The late Amir His Highness Shaikh Isa Bin Salman Al-Khalifa His Majesty Shaikh Hamad Bin Isa Al Khalifa King of Bahrain H.H. Shaikh Khalifa Bin Salman Al Khalifa The Prime Minister H.H. Shaikh Salman Bin Hamad Al Khalifa The Crown Prince and Commander-in-Chief of the Bahrain Defence Force BOARD OF DIRECTORS CHAIRMAN H.H. Shaikh Khalifa Bin Salman Al-Khalifa Prime Minister DEPUTY CHAIRMAN H.E. Abdulla Hassan Saif Minister of Finance & National Economy GOVERNOR H.E. Shaikh Ahmed Bin Mohammed Al-Khalifa MEMBERS Mr. Khalid Mohammed Jassim Kanoo Mr. Khalid Hussain Al-Maskati ADVISERS Mr. John Field - Adviser, Banking and Finance Dr. Bakri A. Bashir - Adviser, Economic Affairs Mr. Ashley Freeman - Adviser, Legal Affairs Mr. Ralph Ricks - Adviser, Banking Control Mr. Brian Kettell - Adviser, Publications & Promotion ADDRESS P.O. Box 27, Manama, Kingdom of Bahrain E-mail:
[email protected] Telephone: 547777 Fax: 532274 Registration No. MBMA 113 I TABLE OF CONTENTS LIST OF TABLES IV LIST OF CHARTS V FOREWORD BY H.E. THE GOVERNOR VI CHAPTER ONE: INTERNATIONAL ECONOMIC PERSPECTIVE 1 1-1 Economic Developments 1-2 Exchange Rates and Gold Prices 1-3 Interest Rates CHAPTER TWO: DOMESTIC ECONOMIC DEVELOPMENTS 4 2-1 Domestic Output GDP at Constant Prices GDP at Current Prices Crude Oil Production and Refining Gas Production and Utilisation Aluminium Production 2-2 Government Finance Revenues Expenditures 2-3 Consumer Price Index 2-4 Bahrain Stock Exchange CHAPTER THREE: FOREIGN TRADE AND BALANCE OF PAYMENTS 13 3-1 Trade Balance Exports Imports 3-2 Direction