Economic sectors show growth in third quarter

MANAMA: Bahrain’s decision to gradually re-open various economic sectors and activities, starting from last May, has had a positive impact on key economic indicators, resulting in improvement across a number of sectors during the third quarter this year.

This was highlighted by the Finance and National Economy Ministry yesterday as part of its ongoing efforts to drive economic growth, through launching a number of new financial and economic initiatives benefiting the kingdom and its citizens.

The ministry emphasised that the economic stimulus package, launched to support the kingdom’s citizens and the private sector through the provision of innovative initiatives, has contributed to supporting economic diversification and sustainable economic growth during this period.

However, the second quarter of this year witnessed a decline in performance indicators by 8.9 per cent compared to the same period last year as a result of the repercussions of the global spread of the coronavirus (Covid-19).

Recovery

After a monthly decline in imports to the kingdom since the onset of the global Covid-19 pandemic, the value of imports increased by 88.1pc in August, compared to July 2020.

The ministry also highlighted a sign of recovery registered within the trade sector, evident by the monthly increase in the number of exporting trucks through the King Fahad Causeway by 21.5pc in August 2020 compared to July 2020.

The performance of other economic sectors and activities showed improvement within the third quarter of 2020, including hotel and leisure.

The average hotel occupancy rate in four- and five-star hotels increased by 13.3pc in July month-on-month and by 17.6pc in August month-on-month.

Furthermore, the number of monthly transactions in the Survey and Land Registration Bureau gradually increased in July by 19.1pc compared to June, and by 21.6pc in August compared to July.

The ministry underscored its commitment towards realising the kingdom’s economic goals, by creating quality initiatives that contribute to enhancing opportunities for citizens and support the private sector.

 

Source: http://www.gdnonline.com/Details/873167/Economic-sectors-show-growth-in-third-quarter

 

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