Economy on the upswing

Key indicators show that Bahrain’s economy is on the upswing despite setbacks due to the global coronavirus pandemic.

The indicators are part of a memo discussed at a Cabinet meeting, which was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, at Gudaibiya Palace yesterday.

The memo, submitted by the ministerial committee for financial and economic affairs, was on the consolidated final account report for the state, the budget implementation performance report, and transfers between the appropriations of the state’s general budget for the fiscal year 2020-2021.

The Cabinet also discussed another memo submitted by the committee regarding the results of the semi-annual closing of ministries and government agencies for the period ending June 30. During the first half of 2021, net government revenues increased by 23 per cent YoY to BD1,119 million.

This was primarily due to a 33pc increase in oil revenues caused by higher oil prices, while non-oil revenues increased by 4pc YoY. Actual government expenditure decreased by 4pc YoY to BD1,639m, while recurrent expenditure decreased by 2pc YoY. This reduced the deficit by 35pc to BD520m.

Source: https://www.gdnonline.com/Details/964222/Economy-on-the-upswing