aluminum is Bahrain's second major export after oil. Other major segments of Bahrain's economy are the financial and construction sectors. Bahrain is focused on Islamic banking and is competing on an international scale with Malaysia as a worldwide banking center. Bahrain is actively pursuing the diversification and privatization of its economy to reduce the country's dependence on oil. As part of this effort, in August 2006 Bahrain and the US implemented a Free Trade Agreement (FTA), the first FTA between the US and a Gulf state. Continued strong growth hinges on Bahrain's ability to acquire new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. Unemployment, especially among the young, and the depletion of oil and underground water resources are long-term economic problems.	With its highly developed communication and transport facilities, Bahrain is home to numerous multinational firms with business in the Gulf. Petroleum production and refining account for over 60% of Bahrain's export receipts, over 70% of government revenues, and 11% of GDP (exclusive of allied industries), underpinning Bahrain's strong economic growth in recent years. Other major segments of Bahrain's economy are the financial and construction sectors. Bahrain is actively pursuing the diversification and privatization of its economy to reduce the country's dependence on oil. As part of this effort, in August 2006 Bahrain and the US implemented a Free Trade Agreement (FTA), the first FTA between the US and a Gulf state. Unemployment, especially among the young, and the depletion of oil and underground water resources are major long-term economic problems.
Exchange rates	Bahraini dinars per US dollar - 0.376 (2007), 0.376 (2006), 0.376 (2005), 0.376 (2004), 0.376 (2003)	Bahraini dinars per US dollar - 0.376 (2006), 0.376 (2005), 0.376 (2004), 0.376 (2003), 0.376 (2002)
Exports	235,500 bbl/day (2004)	NA bbl/day
Exports - partners	Saudi Arabia 3.2%, US 3%, Japan 2.3% (2006)	Saudi Arabia 3.2%, US 3%, Japan 2.3% note: excludes oil exports (2006)
GDP - composition by sector	agriculture: 0.3% industry: 43.6% services: 56% (2007 est.)	agriculture: 0.3% industry: 45% services: 54.6% (2006 est.)
GDP - real growth rate	6.6% (2007 est.)	7.1% (2006 est.)
Imports	216,300 bbl/day (2004)	NA bbl/day
Imports - partners	Saudi Arabia 37.2%, Japan 6.8%, US 6.2%, UK 6.1%, Germany 6%, UAE 4.2% (2006)	Saudi Arabia 37.6%, Japan 6.8%, US 6.2%, UK 6.2%, Germany 5.1%, UAE 4.2% (2006)
Industrial production growth rate	5.5% (2007 est.)	2% (2000 est.)
Industries	petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, Islamic and offshore banking, insurance, ship repairing, tourism	petroleum processing and refining, aluminum smelting, iron pelletization, fertilizers, offshore banking, insurance, ship repairing, tourism
Inflation rate (consumer prices)	3.5% (2007 est.)	2.1% (2006 est.)
International organization participation	ABEDA, AFESD, AMF, FAO, G-77, GCC, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDA, IDB, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM (observer), IPU, ISO, ITSO, ITU, ITUC, LAS, MIGA, NAM, OAPEC, OIC, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO	ABEDA, AFESD, AMF, FAO, G-77, GCC, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDB, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC, LAS, MIGA, NAM, OAPEC, OIC, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
Labor force	363,000 note: 44% of the population in the 15-64 age group is non-national (2007 est.)	352,000 note: 44% of the population in the 15-64 age group is non-national (2006 est.)
Pipelines	gas 20 km; oil 52 km (2007)	gas 20 km; oil 52 km (2006)

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