Arab News: Bahrain’s non-oil sector propelled a 2.45 percent surge in the country’s gross domestic product during the third quarter of 2023, according to the Information and eGovernment Authority.
National accounts estimates issued by the authority highlighted that the 2.45 percent rise is at constant prices, revealing another 1.09 percent GDP increase at current prices during the third quarter of 2023 compared to the same period in 2022.
According to the authority, this noteworthy growth is attributed to a 4.48 percent surge in the non-oil sector at constant prices and a corresponding 4.81 percent increase at current prices annually.
During the third quarter of 2023, the GDP at constant prices reached 3.38 million Bahraini dinars ($1.2 million), marking an uptick from 3.30 million dinars in the same period of 2022.
The authority highlighted the role played by the financial corporations, constituting one of the largest contributors to the real GDP at 18.08 percent, closely followed by the manufacturing industry, which contributed 13.85 percent to the overall growth.
Preliminary estimates of the national accounts further underscore the dynamic growth of key non-oil sectors annually.
Leading the pack is the hotel and restaurant activity, boasting a growth rate of 9.36 percent, closely followed by financial corporations with an 8.36 percent growth rate at constant prices.
Bahrain posted a real GDP growth rate of 2 percent in the first quarter of 2023, fueled by a rise of 3.5 percent in the non-oil sector.
According to the Bahraini Ministry of Finance and National Economy, the average quarterly increase of the annual non-oil GDP reached about 5.7 percent since implementing its economic recovery plan in October 2021.
This initiative aims to stimulate growth, attract investments and create job opportunities through five priorities and 27 programs.
Bahrain’s non-oil GDP growth in 2022 also surpassed the 5 percent annual target set by its economic recovery plan.
https://www.arabnews.com/node/2432051/business-economy
