Bahrain's economy grows compared to the same quarter of 2020

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Information and E-Government Authority (iGA) estimates that Bahrain's GDP grew at constant prices by 5.72% and 20.74% at current prices in the second quarter of 2021.

The national accounts report shows that the growth is due to the rise achieved by the non-oil sector by 7.78% at constant prices and 12.82% at current prices supported by transportation & telecommunications and hotels & restaurants activity, while the oil sector declined by 2.41% at constant prices and increased by 98.30% at current prices compared to the same quarter of 2020.

The report’s results showed signs of economic recovery, which is a positive reflection of the leadership’s directives, and the government’s decisions, as well as the activation of the package of effective measures implemented to contain the epidemic, overcome challenges, and alleviate the crisis, which contributed to the desired aspirations and was in the interest of the national economy.

The quarterly national accounts report indicated that the gross domestic product (GDP) of non-oil sectors grew by 7.78 percent and 12.82 percent at constant and current prices, respectively.

The transport and telecommunications sector contributed 47.92% and 44.86%, followed by hotel and restaurant activity of 45.22% and 40.69% at constant and current prices, respectively; this comes with the decisions of the gradual opening of commercial activities and the recovery of traffic and transport in the Kingdom.

Other social and personal services achieved a rise of 10.86% in constant prices and by 20.77% at current prices. Financial projects grew by 9.40% at constant prices and by 10.72% at current prices, health services recorded an increase of 8.59% at constant prices and 7.21% at current prices.

As per report the agriculture and fishing activity increased by about 5.57% at constant prices and 2.34% at current prices. Real estate and business services increased by 4.73% at constant prices and 3.02% at current prices.

Trade grew by 4.17% and 2.66% at constant and current prices, respectively.  Other government services increased by about 3.34% at constant prices and 2.20% at current prices, respectively.

Manufacturing increased by 2.29% at constant prices and 24.21% at current prices. Meanwhile, Electricity & water and Construction have also grown in varying proportions. Electricity and water activity and construction increased by 2.80% and 1.06% at constant and ongoing prices, respectively, and construction activity by 0.22% and 7.18% respectively

When comparing the economic performance for the second quarter of 2021 compared to the first quarter of the same year, economic growth recorded real growth of 3.51% and 6.37% at current prices. The results also showed that the oil sector increased by 7.76% at constant prices and 18.94% at current prices, while the non-oil sector achieved an increase of 2.58% and 4.39% at constant and current prices, respectively.

The report also revealed growth rates at constant and current prices for almost all the economic activities in the second quarter of 2021 compared to the first quarter.

Educational services increased by 20.94% and 21.61% at constant and current prices, respectively, followed by electricity and water activity of 13.92% at constant prices and 7.58% at current prices. Mining and quarrying sector increased by 7.55% and 17.98% at constant and current prices, respectively.

The report showed that other government services at constant and current prices grew by 3.25% and 0.31% compared to the first quarter of the year. Transport and communications activity increased by 2.07% at constant prices and 1.78% at current prices.

Trade activity grew by 1.72% at constant prices and 0.56% at current prices.

The report showed overall recovery of manufacturing, construction activity, hotels and restaurants, real estate, business services, financial projects, and others at varying rates if we compare the second quarter of the year with the previous one.