Bahrain recorded an annual real GDP growth rate of 3.6 per cent and nominal GDP annual growth rate of 6.9 per cent during the third quarter (Q3) of 2017 compared to the same period the previous year, said the Information & eGovernment Authority (iGA) in a new report.

According to the report, Bahrain's economy has witnessed a growth due to infrastructure’s investments increase and the financial stability of the Kingdom. These positive indicators reflect government’s efforts to enhance the national economy which faces challenges at the local, regional and international levels.

The report demonstrated that the real quarterly growth rate is 1.6 per cent and the nominal growth rate is 2.2 per cent when compared to the second quarter’s 2017 results. It has also shown that the results of growth rates in the oil sector have increased by nearly 13.4 per cent at current prices due to the high price of a barrel of oil compared to the previous year.

The oil sector witnessed a decrease about 0.3 per cent at constant prices compared to the third quarter of 2016 owing to the decrease in quantities of oil produced that fell 2.3 per cent by the proportion of the third quarter of last year.

Due to the increase of production, the manufacturing industry has grown by 3.2 per cent at constant prices and 3.5 per cent at the current prices. Construction sector grew by 0.8 per cent at constant prices and 12 per cent at current prices. Real estate and business activities grew by 4.6 per cent at constant prices and by the same percentage at current prices. While the transport and communications sector achieved an increase of 5.8 per cent in constant prices and 8.3 per cent in current prices.

The report pointed out that other government services increased by 3.1 per cent at constant prices and by 2 per cent at current prices. Social and personal services increased by 7.5 per cent at constant prices and 7.3 per cent at current prices. Electricity and water activities grew by 5.2 per cent at constant prices and 13.7 per cent at current prices.

The report indicates that private and government education services rose by 1.4 per cent at constant prices and 2.6 per cent at current prices, while health services increased by 9.8 per cent at constant prices and 4 per cent at current prices. As for agricultural activity and fishing, it decreased by 3.6 per cent in constant prices and 6.8 per cent in current prices.

The report clarified that the results of the third quarter of 2017 compared to the second quarter of the same year indicates that the economic increased by 1.6 per cent in constant prices and by 2.2 per cent in current prices. The oil sector recorded a rise of 3.3 per cent in constant prices and 6.4 per cent in current prices. Non-oil sector increased by 1.2 per cent and 1.6 per cent, respectively, at constant and current prices.

Also, the report pointed out that the financial corporations witnessed a slight increase of about 1 per cent in constant prices and 1.2 per cent in current prices. Construction sector grew by 1.6 per cent at constant prices and 0.9 per cent at current prices. The value added in the transport and communication sector showed that the sector improved by 2.2 per cent at constant prices and 8 per cent at current prices. The manufacturing sector achieved 1.9 per cent growth in constant prices and 0.1 per cent in current prices.

According to the report, government services increased by 0.5 per cent at constant prices and 0.6 per cent at current prices. While other social and personal services increased by 2.1 per cent at constant prices and 0.8 per cent at current prices. Government and private education services have shown a rise of 1.4 per cent in constant prices and 1.4 per cent in current prices.

In addition, government and private health services increased by 2.2 per cent at constant prices and 1.9 per cent at current prices. Agriculture and fishing activities declined by 3.5 per cent at constant prices and 2.1 per cent at current prices. – TradeArabia News Service