Mubasher: Bahrain achieved a 4.5% growth during the first quarter of 2016, posting its highest level since 2014.
The country’s growth was backed by the 12.1% year-on-year growth in the oil sector, according to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB).
“The report also noted resilience of the non-oil economy, where it continued to grow and benefit from a large pipeline of infrastructure investment,” the report said.
Nearly $4 billion of projects have now been tendered under the GCC Development Fund, including nearly $3 billion already started; this marks a near tripling from a year earlier.
“Also private sector projects are making good progress, including flagship ventures such as Alba Line 6,” it noted.
On the non-oil economy’s level, performance was strong in both social and personal services with 8.4% year-on-year gain, construction rose by 5.4% annually, and the financial services expanded by 3.1% YoY.
Bahrain’s overall employment saw an almost 7% year-on-year increase in Q1, with the private sector creating 46,669 jobs as compared to Q1 a year earlier, a 9% YoY gain, the report added.
“This reflects the strengths of the fundamental factors underpinning long term growth in the region, the positive impact of the strategic infrastructure investment programme and Bahrain’s unique position as a location from which businesses can access the opportunities in the GCC,” Chief Executive of the EDB Khalid Al Rumaihi said.
“There are very significant challenges for all GCC governments in adjusting to a lower oil price environment. These challenges are prompting countries across the region to make strategic commitments to economic diversification – something which we are confident will help us maintain momentum in the future,” he added.
