June 24, 2024

Bahrain’s real GDP grows 4.3% in Q4, says report

Bahrain’s GDP grew by 4.29% at real prices and 18.44% at current prices in the Q4 of 2021, according to national accounts estimates issued by the Information & eGovernment Authority (iGA).

The report, which shows the growth of both the oil and non-oil sectors, revealed that the oil sector grew by 4.67% at constant prices and 64.15% at current prices, reflecting the rise in fuel prices.

The non-oil sector recorded a growth of 4.21% at constant prices and 12.99% at current prices from Q4 of last year, stated the iGA report.

Economic sectors for Q4 2021, compared to the corresponding quarter of 2020, showed evident recovery from the pandemic in hotel and restaurant activity, which recorded an increase of 31.66% in constant prices and 39.82% at current prices.

According to iGA, the results also showed a rise in transportation and communications which grew 11.54% at constant prices and 5.53% at current prices. Agriculture and fishing activity posted growth, rising 10.24% at constant prices but fell 0.06% on current prices. Electricity and water grew by 9.59% in constant prices and 8.28% at current prices, it added.

Government and private health services witnessed a 7.88% and 6.93% growth at constant and current prices, respectively, while other social and personal services rose 7.11% at constant prices and 13.81% at current prices.

Financial projects increased by 5.15% at constant prices and 2.63% at current prices. Mining and quarrying activity grew to 4.78% and 58.38% at constant and current prices, respectively.

Real estate and business services achieved 4.78% at constant prices and 2.49% at current prices. Manufacturing grew by 1.79% at constant prices and 47.18% at current prices.

Comparing the economic performance for Q4 2021 to the previous quarter, iGA report said that it had seen an economic growth of 1.49% at constant prices and 9.62% at current prices.

The oil sector fell by 4.49% at constant prices while it grew by 2.11% at current prices, while the non-oil sector achieved an increase of 2.86% and 11.03% at constant and current prices, respectively.

The report also revealed a rise in educational services, hotels, and restaurants. Government and private educational services recorded a growth of 28.76% at constant prices and 31.71% at current prices.

Hotels and restaurants increased by 20.58% and 28.80% at constant and current prices because of the continued recovery of the tourism sector in the Kingdom, stated the report.

According to iGA, transportation and communications sector witnessed a 2.58% and 1.75% growth at constant and current prices, respectively, followed by real estate activity and business services by 1.84% in real prices and 1.30% at current prices.

Other social and personal services were 1.73% at constant and 2.13% at current prices, followed by construction at 1.59% and 0.82% at constant and current prices, respectively, it stated.

The report showed recovery in other government services, financial projects, trade activity, manufacturing, government, and private health services in varying proportions when comparing the fourth quarter with the one from the previous year, it added.




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