Bahrain’s Economy Achieves Real Growth of 2.45 Percent in Q3 of 2023
by: BTM - Mon, 01 Jan 2024
National accounts estimates issued by the Information & eGovernment Authority (iGA) reflect that the real GDP of Bahrain increased by 2.45 percent at constant prices and by 1.09 percent at current prices during the third quarter of 2023 compared to the same period in 2022.
The Information & eGovernment Authority explained that the growth according to the detailed report is due to the increase achieved by the non-oil sector by 4.48 percent at constant prices and 4.81 percent at current prices on an annual basis, as the GDP at constant prices reached BD3,387.82 million during the third quarter of 2023 compared to BD3,306.71 million during the same period of 2022.
The report pointed out that the financial corporations sector is one of the largest non-oil sectors contributing to the real GDP by 18.08 percent, followed by the manufacturing industry by 13.85 percent.
On an annual basis, the highest non-oil sectors grew according to preliminary estimates of the national accounts, the hotel and restaurants activity with a growth rate of 9.36 percent, followed by financial corporations with a growth rate of 8.36 percent at constant prices.
Tags #business #btm january 2024 #information and egovernment authority #business bites #bahrain business bites #mena economic update #Bahrain national accounts #bahrain hotels and restaurants growth #economic growth bahrain 2023 #manufacturing industry bahrain #financial sector growth bahrain #bahrain economy q3 #non-oil sector bahrain #bahrain gdp growth 2023
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