Bahrain achieves 1.6 per cent real growth in third quarter

MANAMA: Bahrain’s economy grew at the rate of 1.6 per cent in real terms during the third quarter (Q3) last year, when compared with the same period of 2018.

This has emerged from the preliminary results of National Accounts for the three months from June to September last year published by the Information & eGovernment Authority (iGA).

The rate of growth at current prices was 0.57pc.

The report showed that Bahrain’s economy continued to grow at a steady pace during Q3 2019, as the data indicated Gross Domestic Product (GDP) growth was supported by growth in the non-oil sector, which amounted to 1.99pc and 3.18pc in real and current prices, respectively, compared with the corresponding quarter of 2018.

This reflected the diversity of Bahrain’s non-oil sectors, most of which registered growth, highlighting the strength and resilience of the economy.

The preliminary data showed growth of educational services at 7.12pc at real prices and 11.77pc at current prices, followed by hotel and restaurant activity at 6.28pc and 8.76pc at real and current prices respectively.

Transportation and telecommunications achieved a growth of 6.35pc at real prices and 8.10pc at current prices.

Manufacturing industries increased by 4.08pc at real prices and 5.29pc at current prices.

Comparing Q3 2019 with Q3 2018, the results indicate that private health services grew by about 3.20pc and 3.30pc at real and current prices respectively.

Meanwhile, trading activity increased by 1.82pc at real prices and 3.63pc at current prices.

Financial projects increased by 1.80pc at real prices and 1.89pc at current prices.

The construction sector recorded an improvement of 1.46pc and 1.03pc at real and current prices respectively.

The detailed National Accounts report confirmed that Q3 2019’s preliminary results compared with the same quarter of 2018 showed a decrease in oil GDP by 0.15pc at real prices and 12.53pc at current prices as a result of the decline in the price of a barrel of oil from the previous year.

The report showed that government services recorded a decrease of 3.93pc at real prices and about 3.12pc at current prices, while real estate and business activities decreased by 6.96pc at real prices and 3.16pc at current prices.

Social and personal services decreased by 1.44pc at real prices, while increasing by 3.06pc at current prices.

Comparing the third quarter with the second quarter of 2019, the report showed that economic growth decreased slightly by 0.39pc and 1.30pc at real and current prices respectively, while real non-oil GDP recorded a decrease of 0.82pc at real prices and 1.11pc at current prices.

The oil sector increased by 1.52pc at real prices and decreased by 2.46pc at current prices.

The manufacturing industry also grew, reaching 4.54pc and 2.12pc at real and current prices, respectively.

Hotel and restaurant activity maintained its growth during the current quarter, where the data indicating growth rates reaching 2.42pc at real and 2.21pc at current prices.

Transportation experienced a growth of 3.64pc and 1.12pc at real and current prices respectively, while agriculture and fishing recorded an improvement of 2.94pc at real prices and 2.71pc at current prices.

The activity of social and other personal services recorded a slight growth of 0.49pc at real prices and 0.73pc at current prices.

At the same pace, private health services grew by 0.65pc and 0.71pc at real and current prices, respectively.

Electricity and water activity increased by 4.28pc at real prices, while reducing by 0.62pc at current prices.

Financial sector recorded a slight increase of about 0.62pc at real and 0.49pc at current prices, while trade activity grew by 1.20pc at real and 1.96pc at current prices.

Source: http://www.gdnonline.com/Details/715836

 

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