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Economy of Bahrain vs Singapore compared: GDP & Debt

Updated on by Georank team

Bahrain has a GDP of $47.1B compared to $547B for Singapore, ranking 96/197 and 28/197 by economy size, respectively.

Bahrain has $62.8B in government debt (133.4% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Bahrain vs Singapore GDP by year

Bahrain
Singapore
1x
Year GDP, current $
Bahrain Singapore
2024 $47,109,734,309 $547,386,645,892
2023 $46,192,260,638 $505,439,514,078
2022 $46,458,191,489 $509,017,841,147
2021 $40,840,212,766 $436,591,382,250
2020 $35,837,632,979 $349,165,858,545
2019 $40,446,808,511 $376,161,998,830
2018 $39,567,978,723 $377,123,710,561
2017 $37,204,813,830 $343,673,334,902
2016 $33,884,680,851 $319,646,468,521
2015 $32,523,297,872 $307,998,545,269
2014 $34,772,526,596 $314,863,580,758
2013 $33,823,324,468 $307,576,360,585
2012 $31,963,404,255 $295,092,888,077
2011 $29,914,680,851 $279,356,499,090
2010 $26,805,984,043 $239,807,980,591
2009 $22,938,218,085 $194,150,283,772
2008 $25,710,904,255 $193,617,323,539
2007 $21,730,000,000 $180,941,701,358
2006 $18,504,760,638 $148,627,286,361
2005 $15,968,723,404 $127,807,848,728
2004 $13,150,159,574 $115,033,593,101
2003 $11,074,813,830 $97,646,401,096
2002 $9,593,510,638 $92,538,372,870
2001 $8,976,196,809 $89,793,790,670
2000 $9,062,898,936 $96,076,539,926
1999 $7,528,469,149 $86,286,849,755
1998 $7,031,309,043 $85,728,207,782
1997 $7,219,407,713 $100,123,787,215
1996 $6,938,166,755 $96,293,086,513
1995 $6,651,180,851 $87,812,540,788
1994 $6,330,627,926 $73,688,724,431
1993 $5,913,001,064 $60,603,815,716
1992 $5,402,232,447 $52,131,320,033
1991 $5,248,911,170 $45,466,164,978
1990 $4,809,511,005 $36,144,336,769
1989 $4,393,093,963 $30,465,364,739
1988 $4,209,834,173 $25,371,462,488
1987 $3,856,922,694 $20,919,215,578
1986 $3,470,746,843 $18,586,746,057
1985 $4,152,376,484 $19,156,532,746
1984 $4,440,874,566 $19,749,361,098
1983 $4,247,030,468 $17,784,112,150
1982 $4,145,421,080 $16,084,252,378
1981 $3,943,109,532 $14,175,228,844
1980 $3,493,834,468 $11,896,256,783
1979 $2,710,160,739 $9,296,921,724
1978 $2,272,042,965 $7,517,176,355
1977 $1,989,060,283 $6,618,585,074
1976 $1,581,709,519 $6,327,077,974
1975 $1,099,107,601 $5,633,673,930
1974 $1,042,176,884 $5,221,534,956
1973 $761,132,545 $3,696,213,333
1972 $534,081,184 $2,721,440,981
1971 $422,181,562 $2,263,785,444
1970 $391,577,364 $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/singapore | CC BY

GDP per capita in Bahrain vs Singapore by year

Bahrain
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahrain Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $29,654 $66,941 $90,674 $150,689
2023 $29,290 $64,171 $85,412 $143,786
2022 $30,471 $61,678 $90,299 $143,095
2021 $27,148 $54,955 $80,056 $132,617
2020 $24,343 $53,436 $61,410 $101,518
2019 $27,260 $56,600 $65,952 $105,335
2018 $26,324 $51,993 $66,882 $103,963
2017 $24,785 $50,185 $61,236 $95,744
2016 $23,800 $47,429 $57,006 $89,902
2015 $23,734 $48,034 $55,646 $87,156
2014 $26,452 $54,299 $57,565 $84,555
2013 $26,990 $56,310 $56,967 $83,088
2012 $26,439 $56,713 $55,548 $82,108
2011 $25,033 $52,677 $53,891 $80,052
2010 $21,819 $49,255 $47,237 $75,401
2009 $19,465 $48,626 $38,927 $66,213
2008 $23,299 $50,330 $40,009 $67,735
2007 $20,908 $49,347 $39,433 $68,805
2006 $19,267 $48,009 $33,768 $64,061
2005 $17,966 $47,268 $29,961 $58,822
2004 $15,964 $46,317 $27,608 $54,384
2003 $14,486 $45,427 $23,730 $48,778
2002 $13,501 $45,091 $22,160 $45,083
2001 $13,573 $46,162 $21,700 $43,109
2000 $14,214 $45,688 $23,853 $43,781
1999 $12,123 $43,561 $21,797 $39,949
1998 $11,625 $42,281 $21,829 $37,560
1997 $12,255 $40,965 $26,376 $39,286
1996 $12,092 $40,106 $26,233 $36,873
1995 $11,901 $38,839 $24,915 $35,090
1994 $11,629 $37,579 $21,552 $33,058
1993 $11,152 $37,870 $18,290 $30,062
1992 $10,460 $33,648 $16,136 $27,022
1991 $10,434 $31,657 $14,502 $25,530
1990 $9,343 $26,902 $11,862 $23,815
1989 $8,833 - $10,395 -
1988 $8,772 - $8,914 -
1987 $8,333 - $7,539 -
1986 $7,777 - $6,800 -
1985 $9,649 - $7,002 -
1984 $10,697 - $7,228 -
1983 $10,599 - $6,633 -
1982 $10,712 - $6,078 -
1981 $10,557 - $5,597 -
1980 $9,733 - $4,928 -
1979 $7,891 - $3,901 -
1978 $6,926 - $3,194 -
1977 $6,358 - $2,846 -
1976 $5,310 - $2,759 -
1975 $3,880 - $2,490 -
1974 $3,874 - $2,342 -
1973 $2,981 - $1,685 -
1972 $2,206 - $1,264 -
1971 $1,830 - $1,071 -
1970 $1,742 - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/singapore | CC BY

Bahrain's GDP per capita is $29,654, ranking 42/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Bahrain ranks 26th at $66,941, while Singapore ranks 2nd at $150,689.

Economic indicators

Bahrain Singapore
Gross domestic product
$47.1B
2024
$547B
2024
GDP rank
96/197
2024
28/197
2024
GDP growth
2.6%
2023-2024
4.39%
2023-2024
GDP per capita
$29,654
2024
$90,674
2024
GDP per capita rank
42/197
2024
7/197
2024
GDP per capita, PPP
$66,941
2024
$150,689
2024
GDP per capita PPP rank
26/197
2024
2/197
2024
Government debt
$62.8B
2024
$950B
2024
Debt-to-GDP ratio
133.4%
2024
173.5%
2024
Government debt per person
$39,552
2024
$157,326
2024
Government debt per person rank
14/185
2024
1/185
2024
Average annual personal income after taxes
$23,253
2026
$52,793
2026
Market capitalization of domestic companies
$20.4B
2024
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
2025
Government expenditure, % of GDP
29.1%
2024
14.6%
2024
Consumer prices inflation
0.92%
2023-2024
2.39%
2023-2024
Central bank interest rate
4.25%
2025
n/a
Unemployment rate
1.2%
2012
2.74%
2024
Population
1669503
6125852

Spending and national debt comparison by year

Bahrain
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Bahrain Singapore
Government spending Government debt Government spending Government debt
2024 29.1% 133.4% 14.6% 173.5%
2023 29.1% 123% 14.8% 172.8%
2022 28.4% 111.6% 15% 154.3%
2021 30.6% 122.3% 15.6% 141.7%
2020 34.6% 125.7% 24.1% 148.2%
2019 31.2% 97.1% 14% 127.9%
2018 32.1% 90.4% 13.9% 109.4%
2017 30.7% 84% 13.6% 107.6%
2016 33.3% 77.4% 15.3% 106.3%
2015 34.8% 63.2% 14.4% 102.2%
2014 27.3% 42.6% 12.6% 97.7%
2013 32% 42.3% 10.9% 98.2%
2012 31.1% 34.8% 9.83% 106.7%
2011 30.2% 31.6% 9.66% 103.1%
2010 31.1% 28.8% 10.2% 98.7%
2009 24.6% 20.5% 15.9% 101.7%
2008 22.7% 12.1% 14% 97.9%
2007 22.4% 15.7% 9.01% 87.8%
2006 23.1% 19.4% 12.3% 86.5%
2005 23.9% 23.2% 12.4% 92.7%
2004 25% 28.2% 14.1% 95.7%
2003 28.1% 31.1% 15.6% 99.1%
2002 30.6% 27.2% 15.9% 96.3%
2001 26.5% 25% 18.2% 94.5%
2000 22.2% 24.7% 16.1% 82.3%
1999 27.1% 24.7% 15.9% 85.3%
1998 25.7% 20% 18.1% 84.6%
1997 31% 14.8% 14.5% 70.8%
1996 22.7% 13.1% 18.1% 71.3%
1995 25.1% 13.6% 13.8% 69.8%
1994 26.1% 5.62% 11.7% 70.7%
1993 26.7% 5.95% 14.5% 71.2%
1992 29.4% 6.45% 14.5% 79%
1991 28.5% 6.71% 15.9% 76.4%
1990 32.4% 7.24% 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bahrain/singapore | CC BY

In 2024, Bahrain's government spending was $13.7B, accounting for 29.1% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 133.4% in Bahrain and 173.5% in Singapore, ranking 9/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Bahrain

Singapore
1x
Year Deficit/surplus, % of GDP
Bahrain Singapore
2024 -10.6% 4.44%
2023 -9.67% 3.47%
2022 -6.02% 1.21%
2021 -10.6% 1.13%
2020 -17.3% -6.73%
2019 -8.57% 3.77%
2018 -11.3% 3.68%
2017 -13.4% 5.24%
2016 -16.6% 3.25%
2015 -17.5% 2.86%
2014 -3.32% 4.6%
2013 -8.55% 5.96%
2012 -5.77% 7.34%
2011 -4.9% 7.96%
2010 -9.29% 5.68%
2009 -5.36% -0.09%
2008 4.08% 3.59%
2007 1.52% 7.12%
2006 2.24% 2.16%
2005 2.8% 2.56%
2004 0.24% 2.06%
2003 -1.7% 0.68%
2002 -3.27% 2.23%
2001 0.7% 1.2%
2000 7.33% 4.59%
1999 -4.85% 5.2%
1998 -5.49% 2.41%
1997 -6.39% 5.66%
1996 0.24% 1.98%
1995 -3.99% 4.8%
1994 -5.18% 7.9%
1993 -2.77% 4.36%
1992 -5.41% 2.7%
1991 -3.47% 0.68%
1990 -6.79% 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bahrain/singapore | CC BY

In 2024, Bahrain's government deficit, the difference between spending and revenue, was $5B, equivalent to 10.6% of GDP. This compares to Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 35 years, Bahrain recorded a fiscal deficit in 27 of those years, while Singapore ran a deficit in 2 years. On average, Bahrain posted an annual deficit equal to 5.39% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Bahrain

Singapore
1x
Year Consumer prices inflation
Bahrain Singapore
2024 0.92% 2.39%
2023 0.07% 4.83%
2022 3.63% 6.13%
2021 -0.61% 2.32%
2020 -2.32% -0.17%
2019 1.01% 0.57%
2018 2.09% 0.44%
2017 1.39% 0.58%
2016 2.79% -0.53%
2015 1.85% -0.52%
2014 2.65% 1.03%
2013 3.3% 2.36%
2012 2.76% 4.58%
2011 -0.4% 5.25%
2010 1.96% 2.83%
2009 2.8% 0.59%
2008 3.53% 6.64%
2007 3.26% 2.11%
2006 2.01% 0.97%
2005 2.59% 0.43%
2004 2.35% 1.66%
2003 1.59% 0.51%
2002 -0.5% -0.39%
2001 -1.21% 1%
2000 -0.7% 1.36%
1999 -1.29% 0.02%
1998 -0.37% -0.27%
1997 2.43% 2%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/singapore | CC BY

Over the past 28 years, Bahrain has recorded an average annual inflation rate of 1.34%, compared with 1.74% in Singapore. In 2024, inflation was 0.92% in Bahrain and 2.39% in Singapore.

Top exports between countries

Bahrain
Export category Export value
Machinery & equipment $106M
Precious metals & jewellery $28.1M
Metals $18.4M
Raw materials & minerals $8.99M
Chemicals & pharma $1.83M
Animal & marine products $693K
Textiles & consumer goods $380K
Processed food, beverages & tobacco $276K
Wood & paper products $175K
Miscellaneous $3K
Singapore
Export category Export value
Machinery & equipment $73.6M
Raw materials & minerals $32.1M
Chemicals & pharma $15.8M
Processed food, beverages & tobacco $8.74M
Precious metals & jewellery $8.26M
Metals $6.02M
Textiles & consumer goods $3.97M
Miscellaneous $2.99M
Animal & marine products $1.24M
Wood & paper products $1.1M

Balance of trade

Bahrain Singapore
Current account balance
$2.28B
2024
$96B
2024
Current account balance ranking
44/190
2024
8/190
2024
Current account balance, % of GDP
+4.84%
2024
+17.5%
2024
Goods imports
$20.7B
2024
$435B
2024
Goods exports
$24.3B
2024
$583B
2024
Service imports
$12.4B
2024
$351B
2024
Service exports
$17B
2024
$396B
2024
Imports of goods and services, % of GDP
70.1%
2024
143.6%
2024
Exports of goods and services, % of GDP
87.7%
2024
178.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bahrain Singapore
Economic freedom 65.7 84.4
Economic freedom ranking 63/197 1/197
Property rights 60.9 89.2
Government integrity 45.9 86.1
Judicial effectiveness 30 58.3
Tax burden 99.9 89.5
Government spending 75 93.4
Fiscal health 0 80
Business freedom 75.9 90.6
Labor freedom 55.5 77
Monetary freedom 88.8 83.5
Trade freedom 86.8 95
Investment freedom 90 90
Financial freedom 80 80

Economic freedom comparison by year

Bahrain
Singapore
1x
Year Economic freedom index
Bahrain Singapore
2026 65.7 84.4
2025 65.6 84.1
2024 63.4 83.5
2023 62.5 83.9
2022 62 84.4
2021 69.9 89.7
2020 66.3 89.4
2019 66.4 89.4
2018 67.7 88.8
2017 68.5 88.6
2016 74.3 87.8
2015 73.4 89.4
2014 75.1 89.4
2013 75.5 88
2012 75.2 87.5
2011 77.7 87.2
2010 76.3 86.1
2009 74.8 87.1
2008 72.2 87.3
2007 71.2 87.1
2006 71.6 88
2005 71.2 88.6
2004 75.1 88.9
2003 76.3 88.2
2002 75.6 87.4
2001 75.9 87.8
2000 75.7 87.7
1999 75.2 86.9
1998 75.6 87
1997 76.1 87.3
1996 76.4 86.5
1995 76.2 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/bahrain/singapore | CC BY

The Economic Freedom Index for Bahrain is 65.7, ranking 63/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahrain Singapore
Services, % of GDP
53.2%
2024
73%
2024
Industry, % of GDP
42.3%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
0.25%
2024
0.03%
2024
GNI, Atlas method
$44.6B
2024
$451B
2024
GNI per capita, PPP
$62,230
2024
$126,190
2024
Total reserves including gold
$4.95B
2024
$384B
2024
Total reserves ranking
102/177
2024
9/177
2024
Net foreign direct investment
-$2.43B
2024
-$96.7B
2024
Net inflows of foreign direct investment
$2.7B
2024
$152B
2024
Net outflows of foreign direct investment
$275M
2024
$55.3B
2024
Gross capital formation, % of GDP
28.4%
2024
22.2%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bahrain/singapore | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.