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FINANCIAL NEWS
Bahrain’s Q3 economic growth up to 2.2%
28 Nov 2011
(MENAFN) Bahrain’s government said that due to the increase in oil prices, in the third quarter, the country’s economy expanded to 2.2 percent from the previous quarter, reported Arabian Business.
The government added that during the July- September period, gross domestic product (GDP) grew 2.4 percent over last year’s same period; on the other hand, GDP in the first quarter contracted a revised 1.3 percent, recording the first reduction since the global credit crisis in 2008, due to the political unrest that swept the country.
It also said that in the third quarter, oil sector’s production rose 3.5 percent in inflation-adjusted terms, compared with 2010’s same quarter, however, real estate sector fell 5.6 percent, whereas hotels dropped 8.7 percent.
It is worth noting that Bahrain’s GDP would be estimated to grow between 1.6 percent and 1.7 percent in 2011, and would expand to 4.5 percent in 2012, according to the country’s finance minister.
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