Bahrain Economy Grows 1.6% in Q3 2019
Tuesday, 01 14 2020, Category: Economy, Country: Bahrain
Bahrain’s economy grew by 1.6% in the third quarter of 2019, led by non-oil sector growth. The sector grew by 2% year-on-year (YoY), said the Ministry of Finance and National Economy in its Q3 2019 Bahrain Economic Quarterly report.
Growth in Q3 was driven by a rebound in manufacturing sector. “The launch of Alba’s Line 6 pushed up the YoY growth rate in manufacturing to 4.1%, while the hotels & restaurants sector continued to perform strongly with 6.3% YoY growth,” said the official state media BNA.
Transport and communication sector, supported by Gulf Air expansion, also registered a 6.4% annual growth.
“Pro-growth initiatives as part of Bahrain’s Economic Vision 2030 continue to help further diversify the Kingdom’s economic base and support non-oil growth, which rebounded to 2.0% in Q3 from the (revised) 0.5% growth rate seen in Q2,” added the report.
The private sector grew by 1.6% in Q3 from a (revised) 0.3% in Q2, while the oil sector contracted by 0.1% as production held steady.
Total number of visitors arriving through Bahrain’s International Airport jumped by 2.9 per cent to just over 800,000. The occupancy rate at five- and four-star hotels reached 51% and 48%, respectively. The average number of stay nights also rose to 63%.
Source: Business Live ME