x Abu Dhabi, UAESunday 23 July 2017

Bahrain economy expands 4.4 per cent in first three quarters of 2012

Bahrain's economy grew 4.4 per cent in the first three quarters of 2012 mainly driven by a strong recovery in the non-oil sector.

Bahrain's economy grew 4.4 per cent in the first three quarters of 2012 mainly driven by a strong recovery in the non-oil sector, and real full-year growth is estimated at 3.9 per cent, the Bahrain Economic Development Board (EDB) said on Tuesday.

The Gulf state's main economic sectors recorded a positive growth last year, said the EDB which is a public agency set up to attract investment and oversee the economic development of the small oil-producing country.

"Growth is also likely to pick up further in 2013 due to planned large-scale industrial investments and growth in infrastructure spending. The Bahraini economy is fairly resilient to external shocks and it is currently estimated that real GDP growth could exceed 6 per cent this year," the EDB said.

Last year's economic rebound was backed by a significant expansion in lending by local retail banks which have remobilized their liquidity after a period of high risk aversion, according to the statement.

"In particular, the kingdom [of Bahrain] plays an important role as a gateway to the rapidly expanding GCC [Gulf Cooperation Council] economies, and the opportunity this offers for investors is demonstrated by the strong performance of key non-oil and gas sectors," the Bahraini minister of transportation and the EDB's acting chief executive Kamal Bin Ahmed said.

 

* Dow Jones