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FINANCIAL NEWS
Bahrain’s Q1 economy down 1.4% on unrest
19 Aug 2011
(MENAFN) Bahrain’s Central Informatics Organization said that due to the political upheaval that hit the country at the beginning of the year, in 2011’s first three months, the country’s gross domestic product (GDP) declined by 1.4 percent compared with the previous quarter, reported Arabian Business.
The organization added that in the period, the country’s financial sector rose 1.3 percent from the previous year, while the real estate sector dropped 2.4 percent.
It also said that since the tourism sector was hit the most by the unrest in the country, hotels’ output in the first quarter fell 30.3 percent from the previous year, whereas restaurants’ output declined 4.6 percent.
It is worth noting that due to the Arab uprising that led to increasing crude prices, Bahrain’s hydrocarbon sector’s production surged 21.7 percent in nominal terms from 2010.
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