Bahrain's GDP reaches 4.20% in third quarter of 2022

Agencies | Manama                           

The Daily Tribune – www.newsofbahrain.com     

National accounts estimates issued by the Information and eGovernment Authority (iGA) showed that the economy of Bahrain continued to record remarkable growth rates during the current year.

The gross domestic product (GDP) recorded growth at constant prices during the third quarter of this year reached to 4.20% on an annual basis, and the non-oil sector also growth by 4.9% during the third quarter.

While the GDP of the Kingdom until the third quarter (January to September) at constant prices grew by 5.5% on an annual basis, and the non-oil sector at constant prices grew by 7.2% until the third quarter of 2022 on an annual basis.

The report also showed the performance of the economic sectors during the third quarter of 2022 compared to the third quarter of 2021, as the hotels and restaurants sector continued to record the highest growth rates in the non-oil sectors, achieving an annual growth of 14.7% at constant prices. It was followed by the transportation and communications sector, which increased by 8.0%, and the real estate activities and business services sector, which increased by 6.8%, on an annual basis. The trade sector grows by 5.9% at constant prices. The manufacturing sector grew by 5.0%. As for the government services sector, its growth rate was 4.6%. The financial projects sector grew during the third quarter of 2022 by 1.1% at constant prices.

The report also showed that the gross domestic product (GDP) grew at current prices during the third quarter of this year, a growth of 10.9% on an annual basis. The non-oil sector also recorded a growth of 6.4% during the third quarter.