Bahrain’s GDP grows despite oil sector decline: Report

TDT | Manama

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Bahrain’s economy has experienced real GDP growth of 1.3% year-on-year in the second quarter of 2024, supported by a 2.8% increase in the non-oil sector, despite a 6.7% decline in the oil sector during the same period.

This data is based on preliminary National Accounts information released by the Information and e-Government Authority (iGA).

The Ministry of Finance and National Economy has made the Bahrain Economic Quarterly Report for Q2 2024 available on its website, www.mofne.gov.bh. The non-oil sector demonstrated particularly strong performance, led by significant growth in three key emerging industries.

The Transportation and Storage sector recorded the highest year-on-year growth rate at 12.9%, followed closely by Information and Communications at 11.2%.

Additionally, the Accommodation and Food Services sector saw a 10.6% year-on-year increase, reflecting rising demand in the tourism industry.