The pace of Bahrain’s economic recovery picked-up with real GDP growth expanding to 5.4% y/y in Q4 2013 from 4.61% in Q3, the Central Informatics Organization reported.
The GDP growth was fuelled by the strong performance of the mining and quarrying sector that includes crude petroleum and natural gas production, which grew by 14.6% y/y. Crude petroleum and natural gas production accounts for around 21.7% of GDP. Non-oil sector put on a more modest growth rate of 3.1% y/y. The manufacturing sector, which accounts for 14.9% of GDP, put on a 7.4% y/y growth rate boosted by the aluminium sector output. Whereas, the real estate sector, accounting for 5.5% of GDP, experienced a significant pick-up, reflected in a 3.2% y/y sector growth rate. While government services, benefiting from increased state spending on education, health and welfare payments, expanded by 1.3% y/y.
Economic growth of the non-oil sector was moderated with the modest performance of the financial sector which in the past had acted as one of the principle engines of Bahrain’s economic growth. The financial corporations sector, representing 16.6% of GDP, grew by 1.48% y/y.
|
Real GDP Growth Rate in Q4 2013 |
||
|
Industry |
y/y percentage change |
q/q percentage change |
|
Agriculture and Fisheries |
2.24 |
2.91 |
|
Mining and quarries |
14.17 |
3.19 |
|
Manufacturing Industries |
7.37 |
-1.17 |
|
Electricity and water |
0.58 |
-10.82 |
|
Building and construction |
1.52 |
1.82 |
|
Commerce |
4.48 |
0.17 |
|
Restaurants and hotels |
0.69 |
-3.40 |
|
Transportation and telecom |
0.98 |
-2.29 |
|
Social and personal services |
4.91 |
0.40 |
|
Real estate and business services |
3.24 |
0.81 |
|
Financial Corporations |
1.48 |
1.11 |
|
Government Services |
1.34 |
1.65 |
|
Total GDP |
5.40 |
0.73 |
|
Oil GDP |
14.57 |
2.74 |
|
Non-oil GDP |
3.11 |
0.19 |
|
Source: Central Informatics Organization |
||
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