Manama December 26 2023: Bahrain’s gross domestic product (GDP) experienced a 2.45% growth at constant prices and a 1.09% increase at current prices in the third quarter of 2023 compared to the corresponding period last year, as indicated by national accounts estimates released by the Information & eGovernment Authority (iGA).
The driving force behind this growth was predominantly the non-oil sector, which demonstrated a 4.48% expansion at constant prices and a 4.81% increase at current prices on an annual basis, according to iGA’s report.
In the third quarter, the GDP at constant prices reached BD3.4 billion ($8.96 billion), showing a notable increase from the previous year’s BD3.3 billion ($8.7 billion), as highlighted by iGA.
Financial corporations emerged as one of the leading contributors to real GDP in Q3, accounting for 18.08%, closely followed by manufacturing with a 13.85% contribution.
On an annual basis, the most substantial growth in non-oil sectors was observed in the hotel and restaurants activity, registering a 9.36% increase, trailed by financial corporations, which experienced an 8.36% growth at constant prices, according to iGA’s additional findings.
