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Bahrain’s economic growth rises to 5pc

Bahrain Business
Wed, 11 Jul 2018
By Avinash Saxena
1 of 2

MANAMA: Bahrain’s economic growth rose to five per cent during the first quarter, shows the latest data from the Information and eGovernment Authority (iGA).

The national gross domestic product (GDP) in terms of current prices (nominal GDP) jumped by 5.1pc in the first quarter this year when compared with the same quarter of the previous year, according to a report by the iGA.

However, GDP in terms of constant prices (real GDP) during the quarter saw a drop of 1.2pc when compared with the same quarter of last year.

The non-oil sector beat expectations with 3.4pc growth in terms of constant prices and 1.9pc growth in terms of current prices.

The oil sector recorded a surge of 17.3pc in terms of current prices as a result of rise in production of oil when compared with the first quarter of 2017. However, in terms of constant prices, the oil sector saw a decrease of 14.7pc due to a 5.8pc reduction in oil production when compared with the fourth quarter of 2017.

A new oil pipeline between the Bapco refinery and Saudi Aramco, to be started this year, is expected to increase oil production in the coming period, the report said.

Manufacturing activity during the quarter saw growth of 4.2pc at constant prices and 4.6pc at current prices due to increase in value of production of major industrial commodities, compared with first quarter of 2017.

Construction activity grew by 6.7pc at constant prices and 7.2pc at current prices.

Real estate and business activities grew by 3.7pc at constant prices and 3.8pc at current prices, whereas transportation and telecommunication decreased by 0.8pc at constant prices and increased by 8.6pc at current prices.

The report shows that other government services increased by 3.8pc at constant prices and 3.4pc at current prices; social and personal services also witnessed an increase by 3.4pc at constant prices and 3.8pc at current prices.

Electricity and water activities have seen an increase of 1.6pc in constant prices and 7.4pc in current prices.

The report shows that private and government educational services rose by 4.8pc at constant prices and 5.3pc at current prices, whereas health services grew by 6.5pc at constant prices and 7.5pc at current prices.

As for agriculture and fishing, an increase of 7.3pc in constant prices and 8.9pc in current prices was recorded in the quarter.

According to the iGA, a sequential comparison of data – first quarter of 2018 versus the fourth quarter of 2017 shows a decline of 0.5pc in GDP constant prices and 3pc at current prices.

While the oil sector saw a decrease of nearly 6.6pc at constant prices and an increase of 12pc in current prices, the non-oil sector saw an increase of 0.8pc and 1.6pc respectively, at constant and current prices.

According to the report, seen similarly, the financial sector saw a decrease of 0.7pc in constant prices and 0.9pc in current prices, whereas construction and telecommunication grew by 2pc at constant prices and 3.1pc at current prices.

The added-value of the transportation sector increased by 0.8pc in constant prices and 0.9pc in current prices.

The report shows government services increased by 1.1pc at constant prices and 1.9pc at current prices; social and personal services decreased by 4.5pc at constant prices and 1.8pc at current prices.

Electricity and water decreased by 0.3pc at constant prices and grew by 0.9pc at current prices.

Government and private education services have reported a rise of 1pc in constant prices and 1.5pc in current prices, whereas government and private health services increased by 0.5pc at constant prices and 2.3pc at current prices. Agriculture and fishing rose by 2.8pc at constant prices and 4.2pc at current prices, the report said.

avinash@gdn.com.bh

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