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FINANCIAL NEWS
Bahrain’s H2 economy expected to recover
18 Nov 2011
(MENAFN) The Economic Development Board (EDB) said that since some sectors in Bahrain’s economy started to recover, during this year’s second half, the country’s economy would be expected to improve, reported Gulf Daily News.
The EDB added that during the second quarter, Bahrain’s finance sector, which contributes with almost a quarter of the country’s gross domestic product (GDP) rose by 1.7 percent over 2010’s same period, moreover, the sector’s local financial institutions and insurance expanded by 4 percent, whereas a contraction of 2.7 percent was recorded in offshore financial institutions.
It also said that total outstanding loans in the quarter went up by 1.4 percent compared to the previous quarter, on the other hand, bank deposits declined by around USD781.5 million.
It is worth noting that sectors which witnessed a notable growth in the quarter include electricity and water which jumped by 17 percent, social and personal services which rose by 13 percent, and transport and communications which grew by 8.6 percent.
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