THE Finance and National Economy Ministry yesterday published the quarterly economic report of Bahrain for the first quarter of 2023.

The report sheds light on Bahrain’s economic indicators, as well as the most important developments in terms of strategic projects, and the kingdom’s performance in global competitiveness indices. According to preliminary national accounts data issued by the Information and eGovernment Authority, Bahrain’s economy grew by two per cent at constant prices on an annual basis, supported by the growth of the non-oil sector by 3.5pc.

Since the start of the implementation of the economic recovery plan, the average quarterly growth on an annual basis of non-oil GDP has reached about 5.7pc. On an annual basis, the non-oil economic sectors at constant prices posted positive growth, as the transportation and communications sector achieved the highest rate, growing by 11.2pc. It was supported by the growth of various sector indicators such as the increase in the number of arrivals through Bahrain International Airport by 42.3pc, and the total aircraft movement witnessed an increase by 32.1pc.

Broadband subscriptions also increased by 5pc. The real estate activities and business services sector grew by 5.3pc, supported by an increase in the value of real estate trading transactions. The sector recorded, for the second time in a row, the highest contribution to the GDP, with its contribution reaching 17.9pc, surpassing the oil sector. The indicators showed an increase in the value of electronic financial transfers by 17.6pc, and the total value of bank deposits from nonbanks grew by 5.9pc, as well as an increase in the total value of loans extended to residents – excluding banks – by about 4.3pc.

As for the hotels and restaurants sector, it recorded a growth of 4.3pc, and the total number of visitors through all outlets witnessed an increase of 71.9pc, and the increase in hotel occupancy (four and four-stars) was about 8.4pc. The trade sector recorded a similar growth rate of 4.2pc, and the statistics of inbound and outbound trucks through the King Fahd Causeway indicate a growth of 16pc, while new commercial registrations for companies increased by about 10.8pc.

The government services sector grew by 3.5pc. The social and personal services, which grew by 1.1pc, while the manufacturing sector witnessed a decline of about 1.1pc. As for the building and construction sector, it recorded a decline of 1.3pc. In terms of development projects funded via the Gulf Development Programme, which continued its progress with awarding of projects worth $25 million, bringing the total value of projects awarded to about $6.14 billion since the launch of the scheme, up by 2.1pc on an annual basis. During the first quarter of 2023, several contracts were awarded for the Sports City project and the dialysis centre project

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