Bahrain Records Real Economic Growth of 3.3% In 2024
by: BTM - Mon, 02 Sep 2024
National account estimates issued by the Information & eGovernment Authority reflect that the real GDP of the Kingdom of Bahrain has increased by 3.3% and 3.4% at constant and current prices, respectively, during the first quarter of 2024. The GDP reached BHD3610.8 million at constant prices during the quarter compared to BHD3494.8 million during the corresponding quarter of 2023.
The estimates also indicated that the Oil sector grew by 3.4%, while the non-oil sector grew by 3.3% at constant prices. Accommodation and Food Service activities considered one of the largest non-oil activities, achieved a growth rate of 10.7%, followed by Financial and Insurance activities with a growth of 7.4% and Information & Communications with a growth of 6.6% at constant prices. Financial and Insurance activities were the largest non-oil sector contributing to real GDP according to preliminary estimates which recorded 16.7%. This was followed by Manufacturing by 14.8%.
It is worth mentioning that the transition to the International Standard Industrial Classification of All Economic Activities, revision four (ISIC4) has been completed in line with local, international and regional requirements, and to keep pace with the global trend of implementing the updated version of the Standard Industrial Guide for Economic Activities issued by the United Nations Department of Economic and Social Affairs.
Tags #Bahrain national accounts #Bahrain economic statistics 2024 #Bahrain economic performance #Bahrain ISIC4 classification #Bahrain information authority GDP #Bahrain economy news #Bahrain economy Q1 2024 #Bahrain real GDP #Bahrain GDP 2024 #btm september 2024
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