Positive signs of non-oil sector growth reported

TDT | Manama

Positive signs of a return to growth across non-oil sectors were reported yesterday by Bahrain’s Ministry of Finance and National Economy, as the Kingdom continues to take measures which balance health policy objectives whilst minimising the economic impact of the global coronavirus (COVID-19) pandemic.

  The ministry confirmed total exports increased by two per cent between May and June, and by 12 per cent between June and July, as business activity increases across the Kingdom. This was also evident by the monthly number of new commercial registrations (CR) created, with the number of company CRs up 59 per cent in June and up a further seven per cent in July, while the number of individuals CRs increased by 109 per cent in June and four per cent in July.

Additionally, the number of building permits issued has more than doubled, increasing by 124 per cent in June—almost three per cent higher than their rate in beginning of this year. The Survey and Land Registration Bureau also recorded an almost-55 per cent increase in number of transactions monthon-month in June and a further 19 per cent increase in July.

Consumer activity is also on the rise with total sales on food increasing on a monthly basis by nine per cent in June and 15 per cent in July; similarly, sales of non-essential goods increased by 12 per cent and 28 per cent in the two months, respectively. An increase in movement across the Kingdom was also reflected in the increase in gasoline sales by 15 per cent in June and 13 per cent in July.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said: “It is clear business and consumer activity is returning in Bahrain, as the Kingdom continues to carefully balance its twin objectives of safeguarding the health and safety of all citizens and residents as well as the long-term health of the economy.

“These indicators are reassuring evidence that the balanced measures carefully introduced within the unprecedented BD4.3 billion economic stimulus package in March are key to maintaining business and consumer confidence within Bahrain.”