Latest Bahrain economic quarterly report estimates 2012 real GDP growth of 3.9%
- Bahrain: Tuesday, February 12 - 2013 at 15:17
- PRESS RELEASE
Despite continuing global economic uncertainty, 2012 has been a year of steady consolidation for the Bahraini economy with progress across the non-oil sector of the economy, according to the latest Economic Quarterly Report from the Bahrain Economic Development Board (EDB).
The rebound in economic activity has been supported by a significant increase in lending by Bahraini retail banks. The country's retail banks are in generally robust health and have been working to remobilize their liquidity after a period of elevated risk aversion.
The strengthening of the short and long-term picture for the Bahraini economy has been reflected in the fact that Standard & Poor's has recently revised its outlook on the Kingdom from 'negative' to 'stable'.
Growth is also likely to pick up further in 2013 due to planned large-scale industrial investments and growth in infrastructure spending. The Bahraini economy is fairly resilient to external shocks and it is currently estimated that real GDP growth could exceed 6% this year.
Commenting on the report, Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB), said: "The latest Economic Quarterly report demonstrates that Bahrain's economy continues to strengthen and after achieving solid growth in 2012, the economy is well-positioned to continue to achieve steady and sustainable expansion in 2013 and beyond.
"In particular, the Kingdom plays an important role as a gateway to the rapidly expanding GCC economies, and the opportunity this offers for investors is demonstrated by the strong performance of key non-oil and gas sectors."
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