Bahrain experienced a 2.4 percent increase in its gross domestic product (GDP) at constant prices in 2023 compared to the previous year.
According to the Information and eGovernment Authority (iGA), Bahrain’s GDP reached BD13.6 billion ($36.08 billion) at constant prices in 2023, up from BD13.3 billion ($35 billion) in the previous year.
Read more: Bahrain’s February exports soar by 17 percent to $891.57 million
The National accounts estimates issued by the Information and eGovernment Authority (iGA) showed that the Kingdom of Bahrain’s GDP increased by 2.4% at constant prices during 2023 compared to 2022#Bahrain #statistics #GDP #NationalAccounts #Economy #Trade #EconomicPerformance pic.twitter.com/ca1KkPYppt
— iGA Bahrain (@iGABahrain) April 8, 2024
The iGA’s report highlights that financial projects accounted for the largest contribution to the real GDP among the non-oil sectors, with a share of 17.8 percent. The manufacturing industry followed closely behind with a contribution of 13.6 percent.
Preliminary estimates from the national accounts reveal that the sectors with the highest non-oil growth in 2023 were the hotel and restaurants sector, which experienced an 8 percent increase, followed by government services with a growth rate of 6 percent. Financial projects also demonstrated significant growth, with a rate of 5.7 percent at constant prices.
When comparing the fourth quarter of 2023 to the corresponding quarter of 2022, the GDP exhibited positive growth, estimated at 3.45 percent and 3.36 percent at constant and current prices respectively. The non-oil sector experienced growth rates of 4.03 percent at constant prices and 3.89 percent at current prices.
The report states that in the economic performance comparison between the fourth quarter of 2023 and the third quarter, Bahrain’s GDP witnessed a real growth rate of 4.61 percent. This growth can be attributed to a 5.14 percent increase in the non-oil sector at constant prices and a 6.19 percent increase at current prices.
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