Bahrain's Economy Records 0.84% Growth in Q2 2019

Published October 8th, 2019 - 11:15 GMT
Bahrain continued to achieve a balanced growth across its diversified economy; achieving economic growth in the second quarter of 2019 supported by the growth in the non-oil sectors.
Bahrain continued to achieve a balanced growth across its diversified economy; achieving economic growth in the second quarter of 2019 supported by the growth in the non-oil sectors. (Shutterstock)
 

Bahrain's economy recorded a real growth of 0.84% in the second quarter of 2019 and 1.76% in current prices compared to the same period of the previous year, the Information & eGovernment Authority (iGA) said in its report of the provisional national accounts results.

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According to the report, Bahrain continued to achieve a balanced growth across its diversified economy; achieving economic growth in the second quarter of 2019 supported by the growth in the non-oil sectors.
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The national accounts report showed a growth in non-oil sectors, including the financial sector, which recorded the highest contribution to GDP by 16.43%, (supported by profits of the growth of financial institutions and insurance sector).

The report demonstrated that, compared to the second quarter of 2018, the oil sector GDP saw a decline by 0.8% in real prices and 5.75% at current prices in line with current global oil market conditions.

The non-oil GDP grew by 1.21% in real terms and had a comparable growth rate of 3.16% at current prices.

The report also indicated that the hotels and restaurants sector achieved the highest growth rate by 8.66% and 10.65% at constant and current prices, respectively.

The construction sector grew by 3.96% at constant prices and 4.51% at current prices while the transportation and communications sector increased by 3.43% at constant prices and by 8.72% at current prices.

Meanwhile, the financial corporations witnessed an increase of nearly 2.62% in constant prices and 2.78% in current prices. The private educational services rose by 2.44% at constant prices and 2.32% at current prices, while health private services increased by 3.24% at constant prices and 3.27% at current prices.

The report indicated that other social and personal services increased by 0.32% at constant prices and 3.15% at current prices. Electricity and water activities grew by 0.26% at constant prices and 0.05% at current prices.

The manufacturing industry dropped by 0.48% at constant prices and grew by 5.51% in current prices while real estate and business activities recorded a decline by 4.69% at constant prices and by 3.28% at current prices.

When comparing the second quarter with the first quarter of 2019, economic growth slightly increased by 3.39% and 4% at constant and current prices, respectively.

The real non-oil GDP recorded a growth by 1.83% while achieving a growth of 1.92% in current prices. Oil sector improved by 11.10% at constant and by 18.12% at current prices.
The report also indicated that the financial corporations witnessed a slight increase of nearly 0.44% in constant prices and 0.67% in current prices.

The construction sector grew by 1.76% at constant prices and 0.41% at current prices; moreover, trading sector increased by 0.47% at constant prices and 2.02% at current prices.

Real estate and business service sector demonstrated growth by 0.90% at constant prices and by 1.01% at current prices. Results also show that the transportations and communications sector increased by 4.12% growth in constant prices and 8.11% in current prices.

Furthermore, the manufacturing sector achieved growth of 2.95% in constant prices and decreased by 0.89% in current prices. Government services increased by 7.77% at constant prices and 8.25% at current prices while other social and personal services increased by 0.61% at constant prices and 1.09% at current prices.

Additionally, electricity and water activities witnessed an increase of 8.19% in constant prices and 8.12% in current prices.

In contrast, the hotels and restaurants sector saw a decline of 3.86% and 2.97% at constant and current prices, respectively.


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