Bahrain registers real economic growth of 5.54% in the first quarter of 2022
22 Jun 2022
Estimates of national accounts issued by the Information and E-Government Authority showed that the kingdom's GDP grew by 5.54% at constant prices and 19.67% at current prices during the first quarter of 2022. The report indicated that the growth is due to the increase achieved by the non-oil sector by 7.78% at constant prices and 16.20% at current prices supported by the recovery in the activity of hotels and restaurants, which showed an improvement in its economic performance, recording a growth of 26.57% at constant prices and 35.23% at current prices. 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.
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.
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 increased 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. Mining and quarrying activity declined by 4.58% at constant prices while rising by 39.42% at current prices.
Comparing the economic performance for the first quarter of 2022 compared to the fourth quarter of 2021, economic growth also increased by 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 growth of other government services by 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. Then the construction activity 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.
The report also revealed a relatively slight slowdown in some economic activities compared to the same quarter of the previous year.