FINANCIAL NEWS

Bahrain’s economy to expand 5% in 2013

06 Mar 2013

(MENAFN) Bahrain’s Economic Development Board (EDB) acting chief executive, Kamal Ahmed, stated that the Kingdom’s economic growth during the current year is projected to reach 5 percent, reported Gulf Daily News.

Ahmed said that in 2012, the country’s economy is estimated to have reached 3.9 percent.

He noted that in 2012, EDB helped 40 companies in establishing their businesses in the country, which aims at maintaining sustainable growth through strengthening core business fundamentals.

On the other hand, he emphasized the importance of the tiny Kingdom’s position amongst the GCC states, noting that more than half of Oman’s non-oil exports, 30 percent of Saudi Arabia’s non-oil exports and around a quarter of the UAE’s go through Bahrain.

It is worth noting that the GCC comprises a market worth USD1.4 trillion at the current time, and is expected to increase to USD2 trillion by the end of the decade, according to Economist Intelligence Unit.

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