Bahrain's gross domestic product (GDP) grew by 5.54% at constant prices and 19.67% at current prices during the first quarter of 2022 over last year, according to the Information and E-Government Authority.

 

It was mainly driven by the growth in the non-oil sector which surged by 7.78% at constant prices supported by the recovery in the activity of hotels and restaurants, said the Authority, citing official estimates.

 

This showed an improvement in its economic performance, recording a growth of 26.57% at constant prices and 35.23% at current prices, stated the report. 

 

The oil sector fell by 4.74% at constant prices and increased by 42.23% at current prices compared to the same quarter of 2021, it added.

 

The report showed that the growth results extended on other non-oil economic aspects, where the transportation and telecommunications sector grew by 15.77% at constant prices and by about 3.93% at current prices, electricity and water activity increased by 12.25% at constant prices, a slight decline of about 1.42% at current prices, and other government services grew by 9.72% at constant prices and 4.55% at current prices.

 

According to the report, the manufacturing grew by 5.34% and 55.36% at constant and current prices, respectively, while real estate and business services increased by 4.71% at constant prices and 3.53% at current prices, and other social and personal services achieved growth of 4.27% at constant prices and 0.40% at current prices.

 

The results showed that agriculture and fishing activity increased by 3.86% at constant prices and 1.16% at current prices. While construction activity surged by 2.97% and 5.06% at constant and current prices, respectively.

 

As for trade activity, it grew by 1.57% at constant prices and 1.93% at current prices. In contrast, government and private education services declined slightly by 0.96% and 0.34% at constant and current prices, and similarly the government and private health services decreased by 3.93% and 4.39% at constant and current prices.

 

The Authority said mining and quarrying activity declined by 4.58% at constant prices while rising by 39.42% at current prices.

 

Comparing the economic performance of Q1 2022 to the previous quarter, the report said the economic growth was up 0.48% and 2.13% at constant and current prices, respectively.

 

The results showed that the oil sector fell by 6.78% at constant prices while it grew by 9.41% at current prices, and the non-oil sector achieved an increase of 2.02% at constant prices and increased by 0.86% at current prices respectively. 

 

The report showed the other government services grew 5.03% at constant prices while it decreased by 1.5% at current prices, as well as manufacturing activity increased by 2.51% and 0.77% at constant and current prices, respectively, followed by real estate and business services activity by 0.83% at constant prices and 1.67% at current prices. 

 

According to the Authority, the construction activity grew by 0.11% and 2.31% at constant and current prices, respectively.

 

The results showed a slight decline in other social and personal services, reaching 0.47% at constant prices and 0.03% at current prices. Trade activity decreased by 0.86% at constant prices and grew by 1.17% at current prices, it stated.   

 

The report also revealed a relatively slight slowdown in some economic activities compared to the same quarter of the previous year, it added.-TradeArabia News Service