<P> The United States designated Bahrain a major non-NATO ally in 2001 . As of October 2014, Bahrain is ruled by an "authoritarian regime" and is rated as "Not Free" by the U.S. - based non-governmental Freedom House . </P> <P> According to a January 2006 report by the United Nations Economic and Social Commission for Western Asia, Bahrain has the fastest - growing economy in the Arab world . Bahrain also has the freest economy in the Middle East and is twelfth - freest overall in the world based on the 2011 Index of Economic Freedom published by the Heritage Foundation / Wall Street Journal . </P> <P> In 2008, Bahrain was named the world's fastest - growing financial center by the City of London's Global Financial Centres Index . Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil . Petroleum production and processing is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP . Aluminium production is the second-most exported product, followed by finance and construction materials . </P> <P> Economic conditions have fluctuated with the changing price of oil since 1985, for example during and following the Persian Gulf crisis of 1990--91 . With its highly developed communication and transport facilities, Bahrain is home to a number of multinational firms and construction proceeds on several major industrial projects . A large share of exports consist of petroleum products made from imported crude oil, which accounted for 51% of the country's imports in 2007 . Bahrain depends heavily on food imports to feed its growing population; it relies heavily on meat imports from Australia and also imports 75% of its total fruit consumption needs . Since only 2.9% of the country's land is arable, agriculture contributes to 0.5% of Bahrain's GDP . In 2004, Bahrain signed the Bahrain--US Free Trade Agreement, which will reduce certain trade barriers between the two nations . In 2011, due to the combination of the global financial crisis and the recent unrest, the gdp growth rate decreased to 1.3%, which was the lowest growth rate since 1994 . </P>

Bahrain is famous for its oil and what else
find me the text answering this question