Bahrain posts 3.6pc GDP growth in third quarter
 
, Posted on 08-Jan-2018


Bahrain posts 3.6pc GDP growth in third quarter

ManamaBahrain posted a real GDP growth of 3.6 per cent and a nominal GDP growth rate of 6.9 per cent in the third quarter of 2017 compared to the same period the previous year,  the Information & eGovernment Authority (iGA)  said in a report yesterday. 

According to the report, Bahrain’s economy has witnessed a growth due to infrastructure’s investments increase and the financial stability of the Kingdom. These positive indicators reflect government’s efforts to enhance the national economy which faces challenges at the local, regional and international levels.  The report demonstrated that the real quarterly growth rate is 1.6 per cent and the nominal growth rate is 2.2 per cent when compared to the second quarter’s 2017 results. 

It has also shown that growth rates in the oil sector increased by nearly 13.4 per cent at current prices due to the high price of oil compared to the previous year. The oil sector witnessed a decrease of about 0.3 per cent at constant prices compared to the third quarter of 2016 owing to the decrease in quantities of oil produced that fell 2.3 per cent by the proportion of the third quarter of last year. 

Manufacturing up 3.2pc

Due to the increase of production, the manufacturing industry has grown by 3.2 per cent at constant prices and 3.5 per cent at the current prices. Construction sector grew by 0.8 per cent at constant prices and 12 per cent at current prices. Real estate and business activities grew by 4.6 per cent at constant prices and by the same percentage at current prices. While the transport and communications sector achieved an increase of 5.8% in constant prices and 8.3 per cent in current prices. 

Services up 3.1pc

The report pointed-out that other government services increased by 3.1 per cent at constant prices and by 2 per cent at current prices. Social and personal services increased by 7.5 per cent at constant prices and 7.3 per cent at current prices. Electricity and water activities grew by 5.2 per cent at constant prices and 13.7 per cent at current prices. 

The report indicates that private and government education services rose by 1.4 per cent at constant prices and 2.6 per cent at current prices, while health services increased by 9.8 per cent at constant prices and 4 per cent at current prices. As for agricultural activity and fishing, it decreased by 3.6 per cent in constant prices and 6.8 per cent in current prices. 

The report clarified that the results of the third quarter of 2017 compared to the second quarter of the same year indicates that the economic grew by 1.6 per cent in constant prices and by 2.2 per cent in current prices. The oil sector recorded a rise of 3.3 per cent in constant prices and 6.4 per cent in current prices. Non-oil sector increased by 1.2 per cent and 1.6 per cent, respectively, at constant and current prices. 

Also, the report pointed out that the financial corporations witnessed a slight increase of about 1 per cent in constant prices and 1.2 per cent in current prices. Construction sector grew by 1.6 per cent at constant prices and 0.9 per cent at current prices. The value added in the transport and communication sector showed that the sector improved by 2.2 per cent at constant prices and 8 per cent at current prices. The manufacturing sector achieved 1.9 per cent growth in constant prices and 0.1 per cent in current prices. 

According to the report, government services increased by 0.5 per cent at constant prices and 0.6 per cent at current prices. While other social and personal services increased by 2.1 per cent at constant prices and 0.8 per cent at current prices. Government and private education services have shown a rise of 1.4 per cent in constant prices and 1.4 per cent in current prices. In addition, government and private health services grew by 2.2 per cent at constant prices and 1.9 per cent at current prices. Agriculture and fishing activities declined by 3.5 per cent at constant prices and 2.1pc at current prices.

DT News Network


Related News

Minister warns against  attempts to target unity
Jan 17

Minister warns against attempts to target unity

Manama : Information Affairs Minister Ali bin Mohammed Al-Rumaihi yesterday warned that any attempt to spark strife and target national unity through social media websites will be deterred.  “We can use the penal law, the law on cybercrimes, the press law and the law on protecting state documents,...

Read More
Citizens’ needs government’s  top most priority: PM
Jan 17

Citizens’ needs government’s top most priority: PM

Manama : His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday affirmed government’s keenness in ensuring the welfare and safety of Bahrain’s  citizens.  The doors of the Kingdom are always “open to listening to citizens’ needs and aspirations,”...

Read More
Focus on ‘neediest’
Jan 16

Focus on ‘neediest’

Manama : Restructuring of government subsidies should be through consensus between the Executive and the Legislative branches, said His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday.  Lauding the Royal Directives in this regard, HRH the Premier said that the move is aimed at...

Read More
Bahrain condemns  Baghdad blasts
Jan 16

Bahrain condemns Baghdad blasts

Manama : Bahrain yesterday condemned the twin terrorist attacks in Baghdad, leaving dozens of people dead and injured. The Foreign Ministry expressed its deepest condolences to the bereaved families of the victims, wishing the injured speedy recovery, denouncing the terrorist acts, which are contrary to...

Read More
Wali Al Ahad highway project 60% completed
Jan 15

Wali Al Ahad highway project 60% completed

Manama : Expansion works of Wali Al Ahad Highway in Riffa has attained 60 per cent completion.  The BD1,969,265 project expands the highway into three lanes in each direction as well as revamps all its intersections.  This was announced during a visit of Minister of Works, Municipalities Affairs &...

Read More
Call to boycott Iran
Jan 14

Call to boycott Iran

Manama : The Iranian regime has blood on its hands and the UK and the European Union should boycott the regime, Bahraini activist Faisal Fulad has said, in response to UK Secretary of State for Foreign Affairs Boris Johnson’s recent meeting with Iran’s Foreign Minister Javad Zarif in Brussels, where...

Read More
Bahrain-India ties lauded
Jan 11

Bahrain-India ties lauded

Manama : Indian National Congress President Rahul Gandhi praised the warm ties between Bahrain and India as he presented a memento to Shaikh Khalifa bin Duaij Al Khalifa at the finale of the GOPIO Convention. Gandhi praised the hospitality and harmony of Bahrain and said the Kingdom had much to teach the...

Read More
India ready to host Bahrain sporting events, says Gandhi
Jan 11

India ready to host Bahrain sporting events, says Gandhi

Manama : India is open to hosting any sports championship or tournament by Bahrain on its territories, said Congress President Rahul Gandhi.  This, Rahul Gandhi said, will present an opportunity to develop the sports sector in both countries. The Congress President also praised the steps taken by Bahrain...

Read More
No pay, 100 workers hit
Jan 11

No pay, 100 workers hit

Manama : Four major companies in the Kingdom have not paid salaries for several months, leaving scores of their employees in a difficult situation, according to General Federation of Bahrain Trade Unions (GFBTU). The employees, both nationals and expatriates, in these companies have pending salaries for several...

Read More
Saudi stances hailed
Jan 10

Saudi stances hailed

Manama : The supportive stances of Saudi Arabia greatly helped Bahrain in maintaining security and stability in the Kingdom, said Interior Minister Lieutenant-General Shaikh Rashid bin Abdulla Al Khalifa yesterday.  “We always value the genuine and supportive stands of Saudi Arabia to maintain...

Read More