The ministry added in a statement, “The second quarter of 2024 recorded a growth in gross domestic product at constant prices by 1.3 percent on an annual basis, supported by a growth in non-oil activities by 2.8 percent, while oil activities declined by 6.7 percent.”
This is mostly due to a decrease in production at the Abu Safa field in Bahrain, according to what Reuters reported.
Bahrain’s gross domestic product grew 3.3 percent year-on-year in the first quarter.
The government expects GDP growth of three percent in 2024, driven mainly by non-oil sector activities, while accelerating efforts to diversify sources of income and economic sectors away from oil and gas.
Growth is expected to rise to 3.8 percent in 2025.
While financial, insurance, and manufacturing activities remained the largest contributors to the GDP, the Ministry of Finance said in the statement, “The transportation and storage activity achieved the highest growth at constant prices, at 12.9% on an annual basis… and accommodation and food services activities at constant prices grew by 10.6% on an annual basis.” annual”.
Bahrain introduced financial reforms to enhance government revenues, reduce obstacles to foreign investment, create more job opportunities for citizens, and develop sectors such as tourism.
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