Bahrain's economy shows growth momentum

Manama, Apr2(BNA) Bahrain’s national economy bounced back, ending last year on a positive note. The rate of growth topped 5,4% (fixed prices) and soared to 7,1% (current prices) in the 4th quarter of 2013, compared with the same period in 2012. A tangible increase in crude oil and natural gas output was a major boost, contributing to the achieved rate of growth by over 53% in fixed prices. In a statement today, Central Informatics Organisation (CIO) President Dr. Mohammed Al-Amer said that other non-oil sectors and activities slowed down, compared with the growth benchmarks in 2012. Initial results of the 2013 Fourth Quarterly Report show the rate of growth in the oil sector standing at 14,6% (fixed prices) and 14,7% (current prices). Meanwhile, the non-oil sector ended the 2013 on a positive note, growing by 3,1% (fixed prices) and 4,5% (current prices). Financial projects also grew in the last quarter of 2013 by 1,5% (fixed prices) and 8,1% (current prices), compared with the 2012 fourth quarterly results. According to the same survey, the construction sector grew by 1,5% (fixed prices) and 1,9% (current prices) while the real estate sector posted a 2,9% rate of growth (fixed prices) and 4,2% in current prices. The sector of transportation and telecommunications grew by 1% (fixed prices) and 3,2% (current prices), while manufacturing industries soared by 4,7% in fixed prices and 10,4% in current prices. The (CIO) periodical report showed government-funded services growing by 1,3% (fixed prices) and 7,2% (current prices), while social services soared by 4,9% and 4,7% respectively. Dr. Al-Amer said that Bahrain’s Gross Domestic Product (GDP) grew by 0,7% in fixed prices and 1,7% in current prices in 4th quarter of 2013, compared with the same period in 2012. The oil sector grew by 2,7%, while the non-oil sector grew slightly by 0,2% in fixed prices and 1,4% in current prices. Commenting on the 4th CIO Quarterly Report 2013, Dr. Al-Amer said that the financial projects grew slightly by 1,1% in fixed prices and 3% in current prices. Manufacturing industries shrunk by 1,2% (fixed prices) and 1,4% (current prices) while Government-funded services grew by 1,6% and 5,3% respectively. A H N