The Ministry of Finance and National Economy publishes the Q3 2019 Bahrain Economic Quarterly report

Manama, Jan.6 (BNA): The Ministry of Finance and National Economy publishes the Q3 2019 Bahrain Economic Quarterly report. • Headline annual real growth in Bahrain reached 1.6% in Q3 which was entirely led by non-oil sector growth. The non-oil sector grew by 2% YoY • Growth in Q3 was above all driven by a rebound in manufacturing. 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, Similarly, the transportation & communication sector saw its momentum accelerate to an annual 6.4%. The Ministry of Finance and National Economy today published the Q3 2019 Bahrain Economic Quarterly report for the Kingdom of Bahrain on the Ministry’s website. The report is a quarterly review and outlook on global, regional and local economic and market trajectory. 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. The private sector grew by 1.6% in the third quarter of 2019 from a (revised) 0.3% in Q2, while the oil sector contracted by 0.1% as production held steady. A number of sectors recorded impressive growth in Q3. The transportation & communication sector, supported by Gulf Air’s route expansion, led growth at 6.4% year on year (YoY). The hotels & restaurants sector also grew strongly at 6.3% YoY, as did the manufacturing sector at 4.1% YoY, bolstered by the launch of Alba’s Line 6. Furthermore, the total number of visitors arriving through Bahrain’s International Airport saw a 2.9% increase to just over 800,000, while the occupancy rate at 5 and 4 star hotels reached 51% and 48%, respectively. Additionally, the average number of stay nights rose to 63%. Infrastructure investments bolstered growth. Bahrain welcomed the launch of a national broadband network ‘BNET’, the signing of a USD 2.9 billion contract with Saudi Arabia for the transitional phase of the King Hamad Causeway, as well as the approval of electricity and water network expansion projects valued at BHD 615 million. The report also highlights the progress made by Bahrain towards accelerating investment-driven development, as outlined in the World Bank’s Doing Business 2020 report, which has placed Bahrain among the top 10 improvers globally and second among the Arab states – advancing 19 places to 43rd out of 190 economies. Additionally, Bahrain was ranked 45th out of 189 countries in the Human Development Index (HDI) in the Human Development Report 2019. Also, Bahrain improved 5 spots and ranked 45th out of 141 countries in The Global Competitiveness Report 2019.