30.8 C
HomeSpotlightBahrain's economy surges with steady 2 per cent growth, with the non-oil sector leading the way with a remarkable 3.5pc increase

Bahrain’s economy surges with steady 2 per cent growth, with the non-oil sector leading the way with a remarkable 3.5pc increase

Follow Bahrain This Week on Google News
- Advertisement -

Bahrain’s economy demonstrated a steady growth of two per cent at constant prices, with the non-oil sector leading the way by experiencing a remarkable growth of 3.5pc. This is a promising sign for the country’s economy, especially considering that the average quarterly growth on an annual basis of nonoil GDP has reached 5.7pc since the implementation of the economic recovery plan.

The Finance and National Economy Ministry’s report for the first quarter of 2023 revealed some positive trends and growth in various sectors, with the transportation and communications sectors leading the way at an impressive rate of 11.2pc. The detailed report provides valuable insights into the country’s economic performance, strategic projects, and global competitiveness indices.

Real estate activities and business services made a significant contribution of 17.9pc to the GDP, while the electronic financial transfers sector also saw a notable increase of 17.6pc. Bank deposits and loans extended to residents grew by 5.9pc and 4.3pc respectively.

On the tourism front, hotels and restaurants experienced a staggering 71.9pc increase in visitor numbers and occupancy rates. The trade sector also saw a growth rate of 4.2pc while government services grew by 3.5pc. Bahrain’s success in securing contracts for important projects such as the sports city and dialysis center, along with the completion of the Bapco refinery modernisation project at 91.6pc, further demonstrates the country’s positive economic trajectory. The trade sector experienced significant progress, with a robust 4.2pc growth rate. Government services also saw a notable increase of 3.5pc, while social and personal services grew by 1.1pc.

- Advertisement -

However, the manufacturing sector witnessed a decline during the period of about 1.1pc as did the building and construction sector, which recorded a dip of 1.3pc. The Gulf Development Programme continued to make progress, with projects worth $25 million awarded. This brings the total value of projects awarded to an impressive $6.14 billion since the scheme’s launch. Additionally, Bahrain secured contracts for the Sports City and dialysis center projects in the first quarter of 2023, further contributing to the kingdom’s positive economic performance.

Bahrain’s economic achievements were acknowledged globally, with the country advancing by five ranks and now ranking 25th out of 64 countries in the Global Competitiveness Ranking 2023. Furthermore, Bahrain secured the 34th spot out of 139 countries in the 2023 Logistics Performance Index, reflecting its efficiency and effectiveness in logistics operations. The kingdom has been recognized as one of the top 10 incubating environments for startups in the Middle East and North Africa region, according to the Global Emerging Ecosystems Report 2023. Additionally, for the sixth consecutive year, the country has been placed in the first category for its commendable efforts in combating trafficking in persons, as stated in the US Department of State’s Trafficking in Persons Report 2023. Notably, Bahrain is the only country in the Middle East and North Africa region to achieve this prestigious ranking.

These positive indicators reflect Bahrain’s efforts to boost its economic landscape and position itself as a competitive player on the global stage.

- Advertisement -

Check out our other news

Trending Now

Latest News