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BIG NONOIL SECTOR RECOVERY

Bahrain's real GDP grows 2.1pc in Q3, says report

MANAMA, 11 days ago

Bahrain’s economy recorded a real growth of 2.09 per cent and 10.19 per cent in current prices during the third quarter (Q3) of the year compared to the same period in 2020, mainy due to the growth in the non-oil sector of 3.76 per cent in real prices, said a report.
 
Bahrain’s economy recorded a real growth of 2.09 per cent and 10.19 per cent in current prices during the third quarter (Q3) of the year compared to the same period last year, according to estimates of national accounts issued by the Information and E-Government Authority (iGA).
 
The national accounts report shows that the growth is due to the growth in the non-oil sector of 3.76% in real prices and 5.94% at current prices supported by transportation and telecommunications activity, which showed an improvement in its economic performance.
 
It grew by 25.78% in real prices and 14.69% at current prices from the third quarter of last year, stated the report. 
 
The oil sector fell by 4.63% at real prices and increased by 39.95% at current prices compared to the same quarter of 2020.
 
According to the report, the recovery was clearly reflected in other social and personal services, which recorded real growth of 12.82% and 21.25% at current prices. Agriculture and fishing activity grew by 12.88% and 1.73% in real and current prices, respectively.
 
The results showed that government and private health services increased by 9.13% in real prices and 6.39% at current prices. Real estate and business services increased by 4.67% in real prices and 2.58% at current prices.
 
As for trade activity, it grew by 4.48% and 3.45% in real and current prices, respectively. Electricity and water increased by about 4.36% in real prices while declining by about 1.76% at current prices. 
 
Manufacturing grew by 15.62% at current prices while falling slightly in real prices by 0.26%. Construction recorded a rise of 0.75% in real prices and 2.55% at current prices. Government and private educational services increased by about 0.62% in real prices and 1.07% at current prices. 
 
The National Accounts Report also revealed that hotel and restaurant activity in the third quarter fell by 5.64% at real prices and 6.12% at current prices. Mining and quarrying too declined by 4.12% at real prices and grew by 37.25% at current prices. 
 
Similarly, financial projects declined by 2.65% and 4.34% in real and current prices, respectively.
 
When comparing the economic performance for the third quarter of 2021 compared to the second quarter of the same year, economic growth decreased slightly in real prices by 0.05% and increased at current prices by 0.61%, stated the iGA report.
 
The results showed that the oil sector fell by 0.76% in real prices while it grew by 7.20% at current prices, and the non-oil sector achieved an increase of 0.11% and decreased by 0.55% at real and current prices respectively.
 
The iGA report also exposed the recovery in transportation and telecommunications and hotels and restaurants, where transportation and communications recorded real growth of 12.39% and 3.90% at current prices and similarly hotels and restaurants increased by 11.16% and 9.79% in real and current prices, reflecting the recovery of the tourism sector in the Kingdom.
 
The report noted the growth of agriculture and fishing by 9.16% at real prices and 1.73% at current prices, while financial projects increased by 3.25% and 2.38% in real and current prices, respectively, followed by electricity and water activity by 2.44% in real prices and 0.12% at current prices. 
 
Thus, manufacturing is 1.56% and 2.84% in real and current prices, respectively.
 
As per the iGA report, government and private health services grew by 1.06% and 0.85% compared to the second quarter of the year. Construction also increased by 0.83% in real prices and 0.95% at current prices.
 
Real estate, business services, business activity and other social and personal services recovered in varying proportions if we compared the third quarter of the year to the previous one, the report added.-TradeArabia News Service



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