‘Sign of recovery’

TDT | Manama

Ongoing efforts to drive economic growth through a number of new financial initiatives have benefitted the Kingdom and its citizens, according to the Ministry of Finance and National Economy. In particular, the economic stimulus package launched to support the citizens and the private sector through the provision of innovative initiatives has contributed to supporting economic diversification and sustainable growth during this period.

The Ministry noted that the decisions to gradually resume and re-open various economic sectors and activities, starting in May, has had a positive impact on a number of key economic indicators, resulting in improvement across a number of sectors during the third quarter of 2020.

It was in stark contrast to this year’s second quarter, which has witnessed a decline in performance indicators by 8.9% compared to the same period last year as a result of the global spread of the coronavirus (COVID-19). After a monthly decline in imports to the Kingdom since the onset of the COVID-19 pandemic, the value of imports increased by 88.1% in August, compared to July 2020.

The Ministry also highlighted a sign of recovery registered within the trade sector, evident by the monthly increase in the number of exporting trucks through the King Fahd Causeway by 21.% in August 2020 compared to July 2020. The performance of other economic sectors and activities showed improvement within the third quarter of 2020, including hotel and leisure.

The average hotel occupancy rate in 4- and 5-star hotels increased by 13.3% in July month on month and by 17.6% in August month on month. Furthermore, the number of monthly transactions in the Survey and Land Registration Bureau gradually increased in July by 19.1% compared to June, and by 21.6% in August compared to July