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OIL SECTOR JUMPS 29%

Bahrain records 1.5% Q1 GDP growth

MANAMA, July 5, 2021

Bahrain's nominal GDP (at current prices) for the first quarter of 2021 grew by 1.5% on quarterly basis and 0.3% on an annual basis, said an official report.

The growth was supported by the oil sector which grew 29.3% compared to the fourth quarter of 2020, and by 16% compared to the first quarter of 2020. This was as a result of the increase in total oil production from the two fields of Abu Safah, Bahrain and the improvement of global oil prices, said the Q1-2021 Bahrain Economic Quarterly Report published by the Finance and National Economy Ministry.

On the other hand, the growth of the non-oil sector declined by 1.9% on a quarterly basis and 1.8% on an annual basis, the report said.

The largest non-oil sectors in terms of the percentage of contribution to nominal GDP are: Financial Corporations (17.9%); manufacturing (17.9%); and government services (13.3%).

The total oil production was up 1.4% and total refinery production (Bapco) was up 15.6%, showed the infographic that came with the report. -TradeArabia News Service

 




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