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FINANCIAL NEWS
Bahrains economy shrinks 0.3 pct in Q2
03 Oct 2013
(MENAFN) The economy in Bahrain contracted in this years second quarter by 0.3 percent due to weakening in the financial sector, The Peninsula Qatar reported.
In the first quarter of this year, the countrys gross domestic product (GDP) increased by 2.5 percent compared to the three-month period before it. The GDP, however, grew by 5.3 percent compared to same period a year earlier.
The countrys oil and gas production increased by 1.2 percent in the second quarter compared to the quarter before it and by 18.6 percent compared the April-June period of 2012.
The countrys limited resources, however, have pushed it to rely on different businesses, especially finance, to keep its USD30 billion economy going. The oil and gas sector accounts for 25 percent of the Gulf kingdoms economy.
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