Bahrain's economy bounced back, ending last year on a positive note. The rate of growth topped 5.4 per cent (fixed prices) and soared to 7.1 per cent (current prices) in the fourth quarter of 2013, compared with the same period in 2012.

A tangible increase in crude oil and natural gas output was a major boost, contributing to the achieved rate of growth by over 53 per cent in fixed prices, reported the Gulf Daily News, our sister publication.

In a statement yesterday, Central Informatics Organisation (CIO) president Dr Mohammed Al Amer said that other non-oil sectors and activities slowed down, compared with the growth benchmarks in 2012.

Initial results of the 2013 Fourth Quarterly Report show the rate of growth in the oil sector standing at 14.6 per cent (fixed prices) and 14.7 per cent (current prices).

Meanwhile, the non-oil sector ended 2013 on a positive note, growing by 3.1 per cent (fixed prices) and 4.5 per cent (current prices).

Financial projects also grew in the last quarter of 2013 by 1.5 per cent (fixed prices) and 8.1 per cent (current prices), compared with the 2012 fourth quarterly results.

According to the same survey, the construction sector grew by 1.5 per cent (fixed prices) and 1.9 per cent (current prices) while the real estate sector posted a 2.9 per cent rate of growth (fixed prices) and 4.2 per cent in current prices.

The sector of transportation and telecommunications grew by 1 per cent (fixed prices) and 3.2 per cent (current prices), while manufacturing industries soared by 4.7 per cent in fixed prices and 10.4 per cent in current prices.

The CIO periodical report showed government-funded services growing by 1.3 per cent (fixed prices) and 7.2 per cent (current prices), while social services soared by 4.9 per cent and 4.7 per cent respectively.

Dr Al Amer said that Bahrain's Gross Domestic Product grew by 0.7 per cent in fixed prices and 1.7 per cent in current prices in fourth quarter of 2013, compared with the same period in 2012.

The oil sector grew by 2.7 per cent, while the non-oil sector grew slightly by 0.2 per cent in fixed prices and 1.4 per cent in current prices.

Dr Al Amer said that the financial projects grew slightly by 1.1 per cent in fixed prices and 3 per cent in current prices.

Manufacturing industries shrunk by 1.2 per cent (fixed prices) and 1.4 per cent (current prices) while government-funded services grew by 1.6 per cent and 5.3 per cent respectively. – TradeArabia News Service