Bahrain is the smallest oil producer in the Gulf region. Oil revenues account for 85% of total fiscal revenues and 75% of exported goods. It imports crude oil from Saudi Arabia and exports refined products. Given its limited oil reserves, the Bahraini economy is one of the most diversified in the region. The industrial sector comprises large aluminum and petrochemical plants, and the services sector, including tourism and the financial sector, is large by regional standards (17% of GDP). Since the global financial crisis in 2008 and political instability in 2011, economic prospects have deteriorated. The services sector is no longer the main driver of economic activity, particularly given increasing regional competition, and public expenditure has become the main economic growth driver. Bahrain is a member of the Gulf Cooperation Council (GCC)
