Bahrain records strong growth of 4.5pc

Manama : Bahrain has recorded a strong growth of 4.5pc in the first quarter (Q1) of 2016, revealed the latest Bahrain Economic Quarterly report by the Economic Development Board (EDB).

This is the highest level since 2014, led by the 12.1pc year-on-year growth in the oil sector.

The report also noted resilience of the non-oil economy, where it continued to grow and benefit from a large pipeline of infrastructure investment. “Of the nearly US$4 billion projects that have been tendered under the GCC Development Fund, about US$3bn projects have already been commenced. This marks a near tripling from last  year,” the report said. 

“While growth continued to be broad-based across the non-oil economy, performance was particularly strong in social and personal services with 8.4pc year-on-year gain. Construction sector, which rose by 5.4pc year-on-year, reflects the strong infrastructure investment, while financial services expanded by 3.1pc year-on-year,” it stated. “Overall employment saw an almost 7pc year-on-year increase in Q1, with the private sector creating 46,669 jobs as compared to Q1 2015, a 9pc year-on-year gain.”

Meanwhile EDB Chief Executive Khalid Al Rumaihi said, “We are upbeat by the resilience of the Bahraini economy in the face of a challenging global economy.”