São Paulo – Bahrain’s Gross Domestic Product (GDP) grew by 1.6% in the third quarter of 2019, up from 0.3% in Q2, according to the Bahrain Economic Quarterly report from the country’s Ministry of Finance and Economy. The non-oil sector posted a 2% growth, while the oil sector contracted by 0.1% as production held steady. The information is from the report and Dubai magazine Arabian Business.
Bahraini air company Gulf Air’s (pictured above) route expansion led growth at 6.4% year on year.
The hotels and restaurants sector also grew strongly at 6.3%, as did the manufacturing sector at 4.1%, bolstered by the expansion of the country’s aluminum company Aluminum Bahrain (Alba)’s Line 6
The report revealed that the total number of visitors arriving through Bahrain’s International Airport saw a 2.9 percent increase to just over 800,000. The occupancy rate at 5- and 4-star hotels reached 51% and 48%, respectively.
In terms of infrastructure investments, in Q3 Bahrain launched a national broadband network BNET, approved electricity and water network expansion projects valued at USD 1.6 billion, signed a USD 2.9 billion contract with Saudi Arabia for the expansion of the King Hamad Causeway connecting both countries. The works are expected to start in 2021 and end within three years. The project includes the expansion to alleviate traffic and the inclusion of a passenger train.
The document highlights the progress made by Bahrain towards accelerating investment, as outlined in the World Bank’s Doing Business 2020 report, which placed the kingdom among the top 10 improvers globally and second among the Arab states, advancing 19 places to 43rd out of 190 economies.
Additionally, Bahrain was ranked 45th out of 189 countries in the Human Development Index (HDI) in the Human Development Report 2019. The country also climbed five spots and ranked 45th out of 141 countries in The Global Competitiveness Report 2019.
Translated by Guilherme Miranda
