Editing Economy of Bahrain (section)

== Economy overview ==
Oil and natural gas play a dominant role in Bahrain’s economy. Despite efforts to diversify the economy, according to the CIA World Fact Book: oil still comprises 85% of Bahraini budget revenues, meaning throughout the last few years lower world energy prices have generated sizeable budget deficits - about 10% of GDP in 2017 alone.<ref>{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/bahrain/|title=Middle East :: Bahrain — The World Factbook - Central Intelligence Agency|website=www.cia.gov|access-date=2019-09-23}}</ref> Bahrain is a rich country in the middle east and the north africa (MENA) region and its economy depends on oil & gas, international banking and tourism.<ref name=EDB/>

In 2003 and 2004, the balance of payments improved due to rising oil prices and increased receipts from the services sector. As a result, the current account balance registered a surplus of US$219 million in 2003 and a surplus of US$442 million in 2004, compared to a deficit of US$35 million in 2002. Bahrain's gross international reserves increased substantially in 2004 to US$1.6 billion, up from US$1.4 billion in the previous three year (2001-2003).