Friday 20 July 2018
 
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OIL SECTOR SURGES 17pc

Bahrain’s non-oil sector beat expectations with 3.4 per cent
during the quarter.
Image: Bigstock. For illustration only.

Bahrain records economic growth of over 5pc in Q1

MANAMA, 9 days ago

Bahrain’s gross domestic product (GDP) in the current prices grew by 5.1 per cent during the first quarter (Q1) of the year as compared to the same quarter of 2017, the Information & eGovernment Authority (iGA) said in a new report.

Meanwhile, Bahrain non-oil sector beat expectations with 3.4 per cent and 1.9 per cent respectively, at constant and current prices, added the first quarter GDP report of 2018.

 However, GDP has reduced in the constant prices by 1.2 per cent comparing to the same quarter of last year.

The oil sector recorded an increase of 17.3 per cent in the current prices as a result in raising oil barrels in comparison to first quarter of 2017. While constant prices in the oil sector decreased by 14.7 per cent due to reduction in amounts of oil production by 5.8 per cent comparing to the fourth quarter of 2017.

The establishment of a new oil marine pipeline - that links between Bahrain’s refinery and the Saudi Aramco during the current year - is expected to increase in oil production in the coming period.

The report has also shown that the manufacturing activity has grown by 4.2 per cent at constant prices and 4.6 per cent in current prices due to increase in value of production of major industrial commodities in Bahrain, compared to first quarter of 2017.

Construction activity grew by 6.7 per cent at constant prices and 7.2 per cent at current prices. Real-estate and business activities grew by 3.7 per cent at constant prices and 3.8 per cent at current prices. While the transportation and telecommunication activity decreased by 0.8 per cent at constant prices and increased by 8.6 per cent at current prices.

The report indicated that other government services increased by 3.8 per cent at constant prices and 3.4 per cent at current prices; social and personal services also witnessed an increase by 3.4 per cent at constant prices and 3.8 per cent at current prices. Additionally, electricity and water activity have witnessed an increase by 1.6 per cent in constant prices and 7.4 per cent in current prices.

The report indicates that private and government educational services rose by 4.8 per cent at constant prices and 5.3 per cent at current prices; health services also increased by 6.5 per cent at constant prices and 7.5 per cent at current prices. As for agricultural activity and fishing, it also increased by 7.3 per cent in constant prices and 8.9 per cent in current prices.

Comparing the first quarter of 2018 to the fourth quarter of 2017, results have shown an economic decline of 0.5 per cent at constant prices and 3 per cent at current prices. Whereas the oil sector decreased by nearly 6.6 per cent at constant prices and an increase in the current prices of 12 per cent. The non-oil sector increased by 0.8 per cent and 1.6 per cent, respectively, at constant and current prices.

According to the report, the financial corporations have witnessed a decrease of 0.7 per cent in constant prices and 0.9 per cent in current prices. The construction and telecommunication activity grew by 2 per cent at constant prices and 3.1 per cent at current prices. The added-value of the transportations sector had increased by 0.8 per cent growth in constant prices and 0.9 per cent in current prices. Results also show manufacturing industry achieved growth of 2 per cent in constant prices and 2.7 per cent in current prices.

The report indicated that government services increased by 1.1 per cent at constant prices and 1.9 per cent at current prices; social and personal services decreased by 4.5 per cent at constant prices and 1.8 per cent at current prices. Electricity and water activities decreased by 0.3 per cent at constant prices and grew by 0.9 per cent at current prices.

Government and private education services have also shown a rise of 1 per cent in constant prices and 1.5 per cent in current prices. In addition, government and private health services increased by 0.5 per cent at constant prices and 2.3 per cent at current prices. Agriculture and fishing activities raised by 2.8 per cent at constant prices and 4.2 per cent at current prices. – TradeArabia News Service




Tags: Bahrain | GDP | non-oil | oil sector |

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