|10-13-2014, 01:48 PM||#1|
Bahrain`s economy expands 5.6% in the second quarter
Bahrain’s gross domestic product (GDP) accelerated at a significant rate in the second quarter, according to the Economic Development Board, amid massive growth prospects seen in the second half of 2014.
A report released yesterday showed overall GDP expansion during the second quarter was 5.6% when compared with a year earlier and 3.2% higher than the first quarter.
The quarterly report reflected enhanced domestic drivers and a promising outlook for the upcoming period in the region despite reignited global concerns.
The oil sector posted growth of 9.3% in the second quarter, while the non-oil sector grew by 4.7% with the main drivers being hotels, restaurants, transportation and communication sectors. This marks 4.1% and 3% upgrade from the first quarter respectively.
EDB chief economist Dr. Jarmo Kotilaine said ‘the quarterly report highlights the major role played by big projects in boosting sentiment and fostering the economic capabilities in Bahrain.’
The numbers leaves Bahrain more ready for a potential growth surge for the tourism sector, in the wake of the introduction of a new visa policy that was enacted this month that will benefit more than 100 nationalities.
The report signals the significant of various new large-scale projects in helping increase the capacity of Bahrain’s economy.
Moreover, a key international forum this week will shed light on more than $1 billion worth of investment opportunities in Bahrain.
Not less than 56 potential projects will be unveiled on Wednesday, including sectors such as information and communications technology, metals, water and e-commerce.
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