Bahrains real GDP grows 3.4%

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MANAMA - Bahrain’s real gross domestic product (GDP) grew 3.4 per cent year-on-year in the fourth quarter of 2017, while the nominal GDP annual growth rate stood at 8.7pc, compared with the same period of the previous year, said the Information and eGovernment Authority (iGA) in the national accounts provisional results for fourth quarter of 2017.

The report demonstrated that the results of growth compared with the fourth quarter of 2016 rates in the oil sector have increased by nearly 21.4pc at current prices and 1.3pc at constant prices. Non-oil sector increased by 3.8pc and 7pc, respectively, at constant and current prices.

The report also indicated that the financial corporations witnessed an increase of nearly 1pc in constant prices and 3.7pc in current prices.

Due to increase in production regarding quantities and prices of major industrial commodities in Bahrain, compared with the fourth quarter of 2016, the manufacturing industry has grown by 1.1pc at constant prices and 11pc in current prices.

Construction sector grew by 1.9pc at constant prices and 12.8pc at current prices. Real-estate and business activities grew by 7.6pc at constant prices and by 5.3pc at current prices, said the iGA in its report.

While the transportation and communications sector decreased by 0.4pc at constant prices and increased by 3.7pc at current prices.

According to the report, social and personal services increased by 10.6pc at constant prices and 6.8pc at current prices. Electricity and water activities grew by 4pc at constant prices and 4.8pc at current prices.

Private and government educational services too rose by 3.8pc at constant prices and 2.9pc at current prices, while health services increased by 8.9pc at constant prices and 4.2pc at current prices.

As for agricultural activity and fishing, it decreased by 0.9pc in constant prices and 1.5pc in current prices.

The report clarified that the results of the fourth quarter of 2017 compared with the third quarter of the same year indicates that the economy has decreased by 2.8pc in constant prices and 0.1pc in current prices.

The oil sector recorded a decrease of 14.6pc in constant prices and 0.1pc in current prices. The non-oil sector witnessed a slight decrease by 0.01pc and 0.1pc, respectively, at constant and current prices.

The report also pointed out that financial corporations witnessed a slight decrease of nearly 1.1pc in constant prices and 1pc in current prices.

Construction sector grew by 2.2pc at constant prices and 2.7pc at current prices.

According to iGA, value added in the real estate sector demonstrated that the sector improved by 3.9pc at constant prices and 1.8pc at current prices. Results shows that the transportation and communications sector decreased by 5.3pc growth in constant prices and 5.6pc in current prices.

According to the report, manufacturing industry achieved growth of 0.6pc in constant prices and 0.5pc in current prices. Government services increased by 0.3pc at constant prices and 0.2pc at current prices. While other social and personal services increased by 3pc at constant prices and 2.3pc at current prices.

Additionally, electricity and water activity witnessed a decrease in 5.6pc in constant prices and 6.7pc in current prices, stated the iGA report.

Government and private education services have shown a rise of 0.9pc in constant prices and 0.8pc in current prices. In addition, government and private health services increased by 2pc at constant prices and 1.7pc at current prices, it stated.

Agriculture and fishing activities raised by 6pc at constant prices and 5.1pc at current prices, it added.