Bahrain's GDP Growth Fell by 1.1 percent

  • Manama, Kingdom of Bahrain
  • 7 July 2020

A report issued by the Bahraini Ministry of Finance showed that the economic performance grew at the beginning of the year before it was affected in March as a result of the exceptional circumstances witnessed by the Kingdom of Bahrain and the whole world due to the pandemic of the Coronavirus (Covid-19), which affected the overall performance of the economy in the first quarter, causing the growth rates of the GDP of the Kingdom of Bahrain to fall by 1.1% on an annual basis, while the rate of decline was 4.9% at current prices.

The oil sector grew at an annual rate of 1.8% at constant prices, and its decline at current prices by 11.5%, while the non-oil sector was affected by the repercussions of the virus, registering a decrease of 1.7% at constant prices and 4% at current prices.

The indicators reflected the continued growth of some non-oil sectors, as the manufacturing sector achieved growth of 4.8%, followed by the growth of the social and personal services sector by 1.3%, then the construction sector, which witnessed growth of 0.3%. While the hotel sector was further impacted, being affected by the global restrictions imposed on travel, down by 36%, followed by the transportation and communications sector which declined by 6.3%, the government services sector by 2.9%, the financial projects sector declined by 1.6%, real estate activities and business services by 0.4% and the trade sector increased by 0.1 percent.

Source (CNBC Arabic Website, Edited)

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