Bahrain's economy grew by 1.3 per cent year on year in the second quarter, new statistics show.
It was supported by 2.8pc non-oil growth, despite a 6.7pc decline in the oil sector year on year, according to the Bahrain Economic Quarterly Report for Q2 2024, released by the Finance and National Economy Ministry yesterday.
The report highlights the progress Bahrain has made as a technology hub, as reflected in global competitiveness rankings.
The kingdom climbed 36 places to rank 18th globally in the UN e-Government Survey 2024, earning the highest rating class of ‘Very High’, as published by the United Nations Department of Economic and Social Affairs (UN DESA).
Additionally, the kingdom was classified as a ‘Tier 1 – Role-Modelling’ country, the highest category within the Global Cybersecurity Index 2024 issued by the International Telecommunication Union.
According to preliminary data from the Information and e-Government Authority, the non-oil sector was led by double-digit growth in three emerging sectors.
Transportation and Storage sector achieved the highest YoY growth rate at 12.9pc in Q2 2024, followed by Information and Communications at 11.2pc, with Accommodation and Food Services growing 10.6pc YoY in Q2 2024 as a result of rising demand in the tourism sector.
Mature sectors of the non-oil economy also registered robust growth, with the Financial and Insurance sector, which remained the largest contributor to the economy at 17.1pc of real GDP, recording 2.1pc growth YoY and the Manufacturing sector growing by 1.7pc compared to Q2 2023.
The report highlights the role of the non-oil sector in driving economic growth, accounting for 85.2pc of real GDP in Q2 2024.
Furthermore, the total stock of Foreign Direct Investment into Bahrain increased by 9pc in Q2 2024, reaching a total stock of BD16.6 billion, up from BD15.2bn in the same period last year.
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