São Paulo – Bahrain’s economy posted 0.84% real growth and 1.76% nominal growth year-on-year in Q2, Bahrain News Agency (BNA) reported, quoting Information & eGovernment Authority (iGA).
Real growth is discounted for inflation, whereas nominal growth concerns current prices. According to the iGA, Bahrain “continued to achieve balanced growth across its diversified economy,” and the result was supported by non-oil sectors. Oil industry Gross Domestic Product (GDP) dropped.
Non-oil GDP climbed 1.21% in real terms and 3.16% at current prices year-on-year in Q2. Hotels and restaurants saw the best result at 8.66% real growth. Construction climbed 3.96% and transportation and communication were up 3.43%. Growth was 2.62% for the financial sector, 2.24% for private educational services and 2.44% for private healthcare services.
Non-oil sector performance was not even across the board. Other social and personal services and electricity and water activities grew by less than 1%. Manufacturing industry was down 0.48%, and real estate and business activities slid 4.69%.
In Q2 from Q1, Bahrain’s economy saw 3.39% real and 4% nominal growth. Non-oil GDP growth fell short of the overall average, at 1.83% real and 1.92% nominal growth. Traditionally an oil-based economy, Bahrain – like most Gulf countries – has been pushing for diversification.
Translated by Gabriel Pomerancblum
