Bahrain experienced a notable surge in real GDP during the third quarter of 2023, showcasing growth both at constant and current prices compared to the same period in 2022.
The latest report from the Information eGovernment Authority revealed that Bahrain’s economic landscape continues to display resilience and growth.
Bahrain’s GDP growth
According to the Information eGovernment Authority, Bahrain’s real GDP witnessed a robust increase of 2.45 percent at constant prices and 1.09 percent at current prices during Q3 2023, compared to the corresponding period a year ago. These figures underscore the kingdom’s economic vitality and its ability to navigate global economic challenges.
Non-oil sector
The driving force behind Bahrain’s economic surge is the non-oil sector. It experienced a remarkable growth of 4.48 percent at constant prices and 4.81 percent at current prices annually. In concrete terms, the GDP at constant prices reached BHD3,387.82 million during Q3 2023, surpassing the BHD3,306. 71 million recorded in the same period in 2022.
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Sectoral contributions
According to the detailed report, the finance sector in Bahrain emerged on top, contributing significantly to the real GDP with a share of 18.08 percent. Following closely, Bahrain’s manufacturing industry played a pivotal role, accounting for 13.85 percent of the GDP. These sectors stand out as key pillars supporting Bahrain’s economic growth and diversification.
Preliminary estimates also highlight the exceptional growth of specific non-oil sectors on an annual basis. The hotel and restaurant activity recorded an impressive growth rate of 9.36 percent. This showcases the growth and progress of Bahrain’s hospitality industry. Meanwhile, finance sector companies demonstrated robust growth with a rate of 8.36 percent at constant prices, further solidifying their contribution to the kingdom’s economic expansion.
Bahrain’s economic achievements in the third quarter of 2023 underscored its commitment to growth. With non-oil sectors spearheading growth, particularly in finance and manufacturing, Bahrain’s economic diversification efforts continue to yield positive results. As the kingdom forges ahead, these impressive figures signal a promising outlook for Bahrain’s economic landscape.
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