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Owing to large oil deposits and a small population Bahrain has a per capita GDP of $33,900. Despite the nation's ability to provide for its population by relying on its oil reserves Bahrain has made efforts to expand its economic base. It has built refining capacity that outstrips its own oil production. Consequently, Bahrain actually imports crude oil from Saudi Arabia, refines it, and re-exports it. The state has expanded its industrial capacity to include Aluminum and signed a Free Trade Agreement with the United States in an effort to expand its export base. Because of heavy industrialization and the necessary construction that accompanies it and Bahrain's small population it relies heavily on imported labor. Consequently 44% of the population in Bahrain between the ages of 15 and 64 are foreign nationals. Bahrain has also positioned itself as a strong player in Islamic banking in an effort to expand beyond resource exports and into a greater role in the international service industry. |
