Manama, September 29 (BNA) The Information and eGovernment Authority estimates that the GDP of the Kingdom of Bahrain grew at constant prices by 5.72% and 20.74% at current prices in the second quarter of 2021.
The national accounts report shows that the growth is due to the increase achieved by the non-oil sector by 7.78% at constant prices and 12.82% at current prices, supported by the activity of transport, communications, hotels and restaurants, while the oil sector declined by 2.41. % at constant prices and by 98.30% at current prices compared to the same quarter of 2020.
The results of the report showed signs of economic recovery, which is a positive reflection of the leadership’s directives, government decisions, activating the package of effective measures that were implemented to contain the epidemic, overcome challenges, and mitigate the severity of the crisis, which aggravated the crisis. Contributed to achieving the desired aspirations and was in the interest of the national economy.
The quarterly national accounts report indicated that the GDP of the non-oil sectors grew by 7.78 percent and 12.82 percent at constant and current prices, respectively.
The transportation and communications sector contributed 47.92% and 44.86%, followed by hotels and restaurants with 45.22% and 40.69% at constant and current prices, respectively. This comes with the decisions of the gradual opening of commercial activities and the recovery of traffic and transport in the Kingdom.
Other social and personal services increased by 10.86% at constant prices and by 20.77% at current prices. Financial projects grew by 9.40% at constant prices and by 10.72% at current prices, and health services recorded an increase of 8.59% at constant prices and 7.21% at current prices.
According to the report, agriculture and fishing activity increased by 5.57% at constant prices and 2.34% at current prices. Real estate and business services increased by 4.73% at constant prices and 3.02% at current prices.
Trade grew by 4.17% and 2.66% at constant and current prices, respectively. Other government services increased by about 3.34% at constant prices and 2.20% at current prices, respectively.
Manufacturing increased by 2.29% at constant prices and 24.21% at current prices. Meanwhile, electricity, water, and construction also grew in varying proportions. Electricity, water and construction activity increased by 2.80% and 1.06% at constant and current prices, respectively, and construction activity by 0.22% and 7.18%, respectively.
When comparing the economic performance for the second quarter of 2021 compared to the first quarter of the same year, the economic growth recorded a real growth of 3.51% and 6.37% at current prices. The results also showed an increase in the oil sector by 7.76% at constant prices and 18.94% at current prices, while the non-oil sector achieved an increase of 2.58% and 4.39% at constant and current prices, respectively.
The report also revealed growth rates at constant and current prices for almost all economic activities in the second quarter of 2021 compared to the first quarter.
Educational services increased by 20.94% and 21.61% at constant and current prices, respectively, followed by electricity and water activity by 13.92% at constant prices and 7.58% at current prices. The Mining and Quarrying sector increased by 7.55% and 17.98% at constant and current prices, respectively.
The report showed the growth of other government services at constant and current prices by 3.25% and 0.31% compared to the first quarter of the year. Transport and communications activity increased by 2.07% at constant prices and 1.78% at current prices.
Business activity grew by 1.72% at constant prices and 0.56% at current prices.
The report showed the overall recovery of manufacturing, construction activity, hotels and restaurants, real estate, business services, financial projects, and others at varying rates if we compare the second quarter of the year with the previous quarter.
HF