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Manama, September 26 (BNA): A report issued by the Information and e-Government Authority reported on the national accounts estimates for the second quarter of 2022, the gross domestic product of the Kingdom of Bahrain. Bahrain grew by 6.95% in real prices and 22.87% in nominal prices, compared to the second quarter of 2021.
This economic growth is mainly due to the high growth rate in the non-oil sector, which amounted to 9.05% at real prices and 17.83% at nominal prices. During the same period, the oil sector declined by an average of 2.20% in real prices due to lower production. However, it increased significantly by 51.66% in nominal prices compared to the same quarter of 2021, as a result of the positive impact of the price.
The report revealed that hotels and restaurants led the growth by 18.13% and 25.55% at real and nominal prices, respectively, reflecting a remarkable recovery in the tourism sector, where the recovery rate reached 82% compared to the pre-pandemic period (specifically with the pre-pandemic period). The second quarter of 2019) based on the latest statistics of the Ministry of Tourism.
The transport and communications sector grew by 15.12% at real prices and 5.94% at nominal prices, manufacturing recorded an increase of 7.63% and 49.78% at real and nominal prices, respectively, and other government services grew by 7.57% at real prices and 4.33% at nominal prices. Nominal prices.
Trade grew by 7.51% at real prices and 2.66% at nominal prices, while educational services recorded a growth rate of 6.81% and 7.79% at real and nominal prices, respectively. The results also showed an increase in the agriculture and fisheries sector by 5.78% at real prices and 1.02% at nominal prices.
Real estate and business services grew by 4.49% at real prices and 3.27% at nominal prices, while financial services recorded an increase of 3.56% at real prices and 4.38% at nominal prices. Other social and personal services achieved a growth rate of 2.79% at real prices and 4.08% at nominal prices.
Estimated construction growth of 2.60% at real prices and 5.09% at nominal prices.
The economic performance for the second quarter of 2022 improved compared to the first quarter of the same year, as it grew by 5.03% at real prices and 8.31% at nominal prices. The results of the report also showed a high growth rate in the oil sector by 10.69% and 26.64% and the non-oil sector by 3.93% and 4.88% at real and nominal prices, respectively.
Total educational services increased by 29.75% and 30.83% in real and nominal prices. It was followed by mining and quarrying which increased by 10.46% at real prices and 25.41% at nominal prices. Electricity and water by 10.45% at real prices and 3.21% at nominal prices. and trading activities that recorded a growth rate of 7.66% and 1.28% at real and nominal prices, respectively.
The results showed an increase of 3.13% in real prices and 7.81% in nominal prices in manufacturing, while health services grew by 1.75% and 1.87% in real and nominal prices, respectively.
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