Bahrain records 4.6% economic growth in 4th quarter of 2018

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Bahrain economy records a real growth of 4.6% and 6.5% in current prices compared to the same period of 2017, as per the report of the national accounts provisional results for the fourth quarter of 2018, issued by Information and eGovernment Authority (iGA).

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 4.6/5 and 6.5% 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 a 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% when compared to the same quarter of the previous year and the oil sector growing at a rate of 11.3% in real terms due to increase in the quantities produced.

According to the issued report, the growing results – compared to the fourth quarter of 2017 rates in the oil sector have increased by nearly 24.7% at current prices and 11.3% at constant prices.

The non-oil GDP grew by 3.2% in real terms and had a comparable growth rate of 4%, at current prices. Meanwhile, the financial corporations witnessed an increase of nearly 2.7% in constant prices and 2.1% in current prices.

The manufacturing industry has grown by 1% at constant prices and 1% in current prices. Construction sector grew by 4% at constant prices and 8.5% at current prices.

Real-estate and business activities grew by 1.5% at constant prices and by 2.8% at current prices.

The transportation and communications sector increased by 0.3% at constant prices and by 2.2% at current prices.

Social and personal services decreased by 0.7% at constant prices and had grown by 0.2% at current prices.

Electricity and water activities grew by 5.2% at constant prices and 5.8% at current prices.

Private educational services rose by 4% at constant prices and 5% at current prices.

Health private services increased by 2.5% at constant prices and 4.8% 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% and 11.3% at constant and current prices, respectively.

The real non-oil GDP recorded a positive growth by 2.3% while achieving a growth of 2.5% in current prices.

The financial corporations witnessed a slight increase of nearly 0.7% in constant prices and 0.4% in current prices.

The construction sector grew by 0.8% at constant prices and 2.5% at current prices; real-estate and business service sectors demonstrated that these sectors had improved by 0.4% at constant prices and decreased by 0.02% at current prices.

Results display transportation and communication sectors to have slightly increased by 0.2% growth in constant prices and 0.1% in current prices.

Manufacturing industry achieved growth of 0.2% in constant prices and decreased by 0.7% in current prices.

Government services increased by 12.7% at constant prices and 16% at current prices.

Other social and personal services increased by 0.3% at constant prices and 0.6% at current prices.

Electricity and water activities witnessed a decrease of 5.4% in constant prices and 5.3% in current prices, the report said.

TDT(R)

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