MANAMA: Mahmood Rafique, Editor: The financial and insurance Activities remained the highest contributor to real GDP at 17.1per cent in Q2, followed by the crude petroleum and natural gas sector at 14.8 per cent and manufacturing at 14.4 per cent.
The statistics released by Bahrain Chamber of Commerce and Industry (BCCI) in its economic indicators for second quarter show real GDP grew by 1.3per cent in the Kingdom of Bahrain in Q2 2024 YoY, driven by 2.8 per cent growth in the non-oil sector. The sectors that witnessed the highest real growth rates are the Transportation and Storage at 12.9per cent, the Business Activities at 11.9per cent and the Information and Communication at 11.2per cent.
Trade between Bahrain and GCC countries has decreased by 8% in Q2 2024 YoY, from 1.97 billion USD in Q2 2023 to 1.83 billion USD in Q2 2024. Saudi Arabia retains its position as Bahrain’s top export partner, while China retains its position as Bahrain’s top import partner. However, the value of POS transactions in Bahrain increased by 11% in Q2 2024, while Fawri + transactions increased by 15% compared to the same period in 2023. IMF expects that the volume of imports of goods and services is expected to reach 4.10% in 2025 in the Emerging Market and Developing Economies, while the volume of exports of goods and services is expected to reach 2.89% in 2025 in the Advanced Economies
Bahrain’s real GDP grew by 1.3% YoY in Q2 2024, propelled by a 2.8% growth in the non-oil sector and a -6.7% decrease in the oil sector. The Transportation and Storage witnessed the highest YoY growth by 12.9%. The second fastest growing activity was the Business Activities at 11.9% YoY, followed by Information and Communication at11.2% YoY.
The volume of trade exchange between Bahrain and GCC countries has decreased slightly in Q2 2024 compared to the same period in 2023. Trade decreased by 8% from 1.98 billion USD in Q2 2023 to 1.83 billion USD in Q2 2024.
