Bahrain beats forecast for economic growth in third quarter
Bahrain's economy grew 4.6 percent over the past year based on third quarter data, according to Reuters reports from Monday.
However, the recorded growth represents a slowdown, with second quarter data showing a 5.3 percent increase since 2012 when adjusted for inflation. Reuters' analysts in September forecasted the country's gross domestic product (GDP) growth to reach four percent this year.
According to Mohammed al-Amer, the president of the Central Informatics Organisation, the oil sector has contributed to 45 percent of the output growth due to higher crude prices within the global market.
Bahrain's financial industry has largely built the country's $30 billion economy, accounting for more than 16 percent of the country's gross domestic product. However, protests in the country since 2011 have hurt the country's reputation as a regional financial hub which as a result "has placed increased pressure on the state budget."
Amer did not give other details of the performance of individual sectors in Bahrain's $30 billion economy, whose non-oil portion is driven by the financial industry, which accounts for roughly 16 percent of the country's GDP.