Bahrain’s Economy Records 2.45% Growth in Q3 2023
The GDP at constant prices reached BD3,387.82 million in the third quarter of 2023, up from BD3,306.71 million in the same period in 2022.
In the latest economic update from the Kingdom of Bahrain, the Information eGovernment Authority released national accounts estimates revealing an increase in the real GDP during the third quarter of 2023.
According to the report on December 26th, Bahrain’s real GDP witnessed a growth of 2.45 percent at constant prices and 1.09 percent at current prices in comparison to the corresponding period in 2022.
As reported by the Bahrain News Agency (BNA), the detailed analysis attributes this growth to a remarkable 4.48 percent increase in the non-oil sector at constant prices and a 4.81% percent increase at current prices on an annual basis.
Specifically, the GDP at constant prices reached BD3,387.82 million in the third quarter of 2023, up from BD3,306.71 million during the same period in 2022.
The report highlights the significant contributions of various non-oil sectors to the real GDP, with financial corporations leading at 18.08 percent, closely followed by the manufacturing industry at 13.85 percent.
Preliminary estimates of the national accounts indicate that, on an annual basis, the highest growth among non-oil sectors was observed in the hotel and restaurants activity, registering an impressive growth rate of 9.36 percent.
Following closely, financial corporations demonstrated a growth rate of 8.36 percent at constant prices. These figures underscore the dynamic economic landscape and diverse sectors driving Bahrain’s economic expansion.
