Bahrain notched up 2.45% growth in third quarter of 2023

Bahrain’s real gross domestic product (GDP) increased by 2.45 per cent at constant prices and 1.09 per cent at current prices in the third quarter, showcasing a robust economic performance compared to the same period in 2022.

The Bahrain News Agency (BNA) quoted the Information eGovernment Authority, stating that this growth is primarily attributed to an expansion in the country’s non-oil sector, which recorded a substantial 4.48 per cent increase at constant prices and a 4.81 per cent uptick at current prices on an annual basis. The GDP at constant prices for this sector reached BD 3,387.82 million during the third quarter of 2023, a notable climb from BD 3,306.71 million in the corresponding period of 2022.

A detailed report further highlighted the pivotal role particularly played by financial corporations, emerging as one of the largest contributors to real GDP, accounting for a significant 18.08 per cent. Following closely, the manufacturing industry demonstrated its strength with a substantial contribution of 13.85 per cent.

The national accounts estimates, based on preliminary figures, delineate the non-oil sectors that witnessed the highest annual growth. Notably, the hotel and restaurants activity took the lead with an impressive growth rate of 9.36 per cent, underscoring the Kingdom’s growing prowess in the hospitality sector. Following closely, financial corporations displayed robust growth with an 8.36% increase at constant prices.