Bahrain’s economy recorded real growth of 4.6 percent and 6.5 percent in current prices during the fourth quarter of 2018 compared to the same period of the previous year, said the Information & eGovernment Authority (iGA) in a new report.
According to the report, the GCC Development Program has been significantly reflected in Bahrain’s economic infrastructure projects. 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 non-oil sector registered a real growth of 3.2 percent when compared to the same quarter of the previous year and the oil sector growing at a rate of 11.3 percent in real terms due to increase in the quantities produced.
The report demonstrated that the growing results – compared to the 4th quarter of 2017 rates in the oil sector have increased by nearly 24.7 percent at current prices and 11.3 percent at constant prices. The non-oil GDP grew by 3.2 percent in real terms and had a comparable growth rate of 4 percent, at current prices. Meanwhile, the financial corporations witnessed an increase of nearly 2.7 percent in constant prices and 2.1 percent in current prices.
The report also indicated that the manufacturing industry has grown by 1 percent at constant prices and 1 percent in current prices. The construction sector grew by 4 percent at constant prices and 8.5 percent at current prices. Real-estate and business activities grew by 1.5 percent at constant prices and by 2.8 percent at current prices. While the transportation and communications sector increased by 0.3 percent at constant prices and by 2.2 percent at current prices.
The report indicated that social and personal services decreased by 0.7 percent at constant prices and had grown by 0.2 percent at current prices. Electricity and water activities grew by 5.2 percent at constant prices and 5.8 percent at current prices.
The report indicated that private educational services rose by 4 percent at constant prices and 5 percent at current prices, while health private services increased by 2.5 percent at constant prices and 4.8 percent at current prices.
When comparing the 4th quarter with the 3rd of 2018, the economic growth seems to be slightly grown which resulted from the relative decline in the oil produced quantities accompanied by reduction in crude oil prices that has resulted in also reducing the oil GDP by 3.4 per cent and 11.3 per cent at constant and current prices, respectively. The real non-oil GDP recorded a positive growth by 2.3 percent while achieving a growth of 2.5 percent in current prices.
The report also indicated that the financial corporations witnessed a slight increase of nearly 0.7 percent in constant prices and 0.4 percent in current prices. The construction sector grew by 0.8 percent at constant prices and 2.5 percent at current prices; real-estate and business service sectors demonstrated that these sectors had improved by 0.4 percent at constant prices and decreased by 0.02 percent at current prices. Results display transportations and communications sectors to have slightly increased by 0.2 percent growth in constant prices and 0.1 percent in current prices.
According to the report, manufacturing industry achieved a growth of 0.2 percent in constant prices and decreased by 0.7 percent in current prices. Government services increased by 12.7 percent at constant prices and 16 percent at current prices while other social and personal services increased by 0.3 percent at constant prices and 0.6 percent at current prices. Additionally, electricity and water activities witnessed a decrease of 5.4 percent in constant prices and 5.3 percent in current prices.
TradeArabia News Service
15/04/2019
