Bahrain’s real economy grew at a rate of 1.58 percent in the third quarter (Q3) of 2019, marking a 0.57 percent increase at current prices compared to the same period last year, said the Information & eGovernment Authority (iGA) in a new report.
The National Accounts for Q3 2019 report showed that Bahrain’s economy continued to grow at a steady pace during Q3 2019, as the data indicated Gross Domestic Product (GDP) growth was supported by growth in the non-oil sector, which amounted to 1.99 percent and 3.18 percent in real and current prices, respectively, compared to the corresponding quarter of 2018.
This reflected the diversity of Bahrain’s non-oil sectors, most of which registered growth, highlighting the strength and resilience of Bahrain’s economy, iGA said in the report.
The preliminary data showed growth of educational services at 7.12 percent at real prices and 11.77 percent at current prices, followed by hotel and restaurant activity at 6.28 percent and 8.76 percent at real and current prices respectively.
Transportation and telecommunications achieved a growth of 6.35 percent at real prices and 8.10 percent at current prices. Manufacturing industries increased by 4.08 percent at real prices and 5.29 percent at current prices.
Comparing Q3 2019 to Q3 2018, the results indicate that private health services grew by about 3.20 percent and 3.30 percent at real and current prices respectively. Meanwhile, trading activity increased by 1.82 percent at real prices and 3.63 percent at current prices.
Financial projects increased by 1.80 percent at real prices and 1.89 percent at current prices. The construction sector recorded an improvement of 1.46 percent and 1.03 percent at real and current prices respectively.
The detailed National Accounts report confirmed that Q3 2019’s preliminary results compared to the same quarter of 2018 showed a decrease in oil GDP by 0.15 percent at real prices and 12.53 percent at current prices as a result of the decline in the price of a barrel of oil from the previous year.
The report showed that government services recorded a decrease of 3.93 percent at real prices and about 3.12 percent at current prices, while real estate and business activities decreased by 6.96 percent at real prices and 3.16 percent at current prices.
Social and personal services decreased by 1.44 percent at real prices, while increasing by 3.06 percent at current prices.
Comparing the third quarter to the second quarter of 2019, the report showed that economic growth decreased slightly by 0.39 percent and 1.30 percent at real and current prices respectively, while real non-oil GDP recorded a decrease of 0.82 percent at real prices and 1.11 percent at current prices. The oil sector increased by 1.52 percent at real prices and decreased by 2.46 percent at current prices.
The manufacturing industry also grew, reaching 4.54 percent and 2.12 percent at real and current prices, respectively.
Hotel and restaurant activity maintained its growth during the current quarter, where the data indicating growth rates reaching 2.42 percent at real and 2.21 percent at current prices.
Transportation experienced a growth of 3.64 percent and 1.12 percent at real and current prices respectively, while agriculture and fishing recorded an improvement of 2.94 percent at real prices and 2.71 percent at current prices.
The activity of social and other personal services recorded a slight growth of 0.49 percent at real prices and 0.73 percent at current prices. At the same pace, private health services grew by 0.65 percent and 0.71 percent at real and current prices, respectively.
Electricity and water activity increased by 4.28 percent at real prices, while reducing by 0.62 percent at current prices.
The financial sector recorded a slight increase of about 0.62 percent at real and 0.49 percent at current prices, while trade activity grew by 1.20 percent at real and 1.96 percent at current prices.
TradeArabia News Service
07/01/2020
