Bahrain experienced a significant jump in real GDP in the third quarter of 2023, showing growth in both constant and current prices compared to the same period in 2022.
Latest report from Information e-government agency revealed that Bahrain’s economic situation continues to show resilience and growth.
Bahrain GDP growth rate
According to the Department of Information and e-Government, Bahrain’s real GDP in the third quarter of 2023 recorded a solid increase of 2.45% in constant prices and 1.09% in current prices compared to the same period last year. These numbers highlight Saudi Arabia’s economic vitality and ability to overcome global economic challenges.
Non-oil sector
Bahrain’s rapid economic growth is driven by the non-oil sector. It has grown an impressive 4.48% at constant prices and 4.81% at current prices each year. Specifically, the constant price GDP in the third quarter of 2023 reached 3,387.82 million BHD, exceeding 3,306 BHD. In the same period in 2022, the number was 71 million.
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Contribution by field
According to the detailed report, Bahrain’s financial sector emerged at the top, contributing significantly to real GDP, accounting for a share of 18.08%. This was followed by Bahrain’s manufacturing industry, which played an important role, accounting for 13.85% of its GDP. These sectors stand out as important pillars supporting Bahrain’s economic growth and diversification.
Preliminary estimates also highlight exceptional growth in certain non-oil sectors on an annual basis. Hotel and restaurant activity he recorded an impressive growth rate of 9.36%. This shows the growth and progress of Bahrain’s hospitality industry. Meanwhile, financial sector enterprises showed solid growth of 8.36 percent in constant prices, further cementing their contribution to the Kingdom’s economic expansion.
Bahrain’s economic performance in the third quarter of 2023 confirmed the country’s commitment to growth. Bahrain’s economic diversification efforts continue to yield positive results, with non-oil sectors, particularly finance and manufacturing, leading the way in growth. These impressive figures indicate a promising outlook for Bahrain’s economic situation as the Kingdom moves forward.
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