Economy surging ahead
The Information and eGovernment Authority (iGA) yesterday issued a report of the national accounts provisional results for the fourth quarter of 2018, which indicated that the economy records a real growth of 4.6 percent and 6.5pc in current prices compared to the same period of the previous year.
According to the report, the GCC Development Programme has been significantly reflected in Bahrain’s economic infrastructure projects, with initial estimates of the economy during the fourth quarter of 2018, recording a real growth of 4.6 percent and 6.5pc in current prices compared to the same period of the previous year.
It contributed to the expansion of the construction sector, the increasing performance of which has not only strengthened itself but has also given motivation to other non-oil activities such as real-estates, financial and trade sectors, the report said. The non-oil sector registered a real growth of 3.2pc when compared to the same quarter of the previous year and the oil sector growing at a rate of 11.3pc in real terms due to increase in the quantities produced.
The report demonstrated that the growing results - compared to the fourth quarter of 2017 rates in the oil sector have increased by nearly 24.7pc at current prices and 11.3pc at constant prices. The non-oil GDP grew by 3.2pc in real terms and had a comparable growth rate of 4pc, at current prices. Meanwhile, the financial corporations witnessed an increase of nearly 2.7pc in constant prices and 2.1pc in current prices.
The report also indicated that the manufacturing industry has grown by 1pc at constant prices and 1pc in current prices. The construction sector grew by 4pc at constant prices and 8.5pc at current prices. Real-estate and business activities grew by 1.5pc at constant prices and by 2.8pc at current prices.
While the transportation and communications sector increased by 0.3pc at constant prices and by 2.2pc at current prices. The report indicated that social and personal services decreased by 0.7pc at constant prices and had grown by 0.2pc at current prices.