Despite sluggish economies around the world, Bahrain recorded 4.3 percent annual growth for the 12-month period ended in September, as reported by the Bulletin of Quarterly National Accounts.
As many economies in the Western world experience contraction or grow stagnant, Bahrain’s financial sector saw a 6 percent growth and the nation’s manufacturing sector rose by 8 percent.
The steady and sustainable growth seen in Bahrain is backed by the nation’s commitment to diversifying its economy and supporting the private sector, according to the chief executive of the EDB (Economic Development Board) Shaikh Mohammed bin Essa Al Khalifa.
The nation has created a more stable environment with transparency and sound regulation that has been tried and tested, contributing to a national focus on business.
This business climate is attracting the interest of international companies keen on using Bahrain to tap into the Gulf market worth trillions of dollars, said Al Khalifa.
These numbers are in line with the 4 percent average rate of growth recorded for this year, as well as Bahrain’s overall strategy of diversification which is well established in the Economic Vision 2030, according to Shaikh Mohammed.
The Economic Vision 2030 is being led by the EDB and guided by the chairman and Crown Prince, His Royal Highness the Prince Salman bin Hamad Al Khalifa.
Data from the Central Informatics Organization reveals that based on current price levels, the third quarter GDP rose 14.3 percent in comparison with the third quarter of 2009 and was up by 3.6 percent over the second quarter of 2010.
The transportation and communication sectors also recorded annual growth rates of 6 percent, while wholesale trade, retail trade and construction had all risen by 5 percent.Paul Holdsworth, Staff Writer, Gulf Jobs Market News