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MANAMA: Bahrain’s economic growth continues to be resilient, despite global and regional headwinds, according to a government assessment.
The Information & eGovernment Authority’s (iGA) latest provisional report on national accounts shows the gross domestic product (GDP), the value of all goods and services produced by an economy, grew by 0.84 per cent in real terms (adjusted for inflation) during the second quarter (April to June), whereas the growth was 1.76pc in current prices.
The growth is in comparison with numbers for the same period of the previous year.
According to the report, Bahrain continued to achieve balanced growth across its diversified economy, supported by expansion in the non-oil sectors.
Mirroring global oil market conditions, the oil sector GDP saw a decline by 0.8pc in real prices and 5.75pc at current prices.
The national economy continues to be powered by non-oil sectors, including the financial sector, which made the highest contribution to GDP at 16.43pc (supported by growth in profits of banks and insurance firms).
The non-oil GDP grew by 1.21pc in real terms and at 3.16pc in terms of current prices.
Among sectors, hotels and restaurants achieved the highest growth rates of 8.66pc and 10.65pc at constant and current prices, respectively.
The construction sector expanded by 3.96pc at constant prices and 4.51pc at current prices while the transportation and communications sector increased by 3.43pc at constant prices and by 8.72pc at current prices.
Meanwhile, financial corporations saw an increase of nearly 2.62pc in real terms and 2.78pc in current prices.
Private educational services grew by 2.44pc at constant prices and 2.32pc at current prices, while private health services expanded by 3.24pc at constant prices and 3.27pc at current prices.
The report showed that other social and personal services increased by 0.32pc at constant prices and 3.15pc at current prices.
Electricity and water activities grew by 0.26pc at constant prices and 0.05pc at current prices.
However, manufacturing saw a decline of 0.48pc at constant prices and 5.51pc in current prices while real estate and business activities slumped by 4.69pc at constant prices and by 3.28pc at current prices.
When comparing the second quarter with the first quarter of 2019, economic growth increased by 3.39pc at constant prices and 4pc in current price terms.
Similarly, the non-oil GDP saw a real growth of 1.83pc and 1.92pc in current prices.
The oil sector improved by 11.1pc in real terms and 18.12pc at current prices.
Financial corporations saw a slight increase of nearly 0.44pc in real terms and 0.67pc in current prices.
The construction sector grew by 1.76pc in real terms and 0.41pc at current prices. Moreover, trading sector increased by 0.47pc at constant prices and 2.02pc at current prices.
Real estate and business service sector grew by 0.9pc at constant prices and by 1.01pc at current prices.
The report also shows that the transportations and communications sector increased by 4.12pc in constant prices and 8.11pc in current prices.
Furthermore, the manufacturing sector achieved growth of 2.95pc in constant prices and decreased by 0.89pc in current prices.
Government services increased by 7.77pc at constant prices and 8.25pc at current prices while other social and personal services increased by 0.61pc at constant prices and 1.09pc at current prices.
Additionally, electricity and water activities increased by 8.19pc in constant prices and 8.12pc in current prices.
In contrast, the hotels and restaurants sector saw a decline of 3.86pc and 2.97pc in constant and current price terms, respectively.
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