Bahrain economy grows in third quarter of 2021

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain’s economy has improved during the third quarter of 2021, thanks to the government’s strategies to recover from the pandemic.

This is based on the quarterly economic report for the period published by the Ministry of Finance and National Economy on its website www.mofne.gov.bh. The report shows that the Kingdom’s implementation of the economic recovery plan, which aims to adopt new strategies that contribute to activating the role of priority sectors, has worked wonders.

Another factor in the Kingdom’s economic growth is the launch of several initiatives aimed at strengthening the economy and creating qualitative opportunities for citizens to achieve comprehensive economic development.

According to the preliminary results of the national accounts issued by the Information and eGovernment Authority, the economic situation of the Kingdom is moving in the right direction, continuing to record a good performance.

The nominal gross domestic product (at current prices) grew by 10.2% compared to the third quarter of the year 2020, while the growth rate reached Real (at constant prices) 2.1% on an annual basis.

The non-oil sector contributed to pushing the wheel of economic growth, and it achieved a growth (at current prices) of 5.9% on an annual basis, and the real non-oil GDP grew (at constant prices) by 3.8% on an annual basis.

As for the oil sector, it witnessed a remarkable growth (at current prices) of 39.9% on an annual basis, while it witnessed a decline (at constant prices) by 4.6% on an annual basis.

The report reflected the most prominent indicators of several non-oil sectors during the third quarter of 2021, where the transportation and communications sector achieved the highest growth rate of 25.8%.

The real estate activities and business services sector witnessed a growth of 4.7%, followed by the trade sector, which continued its good performance, recording a growth annually at 4.5%, then the government services sector by 1.9%, and the building and construction sector by