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FINANCIAL NEWS
Bahrain economy grows 2.5% in Q1
01 Jul 2013
(MENAFN) Official data showed that Bahrain’s economy recorded a strongexpansion in the first quarter of the current year, supported by a revival of oil output, Reuters reported.
According to the data from the Central Informatics Organization, the Gulf state’s gross domestic product (GDP), adjusted for inflation, grew by 2.5 percent quarter-on-quarter, compared to a downwardly revised 0.2 percent in the fourth quarter of 2012.
Growth also accelerated on annual basis to 4.2 percent in the quarter, from a downwardly revised 2.5 percent a year ago.
Bahrain’s hydrocarbons sector, which accounts for a quarter of its USD30 billion economy, expanded by 1.3 percent in the January-March period, compared to 0.4 percent rise in the fourth quarter of 2012, driven by an 8 percent increase in output year-on-year.
However, the financial industry, which accounts for nearly 16 percent of the economy, slowed to 0.3 percent in the first quarter, compared to 1.4 percent in last three months of 2012.
In the hospitality sector, which nosedived during the 2011 turmoil, output edged up by 0.5 percent in January-March, after a 0.1 percent rise in the fourth quarter.
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