Monday 5 June 2023

Bahrain economy returns to pre-pandemic levels

MANAMA, September 21, 2021

Bahrain's economic indicators show that the performance of various sectors in August this year was comparable to the levels recorded during 2019 – before the outbreak of the pandemic, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa has said. 
The data reflects the continued pace of economic recovery, he said. 
Shaikh Salman paid tribute to His Majesty King Hamad bin Isa Al Khalifa, hailing royal directives to launch the stimulus package to mitigate the impact of the novel coronavirus (Covid-19) and maintain sustainable development, said a Bahrain News Agency report.
He praised the follow-up of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, noting the extension of the stimulus package for three months from June 2021 until August 2021.
The minister stressed the continued drive exerted by Team Bahrain which supported the Kingdom's economic recovery, underlining efforts to achieve desired goals of the stimulus package during the coming period and turn challenges into opportunities. 
In the real estate sector, the number of building permits issued in August of this year 2021 exceeded the levels recorded during the same period in 2019 by 64.4%. 
The total construction area for the licences issued during August amounted to about 448,000 sq m, an increase of 151.6% over the year 2019.
The minister noted an increase in cashless transactions due to the pandemic, as the results were reflected in the levels of sales at points of sale.
He said that total sales increased by more than 55% in August from their levels in the same period in 2019, coinciding with the return of commercial activity during the month of August 2021. 
In the trade sector, the value of international exports of national origin increased by 103% during August 2021 compared to the same month in 2019. International imports grew by 16%.
In domestic trade, a total of 627 new commercial registrations were issued to companies during August 2021, an increase of 28.8% compared to the same month in 2019, he said.
In the tourism sector, the occupancy rate of four and five -star hotels exceeded 48 per cent in August.


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