Bahrain’s Q1 economic growth “impressive”
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The Ministry of Finance and National Economy yesterday released a summary of the performance of quarterly economic indicators, according to which “most of the indicators performed better than pre-pandemic 2019 benchmarks.”
The report said positive economic signs had arisen following the launch of the Economic Recovery Plan, as well as following several initiatives and strategies to develop the economy and create quality job opportunities for citizens.
“Impressive economic growth was achieved during the first quarter of 2022,” the ministry said. In the tourism and hospitality sector, the average hotel occupancy rate in 4 and 5-stars hotels increased by 55%, and the number of mall visitors increased by 26.9%.
In the commercial sector, the new commercial licences grew by 35.4%, and the value of sales for Bahrain ATM cards rose by 4.2%. In international trade, the total value of exports reached 64.7%.
In the financial services sector, Bahrain achieved remarkable growth in February. Fawri+ transactions grew by 55.1%, and Fawri transactions increased by 22.1%. Similarly, total non-bank deposits grew by 12.7%, and the Bahrain Bourse index witnessed a 33.3% increase.
In the real estate sector, transactions registered with the Survey and Land Registration Bureau increased by 19.6%, while the number of building permits increased by 15.8%. Additionally, total fuel sales increased by 12.2%.
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