Bahrain’s economy recorded a real growth of 1.62 per cent and 7.49 per cent in current prices during the third quarter (Q3) of the year compared to the same period last year, said a report from the kingdom’s Information & eGovernment Authority (iGA).
The results showed that despite the decline in the quantities of oil produced, but the rise in the price of the barrel led to the growth of the oil sector at current prices.
In regards to non-oil economy activities performance, initial results indicate that the annual growth rates in real prices grew by 2.38 per cent compared to the same period of 2017 and 2.69 per cent at current prices.
The report presented that the growth rate in the oil sector has recorded an increase by 40.51 per cent at current prices, due to the rise in the price of oil barrels, despite the decline in the quantities produced while it decreased by 1.54 per cent at constant prices compared to the third quarter of 2017.
The manufacturing industry also grew by 2.98 per cent at constant prices and 3.18 per cent at current prices of 2017. Moreover, the report indicated that construction activity grew by 5.36 per cent at constant prices and 8.74 per cent at current prices. Real estate and business activities grew by 2.94 per cent at constant prices and 3.65 per cent at current prices. The transportation and telecommunications sectors demonstrated a decrease by 1.95 per cent at constant prices and 0.35 per cent at current prices.
Other government services increased by 7.30 per cent at constant prices and 4.52 per cent at current prices, whereas the other social and personal services increased by 1.99 per cent at constant prices and 1.96 per cent at current prices. Additionally, electricity and water activity grew by 4.94 per cent in constant prices and 4.22 per cent in current prices.
Furthermore, health services increased by 5.23 per cent at constant prices and 7.15 per cent at current prices. Educational services increased by 3.34 per cent at constant prices and 3.77 per cent at current prices. In term of agricultural and fishing activity, it also increased by 5.28 per cent in constant prices and 6.91 per cent in current prices.
According to the report, the economic growth rates witness a slight reduction of 1.46 per cent at constant prices and 0.54 per cent at the current prices during the third quarter in comparison to the second quarter of this year. Moreover, the oil sector increased by 0.85 per cent at constant prices and 5.10 per cent at current prices. The non-oil sector decreased by 1.98 per cent and 1.59 per cent at constant and current prices respectively.
Financial sector rose by 1.42 per cent at constant prices and 1.37 per cent at current prices. The construction activity increased by 0.40 per cent at constant prices and 2.16 per cent at current prices. The value added of the transportation and telecommunications sector increased by 0.02 per cent at constant prices and 1.07 per cent at current prices. Results also show that manufacturing industry achieved a growth of 0.08 per cent at constant prices and 1.74 per cent at current prices.
The report indicated that other public services witnessed an increase by 3.72 per cent at constant prices and 3.24 per cent at current prices. Other social and personal services rose by 2.29 per cent at constant prices and 0.82 per cent at current prices.
In addition, health services increased by 0.31 per cent at constant prices and 7.15 per cent at current prices while agriculture and fishing activities rose by 0.01 per cent at constant prices and 0.27 per cent at current prices. – TradeArabia News Service
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