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Oil dominates Bahrain's economy and, together with gas and petrochemicals, accounts for the bulk of exports and government revenue. That proportion is falling, however, as Bahrain seeks to diversify its economy and the reserves dwindle. Several successful industrial projects, including aluminium production, an iron-ore processing facility and an ammonia-methanol plant have been set up. In the service sector, the financial services industry has expanded dramatically in recent years as companies trading in the region have set up their regional centres in Bahrain, where the relatively relaxed environment is an important factor in a region where rigorous social mores are often the norm. However, in June 2000, Bahrain was identified by the Organisation for Economic Cooperation and Development (OECD) as one of 35 countries whose financial laws are believed to encourage large-scale tax evasion and money-laundering. It has until 2005 to tighten its regime or face sanctions. Japan is Bahrain's main export market, taking around 50 per cent of the total; the UK, the USA, Switzerland and France are the other important purchasers. The majority of Bahraini imports, which cover a wide range of products, come from four countries: Germany, the UK, the USA and Japan.

Bahrain was a traditional Arab monarchy ruled since 1782 by an Emir selected from the Al-Khalifa dynasty through an appointed cabinet. On February 14, 2001 the National Action Charter, outlining provisions for an amended Constitution, was adopted by popular referendum. In 2001, on the first anniversary of its adoption, the ruler His Majesty King Hamad bin Isa Al-Khalifa renamed the State of Bahrain, the Kingdom of Bahrain and himself it’s King. As per the National Action Charter, the parliamentary elections and the municipal elections were held in the country. The elections to the parliament were held on October 24, 2002, the first election in the Kingdom since 1975. The municipal elections were held on May 9, 2002. At the time of the parliamentary elections, His majesty King Hamad dissolved the existing shura, or consultative council to make way for the new legislative body. This body is now comprised of two chambers - The 40-member elected parliament and a 40-member of advisors appointed by the King.